HIVE DIGITAL TECHNOLOGIES LTD. (HIVE) — Fundamental Analysis

HIVE Digital Technologies is a cryptocurrency mining and high-performance computing company that has posted a striking revenue jump in its fiscal year ending March 2026 — nearly tripling year-over-year to roughly $298 million — but remains unprofitable at the gross and net levels. The company carries virtually no debt, which is a genuine balance sheet strength, but its gross margin has been negative in each of the three annual periods on record, meaning it costs more to generate revenue than the revenue itself covers. The net loss deepened meaningfully in fiscal 2026 after a brief flirtation with net profitability in fiscal 2024. With no quarterly data available and limited multi-year CAGR history due to a short SEC filing record, the picture is one of a fast-growing but structurally challenged business whose cost structure has yet to catch up with its revenue scale.

Snapshot & Big Picture

HIVE Digital Technologies operates at the intersection of cryptocurrency mining and GPU-based cloud computing, two capital-intensive and cyclically volatile sectors. The company reports in U.S. dollars and files with the SEC on a fiscal year ending March 31. The three annual periods available — FY2024, FY2025, and FY2026 — tell a story of explosive top-line growth alongside persistent gross-level losses. The revenue surge in FY2026 is the headline number, but the accompanying widening of the net loss margin raises questions about whether the business model is scaling efficiently or simply scaling costs alongside revenue.

Latest Quarter Snapshot

No quarterly 10-Q data was available in the filings provided. The most current figures on record are from the annual 10-K for the fiscal year ended March 31, 2026, filed June 2, 2026. Readers should treat the FY2026 annual figures as the most granular view available and note that intra-year trends — including any improvement or deterioration in margins since year-end — cannot be assessed without a subsequent quarterly filing.

Profitability

HIVE's profitability record across the three available fiscal years is mixed, with one notable bright spot quickly reversed. In FY2024, the company reported a positive net margin of approximately 23.2% — the only period of net profitability in the dataset. That turned slightly negative in FY2025 (-2.6%), and then deteriorated sharply in FY2026 to nearly -50%, meaning the company lost roughly 50 cents for every dollar of revenue. This is a significant concern given that revenue nearly tripled in FY2026; ordinarily, scale should help margins, but here the opposite occurred.

Gross margin, which measures profitability before operating and administrative costs, has been negative in all three years. This means the direct costs of producing HIVE's revenue — primarily energy and hosting costs for mining and computing — exceed the revenue generated from those activities. The gross margin improved slightly from -34.1% in FY2025 to -21.0% in FY2026, which is a modest positive signal, but it remains well below breakeven. Operating margin data was not available in the filings for any of the three periods. EBITDA was also not reported in the structured data for any year.

Financial Health

On the balance sheet, HIVE's most notable strength is its near-zero leverage. The debt-to-equity ratio was 0.008x in FY2025 and 0.004x in FY2026 — effectively no financial debt relative to equity. This is unusual for a capital-intensive mining and computing company and suggests HIVE has funded its operations primarily through equity rather than borrowing, reducing insolvency risk even as operating losses mount.

Liquidity, however, warrants attention. The current ratio — a measure of short-term assets relative to short-term liabilities — dropped from a comfortable 3.66x in FY2025 to just 1.10x in FY2026. A current ratio above 1.0 means the company can technically cover near-term obligations, but the sharp compression suggests that a significant portion of current assets was deployed or that current liabilities grew substantially during FY2026. This bears watching in future filings. Current ratio data was not available for FY2024.

Regarding capital expenditures: the capitalExpenditures dollar figure and the capex-to-revenue ratio were not available in any of the three annual filings provided. For a company in the cryptocurrency mining and high-performance computing space — sectors that typically require heavy ongoing investment in ASICs, GPUs, and data center infrastructure — this is a meaningful data gap. Without capex figures, it is not possible to assess whether HIVE's reinvestment intensity is rising, falling, or stable, or how much of its cash generation (or cash burn) is attributable to infrastructure spending versus operations. Investors should seek this information directly from the full 10-K filing.

Growth

Revenue grew dramatically from FY2025 to FY2026, nearly tripling in a single year. However, the multi-year CAGR figures tell a more constrained story due to the limited filing history available.

None of the standard CAGR windows are calculable from the data provided, as HIVE's SEC filing history does not extend back far enough to anchor any of these periods. The single-year revenue jump from FY2025 to FY2026 (roughly 158% growth) is striking, but one data point is not a trend. Investors will need several more years of filings before compound growth rates can be meaningfully evaluated.

Source Filings

• HIVE Digital Technologies — Form 10-K, Filed June 2, 2026 (Fiscal Year Ended March 31, 2026)