# HIVE Digital Technologies Ltd. (HIVE)

> Source: Nexqual · https://nexqual.com/HIVE · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, HIVE Digital Technologies Ltd. (HIVE), nexqual.com/HIVE" · informational, not investment advice.

**Price:** USD 2.07 (-2.36% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 2.12 · day 2.02–2.12 · 52w 1.73–5.59 · market cap $568M · NCM

## Key facts
- Analysts: Buy (mean 2.11 on a 1–5 scale) (9 analysts), mean target USD 6.89 (range 4.5–10).
- Total return with dividends: 1Y -60.0% vs S&P 500 +14.8%; 5Y -88.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-12 (date not yet confirmed by the company), EPS estimate USD -0.1, revenue estimate $79.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: HIVE paid no cash dividend in the last five years.
- Short interest: 57,362,159 shares (as of 2026-10-15), 5.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|
| Revenue | $114M | $115M | $298M | — |
| Gross profit | -$26.1M | -$39.3M | -$62.5M | — |
| Net income | $26.5M | -$3.0M | -$148M | — |
| EPS (diluted) | $0.29 | -$0.02 | -$0.66 | — |
| Gross margin | -22.8% | -34.1% | -21.0% | — |
| Net margin | 23.2% | -2.6% | -49.8% | — |
| Revenue growth | — | +0.7% | +158.3% | — |
| Cash + short-term investments | $9.7M | $23.4M | $23.1M | — |
| Total debt | — | — | $2.0M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 1.3x
P/E at fiscal year-ends: Mar 2024 11.4x.

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 9 analysts; mean target USD 6.89 (low 4.5, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Canaccord Genuity | Maintained | Buy | $10 |
| 2026-09-16 | Chardan Capital | Maintained | Buy | $7.5 |
| 2026-08-20 | Rosenblatt | Target raised | Buy | $5.5 → $6 |
| 2026-08-18 | Canaccord Genuity | Maintained | Buy | $10 |
| 2026-08-17 | Chardan Capital | Maintained | Buy | $7.5 |
| 2026-08-17 | HC Wainwright & Co. | Reiterated | Buy | $7 |
| 2026-07-27 | Chardan Capital | Initiated | Buy | $7.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -60.0% | -88.3% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -60.2% | -34.8% |
| Volatility (annualized) | 92.7% | 95.9% |
| Max drawdown | -67.5% (Nov 2025→Mar 2026) | -93.7% (Nov 2021→Mar 2025) |

## Dividends
HIVE paid no cash dividend in the last five years.

## Short interest
57,362,159 shares sold short, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 54,193,455 shares (+5.8%). Days to cover: 5.1 (short shares ÷ average daily volume).

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 31.44 -1.69% · LAZ (Lazard, Inc.) USD 39.54 +2.78% · MC (Moelis & Company) USD 59.98 +2.88% · PIPR (Piper Sandler Companies) USD 68.72 +2.63% · VIRT (Virtu Financial, Inc.) USD 54.21 -2.22% · FIGR (Figure Technology Solutions, In) USD 23.59 +1.11%

## More
Full page: https://nexqual.com/HIVE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HIVE's own 10-K filed 2026-06-02 (https://www.sec.gov/Archives/edgar/data/1720424/000106299326002973/form10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Dell Technologies (DELL) | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| Supplier | NVIDIA (NVDA) | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| Supplier | AMD (AMD) | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| Supplier | Super Micro Computer (SMCI) | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| Competitor | Equinix (EQIX) | "We face competition from established data-center operators and infrastructure providers with significant capital resources, brand recognition and technical expertise, such as Equinix, Crusoe Cloud, Applied Digital and Co…" |
| Competitor | CoreWeave (CRWV) | "We face competition from established data-center operators and infrastructure providers with significant capital resources, brand recognition and technical expertise, such as Equinix, Crusoe Cloud, Applied Digital and Co…" |

Other companies that name HIVE in their own reports (relationship from HIVE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | U S GLOBAL INVESTORS INC (GROW) | 10-K 2026-09-03 | "See Note 16, Related Party Transactions, for additional information related to investments in HIVE." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Revenue From Digital Currency Mining | $72.1M | 91.1% | +76.6% |
| High Performance Computing Hosting | $7.1M | 8.9% | +46.7% |
| Total revenue | $79.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Bermuda | $72.1M | 91.1% | +58.0% |
| Canada | $7.1M | 8.9% | — |
| Total revenue | $79.1M | 100% | — |

## Company outlook (8-K filed 2026-08-17)

- "Projections of ARR may be unreliable as a predictor of future results because such projections typically do not incorporate the possibility of subsequent cancellations, discounts or downgrades in services. 2 Adjusted EBITDA and gross operating margin are non-GAAP financial measures."
- "Exhibit 99.1 The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.11 | +$0.01 | $79.0M | 1 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.10 | +$0.05 | $97.5M | 1 |
| Current fiscal year (ends 2027-03-31) | $-0.34 | $-0.17 | −$0.17 | $372.1M | 1 |
| Next fiscal year (ends 2028-03-31) | $-0.09 | $0.01 | −$0.10 | $523.5M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±23.3%; earnings reaction alone ±18.7%; last 2 reports averaged ±5.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 1 | 252.6% | ±12.2% |
| 2026-11-06 | 8 | 90.8% | ±13.7% |
| 2026-11-13 | 15 | 143.9% | ±23.3% |
| 2026-11-20 | 22 | 93.4% | ±22.0% |
| 2026-11-27 | 29 | 98.7% | ±24.5% |
| 2026-12-04 | 36 | 185.8% | ±30.6% |
| 2026-12-18 | 50 | 88.1% | ±25.7% |
| 2027-01-15 | 78 | 79.4% | ±26.9% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 17, 2026 | Quarter ended Jun 30, 2026 | −$0.19 | −$0.11 | Miss −72.7% | +3.3% |
| Jun 2, 2026 | Quarter ended Mar 31, 2026 | −$0.30 | −$0.22 | Miss −36.4% | -8.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Regulation FD disclosure; Other material event — “On October 27, 2026, the Company announced that BUZZ Alpha Cloud Inc., an indirect subsidiary of the Company (the "Borrower"), entered into an approximately $129 million Loan and Security Agreement (the "Facility") as borrower, with an institutional lender, as lender, and BUZZ High Performance Computing Inc. ("BUZZ"), as parent. Proceeds from the Facility will be used to fund the purchase of an advanced sovereign AI GPU cluster and related infrastructure, including NVIDIA GB200 NVL72 GPUs which will be deployed in…” | https://www.sec.gov/Archives/edgar/data/1720424/000106299326005585/0001062993-26-005585-index.htm |
| 2026-09-17 | 8-K | Regulation FD disclosure; Other material event — “On September 10, 2026, the Company announced that its wholly owned subsidiary, BUZZ High Performance Computing Inc. ("BUZZ HPC") has entered into a strategic partnership with ProCogia, a Vancouver-based applied-AI and data engineering company. Under the arrangement, ProCogia will procure dedicated GPU capacity from BUZZ HPC's Canadian data centers to power ProCogia's own artificial intelligence products and client workloads and, in turn, will serve as a preferred applied-AI services partner to BUZZ HPC's…” | https://www.sec.gov/Archives/edgar/data/1720424/000106299326004996/0001062993-26-004996-index.htm |
| 2026-09-16 | 8-K | Regulation FD disclosure; Other material event — “On September 10, 2026, the Company announced that its wholly owned subsidiary, BUZZ High Performance Computing Inc. ("BUZZ") appointed Mark Volk to serve as BUZZ's Senior Vice President, Revenue. On September 10, 2026, the Company also announced that, based on preliminary information available to management, its estimated average daily revenue exceeded approximately USD$ 1 million per day from the combined production of hashrate services and GPU services. Estimated average daily revenue is based on preliminary,…” | https://www.sec.gov/Archives/edgar/data/1720424/000106299326004970/0001062993-26-004970-index.htm |
| 2026-08-19 | 8-K | Regulation FD disclosure; Other material event — “On August 17, 2026, the Company announced that BUZZ entered into a GPU cloud services agreement (the "Agreement') with the Customer pursuant to which it will provide the Customer with access to a dedicated GPU cluster. The cluster will consist of 2,016 NVIDIA Blackwell Ultra GPUs in NVIDIA GB300 NVL72 rack-scale systems and will be deployed at a facility in Merritt, British Columbia. The cluster will be designed to support large-scale AI training, AI inference and advanced enterprise workloads. Deployment is…” | https://www.sec.gov/Archives/edgar/data/1720424/000106299326004522/0001062993-26-004522-index.htm |
| 2026-08-17 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1720424/000106299326004447/0001062993-26-004447-index.htm |
| 2026-08-14 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1720424/000106299326004434/0001062993-26-004434-index.htm |
| 2026-08-14 | Schedule 13G/A | Citadel Securities GP LLC, Citadel Securities LLC: 4.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1720424/000110465926097159/0001104659-26-097159-index.htm |
| 2026-08-13 | Schedule 13G/A | Invesco Ltd.: 6.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1720424/000091420826000287/0000914208-26-000287-index.htm |
| 2026-07-29 | 10-K/A | Annual report · period ended Mar 31, 2026 | https://www.sec.gov/Archives/edgar/data/1720424/000106299326003909/0001062993-26-003909-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.