HIVE Digital Technologies (HIVE) Q1 FY2027 Earnings Call

Bottom line

The sleeper story is that HIVE's Bitcoin mining engine is still carrying 90% of revenue while its reported profitability is quietly deteriorating: Adjusted EBITDA fell 70% year-over-year even as revenue grew 73%, a gap management chose to frame sequentially rather than year-over-year. The obvious headline, a $180 million 'contracted' AI backlog, is real progress but partly manufactured for the call: the flagship $70 million ARR GB300 deal was announced 'this morning', and the extended $225 million figure includes a still-nonbinding Boden LOI. The binding constraint isn't AI demand, which management insists is 'very far past' current targets, it's capital structure and disclosure discipline: GPU financing terms just loosened from a fixed 20% down to a 20-30% range, and a new $84.7 million Swedish tax provision sits on the balance sheet with management flatly stating 'we do not plan to pay'. The CEO's own framing says it best: 'I'm an engineer, I just want to know as a businessman, fundamentally, are we making money on a cash basis?', an admission that GAAP profitability isn't the priority, and a quarter where GAAP losses hit $142.9 million suggests the answer on a fully-loaded basis is increasingly no. My view changes if the Boden definitive agreement is signed on schedule by September with disclosed economics, and if next quarter's gross margin % recovers toward 35% rather than drifting further from it.

The 30-second version

Adjusted EBITDA cratered 70% YoY even as revenue grew 73% YoY
Separate the $180M active-and-contracted ARR figure from the $225M scenario that adds an LOI
Bitcoin mining is still 90% of revenue and the AI pivot has a visibility problem, not a demand problem

What changed this quarter

Metric	Q4'26	Q1'27	Change
Revenue	$71.8M, +130% YoY	$79.1M, +73% YoY	+10% QoQ, but YoY growth rate decelerating
Net Income / (Loss)	$(76.3)M	$(142.9)M	Loss nearly doubled, driven by $84.7M Swedish provision
Adjusted EBITDA	$(9.0)M	$13.4M	Positive sequentially, but down 70% YoY from $44.6M
Gross Operating Margin ($)	$17.5M (24% of rev)	$24.2M (31% of rev)	+38% QoQ dollars, but still below 35% margin a year ago
Bitcoin Mining Revenue	implied ~$67M (90%+ of $71.8M)	$72.1M (91% of total)	+7% QoQ, +77% YoY â€” still the whole business
HPC/AI Revenue	$4.6M	$7.1M (10% of revenue)	+54% QoQ off a tiny base
Contracted/Active HPC ARR	Target $200M ARR by year-end GPU cloud	$180M combined active+contracted, incl. same-day deal	Combines active and contracted ARR; the separate $225M scenario includes an LOI
GPUs Active/Contracted	Target 11,000 GPUs by year-end	5,500 active / 9,800 contracted	Progress toward target, not yet there
Cash on Hand	$23M at March 31	$208M at June 30	+804%, entirely convert-note driven, not organic FCF
Depreciation Expense	2-yr ASIC / consistent schedule	$53.7M this quarter, 2-yr ASIC / 4-yr GPU	Still the single biggest drag on GAAP earnings

Accountability tracked

3 new promises made5 narrative shifts flagged4 prior promises scored

Inside the full report

The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.

Read the full HIVE Q1'27 report Subscribe

HIVE Digital Technologies (HIVE)

The 30-second version

What changed this quarter

Accountability tracked

Follow what management promises next