HIVE Digital's revenue surged 285%, partnering with Dell to bet on AI

According to a report by decrypt, HIVE Digital Technologies' stock price rose 7.5% to $3.56 on Monday, outperforming Circle (-6%) and Coinbase (-7%) which both saw declines on the same day.

HIVE announced its fiscal second-quarter results for the period ending September 30, with record revenue of $87.3 million, a year-over-year increase of 285%, and a quarter-over-quarter increase of 91%; adjusted EBITDA was $31.5 million. Bitcoin mining revenue was $82.1 million, with hash rate soaring 86% quarter-over-quarter to 16.2 EH/s, mining a total of 717 BTC.

The Buzz high-performance computing division generated revenue of $5.2 million, a year-over-year increase of 175%, with gross margin rising to 49%. HIVE announced a partnership with Dell to deploy 504 of the latest GPUs in the Bell AI Fabric data center. The company plans to add over 6,000 GPUs by the end of 2026 (in addition to the existing 5,000), which is expected to generate approximately $140 million in annualized HPC revenue.