HIVE’s QQ1 2026 results show a material step-up in revenue to USD 45.61 million, up 34.58% year-over-year and 52.69% quarter-over-quarter, underscoring continued scale in its cryptocurrency mining operations. However, gross profit remains negative at USD -6.19 million, with gross margin of -13.58%, as cost of revenue exceeded revenue in the period. The EBITDA figure stands at USD 57.96 million and the EBITDAR ratio is 1.27, driven largely by sizable other income, which implies a meaningful non-operating component to earnings in this period. Operating income is USD 6.84 million (operating margin ~14.99%), while net income is USD 35.02 million (net margin ~76.77%), aided by USD 28.83 million of total other income/expenses net. Earnings per share (diluted) is USD 0.18, with a weighted average diluted share count of 192.8 million.
From a cash flow perspective, operating cash flow was USD 10.23 million, but free cash flow ended negative at USD -37.13 million due to substantial investing activity (capex of USD -47.36 million) and other investing activities. Net cash provided by financing activities was USD 52.85 million, including equity issuances (common stock issued) of USD 68.02 million, facilitating a net increase in cash to USD 24.60 million at period end. The balance sheet shows a robust equity base (Total stockholders’ equity USD 560.52 million) with total assets USD 628.73 million and total liabilities USD 68.21 million. Net debt stands at USD 15.62 million, reflecting modest leverage given the capital-intensive mining footprint.
Overall, the QQ1 2026 quarter demonstrates significant revenue growth and a favorable EBITDA/operating income profile, supported by a strong balance sheet and funding activity. Investors should monitor crypto price volatility, miners’ operating efficiency, capital expenditure cadence, and the sustainability of non-operating income that materially boosted reported net income in this period.