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Management attributed the $91 million net loss primarily to non-cash charges, including $57 million in depreciation from new hardware in Paraguay and a $31 million fair value adjustment on derivatives.
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The company achieved a record $93 million in quarterly revenue, driven by scaling Bitcoin mining capacity to 25 exahash and maintaining 2% of the global network.
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Strategic geographic diversification between the Northern and Southern Hemispheres mitigated seasonal curtailments, with Paraguay operations maintaining nearly 100% uptime during Canadian winter snaps.
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Management executed a ‘dynamic HODL’ strategy, realizing $14 million in value by exercising call options on pledged Bitcoin to upgrade the mining fleet to 15.7 J/TH efficiency without cash outlay.
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The ’10/10′ Binance flash crash was identified as a major contagion event that broke institutional trust and triggered a four-month bottoming process in the crypto ecosystem.
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HIVE is intentionally avoiding high-leverage debt for expansion, opting instead for a ‘pragmatic’ build-out of tier three data centers to capture high-margin AI and HPC demand.
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The company is transitioning from a pure-play miner to a diversified infrastructure provider, targeting sovereign data needs and military spending in the NATO and Latin American markets.
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Management targets a $225 million annualized revenue run rate (ARR) by the end of 2026, driven by scaling the GPU cloud from 5,000 to 11,000 units.
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The New Brunswick facility conversion to a tier three data center is expected to contribute $85 million in ARR, assuming a market rate of $130 per kilowatt per month.
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A new 100-megawatt power purchase agreement in Paraguay is scheduled to come online in September, following the arrival of long-lead items like transformers.
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GPU cloud revenue projections were revised upward after securing a contract 30% above forecasted prices, suggesting a ‘blue sky’ potential of $285 million total ARR.
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The strategy for 2026 focuses on a ‘CapEx-light’ model using OEM vendor financing for GPUs, featuring 30-month lease-to-own terms with $1 buyouts to preserve cash.
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Accelerated depreciation on ASIC miners in Paraguay impacted GAAP earnings but management emphasized this does not affect cash generation or operational trajectory.
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Supply chain constraints remain a risk, with significant backlogs reported for transformers, substations, and specialized server racks required for HPC conversions.
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The company flagged regulatory uncertainty in the U.S. regarding stablecoin ‘rewards’ as a potential headwind for the broader fintech and crypto ecosystem.
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HPC conversion requires significant structural upgrades, including thicker cement floors for heavier NVIDIA racks and cooling systems that consume 40% of total energy.
