HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) earlier this week reported record third quarter revenue of $93.1 million, marking what Chief Financial Officer Darcy Daubaras described as a pivotal moment following a major expansion year.
Daubaras told Proactive 2025 had been “such a great expansion year on the tier one Bitcoin mining side,” particularly highlighting the company’s buildout in Paraguay.
The third quarter represented the first full reporting period with all hash power operational in that jurisdiction. According to Daubaras, the results now demonstrate the execution of a strategy that had long been communicated to the market.
A key driver behind improved performance has been energy cost efficiency. With 300MW operating in Paraguay out of roughly 440MW globally, the company is benefiting from structurally lower electricity prices.
Daubaras explained that margins are highly sensitive to energy input costs, and the move into Paraguay was specifically designed to strengthen profitability. He added that general and administrative expenses have remained disciplined despite substantial scaling of operations.
The company continues to pursue what Daubaras called a “dual engine” strategy. Tier one facilities focus on Bitcoin mining hash power, while tier three facilities support AI-driven high-performance computing workloads. While Bitcoin revenue can fluctuate with commodity price volatility, the AI infrastructure segment offers greater stability and growth characteristics, providing operational balance.
In February, the company signed a two-year contract valued at $30 million tied to its tier three expansion. The agreement represents the first megawatt allocation at a Bell facility in Winnipeg and forms part of a broader strategic relationship. Daubaras said the contract demonstrates execution capability and could open opportunities across additional facilities, including a site near Toronto airport.
Looking ahead, HIVE Digital Technologies is targeting 540MW of global tier one data center capacity by year-end. The company currently operates approximately 440MW and holds a 100MW power purchase agreement option that management hopes to bring online before year-end.
Potential catalysts include the activation of additional megawatts under the PPA, further AI high-performance computing contract wins, and continued margin expansion driven by low-cost power infrastructure.
