HIVE Digital Technologies Ltd. (HIVE) SEC Filings & Earnings Calls

Execution risk in partnership and revenue conversion.

“Forward-looking statements cite ability to execute partnership and convert pipeline.”

Preliminary estimates subject to adjustment.

“Revenue estimate is preliminary and unaudited.”

Execution risk in deployment and customer concentration.

“Deployment expected in Q4 2026; subject to delays and counterparty risk.”

Swedish VAT dispute could result in additional liabilities or operational disruption.

“Non-cash provision of $84.7 million relating to previously disclosed and contested VAT assessments by the Swedish Tax Authority.” · word for word

GAAP net loss of $142.9M driven by non-cash charges may concern investors.

“GAAP Net Loss: $142.9 million, driven primarily by non-cash charges.” · word for word

Swedish VAT liability

“During the quarter ended June 30, 2026 the Company recorded a provision of SEK 822.0 million (approximately $84.7 million).” · word for word

Bitcoin price volatility

“The price of Bitcoin has not recovered from the high of $126,198 on October 6, 2025, and had a closing price of approximately $62,814 on July 31, 2026.” · word for word

Canadian tax disputes

“Hive Atlantic also received a proposal letter from the CRA quantifying proposed GST/HST adjustments of C$50.5 million.” · word for word

High leverage from convertible notes

“Convertible loan - liability component $234,872 as at June 30, 2026.”

Management/board history of bankruptcy involvement

“Dave Perrill, who is a Director of HIVE, was the founder and CEO of Compute North LLC, (now renamed "Mining Project Wind Down Holdings, Inc.") from October 2017 to September 1, 2022, which filed petitions under Chapter 11 of the United States Bankruptcy Code on September 22, 2022.” · word for word

Potential dilution from exchange of notes; up to 26,902,577 common shares issuable at initial exchange rate.

“Initially, 26,902,577 Common Shares may be issued upon exchange of the Notes based on the initial maximum exchange rate of 206.9429 Common Shares per $1,000 principal amount of Notes.” · word for word

Potential dilution from exchange of notes; no specific share count given yet.

“Notes are exchangeable into common shares; capped call transactions may offset dilution.”

LOI is non-binding and subject to negotiation of definitive agreement; execution risk.

“The Boden LOI is non-binding and subject to the negotiation and execution of a definitive agreement.” · word for word

Retrofit and upgrade costs may be significant; capex required.

“Company expects to retrofit the facility to support up to 10,000 GB300 GPUs, with single rack densities up to 150 kW, using hybrid direct-to-chip liquid cooling and air cooling.”

Equity dilution risk from at-the-market offering; up to $300M in shares may be sold.

“Company may offer and sell up to US$300,000,000 of shares of common stock under the Equity Distribution Agreement.”

Execution risk on multiple concurrent projects: sovereign AI infrastructure, Boden acquisition, and Paraguay expansion.

“Multiple forward-looking statements regarding construction, implementation, and acquisition.”

Q4 hashprice compression due to Bitcoin price decline and rising network difficulty; Q4 adj. EBITDA negative.

“Q4 hashprice compression as Bitcoin declined sharply from its October all-time high through quarter-end and global network difficulty climbed to record levels.” · word for word

GAAP net loss of $148.4M driven by large non-cash charges (depreciation $170.4M, fair value adjustments).

“GAAP Net Loss: $148.4 million, of which approximately $221.3 million is non-cash.” · word for word

Swedish VAT Liability

“the Company's wholly owned subsidiaries located in Sweden... received decision notice of assessments... from the Swedish Tax Agency in connection with the application of VAT and its ability to recover input VAT against certain equipment and other charges in a total amount of SEK 765.6 million or approximately $80.5 million.”

Bitcoin Price Decline

“The price of Bitcoin has not recovered from the high of $126,198 on October 6, 2025, and had a closing price of approximately $73,755 on May 30, 2026.” · word for word

Negative Gross Margin

“Gross margin % (49%)” · word for word

HPC Profitability Uncertainty

“Although the Company has been able to generate revenue from our HPC business, there is no assurance that it will achieve profitability in the future” · word for word

Canadian Tax Audit Exposure

“two of the Company's subsidiaries have claimed and are awaiting repayment by the CRA of significant consumption tax credits, most of which are being withheld pending resolution of ongoing audits: 1. 9376-9974 Quebec Inc. has filed for and claimed approximately C$8.2 million in consumption tax credits, which to date remain unpaid; and 2. Hive Atlantic Datacen”

Proof-of-concept stage; no commercial revenue yet from Paraguay AI cloud.

“The Asunción deployment is the first GPU cluster to go live under HIVE's phased strategy” · word for word

Targets are aspirational and subject to market conditions and successful deployment.

“targets are subject to market conditions and successful infrastructure deployment”

Collaboration is early-stage; no financial terms disclosed.

“The companies emphasized that the collaboration is expected to evolve over time” · word for word

GAAP net loss of $91.3M driven by accelerated depreciation and non-cash revaluation adjustments.

“GAAP net loss of $91.3 million was primarily driven by $57.4 million in accelerated depreciation related to the Paraguay expansion and non-cash revaluation adjustments” · word for word

Bitcoin price and network difficulty headwinds partially offset hashrate growth.

“partially offset by approximately 10% lower Bitcoin prices and 15% higher network difficulty” · word for word

Execution risk on deployment milestones and performance obligations.

“subject to performance obligations and deployment milestones” · word for word

Capital expenditure requirements for GPU acquisition and infrastructure.

“Company expects to incur capital expenditures related to GPU acquisition, supporting electrical and cooling infrastructure, and working capital requirements.” · word for word

Bitcoin price volatility and mining difficulty increases could impact profitability.

“Bitcoin mining difficulty increased 30% year-over-year for the month of January” · word for word

Execution risk on deployment and scaling of AI platform in new market.

“The initial deployment is expected to commence in the first quarter of 2026 and is planned to begin with an enterprise-grade GPU cluster” · word for word

Capital requirements for Tier III data center buildout.

“Tier III data centers capable of hosting GPU-intensive workloads require significantly higher capital investment” · word for word

Bitcoin mining difficulty increased 40% YoY, pressuring margins.

“Bitcoin mining difficulty increased 40% year-over-year for the month of December” · word for word

Extreme weather events could impact operations.

“extreme cold weather across parts of the Northern Hemisphere temporarily impacted peak hashrate availability” · word for word

Execution risk on Yguazú Phase 3 development and HPC conversion timelines.

“Yguazú Phase 3 targeted for Q3 2026; HPC upgrades in Toronto and Sweden subject to completion.”

Bitcoin price volatility could impact cash flows funding HPC expansion.

“Cash flows from Bitcoin mining funding AI infrastructure; any downturn in BTC price could slow expansion.”

Potential dilution from equity issuance of up to US$300M.

“Equity Distribution Agreement allows sale of up to US$300,000,000 in common shares.”

GAAP net loss of $15.8M due to accelerated depreciation and non-cash losses.

“Net Income: GAAP net loss of $15.8 million, driven by accelerated two-year depreciation of ASICs used in the Paraguay expansion ($38.3 million depreciation for the quarter) and non-cash losses related to equity investments and derivative revaluations.” · word for word