HIVE Digital Technologies (HIVE) shares experienced a surge, climbing 7.5% following the announcement of record quarterly revenue. The Bitcoin mining company's impressive financial results for the second quarter of fiscal year 2026 showcase substantial growth in both Bitcoin production and high-performance computing (HPC) services.

The company's earnings statement revealed a 285% increase in revenue year-over-year, reaching $87.3 million. This remarkable growth was accompanied by an adjusted EBITDA of $31.5 million. HIVE's success can be attributed to its strategic focus on expanding its hashrate and improving efficiency.

Bitcoin production saw a significant boost, with a 77% increase quarter-over-quarter. The company produced 717 Bitcoins during the quarter, valued at approximately $67.5 million, despite increased network difficulty. This represents a more than 100% increase year-over-year, compared to the 340 Bitcoin produced in the same period of 2024.

HIVE Digital Technologies is a global leader in sustainable data center infrastructure, emphasizing blockchain and AI technologies powered by renewable hydroelectric energy. The company has operations across Canada, Sweden, and Paraguay.

Beyond Bitcoin mining, HIVE's high-performance computing (HPC) subsidiary, BUZZ HPC, is emerging as a significant growth driver. BUZZ HPC revenue rose by 175% year-over-year, demonstrating the company's successful expansion into high-performance computing. HIVE is targeting an annualized run-rate revenue of approximately $140 million for BUZZ HPC by Q4 2026.

HIVE has been actively expanding its infrastructure, completing 300 MW of new capacity in Paraguay and achieving a 25 EH/s operational hashrate. The company is also making strides in AI and HPC growth, with upgrades and expansions in Canada and Europe. These initiatives are positioning HIVE for continued growth in these sectors.

HIVE's Executive Chairman, Frank Holmes, noted that the company's revenue soared 285% year-over-year due to its aggressive hashrate expansion and focus on efficiency, even though Bitcoin hashprice was only up about 25% year-over-year.

HIVE President and CEO Aydin Kilic stated that the company is accelerating its AI data center initiatives across Canada and Europe, laying the groundwork for Tier III+ facilities capable of supporting hyperscale GPU deployments. He also emphasized that BUZZ HPC is becoming a powerful growth engine for the company.

The company's stock rose 6% to $3.52, with a year-to-date gain exceeding 20%. HIVE is focused on scaling its operations and is targeting a BUZZ HPC annualized run-rate revenue of approximately $140 million by Q4 2026, supported by its continued focus on operational efficiency and sustainable growth.