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Investors are watching HIVE Digital Technologies (NASDAQ:HIVE) ahead of fiscal Q1 2026 results due today, June 1, expected after 4:00 PM ET after the market close. After a vertical move in the stock, this report has to validate the AI compute pivot story.
A Rally That Outran Bitcoin
Shares have ripped higher into the earnings report. HIVE is up 103.6% over the past month and 149.72% over the past year, closing at $4.52 on May 29 and trading near $4.90 intraday.
That move came against a tough crypto backdrop. Bitcoin is down 15.64% year to date and off 30.17% over the past year, sitting near $71,400. Management’s BUZZ HPC subsidiary announced a 320 MW sovereign AI infrastructure buildout in the Greater Toronto Area, and the market is rerating HIVE as an AI compute name rather than a pure Bitcoin miner.
Key Figures Heading In
| Metric |
Value |
| Trailing EPS |
-0.77 |
| Revenue (TTM) |
$257.1M |
| Quarterly Revenue Growth YoY |
+218.6% |
| EBITDA (TTM) |
$37.97M |
| Forward P/E |
76x |
| Analyst Target Price |
$5.80 |
| Analyst Ratings (Buy/Hold/Sell) |
7 / 1 / 0 |
AI Revenue Is the Whole Ballgame
I’ll be watching three things with HIVE tonight. First, any disclosed revenue contribution from BUZZ HPC. The bull case rests on contracted AI compute revenue that diversifies HIVE away from Bitcoin’s price swings. Without a hard number, it might be hard for this catalyst to drive a rerating.
Second, margins. HIVE carries a -54.2% operating margin and a profit margin of -48.6% on the trailing year. Quarterly revenue growth ran +218.6% YoY, but earnings growth was -99.9%. Investors need to see operating leverage finally show up as scale arrives.
Third, the hashrate and fleet efficiency commentary. With Bitcoin softer, every increase in joule per terahash efficiency matters. Investors will also listen for capex guidance tied to the 320 MW Toronto site, because power contracts and timelines will determine 2027 earnings power.
Retail is leaning in. Reddit sentiment registered a weekly bullish score of 73.67, with the dominant thread titled “Why HIVE will be the big winner in the mining to AI compute race.” It seems like investors have high expectations ahead of earnings.
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