Mining machines turning into GPUs, HIVE's transition is quite a big move, but that 148 million yuan loss on the books really looks painful.

HIVE Digital Technology disclosed that by the end of fiscal year 2026, Bitcoin holdings will decrease to 150 coins, down 331 coins from 481 in the previous quarter; during the same period, mining output was 2,885 coins, a 104% increase from 1,414 coins in fiscal year 2025. Revenue reached a new high of $298 million, but GAAP net loss was $148.4 million, mainly due to $22.13 million in non-cash items and $17.04 million in depreciation. The company also plans to build a 320-megawatt AI factory in the Greater Toronto Area, expected to accommodate over 100k GPUs.