HIVE
The market took profits. The analyst didn’t.
HIVE Digital Technologies was sliding Wednesday after a big run-up, but H.C. Wainwright wasn’t ready to tap the brakes. The firm reiterated its Buy rating and held a $7 price target, saying investors are fixating too much on the latest earnings miss and not enough on the company’s AI infrastructure runway.
Why the bear case sounds familiar
For fiscal Q4 ended March 31, HIVE posted revenue of $71.8 million, down 23% quarter over quarter and shy of the $80 million Street estimate. The culprit wasn’t exactly mysterious: Bitcoin prices were down 23% over the period, which put a dent in self-mining revenue. Classic crypto whiplash — one quarter you’re a genius, the next quarter you’re blaming the chart.
The real story: GPUs, not just BTC
What got the analyst excited was HIVE’s GPU Cloud business, which management says is headed toward a $200 million annual recurring revenue run rate by the end of calendar 2026. That’s up from a previous $140 million target, even though the fleet goal stays at 11,000 GPUs. In other words: same hardware target, bigger money bucket. That usually catches Wall Street’s attention.
The company also pointed to a $115 million 0% convertible note financing closed in April, which should help fund near-term GPU deployments. Add in its colocation partnership with Bell, and HIVE is trying to look less like a pure Bitcoin miner and more like an AI compute landlord.
Big picture
HIVE’s annual revenue jumped to $297.8 million in fiscal 2026, up 158% year over year, and annual Bitcoin production more than doubled to 2,885 BTC. So yes, the stock may be taking a breather. But the analyst takeaway is simple: if HIVE keeps turning its GPU story into actual contracts, the market may have to reprice the company like an AI infrastructure player instead of a crypto side quest.