HIVE

HIVE is a Bitcoin-hashrate/HPC data-center operator whose top line exploded to $298M (+158% YoY) as it lit up ~300MW in Paraguay (Yguazu 12,100 PH/s, Valenzuela 6,809 PH/s) toward 24-25 EH/s installed. But growth came at the expense of unit economics: gross profit is NEGATIVE $62.5M (gross margin -21%), meaning the core operation costs more to run than it earns before any overhead — a direct symptom of post-halving mining economics. Net income collapsed from +$26.5M (FY2024) to -$3M (FY2025) to -$148M (FY2026), net margin -49.8%, ROE -28%. This is textbook deteriorating fundamentals, not a one-off.

The balance sheet is the one genuine bright spot: $529M equity against just $110M liabilities (0.21x leverage) and positive operating cash flow of $62.3M — the latter only because depreciation on the miner fleet is a huge non-cash charge masking the real economic loss. Against that, cash is a thin $23.1M while shares outstanding ballooned 61.5% to 267M; the company is plainly funding its buildout by diluting holders, and with so little cash on hand that dilution is set to continue. The accumulated deficit deepened 54% to -$422M.