HIVE Digital’s BUZZ AI Contracts Recast Crypto Miner As Dual Engine Business

• HIVE Digital Technologies’ BUZZ platform has secured multi year AI cloud contracts totaling CA$30 million.
• The company is rolling out large scale high performance GPU capacity at its Canada West data center to support these agreements.
• The move extends HIVE’s business beyond cryptocurrency mining into AI and high performance computing services.

HIVE Digital Technologies (TSXV:HIVE), trading at CA$3.03, is trying to reposition itself after a challenging stretch for shareholders. The stock is down 37.5% over the past month and 19.0% year to date, with a 24.4% decline over the past year and a 91.1% decline over five years. In this context, the new CA$30 million BUZZ AI cloud contracts represent a fresh line of business that sits alongside its existing crypto mining operations.

For investors watching TSXV:HIVE, the push into AI infrastructure and high performance computing could change how the company’s revenue mix looks over time. The multi year nature of the BUZZ contracts, combined with the build out of GPU capacity at the Canada West data center, places HIVE in a position to participate in demand for AI and HPC services if that demand remains healthy.

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The BUZZ contracts lock in roughly US$30 million over two years, which is meaningful compared with management’s current estimate that high performance computing revenue sits near US$20 million on an annualized basis. If BUZZ reaches the guided US$35 million annualized level once the first 504 GPUs are fully deployed, HPC could become a more visible second leg next to HIVE’s Bitcoin mining output of 297 BTC in January 2026 and a reported 22.2 EH/s hashrate. For you, the key angle is that HIVE is trying to pair a highly cyclical, commodity linked business with a contract backed service model tied to AI and data intensive workloads.

The Risks and Rewards Investors Should Consider

• ⚠️ Analysts have highlighted a high level of non cash earnings, which can make reported profit less reflective of underlying cash generation just as HIVE takes on capital intensive GPU spending.
• ⚠️ Earnings are forecast to decline on average by 88.4% per year over the next 3 years, and shareholders have already experienced substantial dilution over the past year, so funding this pivot could come with more financial pressure.
• 🎁 Revenue is forecast to grow 42.31% per year, and the BUZZ contracts contribute to that story by adding contracted AI cloud revenue on top of Bitcoin production.
• 🎁 HIVE’s P/E of 16.1x sits below the wider Canadian market at 17.5x, which some investors may see as leaving room if the dual engine model of hashrate services and HPC gains traction.

What To Watch Going Forward

From here, watch how quickly the Canada West GPUs are installed and brought online by the March 31, 2026 quarter, plus whether customer utilization matches expectations behind the roughly US$15 million ARR target for this first phase. The upcoming nine month results to December 31, 2025 and the earnings call on February 17, 2026 should also give more detail on how BUZZ’s contracts sit alongside crypto mining metrics like hashrate and BTC production.

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