HIVE Digital Technologies Q3 Loss Of US$91.3 Million Reinforces Bearish Earnings Narratives

HIVE Digital Technologies (TSXV:HIVE) has just reported Q3 2026 results that pair US$93.1 million in revenue with a basic EPS loss of US$0.38, and most investors will immediately set those figures against the company’s recent swing from a US$0.19 EPS profit in Q1 2026 to a US$0.07 loss in Q2 and now a deeper loss in Q3. Over the past few quarters the business has seen revenue move from US$22.6 million in Q2 2025 to US$29.2 million in Q3 2025, US$31.2 million in Q4 2025, US$45.6 million in Q1 2026, US$87.3 million in Q2 2026 and now US$93.1 million in Q3 2026, while net income has swung from a profit of US$68.2 million in Q3 2025 to a loss of US$91.3 million this quarter, setting up a results season that is focused on how much margin pressure investors are willing to tolerate in pursuit of top line expansion.

See our full analysis for HIVE Digital Technologies.

With the headline numbers on the table, the next step is to see how this mix of growing revenue and widening losses lines up with the main narratives investors follow around HIVE’s business model and risk profile.

See what the community is saying about HIVE Digital Technologies

Revenue growth, but Q3 loss of US$91.3 million stands out

• Q3 2026 revenue reached US$93.1 million while net income for the quarter was a loss of US$91.3 million, compared with a loss of US$15.8 million in Q2 2026 and a profit of US$35.0 million in Q1 2026.
• What jumps out for a bearish view is how the trailing twelve month picture flipped from a profit of US$34.4 million at Q2 2026 to a loss of US$125.1 million by Q3 2026, even as trailing twelve month revenue moved from US$193.3 million to US$257.1 million.
  • Bears argue that this combination of higher revenue and a trailing twelve month loss of US$125.1 million supports the concern that HIVE is growing without converting that growth into sustainable profit.
  • The bigger Q3 loss of US$91.3 million, following a small profit as recently as Q4 2025, lines up with the risk view that earnings are moving in the wrong direction despite higher sales.

Trailing EPS trend turns negative on higher sales base

• On a trailing twelve month basis, basic EPS moved from US$0.20 at Q2 2026 to a loss of US$0.62 by Q3 2026, even though trailing twelve month revenue rose from US$193.3 million to US$257.1 million over the same period.
• Critics highlight that this shift to a trailing EPS loss while revenue is higher than in previous periods is consistent with the bearish argument that earnings are expected to decline by an average of 14.5% per year over the next three years.
  • The fact that the company is currently unprofitable and not forecast to reach profitability within three years fits with the view that recent quarterly losses are not just a one off.
  • The combination of forecast 14.5% annual earnings declines and a trailing twelve month net loss of US$125.1 million reinforces concerns that current cost and margin structures may keep weighing on EPS.

On the back of these widening losses, skeptics warn that investors need to understand the full bear case before committing fresh capital, and the detailed narrative sets out where they see the main pressure points for HIVE’s business. 🐻 HIVE Digital Technologies Bear Case

37.3% forecast revenue growth versus 2x P/S valuation

• Revenue is forecast to grow at 37.3% per year in the trailing twelve month context while the shares trade on roughly 2x P/S, compared with a Canadian Software industry average of 3.1x and a peer average of 2.8x.
• What is interesting for a bullish angle is that this forecast revenue growth of 37.3% sits alongside a lower P/S multiple than both industry and peer averages, even though the business remains unprofitable today.
  • Supporters point to the 2x P/S versus higher peer multiples as a sign that the current US$2.85 share price is being set on more conservative sales expectations than some other software names.
  • At the same time, the major risks called out, including substantial shareholder dilution over the past year and the forecast earnings decline of 14.5% per year, show why some investors may still treat that lower P/S as a trade off rather than a straightforward bargain.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for HIVE Digital Technologies on Simply Wall St. Add the company to your watchlist or portfolio so you’ll be alerted when the story evolves.

The mix of risks and rewards here is hard to ignore. It makes sense to review the full data set now and decide where you stand, starting with 2 key rewards and 4 important warning signs.

See What Else Is Out There

HIVE’s widening trailing loss of US$125.1 million alongside a trailing EPS loss of US$0.62 on higher sales raises clear questions about risk and earnings quality.

If that mix of growing revenue and bigger losses makes you cautious, you might want to focus on companies with steadier profiles using our 7 resilient stocks with low risk scores right now.

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