HIVE Digital Technologies Ltd. announced a four‑fold increase in liquid‑cooled AI data‑center capacity across Canada, raising its Manitoba capacity from 4 MW to 16.6 MW and adding a new 5 MW facility in British Columbia. The expansion is executed through a partnership with Bell Canada AI Fabric and requires no additional capital expenditures beyond deposits made in 2025.
The new capacity will support up to 2,000 next‑generation, high‑power‑density GPUs at each site, positioning BUZZ to deploy more than 4,000 GPUs in the near term and to reach a target of 6,000 GPUs in Canada by the end of fiscal 2027. Management has set a $200 million contracted annualized run‑rate revenue goal and a 75% EBITDA margin target for new long‑term GPU contracts, underscoring a strategic pivot toward high‑margin AI compute services.
HIVE’s recent financial performance provides context for the expansion. In the third quarter of fiscal 2026 (ending September 30 2025) the company reported record revenue of $93.1 million, a 219% year‑over‑year increase, and an adjusted EBITDA of $5.7 million. For the full year ended March 31 2025, revenue was $115 million with $56 million in adjusted EBITDA, while the first quarter of fiscal 2026 saw revenue of $45.6 million, up 41.6% YoY, and a net income of $35 million versus a net loss of $18.3 million in the prior quarter.
Frank Holmes, Executive Chairman, emphasized the strategic importance of the expansion: “Nations that control their own AI compute will lead the next era of global innovation. Canada has the talent, the energy, and now, with BUZZ, the infrastructure to compete at the highest level.” CEO Aydin Kilic added, “This expansion gives us committed liquid‑cooled data‑center capacity across two provinces and a clear path to over 6,000 next‑generation AI‑optimized GPUs in Canada.”
The expansion reflects HIVE’s broader shift away from legacy Bitcoin mining operations, which have faced declining margins and operational uncertainty in Sweden due to tax disputes. By focusing on AI compute, the company aims to capture a high‑margin segment while mitigating the volatility of cryptocurrency mining. The partnership with Bell Canada AI Fabric and the targeted GPU deployment signal confidence in sustained demand for AI infrastructure and a clear strategy to achieve the announced revenue and margin objectives.
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