HIVE and MARA saw Bitcoin production rise, but mining revenue fell as electricity costs climbed and equipment write-downs impacted bottom lines, forcing both firms to pivot toward AI and HPC infrastructure.
September-quarter revenue of $84.9 million beat the $79.4 million consensus, but the company reported a quarterly loss, a $31.2 million equipment write-down and 20% higher electricity costs as mining economics weakened. Shares slipped 1.7% to $1.78 after hours, and a planned $493 million HPC spend adds funding pressure.
Net income jumped to $634.4 million from $123.1 million on fair-value gains on digital assets, lifting diluted EPS to $1.28, but mining revenue fell 34% to $159 million, purchased energy costs rose 12% and $12 million of rigs were written off. Gains were treasury-driven rather than operational, and shares were little changed after hours.
HIVE Digital and MARA Holdings reported increased Bitcoin production for the September quarter, yet both firms faced declining mining revenue and rising energy costs. While MARA posted a $634.4 million net profit driven by digital asset fair-value gains, HIVE reported a quarterly loss and a $31.2 million equipment write-down, signaling ongoing pressure on mining economics.
It reported a quarterly loss with a $31.2 million write-down on mining equipment and 20% higher electricity costs, even though total revenue of $84.9 million beat the $79.4 million consensus; shares dropped 1.7% to $1.78 in after-hours trading.
Yes, it continues expanding mining, including a 100-megawatt substation expansion at its Yguazú site in Paraguay targeted during 2026, while also investing up to $493 million over 36 months in AI/HPC infrastructure.
Yes, on paper: net income attributable to common stockholders was $634.4 million, up from $123.1 million, with diluted earnings of $1.28 a share, but the profit was driven largely by fair-value gains on digital assets rather than mining, where revenue fell 34% to $159 million.
Barely: after closing the regular session up 4.6%, shares were little changed at $6.64 in after-hours trading Monday.