HIVE Digital Technologies Ltd.

Red flags

• FY2026 net loss was $148.4 million despite $297.8 million of revenue and $107.9 million of gross operating margin; basic loss per share was $0.66.
• Share count expanded materially: weighted-average basic shares rose to 225.4 million from 127.9 million, while ATM programs raised approximately $145.1 million through 68.8 million shares during the reported period.
• Swedish tax authorities are seeking repayment of approximately SEK 765.6 million, or $80.5 million, of VAT plus interest; the dispute remains under appeal and could extend beyond a year.
• The company states it is unable to obtain insurance covering loss of its cryptocurrency assets, leaving a direct exposure to theft or custody incidents.
• The Atlantic term loans are current liabilities totaling $2.0 million and carry an unlimited corporate guarantee, although HIVE remained compliant with the 1.50:1 debt-service-coverage covenant.