HIVE Digital Technologies is holding out the prospect of about $45 million a year in revenue from an AI data center in Sweden, but the Bitcoin miner has yet to convert a June letter of intent into a binding lease, leaving the figure outside its contracted backlog.

The Nasdaq- and TSX-listed company repeated the estimate in its fiscal second-quarter update, saying the 32-megawatt Big Boden facility could earn that sum through a long-term colocation arrangement with an unnamed investment-grade Swedish technology company. The proposed lease would run as long as 10 years.

On the quarterly earnings call, Chief Executive Aydin Kilic said the two sides are still working through deposits, termination rights and other provisions that would shape the project’s financing costs. A lender’s consultant toured the site the week before the call, he added.

“We do not want to rush into a deal just for the sake of reporting new top-line revenue,” Kilic said, according to the call transcript.

HIVE intends to line up financing once a lease is signed, possibly through corporate bonds. No target date for concluding negotiations has been disclosed.

The site itself needs significant rework. HIVE plans to retrofit the facility for as many as 10,000 Nvidia GB300 GPUs, relying on liquid cooling to manage high-density racks. Of the 32 megawatts connected to the grid, the prospective tenant would get roughly 25 megawatts of usable computing capacity, with the balance reserved for data center operations.

“This site has evolved from a GPU compute facility supporting Ethereum,” Kilic said when the letter of intent was announced, describing the planned conversion into a more powerful AI installation.

The Boden proposal sits alongside a broader pivot away from pure Bitcoin mining. HIVE reported fiscal second-quarter revenue of $84.9 million for the period ended Sept. 30, up 7.3% from the prior quarter and down 2.7% from a year earlier.

HIVE fiscal Q2 2027 (quarter ended Sept. 30)ResultChangeTotal revenue$84.9 million+7.3% QoQ; -2.7% YoYDigital currency revenue$76.0 million+5.5% QoQ; -7.4% YoYBUZZ HPC revenue$8.8 million+70.7% YoY; +25.3% QoQGross operating margin$30.2 million (35.6% of revenue)Up from 30.6%Adjusted EBITDA$24.8 million+85% QoQNet loss$78.7 million–Cash and digital currencies$139.0 million cash; $22.6 million digital assets–

Note: Year-over-year comparisons are against the same quarter a year earlier; quarter-over-quarter comparisons are against the preceding quarter.

“Revenue was broadly stable year over year despite a 27% decline in Bitcoin prices,” said Frank Holmes, HIVE’s co-founder and executive chairman.

The fastest growth came from subsidiary BUZZ HPC, which rents out Nvidia graphics processors for AI workloads. Its revenue reached $8.8 million, still only about a tenth of the group total, but signed contracts point to a larger share ahead. HIVE puts live annual recurring revenue for the unit at roughly $40 million and contracted ARR, which includes capacity not yet switched on, at about $185 million.

Two agreements account for most of that contracted figure: a three-year sovereign AI contract worth about $225 million supporting AI company Cohere, and a five-year deal valued at about $350 million with an investment-grade enterprise customer. The 2,304 Nvidia GB200 chips earmarked for the Cohere work are funded through a $129 million financing package announced in October.

“We anticipate these GPUs will ship before calendar year-end,” Kilic said.

Mining remains the core of the business. HIVE booked $76.0 million in digital currency revenue, up 5.5% sequentially but down 7.4% from a year earlier, and received 1,070 Bitcoin in rewards during the quarter, up from 1,004 in the prior period, helped in part by an easier network. Bitcoin difficulty averaged about 128 trillion, down from 135 trillion the quarter before. The company says it controls roughly 2% of the computing power securing the network and operates about 440 megawatts of capacity, including a platform of about 300 megawatts in Paraguay. It expects to reach about 540 megawatts once another 100 megawatts at its Yguazú site comes online in the fourth quarter of calendar 2026.

Core profitability improved. Gross operating margin rose to $30.2 million, or 35.6% of revenue, from 30.6% in the prior quarter, and adjusted EBITDA climbed 85% to $24.8 million. On a standard accounting basis, HIVE posted a net loss of $78.7 million, driven largely by non-cash items: $54.9 million of depreciation, a $31.2 million impairment tied to weaker mining economics and lower market prices for ASIC machines, $8.6 million in share-based compensation and a $7.3 million loss on derivatives linked mainly to convertible notes.

The company raised about $43.2 million during the quarter by selling roughly 13.7 million new shares through its at-the-market program at an average price of $3.15. Chief Financial Officer Darcy Daubaras said the financial priorities remain “disciplined capital allocation, liquidity management.”

Beyond Sweden, HIVE has set aside about 400 megawatts of utility power across Canada for AI-grade data centers, more than 320 megawatts of it in Ontario. Kilic said the Ontario Premier’s office has committed to approving new data centers “sooner rather than later.” Craig Tavares, president and chief operating officer of BUZZ HPC, argued that permitting constraints in the United States could make sites in Canada and Sweden more valuable.

“Canada has an opportunity to skate to where the puck is going,” he said.

HIVE is targeting about $200 million in GPU cloud ARR by the end of calendar 2026 and roughly $700 million in total high-performance computing ARR by the end of 2028, though both goals hinge on financing, construction and customer commitments. Until a definitive Boden lease is signed, none of its potential revenue counts toward the $185 million contracted figure, making the lease the company’s next gate before project financing can begin.

For investors, the quarter shows a mining business whose top line is holding up against weaker Bitcoin prices while AI cloud revenue scales from a small base. The gap between $40 million of live GPU ARR and $185 million contracted, together with the unbooked Boden opportunity, means much of the growth story still rests on execution: shipping hardware on schedule, signing leases and securing the capital to build out capacity.