Phase Space AI

Financial Model Notes

HIVE Digital Technologies [HIVE]

HIVE Digital Technologies Ltd. [HIVE] — Financial Model Notes

As of: 2026-07-29 · Framework: v1.5.1 / criteria.md 2026-07-29 · All figures traced to primary EDGAR filings.

Per the brief, the screen's inputs were not trusted. Share count, TTM revenue and net cash were independently verified against primary filings, and net income ÷ shares ≈ filed EPS was cross-checked for scale. Every discrepancy is reported; none is silently adopted.

Verified inputs (every figure traced to the FY2026 10-K unless stated)

Line Value Source
Revenue FY2026 $297,791,000 us-gaap:Revenues, 2025-04-01→2026-03-31, 10-K
— digital currency mining $278,269,000 income statement, 10-K
— HPC / other (derived) $19,522,000 total less mining
Net loss FY2026 −$148,448,000 us-gaap:NetIncomeLoss
Realised crypto gain FY2026 +$10,717,000 CryptoAssetRealizedGainLossOperating
WA basic shares FY2026 225,420,074 WeightedAverageNumberOfSharesOutstandingBasic
Shares outstanding 267,430,821 @ 2026-05-25 dei:EntityCommonStockSharesOutstanding, 10-K cover
Cash $23,113,000 @ 2026-03-31 CashAndCashEquivalentsAtCarryingValue
Crypto assets $10,822,000 @ 2026-03-31 CryptoAssetFairValue
Finance lease liability $29,906,000 (9,045 current + 20,861 non-current) FinanceLeaseLiability*
Operating lease liability $13,674,000 OperatingLeaseLiability
Total liabilities $109,787,000 us-gaap:Liabilities

EPS cross-check (net income ÷ shares ≈ filed EPS)

−$148,448,000 ÷ 225,420,074 = −$0.659. Filed EarningsPerShareBasic FY2026 rounds to −$1 at integer precision in the raw XBRL dump; the sign and order of magnitude reconcile. No scale error detected.

Net cash reconstruction — and the screen's error

Screen (scan_v3) This memo
Cash 23.113 23.113
Debt components found [] (empty) — yet net_cash_complete: true finance leases 29.906
Net cash +23.113 −6.793
EV 739.065 (at the 2026-07-28 spot of $2.85) 674.4 (at the 2026-07-29 spot of $2.535, ex the $10.8m crypto treasury)

Screen error: +$29.9m of net cash, i.e. debt scored as zero when $29.9m existed. Operating leases of $13.674m are excluded from the debt definition by convention and are disclosed here for completeness.

Modelling notes and hazards

  1. HIVE has no 10-Qs. It files a 10-K (FY2026 onward; 40-F previously) with 6-K interims. The March-quarter figure is not a tagged XBRL duration and must be derived as FY minus 9M. This is precisely what the screen failed to do — see the screen-defect section.
  2. A 40-F→10-K transition sits in the history. FY2021–FY2025 are 40-F (IFRS-tagged, ifrs-full:Revenue); FY2026 is 10-K (US GAAP, us-gaap:Revenues). FY2021 and FY2022 also carry a share-count restatement (WeightedAverageShares 347,059,039 in the 40-F/A versus 69,411,808 for the same period in the next 40-F — a reverse split). Do not build a per-share series across that break without adjusting.
  3. HPC revenue is a derived line, not a tagged fact. It is total revenue minus the disclosed mining line and therefore includes any non-mining, non-HPC item.
  4. Terminal value exceeds 60% of EV, so per criteria.md the reverse DCF is mandatory as the primary long-horizon output and the forward DCF is supporting only. The reverse DCF was not solvable here because the exit multiple is UNIDENTIFIED; the required-parameter analysis in the valuation file is the substitute and is stated on the ratio (EV / annualised AI revenue) rather than a DCF path.

Reproduction

Script Purpose
work/fetch.py downloads companyfacts and submissions for all eight CIKs from data.sec.gov
work/extract.py structured extraction: revenue, net income, EPS, shares, cash, debt, digital assets
work/dump.py exact-tag fact-series dump (--exact for precise tag matching)
work/rfiles.py lists a filing's R-file reports from FilingSummary.xml and renders one as text
work/grepdoc.py fetches a filing document, converts to text, caches it, greps with context
work/compute.py computes and reconciles every metric in the cluster table
work/prices.py Alpaca snapshot prices
work/cfcheck.py, work/cftest.py Cloudflare Workers/Pages quota probes

Commit: e67ab6405055a342b54a5ef03613a3650d59ab05