HIVE reports 74% jump in Q1 revenue as GPU cloud ARR climbs to $110 million

HIVE Digital Technologies, a GPU cloud provider, reported that its revenue rose 74% in the first quarter as annual recurring revenue (ARR) from its GPU cloud business reached $110 million, according to an earnings report summarized by Yahoo Finance. The company framed the increase as a result of both ongoing customer demand for managed GPU capacity and additional contracted work tied to a larger network and AI infrastructure deployment.

In the company’s breakdown, HIVE said its “live” GPU cloud business is generating about $35 million in ARR. ARR is a subscription-style metric that estimates the recurring value of contracted revenue streams over a year, which companies often use to show underlying customer momentum even when revenue is recognized over time or in installments.

HIVE also attributed the remainder of its $110 million total to a three-year Bell AI Fabric agreement, which it characterized as bringing about $75 million of contracted revenue. Bell AI Fabric refers to a multi-year framework for delivering AI infrastructure and related services, where contracted revenue can be booked over the term depending on delivery milestones and service provisioning.

While the earnings summary did not provide granular details on customer counts, churn, pricing tiers, or the timing of revenue recognition, the headline figures suggest HIVE is expanding on two fronts at once: continuing “live” GPU cloud subscriptions and adding revenue visibility through longer-dated enterprise agreements.

For GPU cloud operators, the mix between near-term recurring revenue and longer-dated contracts can be important. Longer agreements can smooth demand expectations, but they also come with execution risk, including deployment timelines, capacity planning, and the ability to support customers’ AI workloads with adequate compute and networking. In that context, HIVE’s split between a smaller base of live ARR and a larger contracted component points to a strategy of using enterprise deals to scale its contracted backlog alongside ongoing cloud deployments.

Still, the earnings summary leaves key questions unanswered. It does not disclose whether the contracted $75 million from Bell is already being recognized as revenue in the quarter, whether the $110 million ARR is calculated using a specific contractual method, or whether HIVE expects the mix of revenue recognition to shift in future quarters as milestones are met.

Investors and analysts will likely watch HIVE’s next updates for clarity on how much of the Bell AI Fabric contract is converting into recognized revenue versus remaining in contracted form, and whether the company can sustain growth in live GPU cloud ARR as new enterprise infrastructure agreements either expand or mature.