Key Points
- HIVE Digital Technologies reports an 8% increase in annual revenue, totaling $114.5 million.
- The company ended the fiscal year with $141 million in Bitcoin.
HIVE Digital Technologies announced an 8% increase in its yearly revenue on Tuesday, totaling $114.5 million. This surpassed the predictions of analysts by approximately $2.7 million.
For the fiscal year ending March 31, 2024, HIVE reported a gross operating margin of $40.4 million, equivalent to 35% of revenue. This is a decrease from the previous fiscal year’s $50.9 million, or 48% of revenue.
Factors Influencing Revenue
The decline is primarily due to an increase in the difficulty of the Bitcoin network compared to the previous year, as well as an increase in the price of Bitcoin.
Revenue from digital currency mining was $111 million, with the company’s HPC operations contributing as well. This resulted in a gross operating margin of $40.3 million, or a 36% operating margin. HIVE achieved an adjusted EBITDA of $37.5 million for the fiscal year.
The net loss for HIVE in fiscal 2024 was $51.2 million, a significant decrease from the net loss of $236.4 million in the previous year. This equates to a loss of 57 cents per share, which was 10 cents better than what analysts had predicted.
Bitcoin Mining and Balance
HIVE increased its Bitcoin mining ASIC hashrate by 57%, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. Over the course of the fiscal year, the company mined 3,123 Bitcoin, including digital assets mined from GPUs.
As of March 31, 2024, the company held 2,287 Bitcoin, worth $161.3 million, on its balance sheet. HIVE’s executive chairman, Frank Holmes, noted that the industry has grown to include over 20 public Bitcoin mining stocks, compared to approximately five at the last halving.
HIVE President and CEO, Aydin Kilic, highlighted the company’s commitment to maintaining high uptime, lean operations, and seeking efficiencies in all aspects of their operations. Kilic also pointed out the company’s innovative practices in Sweden, where it analyzes Bitcoin mining economics to ensure its most efficient and profitable machines are operating through any periods of economic downturn.
According to Yahoo Finance, HIVE’s stock was trading nearly 9.5% higher at $3.21 per share at the time of publication.
