HIVE Announces Quarterly Revenue of $29.2 Million, Adjusted EBITDA of $17.3 Million with an Increase in Bitcoin Holdings to 2,805
HIVE Digital Technologies reported strong Q3 FY2025 results with total revenue of $29.2 million, including $26.7 million from digital currency mining and $2.5 million from high-performance computing (HPC). The company achieved net income of $1.3 million and Adjusted EBITDA of $17.3 million.
Key highlights include mining 322 Bitcoin during the quarter, with total holdings reaching 2,805 Bitcoin valued at $260.8 million. The company's HPC business achieved a $10 million annualized run rate. HIVE's expansion plans in Paraguay aim to increase hashrate from 6 EH/s to 25 EH/s by September 2025, with a 300 MW facility development underway.
The company raised $87.5 million through an ATM equity program, issuing 21.3 million shares at an average price of C$5.74. These funds will support equipment purchases, strategic investments, and working capital needs.
HIVE Digital Technologies ha riportato risultati solidi per il terzo trimestre dell'anno fiscale 2025, con un fatturato totale di 29,2 milioni di dollari, di cui 26,7 milioni derivanti dal mining di criptovalute e 2,5 milioni dal calcolo ad alte prestazioni (HPC). L'azienda ha raggiunto un reddito netto di 1,3 milioni di dollari e un EBITDA rettificato di 17,3 milioni di dollari.
Tra i punti salienti ci sono stati 322 Bitcoin minati durante il trimestre, con un totale di 2.805 Bitcoin detenuti, valutati 260,8 milioni di dollari. L'attività HPC dell'azienda ha raggiunto un tasso annualizzato di 10 milioni di dollari. I piani di espansione di HIVE in Paraguay mirano ad aumentare il hashrate da 6 EH/s a 25 EH/s entro settembre 2025, con lo sviluppo di un impianto da 300 MW in corso.
L'azienda ha raccolto 87,5 milioni di dollari attraverso un programma di equity ATM, emettendo 21,3 milioni di azioni a un prezzo medio di C$5,74. Questi fondi supporteranno acquisti di attrezzature, investimenti strategici e necessità di capitale circolante.
HIVE Digital Technologies reportó resultados sólidos para el tercer trimestre del año fiscal 2025, con ingresos totales de 29,2 millones de dólares, de los cuales 26,7 millones provienen de la minería de criptomonedas y 2,5 millones de la computación de alto rendimiento (HPC). La compañía logró un ingreso neto de 1,3 millones de dólares y un EBITDA ajustado de 17,3 millones de dólares.
Los aspectos destacados incluyen la minería de 322 Bitcoin durante el trimestre, con un total de 2.805 Bitcoin valorados en 260,8 millones de dólares. El negocio de HPC de la compañía alcanzó una tasa anualizada de 10 millones de dólares. Los planes de expansión de HIVE en Paraguay tienen como objetivo aumentar la tasa de hash de 6 EH/s a 25 EH/s para septiembre de 2025, con el desarrollo de una instalación de 300 MW en curso.
La empresa recaudó 87,5 millones de dólares a través de un programa de acciones de cajero automático, emitiendo 21,3 millones de acciones a un precio promedio de C$5,74. Estos fondos apoyarán la compra de equipos, inversiones estratégicas y necesidades de capital de trabajo.
HIVE 디지털 기술은 2025 회계연도 3분기 실적을 발표하며 총 수익이 2,920만 달러에 달했으며, 이 중 2,670만 달러는 디지털 통화 채굴에서, 250만 달러는 고성능 컴퓨팅(HPC)에서 발생했다고 보고했습니다. 이 회사는 130만 달러의 순이익과 1,730만 달러의 조정 EBITDA를 달성했습니다.
주요 하이라이트로는 분기 동안 322 비트코인을 채굴했으며, 총 보유량은 2,805 비트코인으로 2억 6,080만 달러로 평가되었습니다. HIVE의 HPC 사업은 연간 1,000만 달러의 실행 속도를 달성했습니다. HIVE의 파라과이 확장 계획은 2025년 9월까지 해시레이트를 6 EH/s에서 25 EH/s로 증가시키는 것을 목표로 하며, 300 MW 시설 개발이 진행 중입니다.
회사는 ATM 주식 프로그램을 통해 8,750만 달러를 모금했으며, 평균 가격 C$5.74로 2,130만 주를 발행했습니다. 이러한 자금은 장비 구매, 전략적 투자 및 운영 자본 필요를 지원할 것입니다.
HIVE Digital Technologies a rapporté de solides résultats pour le troisième trimestre de l'exercice 2025, avec un chiffre d'affaires total de 29,2 millions de dollars, dont 26,7 millions provenant de l'exploitation minière de cryptomonnaies et 2,5 millions de l'informatique haute performance (HPC). L'entreprise a réalisé un revenu net de 1,3 million de dollars et un EBITDA ajusté de 17,3 millions de dollars.
Les points forts incluent l'extraction de 322 Bitcoin au cours du trimestre, avec des avoirs totaux atteignant 2 805 Bitcoin d'une valeur de 260,8 millions de dollars. L'activité HPC de l'entreprise a atteint un taux de fonctionnement annualisé de 10 millions de dollars. Les projets d'expansion de HIVE au Paraguay visent à augmenter le taux de hachage de 6 EH/s à 25 EH/s d'ici septembre 2025, avec le développement d'une installation de 300 MW en cours.
L'entreprise a levé 87,5 millions de dollars grâce à un programme d'équité ATM, en émettant 21,3 millions d'actions à un prix moyen de C$5,74. Ces fonds soutiendront les achats d'équipement, les investissements stratégiques et les besoins en fonds de roulement.
HIVE Digital Technologies berichtete über starke Ergebnisse im dritten Quartal des Geschäftsjahres 2025 mit einem Gesamtumsatz von 29,2 Millionen US-Dollar, darunter 26,7 Millionen US-Dollar aus dem Mining von Kryptowährungen und 2,5 Millionen US-Dollar aus Hochleistungsrechnen (HPC). Das Unternehmen erzielte einen Nettogewinn von 1,3 Millionen US-Dollar und ein bereinigtes EBITDA von 17,3 Millionen US-Dollar.
Zu den wichtigsten Highlights gehört das Mining von 322 Bitcoin im Quartal, wobei die Gesamtbestände 2.805 Bitcoin mit einem Wert von 260,8 Millionen US-Dollar erreichen. Das HPC-Geschäft des Unternehmens erreichte eine annualisierte Laufleistung von 10 Millionen US-Dollar. Die Expansionspläne von HIVE in Paraguay zielen darauf ab, die Hashrate bis September 2025 von 6 EH/s auf 25 EH/s zu steigern, während eine 300-MW-Anlage in Entwicklung ist.
Das Unternehmen hat 87,5 Millionen US-Dollar über ein ATM-Aktienprogramm gesammelt, indem es 21,3 Millionen Aktien zu einem Durchschnittspreis von C$5,74 ausgegeben hat. Diese Mittel werden den Kauf von Ausrüstung, strategische Investitionen und die Bedürfnisse des Betriebskapitals unterstützen.
- Revenue growth to $29.2M with profitable operating margins of $6.1M
- Significant Bitcoin holdings increase to 2,805 BTC valued at $260.8M
- Net income of $1.3M, improving from $7.0M loss year-over-year
- Strong Adjusted EBITDA of $17.3M
- HPC business reaching $10M annualized run rate
- Planned expansion to increase hashrate from 6 EH/s to 25 EH/s
- 51% increase in shares outstanding due to dilution
- Additional dilution from $87.5M ATM equity raise
- Increased SG&A costs from $3.7M to $4.6M year-over-year
Insights
HIVE's Q3 FY2025 results demonstrate robust operational execution and strategic positioning in both Bitcoin mining and high-performance computing. The company's 21% operating margin and Adjusted EBITDA of
The HPC business segment's
The company's expansion in Paraguay warrants attention. The planned 300 MW capacity increase, targeting 25 EH/s by September 2025, represents a 316% increase in hashrate capacity. This aggressive growth is being funded partially through an ATM program that has raised
HIVE's Bitcoin accumulation strategy, growing holdings by 263% year-over-year to 2,805 BTC, demonstrates strong operational efficiency in converting mining operations into digital assets. The company's ability to maintain one of the industry's lowest G&A cost structures at
The upcoming Bitcoin halving presents both challenges and opportunities. HIVE's strategic positioning with green energy sources and efficient operations could provide a competitive advantage as industry-wide mining economics adjust. The company's dual focus on mining optimization and HPC services diversification creates a more resilient business model in the face of crypto market cyclicality.
This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
San Antonio, Texas--(Newsfile Corp. - February 12, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable data center infrastructure, announces its results for the third quarter ended December 31, 2024 (all amounts in US dollars, unless otherwise indicated).
Financial and Operational Highlights for Q3 FY2025
- Total Revenue:
$29.2 million , from digital currency mining and high-performance computing (HPC) hosting services.
- Operating Margins:
$6.1 million from gross operating margins, representing profitable operating margins from Bitcoin mining and HPC business units.
- HPC Growth: The HPC business achieved a
$10 million annualized run rate based on quarterly revenues of$2.5 million , highlighting HIVE's presence in high-performance computing markets.
- Bitcoin Production: Mined 322 Bitcoin during the quarter, contributing to HIVE's HODL position.
- Adjusted EBITDA1:
$17.3 million , reflecting strong financial and operational management.
- Net Income: Net income after tax of
$1.3 million , driven by foreign exchange gains and unrealized gains on investments, a significant improvement over the$7.0 million loss in the same period last year.
- Digital Assets: Total digital currency assets valued at
$260.8 million , including 2,805 Bitcoin, in line with HIVE's strategy to build digital holdings. Using a Bitcoin price of$93,400 at quarter end.
1Adjusted EBITDA and other non-GAAP financial measures used in this release are not recognized under GAAP or IFRS.
Management Insights
Darcy Daubaras, HIVE's CFO, stated, "HIVE delivered another strong quarter with revenue, net income and adjusted EBITDA of
Frank Holmes, HIVE's Executive Chairman, stated, "We ended calendar year 2024 with a record Bitcoin HODL of 2,805 Bitcoin valued at over
Aydin Kilic, President & CEO, stated, "We are very pleased with our performance to close out calendar 2024, mining 1,770 Bitcoin during this period while navigating through HIVE's third Bitcoin halving. Looking ahead to calendar 2025, we are excited to execute on a transformative year with a target to position HIVE as one the largest Bitcoin miners in the world. Our 300 MW expansion in Paraguay has an objective to drive a 4x increase in our hashrate from 6 EH/s to 25 EH/s by September, 2025. In addition, we are excited to continue to grow our high-performance computing revenue with our new NVIDIA H100 and H200 clusters that are projected to deliver
HIVE's Future Hashrate Growth
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Q3 F2025 Operational and Financial Details
Revenue from Mining and HPC Services: Total revenue of
SG&A Costs: The Company maintained one of the lowest G&A cost structures in the industry, reporting
Adjusted EBITDA: HIVE achieved an Adjusted EBITDA of
Bitcoin Holdings and HODL Strategy: As of Q3, HIVE held 2,805 unencumbered, unleveraged Bitcoin, mined exclusively using green energy, reinforcing the Company's commitment to sustainable asset-building.
Expansion and Hashrate Growth
Sequential Hashrate Increase: HIVE's Bitcoin mining hashrate grew by
Paraguay Expansion: HIVE's initial 100 MW project in Paraguay remains on track for energization by June 2025, which will provide 6.5 EH/s of hashrate from Bitmain S21+ hydro-cooled ASICs, bringing HIVE's interim target to 13 EH/s.
In parallel, the Company's recently announced LOI to acquire the Yguazú site from Bitfarms Ltd., when closed, would add an additional 200 MW, developed in two phases:
- Phase 1: Scheduled for completion by April 1, 2025. Construction is already
80% complete, with essential infrastructure nearing readiness. Phase 1 will add approximately 6 EH/s of capacity, which we expect to have fully hashing in calendar Q2 2025. HIVE will be assuming the remaining payments in this phase, which includes payments to full energization.
- Phase 2: Expected to complete by August 31, 2025, Phase 2 will add 6.5 EH/s with hydro-cooled ASICs, leveraging advanced efficiency.
HIVE's enhanced operational capacity in Paraguay will total 300 MW upon completion, bringing its global capacity, including existing facilities in Canada and Sweden, to 450 MW by Q3 2025.
Financial Flexibility Through Equity Distribution
On October 3, 2024, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement") with Stifel, as lead agent, and a syndicate of agents including Canaccord Genuity, Roth Canada, B. Riley Securities, and Northland Capital Markets (collectively, the "Agents").
The Company, at its sole discretion, may sell up to US
At-the-Market Offering
For the three-month period ended December 31, 2024, the Company issued 21,367,527 common shares (the "October 2024 ATM Shares") pursuant to the October 2024 ATM Equity Program for gross proceeds of C
The Company is using the net proceeds from the October 2024 Equity Distribution Agreement for the purchase of data center equipment, strategic investments, and general working capital.
Financial Statements and MD&A
The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three and nine months ended December 31, 2024 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE's profile and on the Company's website at www.HIVEdigitaltechnologies.com.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company advancing sustainable blockchain and AI infrastructure powered by green energy. As the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017, HIVE has grown into a global leader in digital asset mining and AI computing. With operations in Canada, Sweden, and soon Paraguay, HIVE continues to innovate while reducing its environmental footprint.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-Looking information" in this news release includes but is not limited to: the acquisition of the new site in Paraguay and its potential, the timing of it becoming operational; business goals and objectives of the Company; the results of operations for the three and nine months ended December 31, 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; the receipt of government consents; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the inability to enter into a binding agreement and complete the acquisition of the Paraguay site on the terms as announced or at all; the inability to complete the construction of the Paraguay acquisition on an economic and timely basis and achieve the desired operational performance; the ongoing support and cooperation of local authorities and the Government of Paraguay; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
[1] Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under "Reconciliations of Non-IFRS Financial Performance Measures" in the Company's MD&A.
[2] Corporate margin = operating margin less SG&A
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FAQ
What was HIVE's revenue and Bitcoin production in Q3 2025?
How many Bitcoin does HIVE hold as of Q3 2025?
What is HIVE's planned hashrate expansion target for 2025?
How much did HIVE raise through its ATM program in Q3 2025?
What is HIVE's planned expansion in Paraguay?
