HIVE Announces Quarterly Revenue of $32.2 Million, Adjusted EBITDA of $14.9 Million with an Increase in Bitcoin Holdings to 2,496 Bitcoin, 449 Bitcoin Mined and HPC Expansion
HIVE Digital Technologies (NASDAQ: HIVE) reported its Q1 F2025 results, ending June 30, 2024. The company achieved $32.2 million in revenue, including $29.6 million from digital currency mining and $2.6 million from high-performance computing (HPC) operations. HIVE mined 449 Bitcoin during the quarter, with a gross operating margin of $11.4 million (35%). The company's Adjusted EBITDA was $14.9 million, with a net income of $4.2 million before tax.
HIVE increased its Bitcoin mining ASIC hashrate by 4% to 4.9 Exahash and ended the period with 2,496 Bitcoin on its balance sheet, valued at $153.9 million. The company successfully navigated the Bitcoin Halving event by upgrading its ASIC miners. HIVE is also planning to convert 30 MW of existing Bitcoin mining capacity to Tier 3 infrastructure for GPU operation, potentially yielding 20 MW of Tier 3 compute within 6-9 months.
HIVE Digital Technologies (NASDAQ: HIVE) ha riportato i risultati del Q1 F2025, terminato il 30 giugno 2024. L'azienda ha raggiunto 32,2 milioni di dollari di ricavi, di cui 29,6 milioni provenienti dal mining di criptovalute e 2,6 milioni dalle operazioni di computing ad alte prestazioni (HPC). HIVE ha estratto 449 Bitcoin durante il trimestre, con un margine operativo lordo di 11,4 milioni di dollari (35%). L'EBITDA rettificato è stato di 14,9 milioni di dollari, con un utile netto di 4,2 milioni di dollari prima delle imposte.
HIVE ha aumentato la propria capacità di hash degli ASIC per il mining di Bitcoin del 4%, arrivando a 4,9 Exahash e ha chiuso il periodo con 2.496 Bitcoin nel proprio bilancio, valutati 153,9 milioni di dollari. L'azienda ha gestito con successo l'evento di Halving di Bitcoin aggiornando i propri miner ASIC. HIVE prevede inoltre di convertire 30 MW della capacità di mining di Bitcoin esistente in infrastruttura di livello 3 per operazioni GPU, potenzialmente generando 20 MW di capacità di calcolo di livello 3 entro 6-9 mesi.
HIVE Digital Technologies (NASDAQ: HIVE) presentó sus resultados del Q1 F2025, que finalizó el 30 de junio de 2024. La compañía logró 32.2 millones de dólares en ingresos, incluyendo 29.6 millones de minería de criptomonedas y 2.6 millones de operaciones de computación de alto rendimiento (HPC). HIVE minó 449 Bitcoin durante el trimestre, con un margen operativo bruto de 11.4 millones de dólares (35%). El EBITDA ajustado fue de 14.9 millones de dólares, con un ingreso neto de 4.2 millones de dólares antes de impuestos.
HIVE aumentó su tasa de hash de minería de Bitcoin ASIC en un 4% a 4.9 Exahash y cerró el período con 2,496 Bitcoin en su balance, valorados en 153.9 millones de dólares. La compañía navegó con éxito el evento de Halving de Bitcoin al actualizar sus mineros ASIC. HIVE también planea convertir 30 MW de capacidad de minería de Bitcoin existente a infraestructura de Nivel 3 para operaciones de GPU, lo que podría generar 20 MW de computación de Nivel 3 en 6-9 meses.
HIVE 디지털 기술(HIVE Digital Technologies, NASDAQ: HIVE)은 2024년 6월 30일 기준으로 F2025 1분기 실적을 발표했습니다. 이 회사는 3,220만 달러의 수익을 올렸으며, 이 중 2,960만 달러는 암호화폐 채굴에서, 260만 달러는 고성능 컴퓨팅(HPC) 운영에서 발생했습니다. HIVE는 분기 동안 449 비트코인을 채굴했으며, 총 운영 마진은 1,140만 달러(35%)였습니다. 조정된 EBITDA는 1,490만 달러였고, 세금 전 순이익은 420만 달러였습니다.
HIVE는 비트코인 채굴 ASIC 해시레이트를 4% 늘려 4.9 엑사해시를 달성했으며, 2,496 비트코인을 재무제표에 기록하여 1억 5,390만 달러의 가치를 가졌습니다. 이 회사는 ASIC 채굴기를 업그레이드하여 비트코인 반감기 이벤트를 성공적으로 처리했습니다. HIVE는 또한 30MW의 기존 비트코인 채굴 용량을 GPU 운영을 위한 Tier 3 인프라로 전환할 계획이며, 6-9개월 내에 20MW의 Tier 3 컴퓨팅 용량을 창출할 가능성이 있습니다.
HIVE Digital Technologies (NASDAQ : HIVE) a publié ses résultats du Q1 F2025, se terminant le 30 juin 2024. La société a réalisé 32,2 millions de dollars de revenus, dont 29,6 millions issus du minage de cryptomonnaies et 2,6 millions provenant des opérations d'informatique haute performance (HPC). HIVE a miné 449 Bitcoin au cours du trimestre, avec une marge brute d'exploitation de 11,4 millions de dollars (35%). Le résultat EBITDA ajusté était de 14,9 millions de dollars, avec un bénéfice net de 4,2 millions de dollars avant impôts.
HIVE a augmenté son hashrate de minage Bitcoin ASIC de 4% pour atteindre 4,9 Exahash et a terminé la période avec 2 496 Bitcoin dans son bilan, d'une valeur de 153,9 millions de dollars. L'entreprise a navigué avec succès l'événement de Halving de Bitcoin en mettant à jour ses mineurs ASIC. HIVE prévoit également de convertir 30 MW de sa capacité de minage Bitcoin existante en infrastructure de niveau 3 pour le fonctionnement GPU, ce qui pourrait générer 20 MW de calcul de niveau 3 dans les 6 à 9 mois.
HIVE Digital Technologies (NASDAQ: HIVE) hat die Ergebnisse für das Q1 F2025 veröffentlicht, das am 30. Juni 2024 endete. Das Unternehmen erzielte 32,2 Millionen Dollar Umsatz, davon 29,6 Millionen aus dem Mining von Kryptowährungen und 2,6 Millionen aus Hochleistungsrechnen (HPC). HIVE hat im Quartal 449 Bitcoin geschürft, mit einer Bruttomarge von 11,4 Millionen Dollar (35%). Das angepasste EBITDA betrug 14,9 Millionen Dollar, mit einem Nettogewinn von 4,2 Millionen Dollar vor Steuern.
HIVE hat seine Hashrate für Bitcoin-Mining-ASICs um 4% auf 4,9 Exahash erhöht und schloss den Zeitraum mit 2.496 Bitcoin in der Bilanz, bewertet mit 153,9 Millionen Dollar. Das Unternehmen hat das Bitcoin-Halving-Event erfolgreich bewältigt, indem es seine ASIC-Miner aktualisierte. HIVE plant außerdem, 30 MW bestehender Bitcoin-Mining-Kapazität in Tier-3-Infrastruktur für GPU-Betriebe umzuwandeln, was in 6-9 Monaten voraussichtlich 20 MW Tier-3-Computing ergeben könnte.
- Revenue increased by 37% year-over-year to $32.2 million
- Adjusted EBITDA of $14.9 million for the quarter
- Net income before tax of $4.2 million
- Bitcoin holdings increased to 2,496, valued at $153.9 million
- Gross operating margin of $11.4 million (35%)
- Bitcoin mining ASIC hashrate increased by 4% to 4.9 Exahash
- Working capital increased by $14.2 million during the quarter
- HPC business segment contributing $2.6 million in revenue
- Bitcoin production decreased from 658 in the previous quarter to 449 due to the Bitcoin Halving
- Issued 11,166,160 common shares through ATM program, potentially diluting existing shareholders
Insights
HIVE's Q1 F2025 results show resilience in the face of the Bitcoin Halving event. The company reported
Key positives include increased Bitcoin holdings to 2,496, valued at
The planned conversion of 30 MW capacity to Tier 3 infrastructure for GPU operation could provide additional revenue streams and mitigate mining volatility. Overall, HIVE's financial health appears stable, with increased working capital and positive net income, but investors should monitor the company's ability to maintain profitability in the post-Halving environment.
HIVE's performance post-Bitcoin Halving demonstrates its adaptability in the blockchain mining sector. The company's strategic upgrade to more efficient ASIC miners, including 7,000 Bitmain S21 and 2,500 S21 Pro, has resulted in an impressive global fleet efficiency of 24.5 J/TH. This efficiency is important for maintaining profitability as mining difficulty increases.
The company's expansion into Paraguay with 100 MW capacity shows foresight in securing green energy sources, which is becoming increasingly important for sustainable mining operations. HIVE's 5.5 EH/s installed hashrate (5.2 EH/s operational) positions it well among mid-tier miners.
The diversification into HPC and planned conversion of Bitcoin mining facilities to Tier 3 GPU infrastructure is a smart move. It leverages existing assets and could provide more stable revenue streams, especially during crypto market volatility. However, the success of this transition will depend on demand for HPC services and HIVE's ability to compete in this market.
HIVE's Q1 results reflect broader trends in the cryptocurrency mining industry post-Halving. The company's ability to maintain profitability despite reduced block rewards is noteworthy. The 37% year-over-year revenue increase aligns with the recent Bitcoin price recovery, highlighting the sector's volatility and dependence on crypto market conditions.
The company's expansion into HPC is timely, given the growing demand for AI and machine learning computing power. With
HIVE's low G&A to mine a Bitcoin and minimal shareholder dilution compared to peers are positive indicators of operational efficiency. However, the issuance of 11,166,160 common shares through the ATM program suggests a need for additional capital, which is common in this capital-intensive industry.
Investors should watch for HIVE's ability to execute its GPU infrastructure plans and the performance of its HPC segment, as these could be key differentiators in an increasingly competitive mining landscape.
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE") announces its results for the first quarter ended June 30, 2024 (all amounts in US dollars, unless otherwise indicated).
Revenue from digital currency mining was
The Company grew its Bitcoin mining ASIC hashrate by
HIVE's production of 449 Bitcoin this quarter compared to 658 Bitcoin in the prior quarter ended March 31, 2024, is mainly a result of the Bitcoin Halving that occurs every four years with the most recent Halving on April 20, 2024. The Halving reduced the Company's block rewards from 6.25 Bitcoin to 3.125 Bitcoin during the period. The Company prepared for this Halving by upgrading its ASIC miners in the months leading up to and after the Halving, contributing to the positive results for this recent quarter reported.
Frank Holmes, Executive Chairman of HIVE, emphasized, "Our strategy to only source mega chunks of green energy has been a big challenge for rapid growth, but our expansion into Paraguay sourcing 100 MW will more than double our Bitcoin footprint over the next 12 months. Even though we operate in many countries, we have demonstrated a unique ability to keep our operations among the top performers in financial metrics. We believe there is too much political FUD risk to be in one jurisdiction, and despite being a global company, we remain a consistent top performer when measured using various efficiency data metrics. Further, as a Bitcoin mining company, we are consistently among the lowest G&A to mine a Bitcoin and least shareholder dilution per share when compared to peers with over 1 Exahash. I am thrilled that over the past 12 months, even with the difficulty rising to mine Bitcoin and the recent Halving, we made more cash flow than last year."
Aydin Kilic, President & CEO, stated, "We are proud to have navigated our second Bitcoin Halving event as a Company, with strategic foresight, producing a gross operating margin1 of
The Company has identified 30 MW of capacity in its existing Bitcoin mining facilities which it owns and operates, which it is planning to convert to Tier 3 infrastructure for GPU operation, to yield 20 MW of Tier 3 compute. The Company believes these upgrades could be completed in 6-9 months from construction commencement, as power distribution and internet redundancy are in place. The Company believes the value proposition of conversion of existing Bitcoin mining capacity to Tier 3 data center rack space is twofold: a quicker construction timeline of 6-9 months for a retrofit versus a 24-36 month construction timeline for a greenfield, and a construction budget of approximately
Q1 F2025 Summary - June 30, 2024
- Generated digital currency mining revenue of
$29.6 million and$2.6 Million of HPC revenue, with a gross operating margin1 of$11.4 million - Ending the quarter with over
$10 Million of annualized run-rate revenue from our HPC business - Mined 449 Bitcoin during the three-month period ended June 30, 2024
- Adjusted EBITDA1 income of
$14.9 million for the three-month period - Reported a net income before tax of
$4.2 million for the quarter - Working capital increased by
$14.2 million during three-month period ended June 30, 2024 - Digital currency assets of
$153.9 million , as of June 30, 2024
Fiscal 2024 Financial Review
For the three-month period ended June 30, 2024, revenue was
Gross operating margin1 during the three-month period was
The Company achieved a net income for the three-month period ended June 30, 2024, of
EBITDA1 and Adjusted EBITDA1
The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities.
EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization.
Adjusted EBITDA is EBITDA adjusted for removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one-time transactions.
The Company emphasizes that "Adjusted EBITDA" is not a GAAP or IFRS measurement and is included only for comparative purposes.
Non-Cash Charges
A non-cash charge is a write-down or accounting expense that does not involve a cash payment. Depreciation, amortization, depletion, stock-based compensation, and asset impairments are common non-cash charges that reduce earnings but not cash flows.
Financial Statements and MD&A
The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three month period ended June 30, 2024 will be accessible on SEDAR+ at www.sedarplus.ca under HIVE's profile and on the Company's website at www.HIVEdigitaltechnologies.com.
At-the-Market Offering
On August 17, 2023, the Company entered into an equity distribution agreement ("August 2023 Equity Distribution Agreement") with Stifel GMP and Canaccord Genuity Corp. Under the August 2023 Equity Distribution Agreement, the Company was able to sell up to
For the three month period ended June 30, 2024, the Company issued 11,166,160 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of C
The Company is using the net proceeds from the August 2023 Equity Distribution Agreement for the purchase of data center equipment, strategic investments including building BTC assets on our balance sheet and general working capital. The August 2023 Equity Distribution Agreement was terminated on July 19, 2024.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. went public in 2017 as the first cryptocurrency mining company listed for trading on the TSX Venture Exchange with a focus on sustainable green energy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns and operates state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we endeavour to source green energy to mine digital assets such as Bitcoin on the cloud. Since the beginning of 2021, HIVE has held in secure storage the majority of its treasury of BTC derived from mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of Bitcoin. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space.
Environmental Sustainability:
- Green Energy: By sourcing green renewable energy, HIVE is committed to environmental responsibility, positioning itself as a leader in sustainable cryptocurrency mining.
- Competitive Advantage: We believe this environmentally conscious approach sets HIVE apart from competitors and aligns with evolving investor preferences.
Expansion into AI Strategy:
- Diversification: HIVE's diversification into HPC enables us to support artificial intelligence (AI) using Nvidia GPU chips, showcasing our adaptability and innovation beyond traditional Bitcoin mining.
- Revenue Streams: This strategic move into HPC broadens HIVE's revenue streams and places it at the forefront of technological advancements in both cryptocurrency and AI industries.
HIVE's unique value proposition encompasses efficient operations, a proven agile management team, financial strength, environmental sustainability, and innovative expansion strategies. Beyond Bitcoin mining, HIVE is firmly part of the global boom in data center infrastructure, sourcing primarily green renewable energy.
HIVE presents a unique growth opportunity with over 2,500 Bitcoins on its balance sheet and growing revenue from its suite of Nvidia GPU chips powering data services for the AI revolution.
We encourage you to visit HIVE's YouTube channel here to learn more about HIVE.
For more information and to register to HIVE's mailing list, please visit www.HIVEdigitaltechnologies.com. Follow @HIVEDigitalTech on Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information please contact:
Frank Holmes
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: business goals and objectives of the Company; the results of operations for the three months ended June 30, 2024; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; 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 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, 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 effects of product development and 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 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 a pandemic on the business of the Company, including but not limited to the effects of a pandemic 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219765
FAQ
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