RETRANSMISSION: HIVE Digital Technologies Ltd. Reports Strong Second Quarter FY2025 Financial Results: $22.6 Million in Revenue, $5.6 Million Adjusted EBITDA, and Growth in Bitcoin Holdings to 2,604
HIVE Digital Technologies reported Q2 FY2025 financial results with $22.6 million in revenue and $5.6 million in Adjusted EBITDA. The company mined 340 Bitcoin during the quarter, growing its holdings to 2,604 Bitcoin valued at $165.2 million. The High-Performance Computing business achieved a $9.0 million annualized run rate. Despite the April 2024 Bitcoin Halving, HIVE increased its hashrate by 14% to 5.6 EH/s and reduced SG&A expenses by 5% year-over-year to $3.4 million. The company reported a net loss of $7.3 million, improving from a $22.9 million loss in the same period last year.
HIVE Digital Technologies ha riportato i risultati finanziari del secondo trimestre dell'anno fiscale 2025, con un fatturato di 22,6 milioni di dollari e un EBITDA rettificato di 5,6 milioni di dollari. Durante il trimestre, l'azienda ha estratto 340 Bitcoin, aumentando le sue partecipazioni a 2.604 Bitcoin del valore di 165,2 milioni di dollari. Il business di High-Performance Computing ha raggiunto un tasso annuo di 9,0 milioni di dollari. Nonostante il dimezzamento dei Bitcoin di aprile 2024, HIVE ha aumentato la sua hashrate del 14% a 5,6 EH/s e ha ridotto le spese SG&A del 5% rispetto all'anno precedente, portandole a 3,4 milioni di dollari. L'azienda ha riportato una perdita netta di 7,3 milioni di dollari, migliorando rispetto a una perdita di 22,9 milioni di dollari nello stesso periodo dell'anno scorso.
HIVE Digital Technologies informó sobre los resultados financieros del segundo trimestre del año fiscal 2025, con 22,6 millones de dólares en ingresos y 5,6 millones de dólares en EBITDA ajustado. La compañía minó 340 Bitcoin durante el trimestre, aumentando sus tenencias a 2.604 Bitcoin valorados en 165,2 millones de dólares. El negocio de computación de alto rendimiento logró una tasa anualizada de 9,0 millones de dólares. A pesar de la reducción a la mitad de Bitcoin en abril de 2024, HIVE aumentó su tasa de hash en un 14% a 5,6 EH/s y redujo los gastos SG&A en un 5% interanual a 3,4 millones de dólares. La compañía reportó una pérdida neta de 7,3 millones de dólares, mejorando desde una pérdida de 22,9 millones de dólares en el mismo período del año pasado.
HIVE 디지털 기술은 2025 회계연도 2분기 재무 결과를 보고했으며, 수익은 2260만 달러, 조정 EBITDA는 560만 달러입니다. 이 회사는 분기 동안 340 비트코인을 채굴하여 보유량을 2604 비트코인으로 늘렸으며, 이는 1억 6520만 달러의 가치가 있습니다. 고성능 컴퓨팅 사업은 900만 달러의 연간 실행률을 달성했습니다. 2024년 4월 비트코인 반감기에도 불구하고, HIVE는 해시레이트를 14% 증가시켜 5.6 EH/s에 달했으며, SG&A 비용은 전년 대비 5% 감소하여 340만 달러가 되었습니다. 회사는 730만 달러의 순손실을 보고하며, 지난해 같은 기간의 2290만 달러 손실에서 개선되었습니다.
HIVE Digital Technologies a annoncé les résultats financiers du deuxième trimestre de l'exercice 2025, avec un chiffre d'affaires de 22,6 millions de dollars et un EBITDA ajusté de 5,6 millions de dollars. L'entreprise a miné 340 Bitcoin au cours du trimestre, augmentant ainsi ses avoirs à 2.604 Bitcoin d'une valeur de 165,2 millions de dollars. L'activité de calcul haute performance a atteint un taux annuel de 9,0 millions de dollars. Malgré la réduction par deux des Bitcoin en avril 2024, HIVE a augmenté son hashrate de 14% à 5,6 EH/s et a réduit ses dépenses SG&A de 5% d'une année sur l'autre à 3,4 millions de dollars. L'entreprise a enregistré une perte nette de 7,3 millions de dollars, s'améliorant par rapport à une perte de 22,9 millions de dollars au cours de la même période l'an dernier.
HIVE Digital Technologies hat die Finanzergebnisse für das zweite Quartal des Geschäftsjahres 2025 veröffentlicht, mit einem Umsatz von 22,6 Millionen Dollar und einem bereinigten EBITDA von 5,6 Millionen Dollar. Das Unternehmen hat im Laufe des Quartals 340 Bitcoin abgebaut und seine Bestände auf 2.604 Bitcoin mit einem Wert von 165,2 Millionen Dollar erhöht. Das Geschäft mit Hochleistungscomputern erreichte eine annualisierte Laufleistung von 9,0 Millionen Dollar. Trotz der Bitcoin-Halbierung im April 2024 erhöhte HIVE seine Hash-Rate um 14% auf 5,6 EH/s und senkte die SG&A-Ausgaben im Jahresvergleich um 5% auf 3,4 Millionen Dollar. Das Unternehmen meldete einen Nettoverlust von 7,3 Millionen Dollar, was eine Verbesserung gegenüber einem Verlust von 22,9 Millionen Dollar im gleichen Zeitraum des Vorjahres darstellt.
- Bitcoin holdings doubled year-over-year to 2,604 BTC
- 14% hashrate growth from 4.9 EH/s to 5.6 EH/s
- 5% reduction in SG&A expenses to $3.4 million
- Net loss improved significantly from $22.9M to $7.3M year-over-year
- HPC business achieved $9.0M annualized run rate
- Net loss of $7.3 million in Q2
- Low gross operating margin of 5%
- Negative corporate margin of $2.2 million
- $4.5M raised through ATM equity program causing dilution
Insights
HIVE Digital's Q2 FY2025 results demonstrate resilience despite challenging market conditions.
The technical infrastructure improvements are noteworthy. The expansion from 3.8 EH/s to 5.6 EH/s represents significant computational power growth, positioning HIVE well post-halving. The Paraguay facility's planned expansion to add 100 MW capacity could double hashrate to 12.5 EH/s, marking substantial scaling potential. The HPC business growth indicates successful diversification beyond pure mining. The fleet upgrade with Canaan A1566 miners, despite the corrected 18.5 J/TH efficiency rating, still represents competitive hardware deployment. The combination of green energy focus and infrastructure expansion supports HIVE's goal of achieving
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.
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (the "Company" or "HIVE"), a leader in sustainable blockchain infrastructure and digital asset mining, is pleased to announce its financial results for the second quarter ending September 30, 2024. The results reflect the Company's continued operational resilience and strategic growth in a dynamic market environment (all amounts in US dollars, unless otherwise indicated).
Financial and Operational Highlights for Q2 FY2025
- Total Revenue:
$22.6 million , from digital currency mining and high-performance computing (HPC) hosting services. - HPC Growth: The HPC business achieved a
$9.0 million annualized run rate based on YTD revenues, expanding HIVE's presence in high-performance computing markets. - Bitcoin Production: Successfully mined 340 Bitcoin during the quarter, contributing to HIVE's substantial HODL position.
- Adjusted EBITDA1:
$5.6 million , reflecting strong financial and operational management. - Net Loss: Net loss before tax of
$7.3 million , a significant improvement over the$22.9 million loss in the same period last year. - Digital Assets: Total digital currency assets valued at
$165.2 million , including 2,604 Bitcoin, in line with HIVE's strategy to build digital holdings. Using Bitcoin price of$63,300 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 has delivered a solid quarter, demonstrating consistent revenue, a
Frank Holmes, HIVE's Executive Chairman, stated, "I am pleased to report that, despite the challenges posed by the recent April 2024 Bitcoin Halving, which reduced global Bitcoin production rewards, HIVE was able to maintain stable revenue and improve our cash flow. This achievement highlights our proactive approach to managing costs and optimizing our operations, enabling us to navigate industry challenges effectively. Our team's disciplined focus on efficiency and our strategic partnerships position us well to continue driving growth and value for our shareholders." Our partnership with NVIDIA strengthens our position in sustainable high-performance computing, particularly for the AI super cycle. Also, Frank Holmes commented that "As Bitcoin reaches new all-time highs, HIVE is positioned to capitalize on the momentum for green energy and digital assets worldwide. With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever. We remain committed to building our Bitcoin holdings, which have doubled to 2,604 BTC year-over-year, and remain focused on achieving
Aydin Kilic, President & CEO, stated, "I am proud of our team's success in achieving a
Q2 F2025 Operational and Financial Details
Revenue from Mining and HPC Services: Total revenue of
SG&A Costs: The Company maintained one of the lowest SG&A cost structures in the industry, reporting
Adjusted EBITDA1: HIVE achieved an Adjusted EBITDA1 of
Bitcoin Holdings and HODL Strategy: As of Q2, HIVE held 2,604 unencumbered, unleveraged Bitcoin, mined exclusively using green energy, reinforcing the Company's commitment to sustainable asset-building.
Impact of Bitcoin Halving: Despite the April 2024 Bitcoin Halving, which reduced block rewards, HIVE maintained strong mining output by upgrading its ASIC fleet, offsetting reduced block rewards and boosting operational efficiency.
Expansion and Hashrate Growth
Sequential Hashrate Increase: HIVE's Bitcoin mining hashrate grew by
Paraguay Expansion: Construction of HIVE's 100 MW project in Paraguay is underway. Once operational, this facility will double HIVE's hashrate to 12.5 EH/s, while enhancing efficiency and lowering breakeven costs.
Financial Flexibility Through Equity Distribution
During Q2, HIVE raised
Outlook
HIVE's strong Q2 results underscore its growth trajectory in digital mining and high-performance computing. With a disciplined capital approach, continued green energy initiatives, and strategic expansions, HIVE is well-positioned to meet the rising demand in blockchain and digital asset markets.
Financial Statements and MD&A
The Company's Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) thereon for the three and six months ended September 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 July 19, 2024,. HIVE completed its August 2023 ATM Equity Program. For the three-month period ended September 30, 2024, the Company issued 1,368,297 common shares (the "ATM Shares") pursuant to the at-the-market equity program established on August 17, 2023 (the "ATM Equity Program") for gross proceeds of C
The Company is using the net proceeds from the ATM Equity Program for the purchase of data center equipment, strategic investments including building BTC assets on our balance sheet and general working capital.
Update to November 11, 2024 News Release
In HIVE's press release of November 11, 2024, the purchase of 6,500 Canaan Avalon A1566 ASIC miners was announced. It was inadvertently disclosed that these miners have a unit efficiency of 16.5 J/TH. These top-of-the-line ASIC miners actually have a unit efficiency of 18.5 J/TH. HIVE apologizes to Canaan Inc. and the investment community for this incorrect information. HIVE welcomes the Canaan Avalon A1566 ASIC miners, setting a new benchmark in the feet's performance, significantly advancing our optimized-ROI investment strategy.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a publicly traded company, listed on the TSX.V, Nasdaq, and FSE. As a leading digital infrastructure provider, HIVE mines Bitcoin and provides high-performance computing services. HIVE's global operations are powered by green, renewable energy sources, supporting both blockchain technology and the future of digital finance.
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:
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 and six months ended September 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
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FAQ
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