HIVE Digital Technologies has announced an 8% year-over-year revenue increase, reaching $114.5 million for the fiscal year ending March 31, 2024.
This performance surpassed analysts’ expectations by approximately $2.7 million.
Despite facing challenges, including increased Bitcoin network difficulty, HIVE managed to maintain a gross operating margin of $40.4 million, representing 35% of its revenue.
This is down from the previous year’s 48%, reflecting the heightened competition in the Bitcoin mining industry.
HIVE’s operations generated $111 million from digital currency mining and an additional $3.5 million from high-performance computing (HPC) services.
The company achieved an adjusted EBITDA of $37.5 million.
Notably, HIVE reduced its net loss significantly, reporting a loss of $51.2 million compared to the previous year’s $236.4 million.
This equated to a loss of 57 cents per share, 10 cents better than analysts had predicted.
HIVE also expanded its Bitcoin mining capabilities, increasing its ASIC hash rate by 57%, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024.
Over the fiscal year, the company mined 3,123 Bitcoin, including digital assets mined using GPUs.
As of March 31, 2024, HIVE held 2,287 Bitcoin on its balance sheet, valued at approximately $141 million.
Frank Holmes, executive chairman of HIVE, emphasized the company’s strong position in a growing industry that now includes over 20 public Bitcoin mining stocks, compared to around five during the last Bitcoin halving.
HIVE President and CEO Aydin Kilic highlighted the company’s focus on operational efficiency and strategic upgrades, including innovative demand response practices in Sweden to ensure profitability even during economic downturns.
Following the announcement, HIVE’s stock saw a significant increase, trading 9.5% higher at $3.21 per share.
