Business
HIVE Achieves Annual Revenue of $114.5 Million, Adjusted EBITDA of $37.5 Million with 2,287 Bitcoin on the Balance Sheet and Mined 3,123 Bitcoin for the Year Ended March 31, 2024
This news release constitutes a "designated news release" for the purposes of the Company's amend...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"HIVE Achieves Annual Revenue of $114.5 Million, Adjusted EBITDA of $37.5 Million with 2,287 Bitcoin on the Balance Sheet and Mined 3,123 Bitcoin for the Year Ended March 31, 2024This news release constitutes a \"designated news release\" for the purposes of the Company's amended and restated prospectus supplement dated August 17, 2023, to its short form base shelf prospectus dated May 1, 2023.Vancouver, British Columbia--(Newsfile Corp. - June 24, 2024) - HIVE Digital Technologies Ltd. (TSXV:HIVE) (NASDAQ: HIVE) (FSE: YO0) (the \"Company\" or \"HIVE\") announces its results for the full year ended March 31, 2024 (all amounts in US dollars, unless otherwise indicated).Revenue from digital currency mining was $111.0 million this fiscal year, in addition to the Company's HPC operations, resulting in a gross operating margin1 of $40.3 million, or a 36% operating margin. The Company's SG&A for the fiscal year ended March 31, 2024, was $13.2 million. Therefore, on a cash basis the corporate margin1 was positive for the fiscal year at $23.7 million. HIVE achieved an Adjusted EBITDA1 of $37.5 million for the fiscal year.The Company grew its Bitcoin mining ASIC hashrate by 57% in this fiscal year, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. In this fiscal year, the Company mined 3,123 Bitcoin including digital assets mined from GPUs. HIVE emerged through this period with 2,287 Bitcoin on the balance sheet as at March 31, 2024 worth $161.3 million. The Company notes these Bitcoin are unencumbered, unleveraged and were all mined through HIVE's green energy focused operations.The Company earned a Comprehensive Income of $25.0 million, which includes the gain from revaluation of digital currencies. The Company reported a net loss of $51.2 million, which includes $66.4 million of depreciation, and 6.8 million provision on sales tax receivables, and does not include the gain from revaluation of digital currencies. The prior year, the Company incurred significant non-cash charges such as an impairment of $70.4 million was applied to equipment, and furthermore an impairment of $27.3 million was applied to deposits. In fiscal 2024, the company recorded a gain on the revaluation of its Bitcoin treasury in the amount of $77.3 million that is excluded from the net loss reported as a result of IFRS reporting standards, whereas, i...