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RETRANSMISSION: HIVE Achieves Annual Revenue Ended March 31, 2023 of $106 Million with 2,332 Bitcoin on the Balance Sheet and Mines 3,258 Bitcoin in 2023 Fiscal Year
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - HIVE Blockchain Technologies Ltd....
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Achieves Annual Revenue Ended March 31, 2023 of $106 Million with 2,332 Bitcoin on the Balance Sheet and Mines 3,258 Bitcoin in 2023 Fiscal YearVancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBFA) (the \"Company\" or \"HIVE\") announces its results for the full year ended March 31, 2023 (all amounts in US dollars, unless otherwise indicated).Revenue was $106.3 million this fiscal year, with a gross operating margin[1] of $50.4 million, or a 47% operating margin on revenue. The Company's SG&A for the fiscal year ended March 31, 2023, was $13.2 million. Therefore, on a cash basis this corporate margin1 was positive.The Company grew its Bitcoin mining ASIC hashrate by 50% in this fiscal year, from 2.0 Exahash in March 2022 to 3.0 Exahash in March 2023. In this fiscal year, the Company mined 3,258 Bitcoin from ASICs and 3,503 Bitcoin equivalent when including digital assets mined from GPUs. HIVE emerged through this period with 2,332 Bitcoin on the balance sheet as at March 31, 2023 worth $65.9 million. The Company notes these Bitcoin are unencumbered, unleveraged and were all mined through HIVE's green energy focused operations.Aydin Kilic, President & CEO stated \"I am proud of our teams' efforts navigating a challenging year in Bitcoin mining, where we saw the combined headwinds of continued increases in the Bitcoin difficulty, Bitcoin prices averaging 49% lower than last year and the Ethereum Merge to Proof-of-Stake. While this led to lower revenues and operating margins compared to last year, each quarter we still managed to realize a positive gross operating margin. Additionally, our gross operating margin each quarter exceeded our corporate SG&A and so the Company was able to maintain this positive corporate margin1 each quarter\".The Company notes that there are significant non-cash charges recorded in the financials, which reflect the revaluation by management of the Company's operating assets, based on conversative guidance due to the Bitcoin volatility. The net loss reported of $236.4 million, includes $81.7 million of depreciation, additionally an impairment of $70.4 million was applied to equipment, and furthermore an impairment of $27.3 million was applied to deposits. We have disclosed the vast majorit...