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RETRANSMISSION: HIVE Announces Quarterly Revenue of $29.2 Million, Adjusted EBITDA of $17.3 Million with an Increase in Bitcoin Holdings to 2,805
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Announces Quarterly Revenue of $29.2 Million, Adjusted EBITDA of $17.3 Million with an Increase in Bitcoin Holdings to 2,805This 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.San Antonio, Texas--(Newsfile Corp. - February 12, 2025) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the \"Company\" or \"HIVE\"), a global leader in sustainable data center infrastructure, announces its results for the third quarter ended December 31, 2024 (all amounts in US dollars, unless otherwise indicated).Financial and Operational Highlights for Q3 FY2025Total Revenue: $29.2 million, from digital currency mining and high-performance computing (HPC) hosting services.Operating Margins: $6.1 million from gross operating margins, representing profitable operating margins from Bitcoin mining and HPC business units.HPC Growth: The HPC business achieved a $10 million annualized run rate based on quarterly revenues of $2.5 million, highlighting HIVE's presence in high-performance computing markets.Bitcoin Production: Mined 322 Bitcoin during the quarter, contributing to HIVE's HODL position.Adjusted EBITDA1: $17.3 million, reflecting strong financial and operational management.Net Income: Net income after tax of $1.3 million, driven by foreign exchange gains and unrealized gains on investments, a significant improvement over the $7.0 million loss in the same period last year.Digital Assets: Total digital currency assets valued at $260.8 million, including 2,805 Bitcoin, in line with HIVE's strategy to build digital holdings. Using a Bitcoin price of $93,400 at quarter end.1Adjusted EBITDA and other non-GAAP financial measures used in this release are not recognized under GAAP or IFRS.Management InsightsDarcy Daubaras, HIVE's CFO, stated, \"HIVE delivered another strong quarter with revenue, net income and adjusted EBITDA of $29.2 million, $1.3 million and $17.3 million, respectively. In addition, we ended the quarter in a robust financial position with $270.7 million in cash and digital currencies.\"Frank Holmes, HIVE's Executive Chairman, stated, \"We ended calendar year 2024 with a record Bitcoin HODL of 2,805 Bitcoin valued at over $260 milli...