Business
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
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 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 2,604This 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 FY2025Total 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 InsightsDarcy Daubaras, HIVE's CFO, stated, \"HIVE has delivered a solid quarter, demonstrating consistent revenue, a 50% year-over-year increase in our HODL position, and strong EBITDA1 growth. This performance is especially noteworthy given the April 2024 Bitcoin Halving, which halved Bitcoin rewards for transaction security. Our ability to maintain stability amidst this event underscores HIVE's operational excellence and proactive strategy.\"Frank Holmes, H...