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Home»ADOPTION NEWS»HIVE Digital Ends Fiscal Year with 8% Increase in Revenue and $141 Million in Bitcoin
ADOPTION NEWS

HIVE Digital Ends Fiscal Year with 8% Increase in Revenue and $141 Million in Bitcoin

By Crypto FlexsJune 25, 20243 Mins Read
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HIVE Digital Ends Fiscal Year with 8% Increase in Revenue and 1 Million in Bitcoin
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HIVE Digital Technologies reported 8% year-over-year revenue growth on Tuesday to $114.5 million, beating analysts’ estimates by about $2.7 million.

HIVE’s total operating margin for the fiscal year ended March 31, 2024 was $40.4 million, or 35% of revenues, and for fiscal 2023 it was $50.9 million, or 48% of revenues. The decline was mainly due to increased Bitcoin network difficulties compared to previous years, along with rising Bitcoin prices, the company said.

​​Other than the company’s HPC operations, revenue from digital currency mining was $111 million, with a total operating margin of $40.3 million, or a 36% operating margin. HIVE achieved adjusted EBITDA of $37.5 million in the fiscal year.

HIVE’s net loss in fiscal 2024 was $51.2 million, compared to a net loss of $236.4 million in the prior year. That was a loss of 57 cents per share, 10 cents better than analysts had expected.

HIVE increased the Bitcoin mining ASIC hash rate by 57% from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. During the entire fiscal year, the company mined 3,123 bitcoins, including digital assets mined on GPUs.

The company had 2,287 Bitcoins worth $161.3 million on its balance sheet as of March 31, 2024.

“Investors should recognize that the Bitcoin mining industry has grown to over 20 public Bitcoin mining stocks today, compared to about 5 during the last halving,” said Frank Holmes, Chairman of HIVE. .

“We have been using our operating cash flow to strategically and thoughtfully upgrade and expand our Bitcoin mining ASIC family while leading the industry with the lowest G&A and lowest share dilution,” said HIVE President Aydin Kilic. Aydin Kilic said. “This is made possible through our commitment to maintaining high uptime, lean operations and driving efficiency in all aspects of our operations.”

Killik also highlighted that in Sweden, the company is demonstrating innovative demand response practices and analyzing Bitcoin mining economics to ensure the most efficient and profitable machines are operating even during economic downturns.

Shares of HIVE (ticker HIVE) were up nearly 9.5% at $3.21 per share at the time of publication, according to Yahoo Finance.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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