- HIVE saw a net loss of $51.2 million in the 2024 fiscal year as opposed to a net loss of $236.4 million in the previous year.
- As of March 31, 2024, the corporation owned 2,287 bitcoin, which is today valued at $141 million.
On Tuesday, HIVE Digital Technologies revealed 8% revenue increase over the previous year, totaling $114.5 million, exceeding analysts’ projections by roughly $2.7 million.
HIVE’s gross operating margin for the fiscal year that concluded on March 31, 2024, was $40.4 million, or 35% of sales, as opposed to $50.9 million, or 48% of revenue, for the fiscal year that ended on March 31, 2023. According to the corporation, the decline is mostly caused by both the price increase of bitcoin and an increase in the difficulty of the Bitcoin network during the previous year.
In addition to the company’s HPC operations, digital currency mining generated $111 million in revenue. This led to a gross operating profit of $40.3 million, or a 36% operating margin. For the fiscal year, HIVE’s adjusted EBITDA was $37.5 million.
HIVE saw a net loss of $51.2 million in the 2024 fiscal year as opposed to a net loss of $236.4 million in the previous year. This translates to a loss per share of 57 cents, better than the 10 cents experts had predicted.
HIVE increased its ASIC hashrate for bitcoin mining by 57% between March 2023 and March 2024, going from 3.0 Exahash to 4.7 Exahash. Including digital assets mined using GPUs, the company mined 3,123 bitcoin for the entire fiscal year.
As of March 31, 2024, the corporation had 2,287 bitcoin valued at $161.3 million on its balance sheet.
Frank Holmes, executive chairman of HIVE, stated that investors should be aware that the business has expanded to over 20 publicly traded Bitcoin mining stocks now, from about five during the previous halving.
In order to maximize cashflow return on invested capital, we have lead the industry in having among the lowest G&A and the lowest share dilution. HIVE President and CEO Aydin Kilic stated, “We have used cashflow from operations to upgrade and carefully expand our fleet of Bitcoin mining ASICs.”
Our commitment to upholding high uptime, lean operations, and the pursuit of efficiencies in every facet of our business processes makes this feasible.
Kilic also emphasized the business’ creative demand-response strategies in Sweden, where it examines the economics of bitcoin mining to make sure its most productive and efficient equipment continues to run during any slowdown in the economy.
According to Yahoo Finance, HIVE’s stock (ticker HIVE) was up almost 9.5% at the time of writing, trading at $3.21 per share.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
