HIVE Digital grows revenue by 8%, ends fiscal year with $141 million of bitcoin

HIVE Digital Technologies reported year-over-year revenue growth of 8% on Tuesday, coming in at $114.5 million, which beat analysts' estimates by about $2.7 million.

For the fiscal year that ended March 31, 2024, HIVE’s gross operating margin was $40.4 million, or 35% of revenue, compared to $50.9 million, or 48% of revenue, in fiscal 2023. The decrease is mainly attributed to an increase in the Bitcoin network difficulty versus the prior year alongside the increase in bitcoin price, the company said.

​​Revenue from digital currency mining was $111 million, in addition to the company's HPC operations, resulting in a gross operating margin of $40.3 million, or a 36% operating margin. HIVE achieved an adjusted EBITDA of $37.5 million for the fiscal year.

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

HIVE grew its bitcoin mining ASIC hashrate by 57%, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. For the full fiscal year, the company mined 3,123 bitcoin including digital assets mined from GPUs.

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

“Investors should recognize that the industry has grown to over 20 public Bitcoin mining stocks today, compared to approximately five at the last halving ," said Frank Holmes, executive chairman of HIVE.

"We have led the industry with having among the lowest GA and the lowest share dilution while using cashflow from operations to strategically and carefully upgrade and expand our fleet of Bitcoin mining ASICs to optimize cashflow return on invested capital,” said Aydin Kilic, HIVE President and CEO. “This is possible through our dedication to maintaining high uptime, lean operations, and seeking efficiencies in all aspects of our operations.”

Kilic also highlighted the company’s innovative practices of demand response in Sweden, where it analyzes bitcoin mining economics to ensure its most efficient and profitable machines are operating through any periods of economic downturn.

HIVE’s stock (ticker HIVE) was trading higher by nearly 9.5% to $3.21 per share at publication time, according to Yahoo Finance.