HIVE Digital Technologies Ltd. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ending: June 30, 2022
  • Revenue: $44.2 million, up from $39.0 million in Q1 FY2022, but down from $49.8 million in Q4 FY2022 due to weaker cryptocurrency prices.
  • Gross Mining Margin: $27 million, down from $32.8 million YoY, but up from $22.9 million in Q4 FY2022.
  • Net Income: Loss of $95.3 million, compared to net income of $23.5 million in Q1 FY2022. Driven by $72.2 million revaluation of digital currencies and $11 million equipment impairment.
  • Loss per Share: $1.16, compared to earnings of $0.30 per share YoY.
  • Adjusted EBITDA: $11.2 million, down from $25.8 million in Q1 FY2022 and nearly flat compared to $11.8 million in Q4 FY2022.
  • Digital Assets Held: $71.4 million in cryptocurrencies (mostly Bitcoin and Ethereum).
  • Cash Position: $4 million plus $7.9 million in strategic investments.
  • Bitcoin Production: 821 BTC mined in Q1 FY2023, up from 226 BTC YoY due to Canadian data center acquisitions.
  • Ethereum Production: 7,675 ETH in Q1, down from 9,701 ETH YoY due to network mining difficulty increases.
  • Efficiency: Consistently delivered highest Bitcoin per Exahash metrics among peers.

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Holly Schoenfeldt: Hello everyone and welcome to today's webcast reviewing HIVE Blockchain Technologies Financial Results for the quarter ended June 30, 2022. On Slide #2, I would like to briefly note disclosures. Except for statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates and assumptions as of the date of this presentation. Moving on to Slide #3. And on the next slide that before we jump into the full presentation, this is a visual that we like to include in all of our presentations called the DNA of volatility which just basically makes investors aware of the volatility of various asset classes. And as you can see here, HIVE and the cryptocurrency markets in general are historically more volatile than, say, the S&P 500 or the gold market. I would like to introduce today's presenters. Frank Holmes, Executive Chairman; Darcy Daubaras, Chief Financial Officer; and Aydin Kilic, President and COO. Moving on to Slide #4. I would like to hand the presentation over to CFO, Darcy Daubaras for a snapshot of growth. Darcy? Darcy Daubaras: Great. Thank you very much, Holly, and welcome to all of our shareholders and investors. It's been a very tough quarter for the whole industry, and we're wanting to give you guys an update on how we did because we think we've done fairly well compared to the rest

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