HIVE Digital Technologies Ltd. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $23.6 million, down 47% year-over-year from $44.2 million in Q1 FY2023 due to Ethereum merge and lower average cryptocurrency prices.
  • Adjusted EBITDA: $5.3 million, a significant improvement from negative $1.4 million in the previous quarter (Q4 FY2023).
  • Net Income: Net loss of $16.3 million ($0.19 per share) in Q1 FY2024 compared to net income of $6.6 million in Q4 FY2023 and a net loss of $1.41 per share in Q1 FY2023.
  • Bitcoin Production: 834 BTC mined in Q1 FY2024 versus 792 BTC in Q4 FY2023, a 5% increase. Average cost per BTC was $18,687.
  • Bitcoin Holdings: 1,957 BTC as of June 30, 2023, down from 3,231 BTC year-over-year—strategic sell-off to reinvest in higher-efficiency ASIC machines.
  • Gross Mining Margin: $8 million or 34% in Q1 FY2024; down from $27 million (61%) in Q1 FY2023 but up from $4 million in Q4 FY2023.
  • Strong Cash Position: $4.5 million in cash and $59.5 million in digital currencies as of June 30, 2023. Total working capital remains strong.

Operational Highlights

  • High Hashrate Utilization: Averaging 3.46 EH/s in July 2023, closing at 3.64 EH/s by month-end. Targeting 6 EH/s by year-end.

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Holly Schoenfeldt: Welcome to today's webcast reviewing HIVE Digital Technologies Financial Results for the First Quarter ended June 30, 2023. 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. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, Chief Financial Officer. I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank? Frank Holmes: Thank you, Holly. And thank you, all of our loyal shareholders. I hope you find this informative timely and a little bit entertaining like this DNA of volatility, which I really like to always use as a case study that every asset class has it's own DNA of volatility, and what I thought was really surprising was looking at HIVE over 10 days at 26%. And over a month rolling 20 days, it pushes 50% volatility, and I find that just incredible. But we've become a proxy for so many gold investors at the beginning, and then along comes crypto investors, especially those who are interested in the adoption but they're reluctant after blowups like Celsius and FTX, HIVE has become that proxy. So please

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