HIVE Digital Technologies Ltd. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

HIVE Digital Technologies – Q1 Fiscal 2025 Earnings Summary

  • Revenue: $30.2 million, up 28% YoY from $23.6 million in Q1 FY2024, but down from $36.9 million in Q4 FY2024, due to the April Bitcoin halving.
  • Adjusted EBITDA: $14.9 million, compared to $16.2 million in Q4 FY2024. On an annualized basis, this implies ~$59.6 million adjusted EBITDA.
  • Net Income: $3.3 million or $0.03 per share, compared to a net loss of $3.5 million in Q4 FY2024 and a net loss of $0.19 per share in Q1 FY2024.
  • Bitcoin Mined: 449 BTC equivalent for the quarter, reflecting the halving but offset by higher average Bitcoin prices.
  • Gross Mining Margin: $11.4 million or 35%, up from $8 million in Q1 FY2024 (34%) but down from $16.3 million in Q4 FY2024.
  • Corporate Margin: $8 million, a 60% YoY increase from $5.2 million in Q1 FY2024; lowest G&A per mined Bitcoin among peers.
  • Balance Sheet: $25.6 million in cash, $153.9 million in Bitcoin held (unencumbered), and $15.2 million in strategic investments (up 118%). Current ratio is 7.35.
  • AI Compute Revenue: Achieved $10M annualized run rate as a key milestone. Targeting $20M ARR by H2 FY2025 and $100M longer term.

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Operator: Good afternoon, everyone, and welcome to the HIVE Q1 2025 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. [Operator Instructions] And now at this time, I'd like to turn things over to Holly Schoenfeldt, Director of Marketing. Holly, please go ahead. Holly Schoenfeldt: Hello, everyone, and welcome to today's webcast reviewing HIVE Digital Technologies' financial results for the quarter ended June 30, 2024. On Slide number 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. On the next slide, 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 it's great to see how dynamic we are and that we're functioning in all these different jurisdictions from Vancouver to speaking for this conference. It will be Aydin actually from the Canaccord, small cap, mid-cap, biggest conference on the East Coast in Boston. I'm in San Antonio, Texas, and we function in nine time zones in Bitcoin mining an

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