HIVE Digital Technologies Ltd. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: Three months ended September 30, 2021.
  • Total Revenue: $52.6 million, up from $13 million in Q2 FY2021 and $37.2 million in Q1 FY2022.
  • Bitcoin Production: 656 BTC mined, up from 88 BTC in Q2 FY2021.
  • Ethereum Production: 8,688 ETH mined, down from 32,800 ETH in Q2 FY2021, but increased profitability due to ETH price surge (nearly 10x YoY).
  • Gross Mining Margin: $45 million (86%), up from $9.2 million (71%) in Q2 FY2021.
  • Adjusted EBITDA: $52.3 million, a 393% increase YoY from $10.6 million and 78% QoQ from $29.3 million in Q1 FY2022.
  • Net Income: $59.8 million, up from $9.2 million in Q2 FY2021 and $13.5 million in Q1 FY2022.
  • Digital Asset Holdings (as of Sept 30, 2021): Ethereum: 25,000+ coins; Bitcoin: 1,100+ coins; Total value: $123.1 million.
  • Cash and Liquidity: Cash on hand of $4.8 million; total current assets: $151.8 million; current liabilities: $10.2 million.

Operational Highlights

  • Bitcoin Mining Capacity: Increased by 35% in last 3 months to 1.25 Exahash, approx. 0.8% of total BTC network.

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Operator: Good morning, everyone. I would like to welcome you to today's webcast, reviewing HIVE Blockchain Technology's financial results for the 3 months ended September 30, 2021. On Slide number 2, except for the statements of historical facts, this presentation contains forward-looking information within the meaning of applicable Canadian Securities Legislation that is based on expectations, estimates and assumptions as the date of this presentation and you can see the corresponding full disclosure up on the screen right now. On Slide 3, you will see 1 of our most popular visuals we included this last time for the DNA of volatility. And we're always sure to include this table in our earnings presentation, especially following the disclosure, because it's a really great reminder to investors and shareholders on how much various asset classes can move up or down over a 1-day and 10-day timeframe. And as you can see here, the volatility of Bitcoin and Ethereum is much greater than the S&P or gold stocks. And then of course, if you look at HIVE, it's even more volatile and that's because we mine both Bitcoin and Ethereum. If we move on to slide number 4, I'm pleased to welcome the presenters for today's program. Frank Holmes Executive Chairman, Darcy Daubaras Chief Financial Officer, and Aydin Kilic President and Chief Operating Officer. We will have guests for today which we are really excited about. Representatives from DeFi Technologies, which HIVE owns 4.9% of the Comp

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