HIVE Digital Technologies Ltd. Q2 FY2024 Earnings Call
· Earnings call transcript and AI-powered summary
- Revenue: $22.8 million, down from $29.6 million in Q2 FY2023, and slightly down from $23.6 million in Q1 FY2024. Driven by rising Bitcoin network difficulty and the Ethereum merge in September 2022.
- Adjusted EBITDA: -$1.5 million in Q2 FY2024, down from a positive $5.3 million in Q1 FY2024.
- Net Loss: $24.5 million or $0.29 per share vs. a $16.3 million loss or $0.41 per share in Q2 FY2023.
- Gross Operating Margin: $4.6 million in Q2 FY2024 (20%) vs. $15.9 million (34%) in Q2 FY2023 and $8 million in Q1 FY2024.
- Bitcoin Production: 801 BTC in Q2 FY2024; producing 9.2 BTC/day as of mid-November, equating to ~1% of total Bitcoin network rewards.
- Bitcoin Holdings: 1,738 BTC as of September 30, 2023 (down from 1,957 BTC on June 30, 2023>), due to strategic sales to invest in efficient ASIC machines ahead of 2024 halving.
- Cash & Digital Assets: $4.5M in cash and $46.9M in digital currencies (primarily BTC).
- Energy Efficiency: Sweden energy tax changes added $1.9 million in costs, but grid balancing in Sweden generated $1.4 million in revenue.
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