HIVE Digital Technologies Ltd. Q2 FY2025 Earnings Call
· Earnings call transcript and AI-powered summary
Quarter Highlights
- Total Revenue: $22.6M. Relatively flat YoY (Q2 FY2024: $22.8M), but decreased QoQ (Q1 FY2025: $32.2M).
- Bitcoin Mining Revenue: $20.8M (main business unit).
- HPC (AI Compute) Revenue: $1.9M — annualized at ~$9M, with resurgence in October bringing it closer to $10M annualized.
- Gross Operating Margin: $1.1M (down YoY from $4.7M in Q2 FY2024 and down QoQ from $11.4M in Q1 FY2025), driven by post-halving economics and rising Bitcoin difficulty.
- Adjusted EBITDA: $5.6M (down from $14.9M in Q1 FY2025).
- Bitcoin HODL Position (as of Sept 30): 2,624 BTC valued at $165M. As of Nov 11, valued at $226M (Bitcoin price: $86K).
- Net Loss: $7.7M for Q2 FY2025 vs Net Income of $3.3M in Q1.
- Cash Position: $7.2M + $165.2M in digital assets and $6.6M in receivables/prepaids.
Operational Updates
- Current Global Hash Rate: 5.6 EH/s as of October 2024.
- Upcoming Plans: Expand to 12.5 EH/s by summer 2025 (120% growth in next 9 months).
- Efficiency Improvements: Global fleet efficiency to improve from over 30 J/TH to 17.6 J/TH post-upgrades.
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