HIVE Digital Technologies Ltd. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • Revenue: $68.2 million, up from $52.6 million in Q2 FY2022 and $13.7 million in Q3 FY2021.
  • Gross Mining Margin: $61.6 million in Q3 FY2022, up from $45 million in Q2 FY2022 and $10.6 million in Q3 FY2021.
  • Net Income: $66.2 million, up from $17.2 million in Q3 FY2021.
  • Adjusted EBITDA: $75.3 million, compared to $52.3 million in Q2 FY2022 and $13.7 million in Q3 FY2021.
  • Cash & Crypto Holdings: $63.7 million in cash, $168 million in digital assets, and $26 million in investments for total current assets of $268 million.

Operational Highlights

  • Total Power Usage: Increased to 119 MW globally, with a planned expansion to 155 MW in Spring 2022.
  • Mining Capacity:
    • Current ≈ 1.9 EH/s Bitcoin; 4.5 TH/s Ethereum (2.9 EH/s BTC equivalent).
    • Forecasted near-term upgrade to ≈ 2.2 EH/s BTC and 5.4 TH/s ETH (3.4 EH/s BTC equivalent).
  • January 2022 Production:
    • 425 BTC equivalent mined (highest efficiency among peers at 147 BTC per EH/s).
  • 2021 Calendar Year Highlights:
    • Over 4,000 Bitcoin mined (highest among peers reporting).

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Holly Schoenfeldt: Good morning, everyone. I would like to welcome you to today's webcast reviewing HIVE Blockchain Technologies Financial Results for the 3 months ended December 31, 2021. On Slide #2, disclosures. Except for the statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and assumptions as of the date of this presentation. You can see the full Slide #2 on your screen for the full disclosures. On Slide #3, you will see our most popular visuals, the DNA of volatility. And I would like to hand the presentation over to Frank Holmes, Executive Chairman, at this point to explain more. Frank? Frank Holmes: Thank you, Holly, and thank you, everyone, and all shareholders that are listening. Yes, this visual is an important one because volatility is a thing that always concerns a lot of people, especially if they're not traders. The traders love the volatility. But what's important here to recognize is this is nonevent for 70% of the time for the S&P to go up or down 1%; in over 10 days, plus or minus 2%. Gold is the same on a 1-day basis, but a little more volatile over 10 days. But then we start to go to technology stocks like Tesla, and we see all of a sudden it's 4x more volatile than the S&P 500. At one time, it used to be 6% daily volatility of Tesla until it became part of the S&P 500. But what you can see here is that Tes

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