HIVE Digital Technologies Ltd. Q3 FY2023 Earnings Call
· Earnings call transcript and AI-powered summary
- Revenue: $14.3 million, down 52% compared to $30 million in Q2 FY2023 and down 79% from $68.8 million in Q3 FY2022.
- Adjusted EBITDA: $1.5 million, down from $18.8 million in Q2 and significantly down from $69.6 million YoY (Q3 FY2022).
- Net Loss: $90 million in Q3 FY2023 vs. $37M loss in Q2 FY2023 and $51.2 million net income in Q3 FY2022. Loss driven largely by noncash charges:
- Impairment on mining equipment: $38.8 million
- Provision on equipment deposits: $22.7 million
- Bitcoin Mining: 858 BTC mined in Q3 FY2023; equivalent BTC mined including altcoins was 1,143 BTC.
- Cost to Produce 1 BTC: $13,634, with Bitcoin average price at $18,000, leading to ~25% gross operating margin.
- Gross Mining Margin: $3.6 million (25%) in Q3 FY2023, down from $15.9 million (53%) in Q2 FY2023 and from $62.3 million (91%) YoY.
- Balance Sheet:
- Cash: $8.6 million
- Digital Assets: $39 million
- Strategic Investments: $5.5 million
- Debt: Minimal
- HODL Position: Increased year-over-year despite strategic sales to fund ASIC purchases.
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