HIVE Digital Technologies Ltd. Q3 FY2024 Earnings Call
· Earnings call transcript and AI-powered summary
- Revenue: $31.3 million, up 119% YoY (vs. $14.3 million in Q3 FY2023), and up 37% QoQ (vs. $22.8 million in Q2 FY2024).
- Adjusted EBITDA: $17.3 million, a strong turnaround from -$1.5 million in prior quarter.
- Gross Operating Margin: $11.3 million (36% margin), up from $3.6 million (25% margin) YoY and up from $4.6 million QoQ.
- Net Loss: $0.08 per share, significantly improved from $1.13 per share loss YoY and $0.33 QoQ.
- Bitcoin Production: 830 BTC mined, maintaining 1% of the global network hash rate (approx. 9 BTC/day), a 4% increase QoQ despite 19% rise in network difficulty.
- Cash & Crypto Holdings: $17.8 million in cash and $71.9 million in crypto (mostly Bitcoin) as of December 31, 2023.
- Total Q3 2024 Bitcoin holdings (HODL): 1,704 BTC; increased to ~1,974 BTC by end of January 2024 (approx. $100 million at $50,000/BTC).
- Operational Efficiency: Corporate G&A costs per BTC mined at $4,450, one of the lowest among peers. Total fleet efficiency of 25 J/TH projected for June 2024.
- AI & HPC Revenue: Run rate as of quarter-end was ~$5M annually, targeting $20M ARR (~$50K/day) by quarter-end. First H100 cluster deployed; two more clusters in progress across multiple data centers.
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