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.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Holly Schoenfeldt: Hello, everyone, and welcome to today's webcast reviewing HIVE Digital Technologies financial results for the quarter ended December 31, 2023. On Slide #2, I would like to briefly note disclosures. Except for statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates and assumptions as of the date of this presentation. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, Chief Financial Officer. On the next slide, I would now like to hand the presentation over to Mr. Frank Holmes. Frank? Frank Holmes: Thank you, Holly, and thank you all shareholders and stakeholders that are involved with the story. Next, please. I always like to start off with a DNA of volatility because it's so important to understand that any emergent country or sector or industry, technology is always going to be much more volatile, and this is a classic to show you that gold used to be much more volatile than the S&P, but now they're the same 1 day or 10 days, whereas Bitcoin is double what gold is in the S&P. But over 10 days, it's plus or minus 7%. And we can see NVIDIA, over 10 days, is plus or minus 10%. That meaning 70% of the time is a nonevent for NVIDIA to go up or down 10% over 10 days. But when you

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional