Hive Digital Technologies Announces Strong Fiscal Year Results and Significant Bitcoin Mining Expansion

Hive Digital Technologies has unveiled its financial results for the fiscal year ending March 31, 2024, demonstrating significant progress and expansion in the field of digital currency mining. The company reported a substantial revenue of $111 million from its digital mining operations, which, when combined with its high-performance computing (HPC) activities, led to a gross operating margin of $40.3 million. This represents a robust 36% operating margin, underscoring the company's effective operational strategies. Despite selling, general, and administrative (SG&A) expenses amounting to $13.2 million, Hive achieved a positive corporate margin on a cash basis of $23.7 million and an Adjusted EBITDA of $37.5 million for the fiscal year.

CEO Aydin Kilic emphasized the significant growth in Hive's Bitcoin mining operations over the fiscal year. The company expanded its ASIC hashrate by an impressive 57%, increasing from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. During this period, Hive successfully mined 3,123 Bitcoins, including digital assets mined from GPUs. As of March 31, 2024, Hive held 2,287 Bitcoins on its balance sheet, valued at approximately $161.3 million. Notably, these Bitcoins are unencumbered and unleveraged, all mined through the company's green energy-focused operations.

Looking ahead, Hive plans to continue investing in cutting-edge technology to sustain and enhance its mining operations. The company aims to extend the lifecycle of existing machines through firmware modifications and is targeting to scale its operations from five to 15 Exahash. Additionally, Hive is exploring clean, renewable power sources to support this ambitious growth.

On the artificial intelligence front, Hive's GPU compute business has set aggressive revenue targets, aiming to reach $20 million in annualized revenue by the second half of this year and $100 million next year. This highlights the company's commitment to technological and operational advancements, positioning itself as a leader in both Bitcoin mining and AI-driven computing solutions.

The significant financial performance and strategic growth plans of Hive Digital Technologies not only underscore the company's robust position in the digital mining industry but also its forward-thinking approach to sustainability and technological innovation. These developments promise substantial impacts on the industry, potentially setting new standards for operational efficiency and environmental responsibility.