HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) told investors it mined 3,123 Bitcoin during the full-year ended March 31, increasing its ASIC hashrate by 57% from 3 Exahash and 4.7 Exahash.
Revenue from digital currency mining was $111 million for fiscal 2024 which, plus $3.4 million of high-performance computing (HPC) revenue, resulted in a gross operating margin of $40.4 million or 35% of revenue.
Total revenue of $114.5 million was up about 8% year-over-year.
It ended the year with annualized run-rate revenue of $7.2 million for its HPC business.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $37.5 million and comprehensive income was $25 million, including a $77.3 million gain from the re-evaluation of digital currencies.
HIVE exited the fiscal year with digital currency assets of $161.6 million.
Selling, general and administrative (G&A) expenses for the year were $13.2 million.
"We have led the industry with having among the lowest G&A and the lowest share dilution while using cash flow from operations to strategically and carefully upgrade and expand our fleet of Bitcoin mining ASICs to optimize cash flow return on invested capital,” HIVE CEO Aydin Kilic said in a statement.
“This is possible through our dedication to maintaining high uptime, lean operations, and seeking efficiencies in all aspects of our operations, whether it is using firmware to increase energy efficiency, or software to strive for the best uptime.”
Kilic continued: “Additionally, HIVE continues its innovative practices of demand response in Sweden, and carefully analyzing Bitcoin mining economics to ensure only our most efficient and profitable machines are operating through any periods of economic downturn, as evidenced by our sterling record of mining profitability (positive gross mining margin and corporate margin) through the last three years.”
HIVE narrowed its net loss year-over-year, reporting a loss of $51.2 million or $0.57 per share compared to $236.4 million or a loss per share of $2.85 in fiscal 2023.