HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) reported strong results for the fiscal second quarter of 2025, mining 340 Bitcoin during the period to bring its Bitcoin holdings (HODL) to 2,604.
The company exited the quarter with total digital currency assets valued at $165.2 million, using the Bitcoin price of $63,300 at the quarter end.
Revenue for Q2 was $22.6 million, including $20.8 million from digital currency mining and $1.9 million from high-performance computing hosting services. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $5.6 million.
HIVE also significantly improved its net loss from continuing operations after tax of $7.7 million or a loss of $0.06 per share from $24.5 million or a loss of $0.29 per share for the same period last year.
"HIVE has delivered a solid quarter, demonstrating consistent revenue, a 50% year-over-year increase in our HODL position, and strong EBITDA growth,” HIVE CFO Darcy Daubaras said in a statement.
“This performance is especially noteworthy given the April 2024 Bitcoin Halving, which halved Bitcoin rewards for transaction security. Our ability to maintain stability amidst this event underscores HIVE's operational excellence and proactive strategy."
CEO Aydin Kilic noted the company’s success in achieving a 5% year-over-year reduction in selling, general and administrative expenses while increasing its Bitcoin mining capacity by 45% from 3.8 EH/s to 5.6 EH/s.
“Even as we expand operations, our ability to improve efficiencies is a testament to HIVE's disciplined financial and operational management,” the CEO said.
“This focus on cost control and strategic growth has also helped us achieve an adjusted EBITDA of $5.6 million, significantly narrowing our net loss from $24.5 million last year to $7.7 million this quarter, despite non-cash charges related to depreciation and stock-based compensation."
Frank Holmes, HIVE executive chairman, added that as Bitcoin reaches new all-time highs, the company is positioned to capitalize on the momentum for green energy and digital assets.
“With recent regulatory developments following the U.S. election, the environment for digital assets and Bitcoin mining is more favorable than ever,” Holmes said.
“We remain committed to building our Bitcoin holdings, which have doubled to 2,604 BTC year-over-year, and remain focused on achieving 2% of the global Bitcoin mining network by late 2025, a target that supports our commitment to sustainable growth and leadership in this rapidly evolving industry.”
HIVE noted that construction of its 100 MW project in Paraguay is underway and, once operational, this facility will double its hashrate to 12.5 EH/s.