HIVE Digital Technologies reported year-over-year revenue growth of 8% on Tuesday, coming in at $114.5 million, which beat analysts' estimates by about $2.7 million.
Revenue from digital currency mining was $111 million, in addition to the company's HPC operations, resulting in a gross operating margin of $40.3 million, or a 36% operating margin. HIVE achieved an adjusted EBITDA of $37.5 million for the fiscal year. HIVE grew its bitcoin mining ASIC hashrate by 57%, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. For the full fiscal year, the company mined 3,123 bitcoin including digital assets mined from GPUs.“Investors should recognize that the industry has grown to over 20 public Bitcoin mining stocks today, compared to approximately five at the last halving," said Frank Holmes, executive chairman of HIVE.