--News Direct--
Hive Digital Technologies CEO Aydin Kilic joined Steve Darling from Proactive to discuss the company's robust financial results for the full year ended March 31, 2024. The company reported impressive revenue from digital currency mining, totaling $111 million for the fiscal year. This revenue, combined with the company's high-performance computing (HPC) operations, resulted in a gross operating margin of $40.3 million, representing a 36% operating margin. The company's selling, general, and administrative (SG&A) expenses for the fiscal year were $13.2 million, leading to a positive corporate margin on a cash basis of $23.7 million. Hive achieved an Adjusted EBITDA of $37.5 million for the fiscal year.
Kilic highlighted that Hive significantly expanded its Bitcoin mining operations, growing its ASIC hashrate by 57% over the fiscal year, from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. During this period, the company 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. These Bitcoins are unencumbered, unleveraged, and were all mined through Hive's green energy-focused operations.
HIVE plans to continue investing in new technology to maintain and enhance their operations. Their strategy includes extending the lifecycle of existing machines through firmware modifications and aiming to scale their operations from five to 15 exahash. Additionally, they are exploring clean, renewable power sources to support this growth. On the AI front, HIVE's GPU compute business aims to reach $20 million in annualised revenue by H2 this year and $100 million next year, highlighting the company's aggressive pursuit of technological and operational advancements.
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