TLDR
- HIVE Digital Technologies achieved Q3 revenue of $29.2M with strong performance in both mining and computing sectors
- Bitcoin holdings grew to 2,805 BTC ($260.8M), marking a 263% year-over-year increase
- Company turned previous year’s $7M loss into $1.3M profit
- Major expansion planned in Paraguay to boost mining capacity to 25 EH/s
- Successfully raised $87.5M through share sales at average price of C$5.74
HIVE Digital Technologies released its third-quarter results for fiscal year 2025, revealing robust growth in both its cryptocurrency mining operations and high-performance computing services. The company’s financial statements show total revenue reached $29.2 million during the period ending December 31, 2024.
The quarter’s performance breaks down into two main revenue streams, with digital currency mining generating $26.7 million and the company’s high-performance computing division contributing $2.5 million. These results helped HIVE achieve operating margins of $6.1 million.
During the three-month period, HIVE’s mining operations produced 322 Bitcoin. This production contributed to the company’s accumulated holdings of 2,805 Bitcoin, valued at $260.8 million based on the quarter-end Bitcoin price of $93,400. This represents a 263% increase from the company’s Bitcoin holdings at the end of 2023.
The company’s financial turnaround appears complete, with net income reaching $1.3 million after tax, equating to earnings of $0.01 per share. This marks a clear reversal from the same period in the previous year when HIVE reported a $7.0 million loss.
HIVE’s high-performance computing business showed promise, reaching a $10 million annualized run rate. The company expects further growth in this sector, projecting $20 million in annual revenue from its NVIDIA H100 and H200 clusters by the second quarter of 2025.
Operating costs remained under control, with general and administrative expenses totaling $4.6 million for the quarter. While this represents an increase from $3.7 million year-over-year, the company maintains one of the lowest cost structures in the industry.
The company’s expansion efforts center on Paraguay, where HIVE is developing a 100 MW facility scheduled to begin operations by June 2025. This initial project will add 6.5 EH/s of hashrate using Bitmain S21+ hydro-cooled ASICs.
Acquisition
HIVE’s growth plans received a boost through an agreement to acquire the Yguazú mining site from Bitfarms Ltd. This 200 MW facility will be developed in two stages. The first phase, already 80% complete, should finish by April 1, 2025, adding 6 EH/s to HIVE’s capacity.
The second phase of the Yguazú project, targeted for completion by August 31, 2025, will bring an additional 6.5 EH/s online. Upon completion, HIVE’s Paraguay operations will total 300 MW, bringing the company’s global capacity to 450 MW.
To fund these initiatives, HIVE raised capital through an ATM equity program, issuing 21.3 million shares at an average price of C$5.74. This offering generated C$122.6 million ($87.5 million) in gross proceeds, with associated costs of $2.7 million.
The market responded positively to HIVE’s quarterly results, with shares rising 2.57% following the announcement. The company’s share count increased by 51% year-over-year as part of its growth funding strategy.
HIVE’s mining efficiency improved during the quarter, with hashrate growing from 5.6 EH/s to 6.0 EH/s between September and December 2024. This boost came from upgrading the mining fleet with new Avalon machines.
The quarter ended with HIVE holding a strong financial position, reporting $270.7 million in combined cash and digital currencies. The company maintains its commitment to green energy sources for all mining operations.
HIVE secured additional financial flexibility through an equity distribution agreement allowing for up to $200 million in common share sales. The company retains control over this facility, with the option to terminate before reaching the maximum amount.
Looking toward the remainder of 2025, HIVE aims to establish itself among the world’s largest Bitcoin miners. The company’s strategic plan targets an increase from 6 EH/s to 25 EH/s by September 2025, representing a four-fold expansion in mining capacity.
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