HIVE Digital Technologies released its financial report on Tuesday, as of March 31, 2024, the company’s balance sheet holds 2,287 bitcoins, worth approximately $161.3 million.
For the fiscal year ended March 31, 2024, HIVE’s gross operating profit was $40.4 million, accounting for 35% of revenue, compared to $50.9 million, or 48% of revenue, in the 2023 fiscal year. The company stated that the decrease was mainly due to the increase in bitcoin network difficulty compared to the previous year, as well as the rise in bitcoin prices.
In addition to the company’s HPC business, cryptocurrency mining revenue was $111 million, with a gross operating profit of $40.3 million and an operating profit margin of 36%. HIVE’s adjusted EBITDA for the current fiscal year was $37.5 million.
HIVE’s net loss for the 2024 fiscal year was $51.2 million, compared to a net loss of $236.4 million the previous year. The loss per share was 57 cents, exceeding analysts’ expectations by 10 cents.