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40-F2024-06-24· x-ai/grok-4.3

HIVE · HIVE Digital Technologies Ltd.

0001062993-24-012996

SEC filing

Summary

HIVE reported $114.5M revenue and narrowed its net loss to $51.2M for FY2024, driven by higher Bitcoin prices and fleet efficiency gains, while expanding into HPC.

Key takeaways

Full analysis

Period Performance

HIVE generated $114.5M revenue in FY2024, up 7.7% YoY. Digital-currency mining contributed $111.0M (3,123 BTC mined) while HPC added $3.4M. Gross operating margin fell to $40.4M (35.3%) from $50.9M (47.8%) as network difficulty rose, but net loss narrowed sharply to $51.2M from $236.4M thanks to a higher average Bitcoin price ($36,351 vs $23,671) and improved fleet efficiency.

Balance Sheet & Liquidity

Cash rose to $9.7M. Total assets reached $307.6M, including $161.3M in Bitcoin (2,287 coins) and $95.4M in plant & equipment. Equity stood at $259.7M after $84.9M ATM raises and a $28.75M special-warrant financing. Long-term debt fell to $12.3M after $4.5M repayments.

Cash Flow Quality

Operating cash flow was $13.5M. Capex of $75M funded 8,000 new ASICs and the 6 MW Boden 2 site. Free cash flow turned positive after prior-year losses. Liquidity remains adequate with $9.7M cash and ongoing ATM capacity.

MD&A / Forward View

Management highlighted the post-Merge shift of GPUs to HPC/AI, the April 2024 Bitcoin halving, and continued ASIC upgrades to 29 J/TH. No formal FY2025 guidance was issued, but the company signaled intent to reach 5.5 EH/s by July 2024 and $10M annualized HPC revenue.

Notes & Operating Detail

  • 8,000 new-generation ASICs acquired; 12,300 BuzzMiners delivered.
  • 6 MW Boden 2 site purchased for $2.4M cash & shares.
  • Swedish VAT dispute (~$40.9M) under appeal; energy-tax increase effective July 2023.
  • No material one-time charges or goodwill impairments recorded.

Capital Allocation

  • $75M capex (65.5% of sales) on miners and infrastructure.
  • $4.5M debt reduction; no dividends or buybacks.
  • $84.9M ATM and $28.75M special-warrant proceeds used for growth.

Risks & Opportunities

Key risks: Bitcoin volatility (~$8M pre-tax impact per 5% move), Swedish VAT dispute, and energy-tax rise. Opportunities: HPC ramp to $10M run-rate and further ASIC efficiency gains post-halving.