HIVE Digital Technologies (HIVE) Q2 2025 earnings summary

Executive summary

• Reported $22.6 million in Q2 FY2025 revenue, with $20.8 million from Bitcoin mining and $1.9 million from HPC/AI compute.

• Achieved $5.6 million Adjusted EBITDA and $1.1 million gross operating margin, reflecting robust operational management despite post-halving challenges.

• Ended the quarter with 2,604 Bitcoin mined using green energy, doubling holdings year-over-year.

• Net loss for the quarter was $7.7 million, or $0.06 per share, improved from $0.29 per share loss year-over-year.

• Management emphasized disciplined capital allocation, sector-leading efficiency, and a strong balance sheet.

Financial highlights

• Revenue was $22.6 million, nearly flat year-over-year, but down from $32.2 million sequentially.

• Gross operating margin was $1.1–$1.2 million (5%), down from $11.4 million sequentially.

• Adjusted EBITDA was $5.6 million, down from $14.9 million in the previous quarter.

• Net loss of $7.7 million for the quarter, compared to net income of $3.3 million in the prior quarter.

• Cash position of $7.2 million and $165.2 million in digital currencies as of September 30, 2024.

Outlook and guidance

• Targeting 12.5 EH/s hashrate by late 2025, with Paraguay expansion and ongoing fleet upgrades.

• Paraguay 100 MW site to deliver 6.5 EH/s by Q3 2025, with first 30 MW and 2.0 EH/s in Q2 2025.

• Projected annualized mining margin to grow to $70M in Q1 2025, $95M in Q2, and $150M by summer 2025 at current Bitcoin prices and difficulty.

• If Bitcoin rallies to $120,000, annualized mining margin could reach $250M.

• AI/HPC business targeting $20M annualized revenue in Q1 2025 and $100M by end of 2025.