TLDR
- HIVE Digital Technologies reported Q3 FY2025 revenue of $29.2 million, with $26.7 million from mining and $2.5 million from high-performance computing
- Company’s Bitcoin holdings increased 263% year-over-year to 2,805 BTC, valued at $260.8 million
- Net income reached $1.3 million, improving from a $7.0 million loss in the previous year
- Company plans major expansion in Paraguay to increase hashrate from 6 EH/s to 25 EH/s by September 2025
- Raised $87.5 million through ATM equity program to fund growth initiatives
HIVE Digital Technologies Ltd. reported strong financial results for the third quarter of fiscal year 2025, with total revenue reaching $29.2 million. The company’s performance was driven by both its digital currency mining operations and growing high-performance computing (HPC) business.
The Vancouver-based crypto mining firm generated $26.7 million from digital currency mining and $2.5 million from its HPC services during the quarter. The company’s operating margins reached $6.1 million, representing a 21% margin on revenue.
HIVE’s Bitcoin mining operations produced 322 Bitcoin during the quarter, contributing to the company’s total holdings of 2,805 Bitcoin. At the quarter’s end, using a Bitcoin price of $93,400, these holdings were valued at $260.8 million. This represents a 263% increase in Bitcoin holdings compared to December 2023.
The company achieved a net income of $1.3 million after tax, or $0.01 per share, marking a substantial improvement from the $7.0 million loss reported in the same period last year. The turnaround was primarily driven by unrealized gains on investments and equipment sales.
HIVE’s HPC business unit showed promising growth, achieving a $10 million annualized run rate based on quarterly revenues of $2.5 million. The company projects its new NVIDIA H100 and H200 clusters will deliver $20 million in high-margin run-rate revenue for cloud computing and AI model training services by calendar Q2 2025.
The company maintained tight control over expenses, reporting general and administrative costs of $4.6 million for Q3, up from $3.7 million in the same period last year. This cost management helped HIVE achieve an Adjusted EBITDA of $17.3 million for the quarter.
HIVE’s expansion plans in Paraguay represent a major growth initiative. The company’s initial 100 MW project remains on schedule for energization by June 2025, expected to provide 6.5 EH/s of hashrate from Bitmain S21+ hydro-cooled ASICs.
Additionally, HIVE has announced plans to acquire the Yguazú site from Bitfarms Ltd., which would add 200 MW of capacity. The expansion will be completed in two phases, with Phase 1 scheduled for completion by April 1, 2025, adding approximately 6 EH/s of capacity.
Phase 2 of the Yguazú expansion is expected to complete by August 31, 2025, contributing an additional 6.5 EH/s with hydro-cooled ASICs. Upon completion, HIVE’s total operational capacity in Paraguay will reach 300 MW, bringing its global capacity to 450 MW by Q3 2025.
To fund its growth initiatives, HIVE has successfully raised capital through an at-the-market (ATM) equity program. During the quarter, the company issued 21,367,527 common shares at an average price of C$5.74, generating gross proceeds of C$122.6 million ($87.5 million).
The company’s shares responded positively to the quarterly results, rising 2.57% following the announcement. HIVE’s total shares outstanding increased by 51% year-over-year to fund its growth initiatives.
HIVE’s Bitcoin mining hashrate grew by 7.1% during the quarter, increasing from 5.6 EH/s in September 2024 to 6.0 EH/s in December 2024. This growth was achieved through upgrades to the company’s mining fleet with new Avalon machines from Canaan Inc.
The company ended the quarter with a strong financial position, holding $270.7 million in cash and digital currencies. HIVE’s strategy of mining Bitcoin exclusively using green energy continues to be a key aspect of its operations.
HIVE maintains flexibility in its capital raising efforts through an equity distribution agreement that allows for the sale of up to US$200 million in common shares through its ATM Program. The company retains the ability to terminate the agreement before reaching the full amount.
Looking ahead to calendar year 2025, HIVE aims to position itself as one of the largest Bitcoin miners globally. The company’s expansion plans target an increase in hashrate from 6 EH/s to 25 EH/s by September 2025, representing a four-fold increase in mining capacity.
