Hive Digital Technologies has announced impressive financial results for the fiscal year ending March 31, 2024, showcasing substantial revenue growth in its digital currency mining operations. The company reported a total revenue of $111 million, attributed largely to its high-performance computing (HPC) operations. This achievement translated into a gross operating margin of $40.3 million, representing a 36% operating margin. With selling, general, and administrative (SG&A) expenses amounting to $13.2 million, Hive achieved a positive corporate margin on a cash basis of $23.7 million and an Adjusted EBITDA of $37.5 million.
CEO Aydin Kilic highlighted the significant expansion of Hive's Bitcoin mining operations over the fiscal year. The company's ASIC hashrate increased by 57%, growing from 3.0 Exahash in March 2023 to 4.7 Exahash in March 2024. During this period, Hive mined a total of 3,123 Bitcoins, including digital assets mined from GPUs. As of March 31, 2024, Hive held 2,287 Bitcoins on its balance sheet, valued at approximately $161.3 million. These Bitcoins are unencumbered, unleveraged, and were all mined through Hive's green energy-focused operations.
Looking ahead, Hive plans to continue investing in new technologies to maintain and enhance its operations. The company's strategy includes extending the lifecycle of existing machines through firmware modifications and scaling operations from five to 15 Exahash. Additionally, Hive is exploring clean, renewable power sources to support its growth. On the artificial intelligence front, Hive's GPU compute business aims to reach $20 million in annualized revenue by the second half of this year, with a target of $100 million next year. This underscores the company's aggressive pursuit of technological and operational advancements.
Hive's focus on green energy and renewable power sources, combined with its strategic investments in AI and high-performance computing, positions the company as a forward-thinking leader in the digital currency mining industry. The expansion in Bitcoin mining capacity and the substantial holding of mined Bitcoins highlight Hive's robust operational capabilities and financial health. As the company continues to innovate and scale its operations, it may set new benchmarks within the industry while contributing to the broader adoption of sustainable energy practices.
