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.

• Adjusted EBITDA was $5.6 million, reflecting robust operational management and cost discipline.

• Ended the quarter with 2,604+ Bitcoin mined using green energy, with HODL value rising to $226 million as of November 11, 2024.

• Navigated the first full post-halving quarter, maintaining profitability and stable revenue despite challenging mining economics and increased Bitcoin network difficulty.

• Announced major Paraguay expansion, targeting over 120% hash rate growth in nine months and aiming for 2% of global Bitcoin mining network by late 2025.

Financial highlights

• Revenue for Q2 FY2025 was $22.6 million, nearly flat year-over-year but down from $32.2 million in the previous quarter.

• Gross operating margin was $1.2 million (5%), down from $11.4 million sequentially but up from $0.2 million year-over-year.

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

• Net loss of $7.7 million for the quarter, compared to net income of $3.3 million in the previous quarter and a net loss of $0.06 per share versus $0.29 per share year-over-year.

• Cash position of $7.2 million and $165.2 million in digital currencies at quarter-end.

Outlook and guidance

• Targeting 12.5 EH/s hashrate by late 2025, more than doubling current production, driven by Paraguay expansion and fleet upgrades.

• Projected annualized mining margin to grow to $150 million by summer 2025 at current Bitcoin prices and difficulty.

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

• Paraguay expansion to deliver first 30 MW in Q2 2025, with full 100 MW buildout underway.