HIVE - HIVE Blockchain fiscal Q4 revenue rises more than expected
2023-06-30 08:46:24 ET
HIVE Blockchain Technologies ( NASDAQ: HIVE ) said Friday it delivered fiscal fourth-quarter revenue of $18.2M, vs. $17.3M consensus estimate, up from $14.3M in the prior quarter and down from $49.8M a year before.
Like its crypto mining peers, the company faced a number of headwinds throughout fiscal 2023, including increasing bitcoin ( BTC-USD ) difficulty, BTC prices averaging 49% lower than last year and ethereum's ( ETH-USD ) Merge to Proof-of-Stake, but "our gross operating margin each quarter exceeded our corporate SG&A and so the Company was able to maintain this positive corporate margin each quarter," said President and CEO Aydin Kilic.
Q4 gross operating margin of $4.02M advanced from $3.62M in Q3 and dropped from $22.9M in the year-earlier period.
HIVE perked up 4.8% in premarket trading, as bitcoin ( BTC-USD ) gained 1.3% to a hair over $31K.
With crypto prices in the green in recent months, HIVE's ( HIVE ) gains on sale of digital currencies of $5.35M compared with losses of $30.9K a year ago.
The loss on sale of mining assets was $118K, improving from $1.29M in Q3 and a gain of $2.21M in Q4 2022.
Adjusted EBITDA loss of $1.28M vs. gains of $1.55M in Q3 and $11.79M in Q4 of the prior year.
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HIVE Blockchain fiscal Q4 revenue rises more than expected