HIVE - HIVE Blockchain posts $95.3M loss in fiscal Q1 on higher non-cash charges

• HIVE Blockchain Technologies ( NASDAQ: HIVE ) stock drifted down 1.9% in Wednesday premarket trading after the cryptocurrency miner's fiscal Q1 2023 net loss deepened to -$95.3M vs. -$34.0M in Q4 2022 given higher non-cash charges such as unrealized losses on its digital currencies and investments.
• Still, Q1 revenue of $44.2M exceeded the average analyst estimate of $33.6M but slid from $49.8M in Q4 2022.
• Q1 gross mining revenue was $27.0M compared with $22.9M in Q4. Gross mining margin for Q1 rose to 61% from 46% in Q4 2022, driven by low power costs in Sweden and Quebec as well as higher profit margins from its ethereum ( ETH-USD ) mining business.
• Adjusted EBITDA came in at $11.2M in Q1, down from $11.8M in Q4 2022.
• The company mined 851 bitcoins ( BTC-USD ) and over 7,675 ether ( ETH-USD ) as of June 30. That compares with 787 bitcoins and 6,325 ether produced in the previous quarter.
• Conference call at 8:30 a.m. ET.
• Earlier, HIVE Blockchain Technologies reports FQ1 results .

For further details see: