Hive Blockchain Posts $66.7 Million In Revenue For Fiscal Year 2021

HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced today its financial results for the full fiscal year 2021 ending March 31, 2021. The results highlighted $66.7 million in annual revenue, a 174% increase from 2020.

“Fiscal 2021 was an incredible year for HIVE. Despite the effects of COVID-19 we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity,” said HIVE Blockchain Interim Executive Chairman Frank Holmes.

Around half of the annual revenue was generated during the company’s fiscal Q4 which saw $33.4 million in quarterly revenue.

The gross mining margin for the full year is at 75% compared to 24% last year. The crypto firm attributes this increase mainly to the lower cost of operations resulting from the assumption of control over its operations in Sweden.

The firm ended the year with $42.5 million in net income, which benefitted from a $24.7 million gain in the revaluation of coin inventory and $8.0 million gain from the sale of digital currencies. This was partially offset by $23.4 million loss on the sale of subsidiary. The annual net income translates to $0.12 per share.

The blockchain company further relayed that it was able to mine a total of 595 bitcoin and 96,300 ethereum for the year. For the fiscal 2021 year, the company’s working capital increased by $86.6 million, and the value of its digital currency assets as of March 31, 2021 sits at $57.5 million.

HIVE Blockchain Technologies last traded at $3.74 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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