HIVE Blockchain Technologies Ltd. (TSXV: HIVE) announced today its financial results for the fiscal Q1 2022 ending June 30, 2021. The results highlighted US$37.2 million in revenue, an increase from both Q4 2021’s revenue of US$33.4 million and Q1 2021’s revenue of US$6.6 million.
The quarterly revenue is a little over half of the firm’s total 2021 annual revenue of US$66.7 million. The company attributes the increase in revenue to “an increase in the production of Ethereum and Bitcoin stemming from mining expansion, and considerably higher coin prices.”
“The first quarter of fiscal 2022 has continued the momentum that we had in fiscal 2021. It’s been an incredible year for HIVE. Despite the effects of COVID-19 and associated supply chain issues, we have achieved record results and continued to increase our Ethereum and Bitcoin mining capacity,” said HIVE Interim Executive Chairman Frank Holmes.
The gross mining margin for the quarter is at 83%, similar to the previous quarter’s 83% but an increase from the previous year’s 39%. The crypto firm points the increase mainly to the lower cost of operations resulting from the assumption of control over its operations in Sweden.
The firm ended the quarter with US$18.6 million in net income compared to US$14.3 million in the previous quarter and US$1.8 million for the same comparable period last year. The net income translates to US$0.05 per share.
As of June 30, 2021, the company’s working capital increased by US$20.9 million compared to the previous quarter, and the value of its digital currency assets sits at US$82.2 million compared to its balance on March 31, 2021 at $57.5 million.
The firm further relayed that it received its ASIC machines every month during Q1 which were installed between the firm’s two mining facilities in Canada. These purchases were partially funded by the firm’s US$100 million at-the-market program.
“We sold a small amount of Ethereum to upgrade our equipment with Nvidia latest generation of high-performing GPU chips but continue to HODL 25,000 ETH and 1,030 BTC,” Holmes added.
The blockchain company recently changed its Nasdaq ticker symbol to HIVE to complement its TSX Venture listing.
HIVE Blockchain Technologies last traded at $3.49 on the TSX Venture.
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