HIVE Digital Technologies (HIVE) Q2 2024 Earnings Report

HIVE reported QQ2 2024 revenue of $32.23 million with a negative gross margin of -7.37% and an operating loss of -$6.31 million, driven by higher mining difficulty and the absence of Ethereum-derived revenue post-merge. Despite the quarterly gross loss, the company benefited from other income, delivering a positive net income of $3.26 million and EBITDA of $7.51 million. The bottom line was supported by $10.57 million of other income and a favorable tax treatment, underscoring a non-operating earnings driver that mitigated weak core mining economics in the period. Management emphasizes a strategic shift toward high-performance computing (HPC) and AI-enabled GPU compute, positioning HIVE to diversify revenue and improve margins through higher-value workloads.