Fintech PR
HIVE Blockchain Reports Third Quarter Financial Results
HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the “Company” or “HIVE”) announces its results for the third quarter ended December 31, 2019 (all amounts in US dollars, unless otherwise indicated).
“I am pleased to report a healthy profit in the third fiscal quarter driven by our ongoing efforts since the end of 2018 to increase transparency, accountability and profitability across our mining operations,” said Frank Holmes, Interim Executive Chairman of HIVE. “Notably, our decision to restructure operations at our flagship Ethereum mining facility in Sweden paid off as we generated a strong increase in gross mining profitability vs prior periods under our previous service provider relationship, which ceased in November. Additionally, we benefited during the quarter and subsequently from our prudent decision to suspend Bitcoin cloud mining operations to avoid mining at a loss due to the significant increase in mining difficulty combined with declining Bitcoin prices in the second half of calendar 2019.
“These decisions have strengthened our balance sheet; we also recently lowered our cost base while increasing our cost certainty by entering into hedging arrangements related to our electrical expenses in Sweden. Combined, these will enable us to make appropriate investments to drive future growth.
“We are extremely excited as we look ahead in 2020 and the potential for further improvements to the profitability of our Ethereum mining operations,” added Mr. Holmes. “Institutional adoption of blockchain technology, including Ethereum, is rising. And Ethereum market conditions for miners have improved thus far this year: daily block rewards increased in January and coin prices have rebounded significantly over the past few months while the network hash rate has been relatively stable. Additionally, it is anticipated the Ethereum network will implement Programmatic Proof of Work this year, which would effectively eliminate ASIC mining on the network, thereby increasing the relative efficiency of GPU mining facilities such as HIVE’s.
“We continue to evaluate expansion opportunities globally, with a preference towards maintaining 100% green energy, and look forward to providing further updates on our progress through the year.”
Q3 F2020 Highlights
- Generated income from digital currency mining of $5.0 million
- Generated gross mining margin of $3.8 million from mining of digital currencies
- Mining output of newly minted digital currencies:
- 23,175 Ethereum
- 33,190 Ethereum Classic
- 127 Bitcoin
- Generated net income of $3.4 million for the period
- Net cash less loans payables decreased to $3.2 million due to cash used in operations, reflecting upfront energy costs paid during the quarter in Sweden for which the Company anticipates receiving energy rebates in the future, with digital currencies assets at $3.4 million, as at December 31, 2019
- Working capital increased to $11.8 million
Financial Review
For the quarter ended December 31, 2019, income from digital currency mining was $5.0 million, a decrease of approximately 41% from the same period in the prior year primarily due to the Company’s suspension of 200 PH/s of its ASIC cloud mining capacity at the beginning of October, 2019 and the remaining 100 PH/s in December 2019 due to worsening Bitcoin mining market conditions as coin prices declined while mining difficulty and network hash rates increased to a record high. Third quarter income from digital currency mining was produced from 24.2 MW of GPU production capacity, and 100 PH/s of cloud mining capacity for a partial quarter.
Gross mining margin during the third quarter of fiscal 2020 was $3.8 million, or 77% of income. It was approximately $1.1 million excluding the reversal of a value added tax (“VAT”) provision in Switzerland related to historical periods originally recorded in the second quarter of fiscal 2020, as well as upfront energy costs paid during the quarter in Sweden for which the Company anticipates receiving energy rebates in the future. This compares to ($2.2) million, or -27%, in the same period in the prior year. Excluding the impact of the reversal of VAT and upfront energy costs noted above, the increase in mining margin was driven by an improvement in the profitability of the Company’s Ethereum mining operations in Sweden due to a change in its service provider relationship, as partially offset by a reduction in Bitcoin mining profitability.
Net income and comprehensive income during the third quarter of fiscal 2020 was $3.6 million, or $0.01 per share, compared to a loss of $36.2 million, or $0.12 per share, in the same period in the prior year. The increase was driven primarily by the improvement in gross mining margin, an impairment charge taken in Q3 of fiscal 2019, and a decrease in depreciation expenses in fiscal 2020 stemming from impairments taken in the prior fiscal year.
|
Three months ended December 31, |
Nine months ended December 31, |
|||||||||
|
2019 |
2018 |
2019 |
2018 |
|||||||
|
Income from digital currency mining |
$ |
5,003,944 |
$ |
8,449,545 |
$ |
26,135,552 |
$ |
25,633,426 |
||
|
Operating and maintenance costs of digital currency mining |
(1,170,145) |
(10,694,763) |
(19,296,937) |
(19,574,719) |
||||||
|
Gross Mining Margin1 |
3,833,799 |
(2,245,218) |
6,838,615 |
6,058,707 |
||||||
|
Gross Mining Margin %1 |
77% |
-27% |
26% |
24% |
||||||
|
Depreciation |
(1,345,212) |
(9,392,790) |
(3,850,241) |
(19,220,035) |
||||||
|
Gross gain (loss) |
2,488,587 |
(11,638,008) |
2,988,374 |
(13,161,328) |
||||||
|
Revaluation of digital currencies2 |
(727,064) |
(4,602,879) |
(2,639,579) |
(13,772,008) |
||||||
|
Gain (loss) on sale of digital currencies |
107,960 |
(1,825,637) |
261,681 |
(2,925,350) |
||||||
|
General and administrative expenses |
(1,125,864) |
(967,656) |
(3,791,320) |
(3,225,862) |
||||||
|
Impairment |
– |
(15,967,785) |
– |
(30,714,205) |
||||||
|
Foreign Exchange |
2,860,408 |
(895,312) |
(302,211) |
(2,745,910) |
||||||
|
Share-based compensation |
(62,220) |
(531,587) |
(371,119) |
(789,949) |
||||||
|
Realized gain on investment |
||||||||||
|
Unrealized gain on investments |
– |
– |
1,531,464 |
– |
||||||
|
Finance expense |
(153,792) |
4,886 |
(261,314) |
(11,856) |
||||||
|
Tax expense (recovery) |
– |
– |
– |
(50,000) |
||||||
|
Net income (loss) from continuing operations |
$ |
3,388,015 |
$ |
(36,423,978) |
$ |
(2,584,024) |
$ |
(67,396,468) |
||
|
EBITDA1 |
$ |
4,887,019 |
$ |
(27,036,074) |
$ |
(3,933) |
$ |
(48,114,577) |
||
|
Adjusted EBITDA1 |
$ |
5,676,303 |
$ |
(21,901,608) |
$ |
3,006,765 |
$ |
(33,552,620) |
||
|
Diluted income (loss) per share |
$ |
0.01 |
$ |
(0.12) |
$ |
(0.01) |
$ |
(0.22) |
||
|
Net cash inflows (outflows) from operating activities |
$ |
(2,404,273) |
$ |
(6,448,079) |
$ |
(1,216,180) |
$ |
(1,583,101) |
||
|
Net cash inflows (outflows) from investing activities |
$ |
– |
$ |
– |
$ |
– |
$ |
(7,305,432) |
||
|
Net cash inflows (outflows) from financing activities |
$ |
– |
$ |
19,253 |
$ |
306,712 |
$ |
355,437 |
||
|
As at |
December 31, 2019 |
March 31, 2019 |
||||||||
|
Total assets |
$ |
26,176,194 |
$ |
27,761,197 |
||||||
|
Total non-current liabilities |
$ |
290,915 |
$ |
– |
||||||
|
(1) |
Gross mining margin equates to income from digital mining less operating and maintenance costs and is a non-IFRS measure; see Non-IFRS Measures in MD&A for reconciliation |
|
(2) |
Revaluation is calculated as the change in value (gain or loss) on the coin inventory. When coins are sold, the net difference between the proceeds and the carrying value of the digital currency (including the revaluation), is recorded as a gain (loss) on the sale of digital currencies |
|
(3) |
EBITDA and Adjusted EBITDA are non-IFRS measures; see Non-IFRS Measures in MD&A for reconciliation |
Financial Statements and MD&A
The Company’s Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three and nine months ended December 31, 2019 will be accessible on SEDAR at www.sedar.com under HIVE’s profile and on the Company’s website at www.HIVEblockchain.com.
Webcast Details
Management will host a webcast on Tuesday, March 3, 2020 at 9:00 am Eastern Time to discuss the Company’s financial results. Presenting on the webcast will be Frank Holmes, Interim Executive Chairman and Darcy Daubaras, Chief Financial Officer. IMPORTANT- Click here to register for the webcast.
SOURCE HIVE Blockchain Technologies Ltd.
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
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