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RETRANSMISSION: HIVE Announces Record Quarterly Revenue of $68 Million up 397% From The Same Quarter Last Year and Earnings for our 3rd Quarter Ended December 31, 2021
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.
Vancouver, British Columbia–(Newsfile Corp. – February 15, 2022) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce a record earnings report for the third quarter ended December 31, 2021 (all amounts in US dollars, unless otherwise indicated).
For the three-month period, revenue rose to $68.2 million, up 30% compared with last quarter, and 397% since the same quarter last year. Net income reached $64.2 million, up 7% from last quarter, and 273% since the prior year.
Hive’s combined liquid BTC and ETH had a gross value of $168 million up 11x from $15 million a year ago ended December 31, 2020. HIVE ended the current December quarter holding 1,813 Bitcoin (“BTC”) worth $83.1 million and 23,290 Ether (“ETH”) worth $84.9 million.
Frank Holmes, HIVE’s Executive Chairman, stated “We wish to again thank our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin to generate robust cash flow returns on invested capital and we believe our results continue to validate the significant contribution to our strategy to mine both BTC and ETH and HODL as many coins as possible.”
Darcy Daubaras, HIVE’s CFO said “A year ago, we made the conscious decision not to sell our mined cryptocurrency or undertake an expensive financing when brokers were offering capital at 20% discounts or encouraging us to borrow against our BTC and ETH assets at a 12% cost of capital in the scramble by crypto mining companies to purchase more ASIC chips. HIVE’s modest equity funding’s were done at prevailing market prices or premiums to the stock price, and this has helped us generate the highest robust returns on invested capital relative to our peers.”
Q3 Quarterly Highlights- December 31, 2021
- Generated revenue from digital currency mining of $68.2 million, with a gross mining margin[1] of $61.7 million
- Mined 697 Bitcoin and over 7,126 Ethereum during the three-month period ended December 31, 2021
- Earned net income of $64.2 million for the period
- Working capital increased by $141.2 million during the three-month period ended December 31, 2021
- Digital currency assets of $168.1 million, as at December 31, 2021
Q3 F2022 Financial Review
For the three months ended December 31, 2021, revenue from digital currency mining was $68.2 million, an increase of approximately 397% from the prior year primarily due to an increase in cryptocurrency prices, the increased production of Bitcoin as a result of the Quebec and Atlantic facility acquisition and the purchase of miners for those facilities.
Gross mining margin1 during the period was $61.7 million, or 90% of income from digital currency mining, compared to $10.6 million, or 78% of income from digital currency mining, in the same period in the prior year. The Company’s gross mining margin from digital currency mining is partially dependent on external network factors including mining difficulty, the amount of digital currency rewards and fees it receives for mining, as well as the market price of digital currencies.
Net income during the quarter ended December 31, 2021, was $64.2 million, or $0.17 per share, compared to $17.2 million, or $0.05 per share, the same period last year. The improvement was driven primarily by the improvement in gross mining margin1, higher Ethereum and Bitcoin prices, gains on the sale of digital currencies, and foreign exchange.
| Q2 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | |||||||||||
| Restated | |||||||||||||||
| Revenue from digital currency mining | $ | 66,183,402 | $ | 52,619,094 | $ | 37,239,767 | $ | 33,420,171 | $ | 13,707,879 | |||||
| Operating and maintenance | (6,526,317 | ) | (7,593,349 | ) | (6,220,684 | ) | (5,726,129 | ) | (3,078,934 | ) | |||||
| Depreciation | (14,992,288 | ) | (9,626,529 | ) | (6,899,182 | ) | (5,035,231 | ) | (2,476,592 | ) | |||||
| 46,664,797 | 35,399,216 | 24,119,901 | 22,658,811 | 8,152,353 | |||||||||||
| Gross mining margin | 61,657,085 | 45,025,745 | 31,019,083 | 27,694,042 | 10,628,945 | ||||||||||
| Gross mining margin % (1) | 90% | 86% | 83% | 83% | 78% | ||||||||||
| Gross margin % | 68% | 67% | 65% | 68% | 59% | ||||||||||
| Revaluation gain of digital currencies (2) | 4,052,617 | 18,017,637 | (8,492,727 | ) | 16,090,102 | 6,315,970 | |||||||||
| Gain on sale of digital currencies | 7,949,927 | 4,679,412 | 4,106,057 | 3,841,993 | 1,679,213 | ||||||||||
| Hosting revenue | 661,387 | 953,958 | 1,742,906 | 410,704 | 393,518 | ||||||||||
| Share based compensation | (1,672,614 | ) | (1,478,637 | ) | (2,322,426 | ) | (534,193 | ) | (209,726 | ) | |||||
| General expenses | (2,862,011 | ) | (2,633,025 | ) | (2,314,873 | ) | (3,102,849 | ) | (911,076 | ) | |||||
| Foreign exchange gain (loss) | (1,676,763 | ) | (1,888,166 | ) | 528,868 | (367,219 | ) | 1,746,573 | |||||||
| Realized gain on investments | – | – | – | – | 6,639 | ||||||||||
| Unrealized (loss) gain on investments | 11,875,641 | 6,168,239 | (5,808,523 | ) | 645,383 | 148,967 | |||||||||
| Change in fair value of derivative liability | 590,837 | 914,392 | (885,612 | ) | (857,702 | ) | – | ||||||||
| Gain (loss) on sale of subsidiary | – | – | 3,171,275 | (23,442,219 | ) | – | |||||||||
| Finance expense | (1,338,151 | ) | (305,147 | ) | (319,644 | ) | (871,941 | ) | (111,918 | ) | |||||
| Tax expense | – | – | – | (151,366 | ) | – | |||||||||
| Net income from continuing operations | $ | 64,245,667 | $ | 59,827,879 | $ | 13,525,202 | $ | 14,319,504 | $ | 17,210,513 | |||||
| EBITDA (1) | $ | 80,576,106 | $ | 69,759,555 | $ | 20,744,028 | $ | 20,378,042 | $ | 19,799,023 | |||||
| Adjusted EBITDA (1) | $ | 77,605,266 | $ | 52,306,163 | $ | 29,273,518 | $ | 29,122,054 | $ | 13,692,779 | |||||
(1) Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under “Reconciliations of Non-IFRS Financial Performance Measures” in the Company’s MD&A.
(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
Financial Statements and MD&A
The Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) thereon for the three and nine months ended December 31, 2021 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, February 15, 2022, at 8:30 am Eastern Time to discuss the Company’s financial results. Presenting on the webcast will be Frank Holmes, Executive Chairman; Darcy Daubaras, Chief Financial Officer; and Aydin Kilic, President and Chief Operating Officer. Click here to register for the webcast.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HODL both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
For more information and to register to HIVE’s mailing list, please visit www.HIVEblockchain.com. Follow @HIVEblockchain on Twitter and subscribe to HIVE’s YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
“Frank Holmes”
Executive Chairman
For further information please contact:
Frank Holmes
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes information about restructuring of the Company’s operations and sustainable future profitability; potential further improvements to the profitability and efficiency across mining operations by optimizing cryptocurrency mining output, continuing to lower direct mining operations cost structure, and maximizing existing electrical and infrastructure capacity including with new mining equipment in existing facilities; continued adoption of Ethereum and Bitcoin globally; the potential for the Company’s long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the efficiencies obtained through restructurings may not lead to operational advantages or profitability; further improvements to the profitability and efficiency may not be realized as currently anticipated, or at all; the digital currency market; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Filing Statement of the Company dated and other documents disclosed under the Company’s filings at www.sedar.com.
This news release also contains “financial outlook” in the form of gross mining margins, which is intended to provide additional information only and may not be an appropriate or accurate prediction of future performance and should not be used as such. The gross mining margins disclosed in this news release are based on the assumptions disclosed in this news release and the Company’s Management Discussion and Analysis for the fiscal year ended March 31, 2021, which assumptions are based upon management’s best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to realize operational efficiencies going forward into profitability; profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
[1] Non-IFRS measure. A reconciliation to its nearest IFRS measures is provided under “Reconciliations of Non-IFRS Financial Performance Measures” below.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113838
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Unlocking Customer Satisfaction: 3 Key Benefits of AI in Fintech for Enhanced Customer Experience
The fusion of financial technology (fintech) and mobile commerce has heralded a new era of transactional possibilities.
Through the adoption of an artificial intelligence-driven approach, fintech firms are poised to deliver more engaging and tailored experiences to their customers.
Here are three compelling reasons why this AI-powered approach represents a significant shift in the fintech landscape:
- Personalized Customer Engagement: Personalized customer engagement involves delivering customized experiences to customers across various channels and touchpoints. By leveraging data and AI, fintech companies can gain insights into customer needs and preferences, enabling them to offer products or services tailored to individual interests and goals. This personalized approach powered by AI has the potential to enhance customer satisfaction, loyalty, and retention. A prime example is US retail bank Citi’s implementation of a Customer Analytic Record (CAR) system, which analyzes customer interactions in real-time to recommend relevant services, thereby enriching the customer experience.
- Efficiency and Effectiveness in Retail Operations: AI holds the promise of improving operational efficiency and effectiveness for retailers by automating tasks, optimizing processes, and enhancing decision-making. Through the use of data and AI, retailers can forecast demand, mitigate stock issues, and refine pricing and marketing strategies. Tencent’s WeChat Mini Programs serve as a notable example, providing users with instant access to fintech services within the WeChat ecosystem. These lightweight applications have facilitated transactions worth billions, showcasing their instrumental role in enhancing operational efficiency and customer experience across various sectors.
- Increased Audience Reach for Brands: AI empowers fintech companies to expand their brand reach and engagement by delivering personalized experiences across multiple channels and touchpoints. By leveraging data-driven insights, fintech enterprises can better understand customer preferences and needs, thereby optimizing brand experiences. At the Fintech and Mobile Commerce Summit during MWC Barcelona 2024, industry leaders explored the latest trends in the fintech landscape. This event highlighted the transformative potential of AI in driving social commerce, virtual try-on experiences, and seamless purchasing journeys, ultimately increasing customer satisfaction.
These advantages underscore the transformative impact of AI in navigating the fintech terrain, unlocking unparalleled opportunities for industry players, and delivering enhanced experiences to consumers.
Source: maddyness.com
The post Unlocking Customer Satisfaction: 3 Key Benefits of AI in Fintech for Enhanced Customer Experience appeared first on HIPTHER Alerts.
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Premia Partners announced fee reduction for Premia Vietnam ETF and change of underlying index
HONG KONG, May 2, 2024 /PRNewswire/ — Premia Partners, a leading ETF provider from Hong Kong, announces today fee reduction of its Premia Vietnam ETF (the ETF) and change of the underlying index to S&P Vietnam Core Index (USD) NTR (the index) with immediate effect.
Total expense ratio of the ETF would be lowered from 0.75% to 0.70% per annum, reflecting Premia’s commitment to offering competitive pricing and enhancing value for investors. The physically replicated ETF offers cost-efficient and convenient access to the fast-growing Vietnam equity markets, and the new index was introduced to enhance the asset allocation and risk diversification of the ETF and better reflect opportunities from continued growth and development of the Vietnam stock markets.
– Broad market coverage: Premia Vietnam ETF (Tickers: 2804 HKD / 9804 USD) offers broad all-cap coverage for Vietnam. The index it tracks intends to cover 90% of float-adjusted market capitalization of the S&P Vietnam BMI, representing the largest and most liquid Vietnamese stocks listed on the Ho Chi Minh and Hanoi Stock Exchanges.
– Reflect continued development of the Vietnam stock markets: rather than restricting coverage to a fixed number of constituents, the index tracked by the ETF is not set to a predefined number of constituents and continues to expand coverage as the markets grow and evolve.
– 15% Single stock cap: for better diversification and risk management, the new index provides a single constituent weight cap of 15% to ensure low concentration risk.
“Providing thoughtful, institutional grade access tools for Asia is always close to our hearts at Premia. For us it is not just about launching new products, but also constantly updating features of our existing ETFs to enhance value propositions for investors.” said Rebecca Chua, Managing Partner of Premia Partners. “The fee reduction and index change of our Vietnam ETF would be timely enhancements for investors looking for cost efficient, diversified allocation tool to capture growth opportunities in the rapidly developing Vietnam equity markets.”
“S&P Dow Jones Indices is excited to license the S&P Vietnam Core Index to Premia Partners for its ETF,” said John Welling, Senior Director and Head of Global Equity Indices at S&P Dow Jones Indices. “The index is designed to provide an objective and transparent underlying view into the fast-growing Vietnamese market and economy. By measuring the performance of the largest and most liquid Vietnamese stocks, the index offers market participants a comprehensive data set to gauge Vietnam equity markets.”
About Premia Partners
Founded in 2016, Premia Partners is one of the leading ETF managers from Hong Kong, dedicated to building low-cost, efficient, best practice ETFs for Asia. As of May 2nd 2024, Premia Partners manages 9 ETFs in Hong Kong. For more information on Premia or Premia ETFs covering China, Emerging ASEAN, Asia Metaverse/ Innovative Technology, Vietnam, China high yield bonds, China government bonds and US Treasury, please visit www.premia-partners.com
View original content:https://www.prnewswire.co.uk/news-releases/premia-partners-announced-fee-reduction-for-premia-vietnam-etf-and-change-of-underlying-index-302131161.html
The Emergence of FinTech: Catalyzing Brazil’s Sustainable Economic Growth
Brazil, traditionally renowned for its extraction-based economy fueled by abundant natural resources, is undergoing a significant transition towards sustainability, largely propelled by its burgeoning FinTech sector.
The International Monetary Fund (IMF) recently shared optimistic projections for the Brazilian economy, marking a welcomed development for its citizens and trading partners alike. With falling inflation rates and increasing overseas investments, the IMF has revised its forecasts upwards, attributing a significant portion of this positive outlook to Brazil’s thriving FinTech industry.
Jeremy Baber, CEO of Lanistar, remarked, “Innovation in Brazilian FinTech is flourishing, heralding an exciting era of progress for the nation as it embraces more ethical economic practices, leaving unsustainable ventures behind.”
In 2023, Brazil’s economy expanded by 2.9%, with further growth anticipated at 1.7% this year. The profound impact of FinTech on this sustained growth trajectory cannot be overstated. Overseas investments have propelled Brazil’s FinTech sector to dominance in the wider Latin American (LATAM) market, accounting for a third of all deals across the region.
Brazil’s traditional finance sector, long monopolized by a few major banks, has left a significant portion of the population underserved or unbanked. The advent of FinTech has addressed this gap by introducing innovative solutions such as digital payments, retail investment platforms, and user-friendly challenger banks, meeting the demands of a previously neglected market.
This surge in demand has led to widespread adoption of FinTech services, driving Brazil’s economic evolution. Despite transitioning away from its reliance on extraction-based industries, such as natural resource reserves, Brazil’s economy has remained robust, buoyed by the emergence of FinTech and reduced dependence on unsustainable practices.
Recent data indicates a significant decrease in deforestation levels across Brazil, signaling a departure from its historical reliance on natural resources.
Baber concludes, “Brazil is undergoing an economic evolution, with FinTech at the forefront of this transformation. Positive macroeconomic conditions, growing demand, and increased overseas investment are positioning Brazil as a global FinTech hub.
“Previously unbanked individuals now have access to the latest FinTech solutions, empowering them to manage their finances effectively and embark on new ventures. Moreover, the FinTech revolution is reshaping Brazil’s unsustainable extraction economy, inspiring the younger generation with a progressive economic model. While Brazilian FinTech is still in its nascent stage, the groundwork has been laid for continued growth, driven by the nation’s appetite for seamless financial services.”
Source: ibsintelligence.com
The post Brazil’s FinTech Revolution: Paving the Way for a Sustainable, Greener Future appeared first on HIPTHER Alerts.
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