HIVE Blockchain Technologies (NASDAQ:HIVE) stock drifted down 1.9% in Wednesday premarket trading after the cryptocurrency miner's fiscal Q1 2023 net loss deepened to -$95.3M vs. -$34.0M in Q4 2022 given higher non-cash charges such as unrealized losses on its digital currencies and investments.
Still, Q1 revenue of $44.2M exceeded the average analyst estimate of $33.6M but slid from $49.8M in Q4 2022.
Q1 gross mining revenue was $27.0M compared with $22.9M in Q4. Gross mining margin for Q1 rose to 61% from 46% in Q4 2022, driven by low power costs in Sweden and Quebec as well as higher profit margins from its ethereum (ETH-USD) mining business.
Adjusted EBITDA came in at $11.2M in Q1, down from $11.8M in Q4 2022.
The company mined 851 bitcoins (BTC-USD) and over 7,675 ether (ETH-USD) as of June 30. That compares with 787 bitcoins and 6,325 ether produced in the previous quarter.
Conference call at 8:30 a.m. ET.
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