There have been many blockchain companies which have come into focus in a big way this year and one of those is Hive Blockchain Technologies Ltd (NASDAQ:HIVE). The company has seen its stock record gains of as much as 42% over the course of the year so far.
Yesterday, Hive Blockchain was back in the news once again after it announced its financial results for its first fiscal quarter that ended on June 30, 2021. The company managed to generate revenues of as much as $37.2 million from its cryptocurrency mining operations and that figure reflected a year on year rise of as much as 466% and 11% rise on a sequential basis.
However, perhaps the most notable number from the financial results was the record net income generated by Hive Blockchain. The company managed to bring in as much as $18.6 million in the quarter and the proved to be significantly higher than the net income of $1.8 million in the year ago period.
It surpassed the net income of the previous quarter by $4.3 million as well. On the other hand, the gross margins came in at $31 million and that was again significantly higher than the gross margins of $2.6 million in the year ago period.
