HIVE delivered a solid QQ1 2025 operating performance anchored by profitability in a bear mining cycle and continued progress on a multi-pronged growth plan. Revenue was USD 32.24 million, with EBITDA of USD 18.84 million and net income of USD 3.26 million, reflecting a post-halving environment where price signals and efficiency improvements offset reduced Bitcoin production. The company remains highly cash-generative on an operating basis, aided by a lean G&A footprint and a conservative capital spending approach. Cash and equivalents stood at USD 25.6 million, with Bitcoin holdings of roughly USD 153.9 million, underpinning a resilient balance sheet and a current ratio of 7.35. Importantly, management outlined a robust growth trajectory: (i) Paraguay plans for 100 MW of green-energy data center capacity to lift total installed hash rate to 12.1 EH by late 2025, (ii) ASIC fleet upgrades to reduce power per TH and improve margins, and (iii) AI compute/GPU revenue expansion targeting USD 100 million annualized run-rate in 2025 with a USD 10 million ARR milestone already achieved and USD 20 million ARR anticipated in the second half of the year. The equity story remains discounted versus peers on an EV/EBITDA basis, presenting an attractive risk-reward given the scale-up potential and diversified revenue streams. Investors should monitor bitcoin price volatility, energy pricing and sourcing risk, project execution timelines for Paraguay, and the pace of AI/GPU demand and utilization as key catalysts and potential upside/downside drivers.