HIVE Blockchain Technologies Ltd reported a positive net income for QQ1 2025 despite a negative gross margin, underscoring the influence of non-operating items and a high asset base on quarterly profitability. Revenue reached $32.24 million, up 36.82% year-over-year, while operating income expanded to $7.51 million and EBITDA stood at $18.84 million, driven in part by significant depreciation and amortization and other income components. Net income of $3.26 million translated into an EPS of $0.029 (diluted $0.029). The quarter also featured a meaningful liquidity runway: cash and short-term investments totaled about $194.74 million, supporting a robust current ratio of 7.35 and a total asset base of $319.54 million. Financing activity contributed substantially to cash, with net cash provided by financing activities of $28.65 million and a net increase in cash of $15.94 million, aided by the issuance of common stock (~$31.90 million). However, operating cash flow remained negative at $-3.65 million and free cash flow was negative at $-16.98 million due to capex of $13.33 million and higher working capital movements. The balance sheet shows a modest debt load (total debt of $28.35 million; net debt of $2.74 million) alongside a sizable equity cushion (total stockholders’ equity of $273.15 million) and accumulated OCI of $86.52 million. Management commentary (where available) and peer benchmarks suggest exposure to crypto-price and mining-cycle volatility, with a focus on liquidity preservation and capital deployment as key near-term priorities. The QQ1 2025 results reflect a transitional cycle for HIVE, with earnings strength driven by accounting and financing factors rather than through gross-margin expansion alone. Investors should weigh the upside from a crypto-price recovery and hash-rate expansion against dilution risk and cyclicality in the crypto mining sector.