HIVE Blockchain Technologies Ltd (HIVE.V) delivered a modest top‑line improvement in QQ2 2025, with revenue of USD 22.648 million, up 12.7% year over year, but down 29.8% versus the prior quarter. Gross profit reached USD 1.166 million, yielding a gross margin of 5.15%, while operating income remained negative at USD -4.449 million and net income deteriorated to USD -7.663 million, producing an EPS of -0.0646. The discrepancy between EBITDA (USD 9.6127 million) and the bottom line is primarily attributable to substantial non‑cash depreciation and amortization (USD 16.268 million), underscoring the heavy capital expenditure and asset base behind HIVE’s mining operations. Free cash flow remained negative at USD -21.242 million, reflecting ongoing capex of USD 19.876 million and working capital dynamics, despite a liquidity cushion of USD 31.687 million (cash and short‑term investments). The balance sheet shows a solid equity base (USD 279.531 million) and relatively modest leverage (total debt USD 27.884 million; net debt USD 20.643 million), but a very large inventory/digital asset position (USD 165.177 million) introduces valuation and crypto‑asset price risk. Absent a material rebound in crypto prices or operational improvements, the company faces near‑term cash burn, requiring either improved operating performance, additional financing, or more aggressive capital‑allocation discipline.