Executive Summary
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.
Key Performance Indicators
QoQ: -29.75% | YoY:12.73%
QoQ: 149.09% | YoY:108.00%
QoQ: -159.26% | YoY:79.98%
QoQ: -335.21% | YoY:68.78%
QoQ: -319.73% | YoY:77.72%
Key Insights
Revenue: USD 22.648 million; YoY +12.73%; QoQ -29.75%\nGross Profit: USD 1.166 million; YoY +108.00%; QoQ +149.09%; Gross Margin: 5.15%\nOperating Income: USD -4.449 million; YoY +79.98%; QoQ -159.26%\nNet Income: USD -7.663 million; YoY +68.78%; QoQ -335.21%\nEPS: USD -0.0646; YoY +77.72%; QoQ -319.73%\nEBITDA: USD 9.6127 million; EBITDARatio: 0.4244\nCash Flow (Operating): USD -1.366 million; Capex: USD -19.876 million; Free Cash Flow: USD -21.242 million\nCash and Short‑Term Investments: US...
Financial Highlights
Revenue: USD 22.648 million; YoY +12.73%; QoQ -29.75%\nGross Profit: USD 1.166 million; YoY +108.00%; QoQ +149.09%; Gross Margin: 5.15%\nOperating Income: USD -4.449 million; YoY +79.98%; QoQ -159.26%\nNet Income: USD -7.663 million; YoY +68.78%; QoQ -335.21%\nEPS: USD -0.0646; YoY +77.72%; QoQ -319.73%\nEBITDA: USD 9.6127 million; EBITDARatio: 0.4244\nCash Flow (Operating): USD -1.366 million; Capex: USD -19.876 million; Free Cash Flow: USD -21.242 million\nCash and Short‑Term Investments: USD 31.687 million; Net Debt: USD 20.643 million\nTotal Assets: USD 334.686 million; Total Liabilities: USD 55.155 million; Total Equity: USD 279.531 million\nCurrent Ratio: 5.56; Quick Ratio: 1.047; Cash Ratio: 0.198
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
22.65M |
12.73% |
-29.75% |
| Gross Profit |
1.17M |
108.00% |
149.09% |
| Operating Income |
-4.45M |
79.98% |
-159.26% |
| Net Income |
-7.66M |
68.78% |
-335.21% |
| EPS |
-0.06 |
77.72% |
-319.73% |
Key Financial Ratios
operatingProfitMargin
-19.6%
operatingCashFlowPerShare
$-0.01
freeCashFlowPerShare
$-0.18
priceEarningsRatio
-12.35
Management Commentary
No QQ2 2025 earnings call transcript is provided in the data. As a result, no management quotes can be drawn from the call. The analysis relies on the reported financial results and publicly disclosed filings. If/when the transcript becomes available, key themes typically include energy strategy, mining economics, and capacity growth by geography.
Forward Guidance
No formal forward guidance was included in the supplied data. Given the crypto mining cycle and HIVE’s capital-intensive growth trajectory, investors should monitor: (i) crypto price trajectories (BTC/ETH) and mining difficulty, (ii) sustaining power costs and energy efficiency initiatives, (iii) progress on capacity expansion and asset utilization, (iv) changes in working capital dynamics, and (v) potential access to additional financing or asset monetization options. Management commentary, when available, would be expected to address cadence of capex (near-term versus longer-term), hedging or asset-management strategies for crypto holdings, and any plans to optimize the inventory/digital asset position.