HIVE Blockchain Technologies Ltd reported QQ3 2025 revenue of USD 29.871 million, representing a year-over-year decline of approximately 19.4% versus QQ3 2024, but a sequential quarter gain of about 31.9% from QQ2 2025. The quarter shows a mixed operating profile: gross profit of - USD 12.102 million leading to an operating loss of USD 20.192 million, while EBITDA remained positive at USD 20.122 million owing largely to notable “other income” totaling USD 21.582 million. This pattern underscores a high non-cash and other-income contribution that masks ongoing operating strain linked to crypto inventory dynamics and depreciation/amortization expense. Net income for QQ3 2025 was USD 1.267 million, with basic EPS of USD 0.0099, reflecting a modest net-margin of about 4.2% despite an operating loss, driven by non-operating income and favorable tax items in the period. Free cash flow remained negative at USD -89.924 million, and cash flow from operations was negative (USD -18.576 million) as the company continues to fund mining-related capex and inventory build via financing activity.
Key Performance Indicators
Revenue
29.87M
QoQ: 31.89% | YoY:-19.42%
Gross Profit
-12.10M
-40.51% margin
QoQ: -1 137.91% | YoY:-5 184.72%
Operating Income
-20.19M
QoQ: -353.85% | YoY:-149.68%
Net Income
1.27M
QoQ: 116.53% | YoY:118.23%
EPS
0.01
QoQ: 115.33% | YoY:112.38%
Revenue Trend
Margin Analysis
Key Insights
Net cash used in operating activities: USD -18.576 million; Free Cash Flow: USD -89.924 million.
Net cash provided by financing activities: USD 83.83 million; Net change in cash: USD 2.604 million; Cash at end of period: USD 9.845 million.
Total assets: USD 478.587 million; Total liabilities: USD 44.227 million; Total stockholders’ equity: USD 434.36 million.
Cash and cash equivalents: USD 9.845 million; Short-term investments: USD 30.700 million; Inventory: USD 260.806 million; Total current assets: USD 310.261 million; Total current liabilities: USD 29.806 million; Long-term debt: USD 12.817 million; Total debt: USD 25.207 million; Net debt: USD 15.362 million.
Accumulated other comprehensive income (loss): USD 164.469 million, signaling sizable OCI effects in the balance sheet.
Financial Highlights
Revenue: USD 29.871 million in QQ3 2025 (YoY change: -19.4%; QoQ change: +31.9% vs QQ2 2025).
Gross Profit: USD -12.102 million; Gross Margin: -40.5% (Significant deterioration vs QQ3 2024; suggests crypto-holding/production mix and cost of revenue pressures).
Operating Income: USD -20.192 million; Operating Margin: -67.6% (reflects high depreciation/amortization and operating costs with negative gross profit).
EBITDA: USD 20.122 million; EBITDA Margin: 0.67 (driven by non-cash depreciation and a material 'other income' item totaling USD 21.582 million).
Net Income: USD 1.267 million; Net Margin: 4.24%; EPS: USD 0.0099 (Diluted USD 0.0096).
Cash Flow and Balance Sheet:
- Net cash used in operating activities: USD -18.576 million; Free Cash Flow: USD -89.924 million.
- Net cash provided by financing activities: USD 83.83 million; Net change in cash: USD 2.604 million; Cash at end of period: USD 9.845 million.
- Total assets: USD 478.587 million; Total liabilities: USD 44.227 million; Total stockholders’ equity: USD 434.36 million.
- Cash and cash equivalents: USD 9.845 million; Short-term investments: USD 30.700 million; Inventory: USD 260.806 million; Total current assets: USD 310.261 million; Total current liabilities: USD 29.806 million; Long-term debt: USD 12.817 million; Total debt: USD 25.207 million; Net debt: USD 15.362 million.
- Accumulated other comprehensive income (loss): USD 164.469 million, signaling sizable OCI effects in the balance sheet.
- Earnings quality in QQ3 2025 is affected by a high non-operating income component and a large crypto-holdings/inventory base.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
29.87M
-19.42%
31.89%
Gross Profit
-12.10M
-5 184.72%
-1 137.91%
Operating Income
-20.19M
-149.68%
-353.85%
Net Income
1.27M
118.23%
116.53%
EPS
0.01
112.38%
115.33%
Key Financial Ratios
currentRatio
10.41
grossProfitMargin
-40.5%
netProfitMargin
4.24%
returnOnAssets
0.27%
returnOnEquity
0.29%
debtEquityRatio
0.06
operatingCashFlowPerShare
$-0.14
freeCashFlowPerShare
$-0.7
priceToBookRatio
0.85
priceEarningsRatio
72.47
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Note: The earnings transcript for QQ3 2025 is not provided in the data set. As a result, no thematic management quotes or verbatim guidance from an earnings call are available to summarize by theme (strategy, operations, market conditions).
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit forward guidance was disclosed in the QQ3 2025 data provided. Given the crypto-mining business model, the forward trajectory will depend on: (i) cryptocurrency price levels (Bitcoin, Ethereum, and related assets); (ii) network hashrate and mining difficulty; (iii) energy costs and mining efficiency; (iv) crypto inventory mark-to-market risk and potential impairment exposure; (v) balance sheet flexibility to fund capex without excessive equity dilution. Investors should monitor management commentary in subsequent communications for any targets on hash-rate expansion, capex plans, inventory management strategies, and potential hedges or monetization steps for crypto holdings.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
HIVE.V Focus
-40.51%
0.00%
0.29%
72.47%
HUT.TO
58.40%
-3.72%
0.09%
431.72%
DMGI.V
-17.10%
-41.70%
-4.15%
-5.72%
FLT.V
34.00%
-63.30%
-17.80%
-2.18%
CSTR.V
-47.20%
-1.35%
-8.39%
-3.97%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
HIVE faces a high-variance, crypto-price-driven revenue model. QQ3 2025 shows a rebound in quarterly revenue versus QQ2 2025, but at the expense of gross margin and with persistent negative operating cash flow. The financing activity provides liquidity but relies on equity issuance rather than operating cash flow to fund capex and crypto inventory. The company’s substantial crypto inventory and elevated depreciation create a bifurcated earnings profile: EBITDA is positive largely due to other income, while core operations remain loss-making. For risk-t tolerant investors, upside could emerge if crypto prices rally and efficiency improvements reduce operating costs; however, downside risk includes potential impairment on crypto inventory, higher energy costs, or a sustained downturn in digital asset prices. Relative to peers in the crypto mining and capital markets space, HIVE appears to trade at a lower price-to-sales multiple but exhibits weaker gross margins and uncertain near-term cash flow recovery. Investors should monitor: (i) management’s commentary on inventory management and monetization strategy, (ii) any explicit guidance on capex plans and hash-rate expansion, (iii) crypto-price trajectories, (iv) regulatory developments affecting mining operations, and (v) financing strategy to balance dilution against liquidity needs.
Key Investment Factors
Growth Potential
Medium-to-high sensitivity to crypto price cycles. Growth could arise from expanded mining capacity, improved energy efficiency, and potential strategic partnerships or acquisitions in regions with favorable energy economics. Ongoing equity financing indicates capital availability, which could support scale-up if crypto cycles turn favorable.
Profitability Risk
Key risks include: (i) crypto price volatility and mining-revenue dependence on digital asset prices; (ii) crypto inventory mark-to-market risk and impairment exposure; (iii) energy costs and regulatory/sustainability scrutiny; (iv) reliance on external financing for ongoing capex/new crypto inventories; (v) competitive hashing power growth narrowing margins; (vi) accounting treatment of OCI and non-operating income which can obscure cash-based profitability.
Financial Position
Strong equity base relative to debt (Total stockholders’ equity USD 434.36m vs total debt USD 25.21m; Net debt USD 15.36m). Liquidity appears robust on a current-ratio basis (10.41x) but is heavily complemented by large crypto/inventory assets and non-cash OCI. The company’s cash runway depends on its ability to monetize or stabilize crypto inventory value and to manage ongoing capex (USD 71.35m capex in QQ3 cash flow).
SWOT Analysis
Strengths
High liquidity indicators on a current basis (Current Ratio 10.41) and a sizable equity cushion (Total stockholders’ equity USD 434.36m).
Diversified geographic footprint in crypto mining (Canada, Sweden, Iceland) can mitigate region-specific risks.
Positive EBITDA in QQ3 2025 driven by non-operating income, suggesting opportunities to optimize the operating structure and potentially monetize inventory/crypto holdings more efficiently.
Weaknesses
Negative gross profit and negative operating income in QQ3 2025 indicate a fragile operating core with heavy cost pressures and depreciating asset base.
Material crypto inventory balance (USD 260.806m) introduces significant mark-to-market and liquidity risk tied to crypto price volatility.
Significant reliance on non-operating income to achieve net income and the appearance of large one-time items rather than recurring profitability.
Opportunities
Potential to monetize or optimize crypto inventory exposure as crypto price cycles improve and efficiency gains materialize.
Room for capex discipline and potential efficiency upgrades to reduce depreciation burdens and improve operating margins.
Opportunity to leverage financing activity for strategic growth while seeking more accretive sources of capital.
Threats
Crypto price risk remains the dominant driver of revenue and OCI effects; sustained weakness could compress margins and cash generation.
Energy cost volatility and regulatory scrutiny of crypto mining operations could affect economics and sustainability claims.
Competitive dynamics and hash-rate gains among peers could erode market share and pressure margins further.