HIVE delivered a mixed but strategically constructive QQ3 2025, underpinned by aggressive growth initiatives and a transition toward higher-margin, diversified revenue streams. Reported revenue of $29.2 million, with a gross operating margin of $6.1 million (21%), and adjusted EBITDA of $17.3 million. Net income for the quarter was $1.27 million, while basic earnings per share stood at $0.0099. The quarter featured meaningful near-term profitability momentum but a negative gross margin on a year-over-year basis, reflecting the industry-wide halving effects and higher mining difficulty. Crucially, HIVE advanced its long-term growth trajectory via a 25 exahash (EH) pipeline in Paraguay, rising from a 6 EH base to 25 EH by September 2025, representing ~4x incremental capacity and positioning the company as a low-cost, high-velocity grower in the sector.
Management emphasizes capital-efficient growth anchored by ROIC-first deployment, green-energy mining, and strategic AI GPU compute assets. The company targets 3% of the global hashrate (≈25 EH) by 2025 and is actively monetizing GPU/AI compute through Nvidia-based infrastructure (H100/H200) with an annualized AI revenue runway of at least $20–$100 million (depending on utilization), while maintaining a robust HODL position (BTC on balance sheet ~2,805 BTC and digital currency market value of ~$260.8 million as of period end). Additionally, HIVE’s relocation to the US (San Antonio) and transition to US GAAP aim to improve transparency, valuation comparability, and index inclusion prospects. While execution risk remains—most notably closing the Bitfarms Paraguay acquisition and delivering energization on schedule—management’s commentary signals material upside in 2025 should macro conditions in Bitcoin and crypto policy cooperate.