HIVE Dives 9.56% as Earnings Surge Hides GAAP Loss and Transparency Fears

2025年11月17日, HIVE Digital drop 9.5628% in pre-market trading as investors reacted to mixed financial signals and strategic expansion plans. The stock's sharp decline followed a Q2 earnings report showing a 285.2% year-over-year revenue surge to $87.25 million, driven by Bitcoin mining revenue growth and increased hashrate capacity. However, a GAAP net loss of $15.8 million and concerns over financial transparency, including a Beneish M-Score suggesting potential manipulation, weighed on sentiment.

HIVE's operational momentum remains robust, with Bitcoin mining output rising 76.6% sequentially to 717 BTC and hashrate expanding to 16.2 EH/s. The company aims to scale to 35 EH/s by Q4 2026 while advancing high-performance computing (HPC) initiatives. Despite strong liquidity ($47 million in cash and digital assets) and a 49% gross operating margin, structural risks persist, including high volatility (beta of 4.56) and regulatory uncertainties in the crypto sector.

Backtest assumptions suggest a momentum-based strategy could align with HIVE's growth trajectory. A hypothetical long position initiated at the 52-week high, with stops below key support levels, might capitalize on the company’s dual-engine model (Bitcoin mining and HPC). However, traders should remain cautious given the stock’s oversold RSI (28.74) and bearish moving averages, which could extend downside in the near term.