COMP <GO>

GAIN vs HIVE // EV/EBITDA & P/E VALUATION

Gladstone Investment Corporation Business Development Company (NASDAQ) VS. HIVE Digital Technologies Ltd. (NASDAQ) • 15-METRIC TALLY: GAIN 4 — HIVE 2

■ METRIC PARITY

GAIN — Gladstone Investment Corporation Business Development Company ROARABLE D • RQD 49/100

LAST: $15.27 (+1.26%) • MKT CAP: $608.1M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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HIVE — HIVE Digital Technologies Ltd. ROARABLE D+ • RQD 52/100

LAST: $2.07 (-2.36%) • MKT CAP: $567.8M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (GAIN VS. HIVE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	GAIN	HIVE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	31.00%	-26.50%	+57.50	GAIN	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-16.71%	10.98%	-27.69	HIVE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-49.80%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	158.30%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	9.40%	0.00%	+9.40	GAIN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	5/9	-3.00	HIVE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	47.4	30.5	+16.89	GAIN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$608.1M	$567.8M	$40.3M	GAIN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	GAIN REV	HIVE REV	GAIN GROSS %	HIVE GROSS %	GAIN FCF	HIVE FCF
FY 2025	$0	$297.8M	—	—	-$101.6M	$62.3M
FY 2024	$0	$115.3M	—	—	$16.3M	$16.6M
FY 2023	$0	$114.5M	—	—	-$69.9M	$9.6M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

GAIN // BETA —

HIVE // BETA —