Hello, everyone. Welcome to today's webcast on HIVE Digital Technologies' financial results for the quarter and year ended March 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE, and I'll be your moderator for today's call. Before we get started, on slide two, I would like to briefly note the disclosures for today's presentation. Except for statements of historical fact, this presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at www.sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight, and they are presented for supplemental purposes only and should not be considered in isolation from GAAP results. Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release and Form 8K furnished to the SEC. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, Chief Financial Officer. I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank? Thank you, Nathan. Let's do a macro recap, starting the big picture, the transformative year, the most incredible year in HIVE's history. I was when it first went public, became the first crypto mining company, and it's really quite impressive how the team is gelling. Let me walk you through why this is a transformative year for HIVE. Next visual really is important for investors to understand the concept that they say the Bitcoiners buy the dip, stock the coins, and hold on for dear life. Clearly what you can see here is the daily volatility of HIVE is greater than Bitcoin, and MicroStrategy is double what Bitcoin is on a daily basis, and over 10 days, it's even more so. It is really important when you look at HIVE, and we have lots of people who like to try to trade like Bitcoin, et cetera. It is almost like you want to buy. If it is + 5% in a day, that is not the best day. If it is - 5%, the math says it is time to buy. That is really contrary to how most people think, except for I have found that the Bitcoin ecosystem has this concept that talks about it so often, everywhere, every day: Reddit, X, LinkedIn. Next, please. I mentioned this is a transformative year. To make it a transformative year, you need great leadership. HIVE has expanded its senior leadership. Two of the key people that are helping scale our business are Greg Tavares, as Greg has tremendous experience in Canada in building data centers, in particular to run Buzz, be the President, which he is, the Chief Operating Officer. We take a look in the past six months, the run rate of our HPC, High-Performance Computing business using NVIDIA chips has doubled. The run rate has doubled, and it'll double again. You see that we made a serious press release this week on a major acquisition in Toronto, which is the financial capital of Canada, the biggest city in Canada, with tremendous infrastructure, intellectual capital, universities, Nobel laureate for AI last year was from the University of Toronto. Having him join our team is just a wonderful statement about HIVE and what we're doing. To build and acquire assets in Paraguay and acquire Bitfarms assets in Fast Track, we were able to have Gabriel Lamas join the team, electrical engineer, a person with tremendous high-voltage electricity experience and understands the country. His father's an engineer, so that it's really deep in the bones and muscles of people like Gabriel to lead the charge. He's been doing a spectacular run so far this year that our growth rates have shocked a lot of people. They didn't expect us to be able to scale as fast as we're doing. Next, please. I love this video. It's a short clip of a drone going over the new assets that we have that's helped us surpass 11 EH/s. If you recall, a year ago, it was less than 4 EH/s. It's moving and it's grooving, and it's very exciting that we're a serious investor in the country of Paraguay, and there's lots of other positive developments happening with the country. You can see from this other picture with Aydin Kilic, our CEO, and Mr. Lamas, Gabriel Lamas, big guy, you know, 6'4", and all the muscle that's needed to scale our business. The other person that's a real important wingman for him in running the facilities is in between Aydin and Gabriel, and that's Carlos. We're really happy where we're taking the business. Next, please. Scaling. We're doing this HASH rate with tremendous discipline, well-organized, building beautiful campuses. We've also been adding air conditioning to all the kids' schools that are near us because they have electricity, but they do not have the air conditioning that's necessary. We have gone ahead as part of our strategy to be involved with the community. We have lit up the downtown of Valenzuela where we are for 100 MW. Now women and children are safe in the streets at night. The mayor has had a very, very positive response from helping light up the streets. Next, please. This is another simple visual. HIVE's future HASH rate growth is going to double again by American Thanksgiving. Taking from 11 EH/s, that is scaling to 25. What is going to happen here is margin expansion. In particular, the revenue will grow substantially. If Bitcoin is $100,000, the revenue can be over $400 million on a run rate. When we look at the margins of what we are having, they will expand substantially. On a historical basis, that is what scaling is about. So it's not to forget what we're doing in the Bitcoin ecosystem. Bitcoin a year ago was $65,000 average price, now $100,000, and two years ago it was $25,000. It's interesting to see it's continuing to grow, and we're now scaling with it. Next, please. The HPC, the high-performance computing business is still exploding. I'm right now in Boston. I'm at MIT with 100 CEOs from 50 countries, Bootcamp AI, and seeing how you build a business model, what used to take weeks now take hours. It's been very exciting. On the backdrop of this visual, when OpenAI came out in November of 2022, it exploded with 1 million users. Very quickly, it was 100 million users. Unprecedented growth of the magnitude. Now it has a run rate of about 500 million users, and so many on the $20 a month. There is the enterprise system that OpenAI's annual run rate as of June now is $10 billion, and some expect it to be $1 billion a month by December of 2025. HIVE's position and HIVE is growing with this spectacular growth in AI. Next, please. This is a transformative year. HIVE is growing the forex and revenue to become 3% of the Bitcoin network. HIVE is scaling its HPC -AI business, acquiring a 7.2 MW Toroto Data Center, and will upgrade that from Bitcoin Mining Data Center because that's all the power that's necessary and all the fiber optics necessary, dense fiber, to be able to expand that footprint. We made an announcement also. We bought more clusters from NVIDIA. HIVE is also in this transformative year of expansion. It's gone through its move to Texas as head office. More important, HIVE has transitioned now from IFRS accounting reporting to US GAAP. That has been a tremendous amount of work on the accounting team. It is transformative for us because it allows you to compare HIVE to mostly other U.S. Bitcoin miners on an equal footing, simple basis. Next, please. HIVE's value bump and the upside potential. I think by November, targeting 25 EH/s. When you look at the pure average valuation, it is $100 million per EH/s. HIVE has upside potential of 7x. I think that is why many analysts are calling it $7 to $10 in their forecast for the stock price. Next, please. A big picture, our year-end is March 31st. Darcy and Aydin will give you a lot of granular quarter. I want to highlight it is transformative because we have changed our accounting practices and reporting. With that, how did it look last year under GAAP? We did about $115 million in revenue. $10 million of that was for the NVIDIA chips we have for high-performance computing. That is expanding, as I mentioned, now has a run rate over $20 million. It has doubled under the leadership of Greg Tavares. The adjusted EBITDA is around $56 million. The gross operating margin is about $25 million. Next, please. Some of the largest non-cash items in that transformative accounting movement from IFRS to GAAP is depreciation. It is still pretty high, $64 million. The stock-based compensation was de minimis as compared to our peers. We are up to $11 million. The revaluation of the digital assets, mark-to-market, will create unrealized and realized losses and gains every quarter in addition to our investments. But some of this stuff is like a $5 million non-cash charge for currency volatility. As we all know, in the past three months, with the tariff war, what has happened to the U.S. dollar? You are going through these movements in the past year and having operations over nine time zones, five languages. It does create an impact the way GAAP wants you to express those translations. These are some of those charges, but that is all behind us from an equal footing. Next, please. This is the most famous falls. It is in the Western Hemisphere and very close to it. It is the largest dam in the Western Hemisphere, partnered between Paraguay and Brazil. HIVE is leveraging green energy in Paraguay. The movie, The Mission, which made Robert De Niro and Jeremy Irons famous, is one of the top 50 movies by the Vatican to watch because it is based on true history and has to do with these beautiful, spectacular waterfalls and Catholic Catholicism spreading through Latin America. Next, please. Crypto education enthusiasm in Paraguay. There are conferences coming up. The president of the country is also a YPO member, Young Presidents Organization. In September, he is hosting an event for 150 CEOs from around the world on what makes Paraguay interesting and a great opportunity to invest in. I have mentioned this before, that Paraguay is very much aligned with America in many ways. The president of the country went to the University of Columbia, New York City. He also worked for the World Bank. He really understands American institutions and global institutions and has done a great job in having the country's currency go through an upgrade in the rating and the value of how they're running their country. Nothing is greater than right now is all the money we're putting in. Bitcoin mining means he's going to get U.S. dollars every month. That's very important because end of their utility energy companies owned by the government and having stable fiscal policies come from stable income. We're thrilled to be part of that growth. Next, please. In Paris, I recently spoke, and I said, "HIVE is not here to chase quarters. We're here to build decades of digital infrastructure and decentralized freedom. We mine Bitcoin not for today's price, but for tomorrow's paradigm shift." Now I'd like to turn it over to our CEO, Aydin Kilic. Thank you. All right. Thank you, Frank, for that intro. Let's have an executive overview of the year to date, as well as some highlights from recent milestones. It has been a stellar year for HIVE. The headline is $56 million of adjusted EBITDA. We are trading at a $350 million market cap. By the way, we have over $60 million of Bitcoin on the balance sheet, 610 Bitcoin in the treasury, $56 million of adjusted EBITDA on $115 million total revenue. I think HIVE is an incredibly attractive buy, especially with a strong catalyst of growth this year. Our revenue was $105 million from Bitcoin mining and $10 million of HPC -AI revenue. We did hit $20 million ARR in May. This will continue to grow as we expand our HPC strategy. $25 million gross operating margin. It has been a strong year considering we navigated the halving. This is our fiscal year is starting from March 31st. This year are effectively all post-halving economics. I want to point that out. A lot of our peers have a December 31st year end, and ours is March 31st. This is effectively full post-halving economics. By the way, 53% net cash in Bitcoin per share. We're trading at $1.75 today. We've realized 22% ROI seen in the last 12 months. I think we've done a phenomenal job navigating post-halving economics, which are bearish, of course. As the industry gets ready to torque up, I think it's going to be a phenomenal year for HIVE. Let's jump into it. Again, how do we realize these numbers? We prioritize ROIC in our capital deployment strategy. We've got prudent, stable growth across cycles, bear and bull. We mined over 1,400 Bitcoin in this fiscal year. By the way, we hit 11.5 EH/s in June. We have been mining 5.5 Bitcoin daily since. We are doing $600,000 a day revenue right now. We are to $200 million ARR. That $600,000 is about $550,000 on the Bitcoin and over $50,000 a day on, closer to over $60,000 actually on the HPC business. $200 million in annualized revenue will be at approximately 3% of the global Bitcoin mining network when we hit 25 EH/s. Of course, we have our vertically integrated HPC strategy where we are building and operating Tier III data centers as well as the GPU cloud. We are an NVIDIA Cloud partner. We are targeting high-value contracts. On our HPC business, we have over 5,000 GPUs right now in our GPU cloud. We hit that $20 million ARR figure. Let's jump into it. Next slide. Here is an overview of the Bitcoin mining footprint. 440 MW of green energy globally between Sweden, Canada, and of course, Paraguay. As mentioned, we've been mining 5.5 Bitcoin per day since we hit our 11.5 EH/s target. We're over 1% of the network today. That's today. We're scaling on track to get to 25 EH/s by this fall. We're hoping to get the benefit of the delta multiple that some of our peers get because we brought on an EH/s per week for five weeks in a row as we grew from 6 EH/s to 11 EH/s in the last month. Check out the press releases. We put out a press release every single time we hit an EH/s. We've accomplished this with a disciplined ROIC strategy. Last December, we announced our landmark purchase with Bitmain at $14 TH for the S21+ Hyd., as well as we have some air-cooled units. Those are coming online. We targeted sub-one-year ROI on these ASICs at $55 HASH price after a 5-cent cost in our model. We are very much primed to have a lucrative next three years ahead of us as we mine. We have modeled to be profitable up to $21 HASH price. We very strategically and selectively deployed our capital, not only for high ROI, but for positive cash flow through to the next halving. By the way, we accomplished this by having the lowest G&A per Bitcoin mined in the sector, of course, which is shored up by our best-in-class uptime. Next slide. A beautiful overview. This is our Paraguay site. It was a 200 MW. You actually see the substation in the bottom right-hand corner. Above, you've got 10 air-cooled buildings. You see all the civil work has been completed for the 100 MW of the hydro miners. The air-cooled is done. That got us to 11.5 EH/s a few weeks ahead of schedule. The second 100 MW is the hydro on the left. That'll come online this summer. I was actually just in Paraguay a couple of weeks ago to oversee the progress. Very exciting. Our first few containers are actually being installed. I mean, the hydro mining containers, both the dry chillers and the actual hydro containers, are on site. We put that in a press release a couple of days ago. That is ramping up. We're expecting that HASH rate to start coming online next month. It'll be very, very exciting. Stand by for updates there. Of course, the third 100 MW is in Valenzuela, our other site. Civil work is also completed. We are fully funded for the 25 EH/s. I want to highlight that. We are fully funded for growth to 25 EH/s. We fully paid for all the ASICs to get to 18 EH/s. Those are just arriving week over week throughout the summer. We have all our deposits in place for the 25 EH/s as well. Again, we are fully funded for that. I am very proud of our team. As now we are just bringing the HASH rate online, we have effectively executed on the infrastructure. Let's hop to the next slide. Here is a layout for all the analysts out there of how our 440 MW is allocated between Canada, Sweden, and Paraguay. On the right-hand side is our tier three footprint. We have GPU cloud running in Stockholm, Montreal. Now with the announcement of the data center in Toronto we are acquiring, it is a 7.2 MW infrastructure load and a 5.5 MW IT load, assuming 1.3 PUE. What this does is this additional 5.5 MW of tier three compute will effectively 3.5x our HPC footprint. We just announced the acquisition of this site. We have a binding purchase agreement. We hope to close on it very quickly. We will upgrade this Toronto site to be liquid-cooled for next-generation GPU compute. Of course, we are an NVIDIA NCP partner. It is very exciting as we scale our HPC business to go from $20 million to $100 million. More details on that later in the presentation. Next slide. This is the ramp on the Bitcoin mining business. Of course, as mentioned, we've successfully completed the first phase of air-cooled 11.5 EH/s. Our global fleet efficiency is 20 J/TH today. That will incrementally increase as we bring on our hydro-powered S21+ miners from Bitmain that are 15 J/TH. It'll bring our global average down to 18.4 J/TH efficiency as phase two completes this summer. We'll get down to 17.5 J/TH efficiency this fall as we fully ramp. Very exciting time to be a HIVE shareholder. I like to describe this moment in time as an elbow as a hockey stick ramps up. Again, this is a four-year overnight success. We scoured the globe for cheap hydro energy at scale, and we found it in Paraguay. We have been very active as well in Paraguay. We're electrifying 18 schools in the rural regions of Valenzuela. In fact, we've completed six of these 18 schools. I met with the Chief Technology Officer of ANDE, which is a national power provider. We'll be attending a YPO event that the president of the country will be throwing in September. In fact, the president of the country, Santiago Peña, is a YPO member. He and our Executive Chairman, Frank Holmes, have a personal rapport. We are very much engaged at the geopolitical level, at the infrastructure level with the national power provider, and of course, in the community. It's just how we like to do business at HIVE. Next slide. Taking into consideration the improving efficiency of our global fleet, once we're at 25 EH/s, here's a snapshot of what it looks like. At 900 petaHASH, sorry, 900 EH/s network efficiency, sorry, 900 EH/s of global network HASH rate, 126 trillion network difficulties is what we're modeling here. Once we're at 25 EH/s, that works out to 12.5 Bitcoin a day. At today's Bitcoin price, that's $1.3 million a day. That's over $400 million of annualized revenue. It works out to over $250 million of gross mining margin at $100,000 Bitcoin. Our cost to produce a Bitcoin will be about $42,000. If Bitcoin rallies to $150,000 later this year, which a lot of people are speculating that it might go from $150,000 to $200,000, but $150,000 Bitcoin, we will be doing almost $2 million a day. It's roughly $700 million of annualized revenue and almost $500 million of annualized gross mining margin. Again, we're fully funded for this growth. We'll be at 25 EH/s this fall, 18 EH/s this summer. Our market cap is $350 million. I think HIVE is an incredible value right now. We have 600 Bitcoin on the balance sheet, but we also have a pledge to buy back 1,300 Bitcoin at $87,000. As our market cap increases, moreover, our enterprise value increases, our free cash flow increases, our cost of capital will come down. We can either use free cash flow from operations to buy back Bitcoin at $87,000 or utilize proceeds from our ATM in an accretive manner to buy back Bitcoin. Our strategy is to get our HODL back over 2,000 Bitcoin by buying back our pledge by the end of this year. It'll buy a lower cost of capital as our free cash flow from operations increases as we've had this momentous scaling. Next slide. We've got the biggest growth in the sector this year. Some of our peers have hit super scale at 50 EH/s, have tapered off, and they won't be expanding. Aside from Cypher, that's got 1.6x growth. HIVE has got 2.2x growth for the balance of the year. By the way, we started the year off with 4x growth, and we're executing on that beautifully. We have got the biggest growth profile of the entire industry this year. It's a huge headline. Next slide. We're also trading at the best multiple in the sense that we're trading effectively at $10 an EH/s when you look at our enterprise value and where we're at at the end of this year. Our peers are trading at 30, 40, even upwards of $50 an EH/s. We have moved our principal executive office to San Antonio. We are looking at a U.S. domicile. We believe that as we hit $500 million market cap and a $1 billion market cap, we're due for re-rating. As some buy-side funds have a mandate based on market cap or liquidity, we are a very liquid stock. Our three-month average is over 10 million shares a day. We've hit almost 20 million shares of volume on some days. I really think 2025 is the year of HIVE as we scale to 25 EH/s. Again, we're trading at a very attractive multiple to our peers. Our market cap is under $350 million. With $65 million of Bitcoin on the balance sheet, I think that we're a very attractive multiple. By the way, again, we also have the $20 million of annualized revenue on the HPC business. Let's go to the next slide. These are some of the merits of how we run the business. Again, discipline capital allocation. We always try to source ASICs at the lowest cost. We try to buy spot so we get immediate delivery. We lead the sector in uptime. We run our ASICs their full life cycle to maximize free cash flow, lowest G&A in the sector, and what does that yield? Best-in-class ROIC. Next slide. Here it is by the numbers. Huge numbers. 22% annualized ROIC, or sorry, 22% ROIC for the last 12 months. You can see how this compares to our peers. We are effectively double the next contending companies. Our expectations for our 12%. From there, it sort of drops off. Marathon and HUT 8, 2% and 5%. Again, we walk the walk. We talk the talk. It's about having discipline. We focus on ROI when we deploy our capital. If you're going to buy $100 million of ASICs, you've got to make well over $100 million after costs. Otherwise, you shouldn't even be mining, right? You should be buying Bitcoin if you can't make money from mining. We lead the sector. We target under one-year ROI. Again, we targeted. We effectively have an 11-month ROI from the Bitmain ASICs after costs that we announced our purchase of at $55 HASH price. That means if we run those for three years, we're free cash flowing for years two and three. This is just how we run the business at HIVE. We want to be smart. We want to build shareholder value by having free cash flow from operations. We could scale our business with free cash flow and not have to rely on diluted finances. I think the cheat code that emerged in capital markets over the last two, three years as dilution was ramping, a lot of companies were just buying new machines, running them, upgrading them before their end of life just so that they could show high interquarter margins. I am going to take a moment to describe this. If you are constantly just buying the newest best machines, in the moment, you could show that you have a high margin because guess what? The latest ASIC has a better machine efficiency. It has a lower breakeven. Okay, you have got a good margin for the quarter. Have you ever repaid the investment of all these new ASICs you are buying? That is what is really hard to track. This slide shows the difference. If you actually maximize and get ROI on your ASICs, it is going to show up in the numbers here. You can see we lead the sector by a long shot. Next slide, please. Lowest G&A for Bitcoin mined as a function of revenue for the last 12 months. Next slide. It is low cost, but it is also high performance. We have got the best uptime in terms of Bitcoin mined per EH/s in the whole sector. Third-party analysis from Anthony Powers, power mining analysis. Next slide, please. Of course, the AI business, the recent announcement of the 7.2 MW data center in Toronto. This will provide 5.5 MW of liquid-cooled compute. We plan to undertake this conversion. We look forward to closing on this facility in the very near future. We just announced the binding purchase. This will grow our effective HPC footprint by 3.5x. Again, we currently have over 5,000 NVIDIA GPUs operating. That is over 4,000 A-series cards, 344 NVIDIA H100s, and 504 NVIDIA H200s. We hit the $20 million ARR target, and we are looking to hit $100 million ARR. If we were to populate the Toronto facility 5.5 MW with NVIDIA H200s, using current market utilization and market rates for NVIDIA H200s that we are seeing, it would add approximately $80 million ARR to our top line. It is a very exciting time to be a HIVE shareholder. We are having our HPC business in Buzz. Buzz is a fully owned subsidiary of HIVE. It will be a pure-play HPC-focused, vertically integrated business where we will build, own, and operate the Tier III data centers along with the GPU cloud. Next slide. This shows the growth and how we have got there. Again, we scaled up. We had the 4,000, actually, it is closer to 4,200 NVIDIA A-series GPUs, 344 NVIDIA H100s. We hit $13 million ARR. We brought on the NVIDIA H200s. That actually got us to $23 million ARR. Of course, with the advent of the Toronto Data Center, we'll be able to scale, build GPU cloud, and get to our $100 million ARR in 2026. Very exciting time. Next slide. I'll turn it over to the longest-standing CFO in the crypto mining industry, Mr. Darcy Daubaras. Thank you, Aydin. Good morning, everyone, and thank you for joining us today. This reporting period marks a significant milestone for our company as we have transitioned our financial reporting framework from IFRS to US GAAP. This change aligns with our strategic objectives, enhances comparability with US-listed peers, and supports our potential growth ambitions in US capital markets. As this is our first earnings release under US GAAP, I want to emphasize that while the core fundamentals of our business remain unchanged, certain financial metrics and disclosures may look different due to accounting presentation differences. We remain committed to transparency and will continue to provide clear, consistent reporting as we move forward. As this is the first time reporting under US GAAP for HIVE, I want to highlight three key US GAAP adjustments that will be seen in these newly presented statements compared to what we've had in other years. Those are functional currency, digital assets, and leases. So functional currency change. HIVE changed its functional currency from Canadian dollars to U.S. dollars for the parent company. This was driven primarily by a shift in financing activities to U.S. capital markets. This change aligns with US GAAP, which prioritizes financing indicators. The adjustment affects several areas, including warrant and convertible debt classification. One of the bigger ones is digital assets. Under US GAAP, HIVE now records digital assets at fair value with gains and losses recognized directly in profit or loss. This contrasts with IFRS, where only losses were recorded in profit or loss, and gains flowed through other comprehensive income unless reversed. This will greatly assist the markets in comparability between ourselves and our peers. The third one is leases. While leases remain on the balance sheet under both standards, US GAAP requires different income statement treatment: rent expense for operating leases and amortization plus interest for financing leases. This is similar to the IFRS treatment for finance leases. Fiscal year 2025 has been a transformational year for HIVE. Over the past year, HIVE has executed on a strategic plan to scale massively from 4.7 EH/s at the end of March 31st, 2024, to 6 EH/s at the end of this year. Now we're sitting at 11 EH/s, moving towards 15 by mid-2025, and 25 EH/s by late year. We continue to leverage our green energy hydroelectricity with our expansion into Paraguay. We're also growing our Bitcoin production through the upgrading and purchase of cutting-edge ASIC machines throughout the year and the EH/s growth that we have experienced. We are also modernizing. We have now improved our structure with our US GAAP headquarters, US GAAP reporting, and improved governance structure. Also, our high-performance computing diversification, Buzz's HPC growth into sovereign AI and liquid-cooled GPU clusters, adds a high-margin digital infrastructure vertical and aligns with national and enterprise demand for secure, scalable compute. Collectively, these milestones mark a transformation from a modest digital mining firm to a globally scaled, green-first Bitcoin infrastructure and high-performance computing leader. With that said, let's walk through the results. We are providing certain non-GAAP measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance prepared in accordance with US GAAP, provide investors an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under US GAAP and therefore may not be comparable to other issuers. Further details are found in the management discussion analysis for the three and 12 months ended March 31st, 2025. As you can see, HIVE ended the March 31 st year with 165.6 million common shares, 3.3 million options, 7.1 million RSUs, and 3.2 million warrants outstanding. On to the next slide. For the fiscal year ended March 31st, 2025, HIVE recorded $115.3 million of revenue and a $56.2 million profit measured in adjusted EBITDA. This is driven by a production of 1,414 Bitcoin equivalent produced. Moving on to the next slide, we take pride in maintaining a healthy balance sheet as always. Our cash position was $23.4 million as of March 31st, 2025, in addition to $181.1 million in digital currencies consisting primarily of Bitcoin. This is down slightly from the prior period due to the strategic use of our Bitcoin to fuel our accelerated operation expansion in Paraguay. We also had $15.3 million in amounts receivable and prepaids, an increase from the prior period. Total market value of our strategic investments remained strong at $24.1 million. We have a strong net cash position and healthy working capital to support our operations and growth objectives with a current ratio of 3.7 calculated as current assets divided by current liabilities. On to the next slide, let's shift our focus to our gross operating margin on a year-over-year basis, comparing the annual results of this year compared to last year. Our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and high-performance computing service fees, decreased in absolute terms to $25.1 million in the most recent year compared to $37.5 million in the prior year results. One significant factor to consider is the impact of the halving event that occurred in Bitcoin in April of 2024. This event led to rewards earned by miners in the current year being halved compared to the prior year. The gross mining margin is influenced by several additional external factors. These include the high mining difficulty currently being experienced, the reduced amount of digital currency rewards received by miners, which is now half of what it was a year ago, and the market price of the digital currencies at the time of mining, which has been higher compared to the prior period. In the most recently completed year, we are reporting a net loss of $0.02 per share compared to a net profit of $0.29 per share reported for the year ending March 31, 2024. In looking at our gross operating margin on the next slide, on a Q4 quarter-over-quarter basis, the Q4 quarterly results of this March 31, 2025 period compared to the prior year March 31, 2024 period, our gross operating margin, which is calculated again as total revenues minus direct operating and maintenance costs and high-performance computing service fees, decreased in absolute terms to $8.8 million in the most recent year compared to $15.6 million in the prior year Q4 results. Again, a significant factor to consider is the impact of the halving event that occurred in April of 2024, and also, as has been discussed, the difficulty impact and the mining margins that we are experiencing. In the most recently completed March 31, 2025 quarter, we are reporting a net loss of $0.34 per share compared to the net profit of $0.55 per share reported for the Q4 period ending March 31, 2024. On to the next slide. Taking a look at our year-over-year revenue, we generated total revenue in fiscal year 2025 of $115 million versus $114.5 million in the previous year. The strong, stable revenues compared to the fiscal year 2024 was assisted by much higher average Bitcoin prices compared to last year. This is despite the reduction of Bitcoin mined as a result of the halving in April of 2024 and also from the increase in contributions from our high-performance computing revenue, which has increased close to 300% compared to last year. We were also able to overcome the industry pressures due to the continuing rise in Bitcoin difficulty HASH rates over the past year. As mentioned previously, our gross mining margin decreased in absolute dollars to $25.1 million, or 22%, in the most recent year compared to $37.5 million, or 33%, in the prior year. In looking at our quarter-over-quarter revenue, we generated total revenue in the fourth quarter of fiscal 2025 of $31.2 million versus $36.9 million in the previous year's fourth quarter. The revenues compared to the same period in fiscal year 2024 can primarily be attributable to the higher average Bitcoin price currently, which is more than double what it was in the comparative quarter last year. However, this increase is offset by a rise in Bitcoin difficulty HASH rates over the past year, as well as the impact of the halving event on the current period's results. As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and HPC computing service fees, decreased in absolute dollars to $8.8 million, or 28%, in the most recent quarter compared to $15.6 million, or 42%, in the prior year comparative quarter. Moving on to the next slide. Comparing our current fiscal year Q4 quarter to the previous Q3 quarter, we generated revenue in this quarter of fiscal year 2025 of $31.2 million versus $29.2 million in the previous quarter. This slight increase in revenues versus the prior quarter was impacted by an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining and also higher high-performance computing. Is there questions, guys? Yeah, hey, I'm just Bill Papanastasiou from KBW. Can you hear me? Yep, I got you loud and clear. Thanks. Thanks for taking my questions and congrats on the sequential margin expansion and strong execution in Paraguay. I was just hoping to get some more color on the recent data center acquisition. Seems like a nice bolt-on addition to the portfolio. Any chance you happen to have a timeline of when you expect to get the liquid cooling installed and when the site will ultimately come online? Yeah, so that site, 7.2 MW, would yield about 5.5 MW of compute, assuming a 1.3 PUE and something like a 9-12 month retrofit with liquid cooling to bring that compute online. It effectively would triple the MW footprint of HPC compute currently today. Yeah, that's kind of the outlook for it. It's very exciting. Awesome. Apologies if I missed this. I can't really see the slide deck on my end, but was there any discussion in terms of the type of hardware that you guys are considering? I think there may have been some mention of NVIDIA Blackwell in the past. Just curious how you're weighing deploying kind of latest versus next-generation equipment things. Yeah, exactly. That's a great question. It will be a function of what—yeah, the slides were off, but it's a function of what will be available on the market at that point. For example, today, you can order NVIDIA DGX B200, but there's talk that in Q1 2026, you'll have NVIDIA DGX B300 available. It'll sort of be an economic analysis because, as you know, when the newest model comes out, we've heard that NVIDIA DGX B200 is fetching over $5 an hour right now. If there is a NVIDIA DGX B300 that is out, typically, you will want to gravitate towards getting the latest model GPU that is available. That is why we have not specified that. It is more sort of an exercise in capacity and analysis, knowing, for example, a 1K cluster of Blackwell, so 1,028 GPUs, is a little over 1.5 MW, a little bit more power-intensive than, say, an H200 cluster, which is a little under 1.5 MW. As we sort of get closer to locking in the PO, then we will provide more specificity on exactly which model of GPU that we intend to operate. Awesome. And then just lastly, you are making all this progress on Bitcoin mining, getting some 45X in HASH before the end of November, and now scaling to the $100 million kind of annualized run rate on AI HPC. Is there a particular revenue mix that the team is trying to achieve? And how could that differ going forward once you kind of execute on both of those businesses and scale? Yeah, that's a good question. I wouldn't call it so much of a revenue mix because we're positioning Buzz as a pure-play HPC company that will sort of be 100% HPC -AI revenue, and then HIVE will, moreover, be—I mean, that's a wholly owned subsidiary of HIVE. And how do we unlock shareholder values of that entity? We'll evaluate. Of course, HIVE is operating Bitcoin mining data centers globally. We're sort of bifurcating. I think it's perhaps a good way to think of it rather than looking at it as a mix. As you could see from last year's financials, it was about 90/10. If we did get to next year and we hit $100 million on Buzz and $400 million-plus on HIVE, even at $55 HASH price with 25X of HASH, you're well over $400 million of ARR just on the Bitcoin mining. And so it's still an 80/20 mix. If you did want to kind of have a ratio based on those projections. Awesome. Appreciate all the color and congrats on all the progress. Thank you. Yeah, it's been an awesome year so far. Look forward to continued momentum. All right, thank you for those thoughtful questions, Bill. Our next question comes from the line of Mike Colonnese from HC Wainwright. Mike? Hey, good morning, guys. Congrats on all the progress in Paraguay and the recent HASH rate ramp. Great to see. Just following up on Bill's question around the 7.2 MW Territory Data Center in Toronto, can you just share what the cost of acquisition was and what the related cost to do the full retrofit will be? We haven't—good questions, Mike. We haven't publicly commented on that yet. We'll be providing that color in the near future. Stay tuned. Got it. Fair enough. I appreciate that. As it relates to monetizing the 5.5 MW of critical IT load there once you're fully up and running, how should we think about that as it relates to customer demand? Are you looking at more on-demand type deals or contracted revenue streams? Just trying to think through the revenue of that additional $80 million that's projected to come online as it relates to timeline and underlying contracts. Yeah, so right now, I mean, we've got 5,000 GPUs, about 5,100 actually, 4,300 A-series cards, and 344 NVIDIA H100s and 504 NVIDIA H200s. Those are, for the most part, rented. I think it's about 80% utilization. That includes some GPUs that are on longer-term contracts for six months and longer, and some are on aggregator. We're looking to, with the sovereign strategies, we sort of discussed that more in our most recent press release. We're really looking to embrace enterprises in Canada and working with the government as well as researchers to take on more long-term contracts. That's sort of what we're alluding to with the sovereign strategy. As you know, there's a large AI grant in Canada. That's one of the initiatives.m We have got some—and by the way, we have not opined on the price of the data center yet for competitive reasons, but we will be providing more color on that at the right juncture. We have really sort of seen strong demand, and that was how we crossed that $20 million threshold. If you think about it, say if it was like a NVIDIA DGX B300 cluster and say that is 1.8 MW for 1,028 GPUs, you effectively can fit 3,000 NVIDIA DGX B300s in that cluster. We are actually renting out 5,000 GPUs now. If you think of the quantum of GPUs, we are already renting out a lot. The A-series cards, of course, are much less power-intensive than the Blackwells. We are confident it is sort of within our ramp and footprint. You just kind of have more power-intensive cards that drive more revenue per unit. In terms of the total quantity of cards, bringing on that additional 5.5 MW of IT load is actually less than what we have online in terms of number of GPUs. Is that helpful? That's very helpful. I appreciate the detail. Just last one for me, could you remind us of the cutoff point as to when you can repurchase those pledged Bitcoin with Bitmain? Yeah, it's to the end of this year, a little bit past the end of this year. We did not specify who the vendor is with the pledge, though. That's the only clarification. Great. Thanks for taking my questions. You bet. Thank you, Mike. Next, we'll go to Thomas Shinsky from Cantor. Thomas, please unmute. Hi, Aydin and team. This is Thomas [for] Brett. Thank you for taking my question. First, I just wanted to touch on the regulatory situation in Paraguay. I know as of June of last year, they put through a tariff against crypto mining companies. I wanted to see if there was any impact there and how the cost of power through your Paraguay sites compares to the facilities elsewhere. Yeah, so things are sort of in a holding pattern until 2027, but we're actively evaluating the landscape, but also working closely with ANDE, which is a national power company. I was just there two weeks ago and met the CTO. We're going down again in September for actually a YPO event. The president of the country is in YPO, and he's actually hosting a YPO event. We sort of embrace the government and utility company and just the regulatory framework in Paraguay at different levels. We meet with governors and mayors when we go down there. I think there's an education process. Actually, I just met with the Minister of Industry and Commerce when I was there a couple of weeks ago as well. I think as they understand the industry more, they were optimistic they'll sort of embrace it more. We have a long-term view that we expect with them embracing it to sort of have a more attractive power pricing trending in the right direction, if you will, is probably a good way to put it. I would say that even with the citation of the June tariff, the power prices there are still more attractive than a lot of jurisdictions we've looked at. It's good. I think that the revenue, or sorry, I should say the gross mining margin reflecting the HASH rate from Paraguay, stay tuned. It will not be too long because it is this current quarter, which will be reported in about six weeks. Yeah, you will sort of see the gross mining margins from this current quarter as we brought on those 5 EH/s for period end June, which I believe is reported in about, yeah, six weeks from now. Awesome. Thank you for the color. That was very helpful. You bet. Just one more, if I may, on just general CapEx throughout fiscal year 2026, as we think about ramping to 25 EH and also potential expansion within the HIVE cloud business. How should we think about cadence of CapEx throughout 2026? How much of that should we attribute to the potential expansion of the cloud business versus getting to 25 EH by Thanksgiving? Thanks. Yeah, you bet. The 25 EH/s is fully funded. As you know, there was 610 Bitcoin on the balance sheet as of our May production report, right? That is sort of more current than the fiscal year-end. That is approximately a little over $60 million. Yeah, we have effectively fully paid for all the ASICs that have been arriving and that will continue to arrive through to 18X of HASH. That is why we have shipments arriving weekly. Deposits are in place. You sort of deploy your capital, and you make those final payments for ASICs right before they ship, right? The summer inventory, that is all fully paid for, and that is shipping. Final deposits for the fall inventory, the third phase, going from 18- 25X of HASH, those will be made in the fall. It is all fairly near term. I believe on the—and that's on the ASIC side of things. Again, we're using the strategic applied strategy for that. On the construction, I believe it was discussed that we actually had sort of a VTB arrangement where $31 million of the $55 million purchase price was actually spread out over six months with $5 million monthly payments, five and change, right? Thirty-one divided by six. Those continue from, I believe, April when we close the deal into about October. That is nice and spread out. Yeah, that addresses the Bitcoin. As for the cloud, as mentioned, we haven't discussed the purchase price yet, although it was very attractive. I believe I can say that confidently. As with any construction project, right, you'll preorder some equipment, and then the rest of the CapEx will sort of be spread out over that nine-month term. We can provide more color on that. Really, with the GPU business, you do not actually need to pay for the GPUs until you receive them, unlike crypto mining. In fact, we have Net 30 with—I think it is fairly well known. We work with Dell and Supermicro as preferred OEMs. We have Net 30 payment terms. If the GPUs do not arrive in nine months, we do not need to pay for them until 10 months, right? The CapEx on the HPC, or specifically to the Toroto Data Center, I would say is sort of further down the road. In the interim, we're fully funded for the 25 with ASICs effectively arriving weekly between now and the fall with 25X of HASH on the horizon. Awesome. Thanks, Aydin. And congrats on all the progress. Thanks, guys. Thank you again, Thomas. Next, we'll take a question from Fedor from B. Riley. Fedor, the floor is yours. Yeah, Hi, Aydin and Frank and the team. First of all, congratulations. Strong progress you're making on both HPC and Bitcoin mining fronts. Going back to your slide with Robert De Niro, Frank, I'm hoping institutional crypto adoption continues at the same pace we saw with catalysis spreading through Latin America. Anyway, wanted to dive deep a little bit. Kind of follow-up question on Toronto HPC Data Center. Stepping back to the bigger picture, it would be helpful if you could share your scale and roadmap for this data center particularly. Kind of what does growth look like from here and how you're thinking about the expansion of composition of your fleet at this location? Also, how should we think about financing in terms of preferred options, maybe equity or debt split for the overall HPC segment? Thank you. Yeah, so the HPC can be financed in different ways. For example, as you mentioned, there's debt. We've not done this, but just sort of providing color on how others in the industry have approached it. Sometimes you can do not quite a vendor financing, but it's no secret Dell has DFS, which is Dell Financial Services. They'll actually sort of lease you the hardware, the GPUs, right, which are the most CapEx intensive. By the way, just rough numbers, GPUs, latest generation GPUs broadly are roughly about $30 million a MW, right, for HPC. There are different mechanisms to—I mean, you can buy them outright in cash, which is what we've done in the past for the GPUs that we have. As far as the data center construction financing, again, we sort of haven't disclosed the exact budget or acquisition cost yet. It will be attractive and competitive, which is why we love this acquisition. We're really excited about bringing it to the market. As I mentioned earlier, Fedor, I think part of your question was scale or capacity. 1.3 PUE, it's effectively 5.5 MW of IT load, which effectively—I think it's on one of the slides in my section, the exact page number I don't recall, but it's effectively 3.5X of what our current capacity is, right? That's really exciting. I believe I was addressing Mike's question just in terms of capacity of number of GPUs. If you have an H—well, I mean, people would be buying NVIDIA H200s and NVIDIA H100s now, but those are a 1K cluster. Again, 1,028 GPUs or 128 nodes with 8 GPUs per node. It is actually N minus 1, so you always have to have one node for switches. You would have 127 times 8. Anyway, it is just over 1,000 GPUs. That is about 1.3 MW for H series. Blackwell NVIDIA DGX B300 is expected to be a little more power intensive, close to 1.8. You just sort of take your IT load. You could always take your sort of gross utility load, right, at 7.2 MW, divide that by 1.3. If you want to say, "How many Blackwells could I fit in there?" you'd sort of divide by, conservatively, 1.8 MW. Again, it depends. This can be NVIDIA DGX B200, NVIDIA DGX B300. That all matters as well. If it's going to be an H200 cluster, then divide by 1.3 MW and then multiply our GPUs by the prevailing market rate on what they're renting for per hour. NVIDIA H200s are renting at $3 an hour right now on demand. I hope that was helpful. This is super helpful. My second is about your customer profile and contracted dynamics. Can you kind of paint a picture of what your average HPC client looks like? Primarily serving on-demand, smaller-scale customers, or do you have a mix that includes some larger enterprise clients as well? Kind of what's the typical duration you've seen on your HPC agreements? Are these mostly short-term flexible arrangements, or are you starting to lock in longer-term commitments with scaling at Toronto? Kind of looking forward, how are you thinking about the evolution of your customer base? Is it fair to assume you're actively pursuing larger capacity contracts and trying to move up market to bigger enterprise clients who can commit to, say, more sustainable and longer-duration agreements? Thank you. Yeah, generally, the answer is yes to the sort of numerous questions. That is sort of underlined by the sovereign strategy, and that is what we're getting at by working with governments and research institutes throughout Canada, viewing data really as a sovereign asset and working with those enterprises and research institutes that want to keep that compute within the country. We actually have a—obviously, I can't say who, but there's sort of a former Google DeepMind guy that's training a foundational model on a six-month contract right now on some of our GPUs. Yeah, we're absolutely targeting more longer-term contracts. We've done some compute with a researcher out of NYU Stern, Columbia, as well as UC Berkeley. They're all sort of doing very novel things. I mean, in most of those specific cases, it's foundational model work. One, I believe, is actually a vision, like a computer vision. Yeah, it's a lot of really cool, fun stuff. Of course, the balance of the compute is with aggregators. Some aggregators are really flourishing. It's also like having a—like when you're working with the end users, we've got a great team. It's making sure the users have a good experience with the GPUs. It's not just the raw compute, but making sure that they have a good experience as well. That's sort of another key thing. Because at the other end is an actual user that's implementing and utilizing this compute. It is just key that overall they're having a good user experience. That's sort of a key takeaway. If you talk to NVIDIA, that matters a lot to them as well. That's where we aim to please. We're really excited about the direction that Buzz is going. Thank you very much, Aydin and Darcy, and of course, Frank. Continue your best of luck. Thanks, Fedor. Great to meet you, Aydin. Fedor, time for a few more questions. Good morning, Dylan from Roth. If you would kindly unmute yourself and proceed. Yeah. Hey, guys. Thanks for taking my question. Just to start, on the Canadian data center, would there be any reason that those MW would come on in tiers, or would you expect to energize all 7.2/5.5 critical IT load at once? Yeah, that would mostly be a function of the retrofit process, Dylan. As I sort of commented on earlier, you'd kind of bring that online in roughly a nine-month process. That would be—you could do it all at once, absolutely, because you're sort of retrofitting. By the way, I should comment one important thing. It's actually a working active data center today. If we want to bring that to do liquid-cooled, that's where the retrofit comes in. Got it. Just as a follow-up, where do you stand with some of your existing sites? Are you still considering potentially retrofitting any of those to HPC AI, or are they going to stay Bitcoin mining for the near term? Yeah, yeah. Our site in Sweden, we did a trip out there with some analysts. I believe Darren saw it. We call it Little Boden. There are two data centers that we have that are across the street from each other. The smaller one, it's roughly 6 MW. We've identified that as a near-term candidate as well for HPC conversion. It was originally built as a GPU Data Center. It has a really good level of finish. Yeah, we've identified that one as well. We'll be providing more color on that. Stay tuned. Great. Thank you. Thanks again, Dylan. Our next question comes from the line of Mike from Northwind. Mike, please unmute and proceed. Hey, thanks, guys. Hey, Aydin, if you could just talk a little bit about the demand you're seeing for that 5.5 MW, is it basically already spoken for, or do you still kind of have to source the demand? Yeah. I mean, right now, Mike, we just announced the data center. So we'll be providing updates on its conversion and bringing it to market. So we're doing, as I sort of in an earlier question pointed out, it's roughly 3,000 Blackwell NVIDIA DGX B300s if you were going to go that route. And we're already managing and renting out 5,100 GPUs. Although it's effectively tripling our footprint, when you just look at the number of GPUs, because they're, again, more profit-dense and power-hungry as time marches forward. By the way, NVIDIA DGX B200 are 130 kW per rack, and that's only 72 GPUs, right? The GPUs directionally are getting more power-intensive. We're actually managing more GPUs today than the GPUs that we would be bringing online. We would provide guidance on demand, but what we really like about this site, it's functioning today as a data center. It's operational. It's a bite-sized deal that we're very confident that we could bring to market. It will fit very well within our demand pipeline. We are entertaining numerous—our NVIDIA H200s are over-committed right now in terms of there's numerous groups or end users, if you will, that want to rent them with fixed contracts. That over-demand, which is great, will tie in nicely to future capacity that we bring online. Got it. Thank you. Mike, thanks again. Time for one final question. We will go to the line of Chris Brendler from Rosenblatt. Chris, good morning. Please go ahead and unmute. Hey, thanks so much. And congrats on the results. Fantastic. I wanted to just ask a quick question since we're running a little long here on the mining gross margin. It seemed like a nice sequential improvement. I'm calculating here, obviously, the Paraguay coming online, but it feels like that was only a partial quarter of impact. Can you give us any sort of sense on how much the mining margin can improve in the fiscal first quarter as you fully ramp the site and maybe a little bit of an outlook for the rest of or the beginning, I guess, of fiscal 2026? Because you got a lot of low-cost power coming online. I've assumed more efficient machines as well. And we've also seen a recent improvement in the network HASH rate. So any color there would be great. Thanks. Yeah, totally. Great question, Chris. Actually, I did comment on this in a press release not too long ago. It was sort of in my quote section. It is a really, really good question because it sort of highlights the improving fleet efficiency. This quarter, right? Again, I am extremely proud of the team. I was so thrilled when I went down to Paraguay a couple of weeks ago to see the completed first 100 MW. Just everyone—and by the way, thanks to everyone. Great show. I think we had like 60 people dial into this call. I know all the analysts that follow the story so closely and have such deep insights. As you guys all know, we brought on 5 EH/s five weeks in a row, right? It was extremely momentous. To that end, all of that HASH rate growth is in the last five weeks. That is all in this quarter, right? Two things. First of all, the fleet efficiency, a big portion of that 5 EH/s was S21+ air-cooled units at 16.5 J/TH, right? Our global efficiency for this current quarter is now 20 J/TH. That will drop down to 18.4 J/TH when phase two comes online, and then 17.5 J/TH when phase three is completed this fall. You are having this graduated improvement because the hydros that we are bringing online in phase two, phase two is going to be all S21+ Hyd. By the way, I think we put some really nice photos in the recent press release that commemorates 11 EH/s. Those containers are on site now, and they are being installed, which is super exciting. That will all be 15 J/TH hydros. The hydros are more efficient. The air-cooled hydros are 15 J/TH. S21+ air-cooled are 16.5 J/TH. As we bring those hydros online, that is what continues to improve the overall global fleet efficiency. We will land—it is actually closer to 17.3, but just put 17.5 in your model to be conservative. Yeah, if you go from—I believe we were coming in about 22, 23, coming into this quarter, right? Bringing on all those S21+ areas gets us to 20. That in and of itself, sort of from period end March 31 to period end June, right, quarter to quarter, is a 10% improvement in 10-15%, I guess, improvement in efficiency, right? With power costs, we are actually seeing really, really good power in New Brunswick. Interim spot pricing was as low as CAD 0.02 on some days. Now, New Brunswick is 70 MW. Half of that is fixed, and half of that is spot. I am anticipating—and we have commented that spot prices in New Brunswick have been attractive. I think we are looking forward to better energy prices as well. I do not want to put a number on it, but I can comment, of course, on the efficiency. I mean, we have disclosed all that. I think directionally, with Paraguay coming online and spot prices generally being more attractive in the summer compared to the winter historically, it is going to be—I am looking forward to a good quarter. As you noted, difficulty is dropping, which is nice. Definitely, everybody likes that. Yeah, it's looking good, Chris. Yeah. Looking forward to it. It's going to be interesting to see how much it improves in that fiscal first quarter. Thanks so much. Congrats again. You bet. Thank you. Thank you, Chris. That concludes our Q&A session and our Q4 and Full Year 2025 Earnings Call. Thank you, everyone, for joining. We look forward to speaking to you again soon.