Slides
Page 1
Q1 F2026 Results Webcast Year Ended June 30, 2025
Page 2
In this presentation, “HIVE” or the “Company” refers to HIVE Digital Technologies Ltd (TSX.V: HIVE | NASDAQ: HIVE). Currency: All amounts are in US dollars, unless otherwise indicated. Forward Looking Information. Except for the statements of historical fact, this presentation contains “forward-looking information” within the meaning of applicable Canadian and U.S. securities regulations. These forward- looking statements are based on expectations, estimates and assumptions as at the date of this presentation. “Forward-looking information” in this presentation includes information about potential cost reduction and expansion plans and potential capacity; anticipated increase in blockchain spending; the effects of COVID-19; the use of DeFi applications and their potential relevance to the Company’s profitability; electric power costs and contracts; the potential for the Company’s long term growth; the business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the Company. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the efficiencies expected to be obtained through recent investment in equipment may not lead to operational advantages, cost reductions or profitability; the cost of electricity in the markets where our facilities are located; the realization of results of from capital improvements and expansion; the volatility of the digital currency market applicable to the coins we mine and the digital currency market in general; the Company’s ability to successfully and profitably mine digital currency at competitive levels; the Company’s ability to profitably liquidate its digital currency inventory; a decline in digital currency prices; the implementation of the Company’s plans to develop a high performance computer business; and other market factors that may have a significant negative impact on the Company’s operations. Risks related to making an investment in the Company are more fully set out in the Company’s continuous disclosure filings at www.sedarplus.ca and www.sec.gov/edgar. The Company’s quarterly and annual filings, as well as its registration statements and prospectuses, in particular contain sections entitled “Risk Factors.” This presentation also contains the Company’s “financial outlook” in the form of gross mining margins, which is intended to provide additional information, only, and may not be an appropriate or accurate prediction of future performance and should not be used as such. The gross mining margins disclosed in this presentation are based on the assumptions disclosed in this presentation and the Company’s continuous disclosure filings at www.sedar.com and www.sec.gov/edgar. These assumptions are based upon management’s best estimates which may include estimates that are based upon management’s predictions and/or statements which may include assumptions that are speculative. There is no guarantee that such assumptions and estimates will prove to be correct or indicative of future results. If our assumptions prove to be erroneous or inaccurate, our results of operations could be materially negatively impacted. Throughout this presentation, the Company also has assumed that no significant events occur outside of the Company's normal course of business that could materially affect our business or operations. Such events include the possibility of significant changes in the regulatory environment applicable to crypto currencies and crypto-mining throughout the world, but especially in the United States, Canada, Sweden and other countries in which we have, or may develop, operating facilities. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements inherently involve unknown risk. Consequently, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Prior to our annual report for the twelve-month period ended March 31, 2025, we presented financial information using International Financial Reporting Standards (“IFRS”). With the preparation of our annual report for the twelve months ended March 31, 2025, we commenced reporting under U.S. Generally Accepted Accounting Principles (“GAAP”). To supplement our consolidated financial statements, whether presented using IFRS or GAAP, the Company uses certain non-IFRS/non-GAAP financial measures, including, for example, Gross Operating Margin and Adjusted EBITDA, which exclude certain non-cash items such as depreciation. The Company believes that [Gross Operating Margin] provides useful information to investors as it offers additional insight into the Company's operational performance by excluding items that are not indicative of its core business results. These measures do not have any standardized meaning prescribed under IFRS or GAAP, and therefore may not be comparable to other issuers. Reconciliations to nearest IFRS measures, and more recently GAAP measures, are included in the Company’s continuous disclosure filings at www.sedarplus.ca and www.sec.gov/edgar. Disclosures 2
Page 3
3 Today’s Presenters Frank Holmes Executive Chairman Aydin Kilic President & CEO Darcy Daubaras CFO Nathan Fast Director of Marketing and Branding Craig Tavares President & COO, BUZZ HPC
Page 4
4 MACRO RECAP
Page 5
Standard Deviation For One Year, as of June 30, 2025 One-Day Ten-Day S&P 500 ±1% ±3% Gold Bullion ±1% ±3% Bitcoin ±3% ±7% Nvidia ±4% ±10% Tesla ±5% ±15% HIVE Digital Technologies Ltd. ±5% ±16% Strategy ±6% ±18% DNA Of Volatility Understanding Risk Source: Bloomberg, HIVE Digital Technologies LTD | 5
Page 6
HIVE’s FUTURE HASHRATE GROWTH 6 15 EH/s 25 EH/s Today Nov-2025 Source: Company Reports Fleet Upgrade and 300 MW Paraguay Expansion Underway
Page 7
Yguazú, Paraguay Measuring Momentum: Comparing Q1 2026 to Full-Year 2025 Annual (12 months) Gross Revenue $115.3 Million Adjusted EBITDA $56.2 Million Gross Operating Income $25.1 Million Quarterly (3 months) Gross Revenue $45.6 Million Adjusted EBITDA $44.6 Million Gross Operating Income $15.8 Million
Page 8
Yguazú, Paraguay Potential Future Run Rate: Quarterly Projections Based on Past 4 Quarters Potential Annual (12 months) Gross Revenue $182 Million Adjusted EBITDA $178 Million Gross Operating Income $63 Million
Page 9
Largest Non-Cash Items For HIVE Comparing Q1 2026 to Full-Year 2025 Yguazú, Paraguay Quarterly (3 months) Revaluation of Digital Assets $23.2 million Depreciation/Amortization ($22.0 million) Annual (12 months) Revaluation of Digital Assets $33.7 million Depreciation/Amortization ($64.5 million)
Page 10
HIVE Surpasses 15 EH/s of Bitcoin Hashrate as Advancement in Paraguay Accelerates Yguazú, Paraguay 10
Page 11
SCALING HASHRATE WITH DISCIPLINE… 4 EH/S HYDRO ONLINE Yguazú, Paraguay 11
Page 12
Building the Buzz: Milestones That Matter Deepening Roots In Paraguay With Lasting Social Impact Creating Local Jobs 300 Jobs Lighting the Streets of Valenzuela 14 Blocks Building a Brighter Future Cooling Rural Classrooms Uplifting the Community Spirit Backing the Local Soccer Team
Page 13
Social Impact Investing: Building A Brighter Future In Paraguay
Page 14
Social Impact Investing: Building A Brighter Future In Paraguay
Page 15
Toronto’s City Proper Has A Larger Population Than Chicago
Page 16
The Intellectual Center of Ai
Page 17
-GEOFFREY HINTON, PHD NOBEL PRIZE WINNER 2024, UNIVERSITY OF TORONTO “The Genius Of Ai,” “Artificial intelligences have developed consciousness, and could one day, take over the world.”
Page 18
BUZZ HPC DATA CENTER IN TORONTO Toronto, Canada
Page 19
Alternative Assets in 401(k)s (August) Strategic Bitcoin Reserve and Digital Asset Stockpile (March) DOJ Shifts Crypto Enforcement Focus (April) Banks Encouraged to Engage with Digital Assets (Q2 2025) Trump Administration: Recent Crypto Policy Highlights
Page 20
Genius Act – Stablecoin Regulation 401(k) Executive Order – Retirement Plan Access Texas Strategic Bitcoin Reserve RFIA Draft – Commodity Classification CLARITY Act – CFTC Oversight Anti-CBDC Act – Decentralization Protection Trump Administration: Policy Tailwind Flow for Bitcoin Mining Ecosystem
Page 21
Price is what you pay, value is what you get Warren Buffett Investors should focus on a company’s intrinsic value—its true worth based on future cash flows, competitive edge, and business quality.
Page 22
Profiled On Forbes: Frank Holmes Discusses Record Stock Buybacks
Page 23
Research Analyst Coverage on HIVE Average Price Target $6 - $8
Page 24
Unlocking Value: What Recent Deals Say About HIVE’s Worth
Page 25
HIVE Valuation Multiples Vs. Datacenter Peers Valuation Benchmark¹ EV/Sales (NTM) EV/EBIDTA (NTM) HIVE 1.5x 3.2x Datacenter Peers Average² 9.0x 21.7x 1 EV/Sales and EV/EBIDTA next-twelve-month estimates per koyfin.com 2 Datacenter peers average includes: Equinix (EQIX), Digital Reality Trust (DLR) and Vertiv (VRT)
Page 26
Stargate Unveiled: The Development of $500 Billion AI Megaproject Abilene, Texas
Page 27
EXECUTIVE UPDATE 27
Page 28
FQ1’26 Highlights 28 1 As of June 2025. 2 ROIC methodology: Numerator is Adjusted EBITDA excluding BTC FV MTM. Denominator is average invested capital for the period using beginning and ending quarter balance sheet amounts, defined as Total Liabilities plus Stockholders’ Equity minus Cash and Cash Equivalents, and the FV of Bitcoin and/or other digital assets held on balance sheet date. $45.6M Total Revenue $40.8M Bitcoin Mining Revenue $4.8M HPC/AI Revenue $15.8M Gross Operating Margin $44.6M Adj. EBITDA 435 Bitcoin in Treasury1 15% TTM ROIC2 $35.0M Net Income
Page 29
29 Bitcoin Mining Yguazú, Paraguay 1 ROIC methodology: Numerator is Adjusted EBITDA excluding BTC FV MTM. Denominator is average invested capital for the period usin g beginning and ending quarter balance sheet amounts, defined as Total Liabilities plus Stockholders’ Equity minus Cash and Cash Equivalents, and the FV of Bitcoin and/or other digital assets held on balance sheet date. Aug 2025 $315MM ARR with 7.5 BTC mined daily with 15 EH/s Pioneer with 440 MW global green energy for Bitcoin mining Q1 2026 $180M ARR with 4.5 BTC mined daily with 8.7 EH/s Average Disciplined capital allocation optimized for cash ROIC1 Lowest industry SG&A per Bitcoin mined & Best-in-class uptime & efficiency
Page 30
300 MW Paraguay Expansion 100% Green, Hydro-electricity 30 Yguazú, Paraguay Phased Development Plan: • 1st 100 MW: Completed at Yguazú • (5 EH/s operating today) • 2nd 100 MW: 6.5 EH/s Completion by August 2025 at Yguazú • (4.5 EH/s operating today) • 3rd 100 MW: 6.5 EH/s Completion by Q4 2025 at Valenzuela • (ASICs installed started Sept 2025) • 4x hashrate growth this year from 6 to 25 EH/s with ~17.5 J/TH global fleet efficiency by Q4 2025 • 6.5 EH/s operating in Canada and Sweden • Over 15 EH/s installed and operating globally • Fully funded and paid with ASIC delivery schedule set for 25 EH/s
Page 31
6.0 EH/s 15.0 EH/s 18.0 EH/s¹ 25.0 EH/s² Feb '25 Today CQ3 '25 CQ4 '25 HIVE’s Hashrate Growth Profile Fleet upgrade and 300 MW Paraguay expansion underway 31 4x 1 Assumes 2nd phase 100 MW Paraguay expansion at Yguazu fully operational 2 Assumes 100 MW Paraguay expansion at Valenzuela fully operational and new air-cooled ASICs installed for Phase 1 Paraguay 3 Estimated Source: Company Reports ~17.5 J/TH Efficiency 19.0 J/TH Efficiency ~18.4 J/TH Efficiency 22.0 J/TH Efficiency $315M ARR $400M ARR3 $550M ARR3 $60 Hashprice
Page 32
32 Two Major Catalysts to Come… Target: Aug 2025 18 EH/s Mining 340 MW Operating 9 BTC per Day Target: Nov 2025 25 EH/s Mining 440 MW Operating 12 BTC per Day Assuming current difficulty *Estimates Based on Current Difficulty and Network Transaction Fees
Page 33
15.0 EH/s 18.0 EH/s2 25.0 EH/s¹ Today CQ3 '25 CQ4 '25 HIVE’s Margin Growth Expanding margins with each additional EH/s 33 1 Assumes 2nd phase 100 MW Paraguay expansion at Yguazu fully operational 2 Assumes 100 MW Paraguay expansion at Valenzuela fully operational and new air-cooled ASICs installed for Phase 1 Paraguay 3 Estimated Source: Company Reports $325M ARR $390M ARR3 $545M ARR3 $190M MM $60 Hashprice Scenario $230M MM3 $335M MM3 MM = Mining Margin ARR = Annualized Running Revenue ~17.5 J/TH Efficiency 19.0 J/TH Efficiency ~18.4 J/TH Efficiency
Page 34
Scenario Annualized Mining Margin at 25 EH/s 1Assumes electrical cost of $0.05 KWHR. Does not include SG&A costs. 2 Assumes 2.8% of global network hashrate of ~900 EH/s and 126T network difficulty 34 CQ4’25 CQ4’25 CQ4’25 BTC Price Scenario $100K $125K $150K Hashprice $49 HP $61 HP $73 HP Daily Revenue $1.2M $1.5M $1.8M Bitcoin Mined per Day2 12.2 12.2 12.2 Efficiency 17.5 J/TH 17.5 J/TH 17.5 J/TH Direct Cost to Produce a Bitcoin1 $47K $47K $47K Mining Margin per Bitcoin $53K $78K $103K Daily Mining Margin $640k $945k $1,250k Annualized Mining Margin ~$233M ~$345M ~$455M
Page 35
Forward-looking Growth Opportunity Percent Growth of EH/s (July 31 to December 31st, 2025) Source: Company Reports 1 Estimated MARA EH/s by Q3’25 from Cantor analyst Brett Knoblauch 35 67% 10% 8% 7% 5% 0% 0% 0% 10% 20% 30% 40% 50% 60% 70% HIVE MARA BITF RIOT CIFR CLSK IREN
Page 36
Differentiated Growth Strategy 36 • Disciplined capital allocation prioritizing cash ROIC1 • Bitcoin Mining Strategy – 435 held as of June’25 • Prudent, stable growth across cycles – mined 406 BTC for FQ1’26 • Highest EV to Bitcoin Mined & Most Attractive EV to Adjusted EBITDA • 15.1 EHs realized July 2025 - $315M ARR Bitcoin Mining, 7.5 BTC / Day • Long-term target 2.8% of global hashrate and 25.0 EH/s by Q4’25 • Vertically integrated T3 datacenter for private GPU cloud services in HPC and generative AI • 5,000+ Nvidia GPUs performing AI workloads in Canada and Sweden • Nvidia Cloud Partner (NCP): Preferred Nvidia AI 1 ROIC methodology: Numerator is Adjusted EBITDA excluding BTC FV MTM. Denominator is average invested capital for the period usin g beginning and ending quarter balance sheet amounts, defined as Total Liabilities plus Stockholders’ Equity minus Cash and Cash Equivalents, and the FV of Bitcoin and/or other digital assets held on balance sheet date.
Page 37
Capital Allocation Optimized for ROIC Best-In- Class ROIC Lowest Corporate G&A Slower Upgrade Cycle Best-In- Class Uptime Lowest Cost Spot ASIC Fleet Disciplined Capital Allocation 37
Page 38
15.3% 11.2% 9.5% 7.3% 3.5% 2.2% 1.9% 0.5% HIVE CLSK BITF CIFR CORZ RIOT HUT8 MARA Leading ROIC Disciplined capex on infrastructure and ASICs will result in strong ROIC at scale at 25 EH/s Cash Return on Invested Capital1 - TTM Q2 F2025 - Q1 F2026 (Companies that have reported for June 30, 2025) 38 1 ROIC methodology: Numerator is Adjusted EBITDA excluding BTC FV MTM. Denominator is average invested capital for the period usin g beginning and ending quarter balance sheet amounts, defined as Total Liabilities plus Stockholders’ Equity minus Cash and Cash Equivalents, and the FV of Bit coin and/or other digital assets held on balance sheet date.
Page 39
12.6% 15.8% 19.6% 20.8% 22.9% 29.9% 41.7% 54.5% HIVE CLSK MARA CIFR BITF RIOT CORZ HUT8 Leading ROIC Disciplined capex on infrastructure and ASICs will result in strong ROIC at scale at 25 EH/s 39 HIVE: Lowest SG&A1 In The Industry Q1 F2026 1 CASH SG&A: Numerator is Selling, General & Administrative, Research & Development expenses excluding Stock Based Compensation. D enominator is the Total Revenue for the company for the quarter
Page 40
Global 100% Green Energy Datacenter Footprint Largest Bitcoin Miner in South America Bitcoin Mining HPC/AI Location Installed Hash Pipeline Hash MW Capacity Status New Brunswick, Canada 3.2 EH/s 3.2 EH/s 65 MW Online Lachute, Canada 1.4 EH/s 1.4 EH/s 35 MW Online Sweden 1.9 EH/s 1.9 EH/s 40 MW Online Yguazú Phase 1 5.0 EH/s 5.5 EH/s1 100 MW Online Yguazú Phase 2 4.3 EH/s 6.5 EH/s 100 MW CQ3 2025 Valenzuela - 6.5 EH/s 100 MW CQ4 2025 Total 15.8 EH/s 25.0 EH/s 440 MW Tier 3 Datacenters Utilized Stockholm, Sweden 0.8 MW Montreal, Canada 1.4 MW Toronto, Canada2 5.5 MW Total 7.7 MW 40 1 Additional 0.5 EH/s from air-cooled machine upgrade, estimated CQ4’25 into CQ1’26. 2 Binding Purchase Agreement Signed and Announced 3.5x growth HPC footprint
Page 41
Buzz HPC Operating at Scale Today! Proven Experience with Clusters in Canada and Sweden Growth stage achieved, launched one of Canada’s first super compute H200 clusters in Quebec Unique domestic and global sales model with over 10,000 monthly unique accounts through partner networks Launching the latest generation of Nvidia GPUs Enterprise tech stack with sustainable compute Developing high density, liquid cooled tier 3 datacenters
Page 42
GPUs for AI Compute + Tier 3 HPC Data Center Colo 504 Nvidia H200 GPUs With InfiniBand 344 Nvidia H100 GPUs 4,000 Nvidia A-Series GPUs Feb 2025: $13M ARR May 2025: $20M ARR 2026: $100M ARR Source: Company Reports HIVE’s HPC Strategy and AI Vision for Growth HIVE’s Potential – AI Strategy 42
Page 43
HIVE’s Valuation Gap Signals Opportunity Current Valuation Multiple, As of August 8th, 2025 Source: Company Reports Market Cap1 $FV of HODL2 Enterprise Value3 EH/s July 20254 Value per July 2025 EH/s5 $475 $51 $434 15.1 $29 $4,460 $0 $4,598 50.0 $92 $1,870 $143 $1,832 20.4 $90 $4,100 $2,257 $2,426 35.5 $68 $2,830 $1,486 $2,130 50.0 $43 $5,700 $5,925 $2,266 58.9 $38 ¹Market cap as of 8/8/25 2$FV of HODL value as of 8/8/25 ($117K BTC) and BTC HODL as of 7/31/25 from July Monthly Production Updates; Hive BTC HODL as of 6/30/2025 from FYQ1’2026 10Q reports 3Enterprise Value = Market Cap + 6/30/25 Total Debt – 6/30/25 Cash - $FV of HODL calc; IREN Total Debt and Cash as of 3/31/35 4EH/s as of 7/31/25 from July Monthly Production Updates 5Value per EH/s = EV / EH/s 43 ($M) Peer average multiple: $66 HIVE EV at peer average multiple: $1,000M
Page 44
HIVE’s Forward Valuation Gap Signals Opportunity Future Valuation Multiple, As of August 8th, 2025 Source: Company Reports Market Cap1 $FV of HODL2 Enterprise Value3 Proj. EH/s CY4Q25 Value per CY4Q25 EH/s4 $475 $51 $434 25.0 $17 $4,460 $0 $4,598 50.0 $92 $1,870 $143 $1,832 21.5 $85 $4,100 $2,257 $2,426 38.0 $64 $2,830 $1,486 $2,130 50.0 $43 $5,700 $5,925 $2,266 64.65 $35 ¹Market cap as of 8/8/25 2$FV of HODL value as of 8/8/25 ($117K BTC) and BTC HODL as of 7/31/25 from July Monthly Production Updates; Hive BTC HODL as of 6/30/2025 from FYQ1’2026 10Q reports 3Enterprise Value = Market Cap + 6/30/25 Total Debt – 6/30/25 Cash - $FV of HODL calc; IREN Total Debt and Cash as of 3/31/35 4Value per EH/s = EV / Proj. EH/s 5 Estimated MARA EH/s by Q3’25 from Cantor analyst Brett Knoblauch 44 Peer average multiple: $64 HIVE EV at peer average multiple: $1,593M ($M)
Page 45
FINANCIAL RESULTS 45
Page 46
Tickers: TSX.V: HIVE Nasdaq: HIVE German Exchange: VO0.F Issued and Outstanding Basic Common Shares: 204.3M Warrants: 3.2M Options: 2.7M RSUs: 9.9M *As of June 30, 2025. Shareholder Data Based On Public Filings 46
Page 47
Q1 F2026 Financial Results $44.6M Adjusted EBITDA $45.6M Revenue 406 Bitcoin (Equivalent) Produced 47
Page 48
$24.6M Cash on Hand $47.3M Digital Currencies $34.5M Amounts Receivable & Prepaids $180.6M Total Current Assets $33.7M Investments $52.8M Total Current Liabilities Healthy Balance Sheet ($M, as of June 30, 2025) Funding operations through sale of coins and ATM proceeds Source: Company Reports | 4848
Page 49
$10.7 $15.8 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Q1 F2025 Q1 F2026 BASIC INCOME (LOSS) PER SHARE: Positive Gross Operating Margin1 YoY JUN-2024 JUN-2025 Three Months ended June 30 2025 2024 $0.19 ($0.17) 49 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation) Gross Operating Margin ($M) YoY (Q1 F2025 – Q1 F2026)
Page 50
Revenue ($M) Gross Operating Margin ($M) Revenue and Gross Operating Margin1 YoY YoY (Q1 F2025 – Q1 F2026) $32.2 $45.6 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 Q1 F2025 Q1 F2026 $10.7 $15.8 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Q1 F2025 Q1 F2026 JUN-2024 JUN-2025 JUN-2024 JUN-2025 33% Gross Op Margin 35% Gross Op Margin 50 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation)
Page 51
Revenue and Gross Operating Margin1 QoQ QoQ (Q4 F2025 – Q1 F2026) $31.2 $45.6 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 Q4 F2025 Q1 F2026 $8.8 $15.8 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Q4 F2025 Q1 F2026 28% Gross Op Margin 35% Gross Op Margin 51 MAR-2024 JUN-2025 MAR-2024 JUN-2025 Revenue ($M) Gross Operating Margin ($M) 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation)
Page 52
Financial Metrics: Earnings YoY (Q1 F2025 – Q1 F2026) $(18.3) $35.0 -$30 -$20 -$10 $0 $10 $20 $30 $40 Q1 F2025 Q1 F2026 -$8.0 $44.6 -$20 -$10 $0 $10 $20 $30 $40 $50 Q1 F2025 Q1 F2026 52 Adjusted EBITDA, ($M) Net Income (Loss), ($M) JUN-2024 JUN-2025 JUN-2024 JUN-2025
Page 53
Financial Metrics: Earnings QoQ (Q4 F2025– Q1 F2026) $(52.9) $35.0 -$60 -$50 -$40 -$30 -$20 -$10 $0 $10 $20 $30 $40 Q4 F2025 Q1 F2026 -$30.7 $44.6 -$40 -$30 -$20 -$10 $0 $10 $20 $30 $40 $50 Q4 F2025 Q1 F2026 53 Adjusted EBITDA, ($M) Net Income (Loss), ($M) MAR-2024 JUN-2025 MAR-2024 JUN-2025
Page 54
54 CRAIG TAVARES PRESIDENT & COO, BUZZ HPC Paris Blockchain Week
Page 55
Who is BUZZ HPC? Proven Experience with GPU Clusters at Scale 55 Proven GPU Cloud Operator Legacy of operating over 135,000 GPUs and HPC Data Center with AI Clusters in Quebec and Sweden powered by renewable energy for several years Capabilities Buzz provides high performance GPU clusters and managed AI services at a fraction of the price of hyperscale cloud providers whilst reducing annual carbon emissions Sovereign AI Cloud and Data Center Provider Buzz High Performance Computing is a subsidiary of Hive Digital Technologies (TSX: HIVE). Buzz provides a purpose-built Sovereign AI cloud service in vertically integrated data centers BUZZ HPC
Page 56
BUZZ HPC Overview Data Center Locations GPU Clusters AI Cloud Services Over $20M ARR Over 5000 GPUs - Ampere, Hopper and Blackwell (Q4) Purpose built AI Cloud with managed services and Agentic Refinery Scaling to $100M ARR, supported by on-demand and term-based contracts globally Canada: MTL-1, QC-1 TOR-1 (NEW) Sweden: SH-1, BO-1 (NEW)
Page 57
Buzz Go-To-Market Buzz delivers a local touch with a global reach 57 Sovereign: Secure and compliant for start-ups to enterprise to government Scalable: Leverage our own power and land but also partner in key markets Solution Oriented: Offer differentiated enterprise AI services with SLAs Sustainable: Buzz Green GPUs – Renewable energy, low PUE DC’s 01 02 03 04
Page 58
Managed Kubernetes | Virtual Machines | Slurm | Custom Bare Metal Nvidia InfiniBand Clusters + VAST Data Storage Buzz HPC Secured Enterprise Platform Tier 3+ Green Data Centers in Canada and Sweden Data Prep Training Tuning Inference AI Development Made Simple Buzz’s AI Cloud has the tools to build AI! Managed AI Solutions and Custom Endpoints Agentic RF
Page 59
Sovereign AI Cloud and Data Center Provider Our Infrastructure Existing Tier 3+ data centers in Quebec and Stockholm 7 MW+ Toronto-1 re- development to Tier 3 Hyperscale green field development Sweden, Boden site re-development to Tier 3 Existing Facility New Development
Page 60
Buzz HPC Operating at Scale Today! Proven Experience with Clusters in Canada and Sweden Growth stage achieved, launched one of Canada’s first super compute H200 clusters in Quebec Unique domestic and global sales model with over 10,000 monthly unique accounts through partner networks Launching the latest generation of Nvidia GPUs Enterprise tech stack with sustainable compute Developing high density, liquid cooled tier 3 datacenters
Page 61
Appendix 61
Page 62
Income Statement – FQ1’26 In thousands of US dollars (unaudited) 62Source: Company Reports
Page 63
Balance Sheet – June 30, 2025 In thousands of US dollars (unaudited) 63Source: Company Reports
Page 64
Cash Flows – FQ1’26 In thousands of US dollars (unaudited) 64Source: Company Reports
Page 65
Source: Company Reports Adjusted EBITDA Reconciliation The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities. EBITDA is net income or loss from operations, as reported in profit and loss, before finance income and expense, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for by removing other non-cash items, including share-based compensation, non-cash effect of the revaluation of digital currencies and one- time transactions. The following table provides illustration of the calculation of EBITDA and Adjusted EBITDA for the last five quarters: In thousands of US dollars (unaudited) 65Source: Company Reports
Page 66
Follow HIVE on Social Media @HIVEDigitalTech @hivedigitaltechnologies @HIVEDigitalTech Visit our website at www.hivedigitaltechnologies.com 66