Slides
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Q1 F2027 Results Webcast Quarter Ended June 30, 2026
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In this presentation, “HIVE” or the “Company” refers to HIVE Digital Technologies Ltd (TSX: 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; 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.sedarplus.ca 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, 2026, 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
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3 FRANK HOLMES’ MACRO RECAP Frank Holmes, Executive Chairman
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Standard Deviation for One Year, as of June 30, 2026 One-Day Ten-Day S&P 500 ±1% ±2% Gold Bullion ±2% ±5% Nvidia ±2% ±6% Bitcoin ±3% ±8% CoreWeave ±6% ±18% HIVE Digital Technologies Ltd. ±6% ±23% DNA of Volatility Understanding Risk Source: Bloomberg, HIVE Digital Technologies LTD | 4
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Leadership Team 5 Frank Holmes Executive Chairman Aydin Kilic President & CEO Darcy Daubaras CFO Gabriel Ibghy General Counsel Johanna Thörnblad Sweden Country President Craig Tavares President & COO, BUZZ HPC Gabriel Lamas Paraguay Country President
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~5,000 miles distance HIVE Operates In 9 Time Zones & 5 Languages. ~5,000 miles distance
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HIVE USES GREEN ENERGY CANADA, SWEDEN AND PARAGUAY Low Electricity Cost Low Temperatures Fast Internet Connection Paraguay
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HIVE’s Top Institutional Shareholders 4.97% 4.91% 2.71% 2.28% 1.95% Percentage of Shares Outstanding as of 6/30/2026 Source: Bloomberg, HIVE Digital Technologies Invesco Citadel Advisors Millennium Management LLC Two Sigma Investments The Charles Schwab Corporation
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HIVE’s Stock Rises Above The 50-Day Moving Average Stock Price in USD Source: Bloomberg, HIVE Digital Technologies HIVE Announces $115 Million of 0% Exchangeable Senior Notes - April 21st HIVE’s BUZZ HPC Announces 320 MW Sovereign AI Infrastructure in Greater Toronto Area – May 18th Announces Up- Listing to TSX - May 7th BUZZ HPC Closes USD $220M Sovereign AI GPU Contract with Bell AI Fabric for Cohere Inc. – June 18th
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HIVE Climbs Past Bitcoin Total Return Feb. 27, 2026 – June 30, 2026 Past performance is no guarantee of future results Source: Bloomberg, HIVE Digital Technologies
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21 Apr 2026
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10 EH/s 12 EH/s 14 EH/s 16 EH/s 18 EH/s 20 EH/s 22 EH/s 24 EH/s 26 EH/s $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 06-30-2025 09-28-2025 12-27-2025 03-27-2026 06-25-2026 BTCUSD Close Hive Average Operational Hashrate (EH/s) Scale to Manage Headwinds: Hashrate Up, Bitcoin Down Operational Hashrate Growth vs. Bitcoin Price Volatility
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Revenue Net Operating Income 1Net operating income calculated from Gross Operating Margin minus General and administrative expenses. QoQ Growth Revenue 10.2% Net Operating Income 86.4% $71.8 $79.1 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 FQ4‘26 FQ1'27 $8.1 $15.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 FQ4‘26 FQ1'27 19% Margin 11% Margin Looking Under the Hood of Non-Cash Line Items- QoQ QoQ: Revenue and Net Operating Income1
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$45.6 $79.1 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 FQ1‘26 FQ1'27 $10.1 $15.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 FQ1‘26 FQ1'27 Revenue Net Operating Income 1Net operating income calculated from Gross Operating Margin minus General and administrative expenses. YoY Growth Revenue 73.5% Net Operating Income 50.6% 19% Margin 22% Margin Looking Under the Hood of Non-Cash Line Items - YoY YoY: Revenue and Net Operating Income1
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– Frank Holmes, Executive Chairman HIVE Digital Technologies “The countries that win the AI race won't just produce the smartest engineers. They'll build the infrastructure to support them. Data centers are becoming as essential to economic growth as railroads were a century ago.”
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1921: Insulin discovered 1937: Pablum developed 1950: Pacemaker pioneered 1955: Polio vaccine breakthrough 1983: Successful lung transplant 1989: Cystic fibrosis gene Today: Global stem cell leader The Power of Medical Research in Toronto, Canada
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Today, Toronto is One of the World's Leading Centers for Ai-Powered Healthcare. Organizations like: • University Health Network (UHN) • SickKids • Princess Margaret Cancer Centre • Vector Institute • University of Toronto are using artificial intelligence to improve cancer diagnosis, drug discovery, medical imaging and precision medicine.
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1876: Telephone innovation 1938: Electron Microscope 1941: Anti-G G-Suit 2006: Deep Learning 2013: ETHEREUM The Power of Innovation in Toronto, Canada
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The Internet Backbone: AKA The Golden Triangle
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Canadian AI Ecosystem & BUZZ AI Factories Major AI Research Hubs and Sovereign AI Infrastructure in Ontario AI Research Institutes & Centers BUZZ AI Factories Birth place of Ethereum
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Vitalik Buterin The creator of Ethereum went to Waterloo University AKA the MIT of Toronto
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Semiconductor Stocks Have Doubled in a Year Figures combine equity, warrants, direct funding and loan facilities. Source: CATO Institute, U.S. Global Investors Philadelphia Semiconductor Index, Percent Change | 12-Month Period Through July 31, 2026 Past performance does not guarantee future results. It is not possible to invest in an index. Source: Bloomberg, U.S. Global Investors
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AI Data Centers Are Driving Demand for Lithium + Other Critical Metals Figures combine equity, warrants, direct funding and loan facilities. Source: CATO Institute, U.S. Global Investors Projected Growth in Demand by Percentage, 2024 – 2040 Source: UNCTAD, IEA, U.S. Global Investors 353% 131% 69% 35% 49% 28% Lithium Graphite Nickel Magnet Rare Earths Cobalt Copper
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Palantir: A Beneficiary of the AI Infrastructure Boom Stock Price In USD Source: UNCTAD, IEA, U.S. Global Investors
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Investment in U.S. Data Centers Billions of USD, Jan. 2021 – May 2026 Source: Census Bureau, Bureau of Economic Analysis, U.S. Global Investors
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The Central Bank of Paraguay (Banco Central del Paraguay) Now Recognizes Bitcoin as an Export
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You Cannot Transmit Electricity from Paraguay to New York, But You Can Send Ai Compute Power
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300 MW BUILT IN PARAGUAY — EXPANDING +100 MW ITAIPU DAM, PARAGUAY
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Land & Power — Building the Pipeline GIGA -FACTORY SITE 320 MW 25-acre acquisition complete BODEN, SWEDEN 32 MW Building Purchase $12M PARAGUAY SUBSTATION 100 MW IT-load substation build PECOS, TEXAS 500 MW LOI secured — 300 acres
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31 32 MW Boden Data Center Purchase $45M ARR Target | 25 MW IT Load | $450M TCV | H2 2027 GPU Legacy HIVE Operating Jurisdiction HIVE Invested In Community
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32 320 MW GTA Giga Factory $360M ARR Target | 320 MW | 100,000+ GPUs | ~CAD 3.5B capex | H1 2028 District Planning Civil Infra. Investment Hundreds of Skilled Jobs Sustainable Liquid Cooling Water Line Upgrades Roadway Improvements
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HIVE & BUZZ HPC Partnerships
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Expanding Industry Partnerships Mirko Bibic, President & CEO, Bell Canada Michael Dell, Founder & CEO, Dell Technologies Santiago Pena, President of Paraguay Santiago Pena, President of Paraguay Jensen Huang, President & CEO, NVIDIA
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FQ1’27 Financial Highlights — June 30, 2026 $79.1M TOTAL REVENUE +74% YoY · +10% QoQ $72.1M BITCOIN MINING REVENUE 1,004 BTC mined · avg. $71,682/BTC $7.1M HPC / AI REVENUE +52% QoQ · +47% YoY $24.2M GROSS OPERATING MARGIN 31% of revenue (ex-depreciation) $15.2M EARNINGS FROM OPERATIONS ¹ 19% of revenue · +86% QoQ $13.4M ADJUSTED EBITDA non-GAAP; see reconciliation 1. Net Operating Income (non-GAAP) = Gross Operating Margin − G&A. 2. FQ1’27 GAAP net loss $138.1M, driven by net charges and fair-value adjustments, primarily $84.7M provision, $53.7M depreciation, $7.1M of share-based compensation, and $7.1M change in fair value of derivatives. Figures per FQ1’27 interim financial statements (unaudited). $142.9M NET LOSS Net charges & fair-value adjustments 2 $84.7M + $53.7M PROVISION DEPRECIATION plus net non-cash expenses (SBC, derivatives, FX, digital currencies), partially offset by investment gains 36
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$45.6M $87.3M $93.1M $71.8M $79.1M $10.1M $34.6M $23.7M $8.1M $15.2M Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue & Earnings from Operations ($M) Revenue Earnings from Operations REVENUE · QoQ GROWTH +10% vs. $71.8M (Q4 FY26) REVENUE · YoY GROWTH +74% vs. $45.6M (Q1 FY26)* EARNINGS FROM OPS · QoQ GROWTH +86% vs. $8.1M (Q4 FY26) EARNINGS FROM OPS · YoY GROWTH +51% vs. $10.1M (Q1 FY26)* 37 Quarterly Financials — Q1 FY2027
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$40.8M $82.1M $88.2M $67.2M $72.1M $4.8M $5.2M $4.9M $4.6M $7.1M Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Revenue by Segment: BTC + HPC BTC HPC BTC MINING · QoQ GROWTH +7% vs. $67.2M (Q4 FY26) BTC MINING · YoY GROWTH +77% vs. $40.8M (Q1 FY26) HPC · QoQ GROWTH +52% vs. $4.6M (Q4 FY26) HPC · YoY GROWTH +47% vs. $4.8M (Q1 FY26) 38 Quarterly Financials — Q1 FY2027
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Q4 exit at $180M ARR; $500k/day HPC; Currently $750k/day BTC COHERE - SIGNED DEAL $75M ARR 3-year contract · 2,304 GB200 GPUs IG Tech Giant - SIGNED NEW DEAL $70M ARR 5-year contract · 2,016 GB300 GPUs $28M $35M $180M Q2 Exit Run-Rate Today Contracted ARR Progression ($M) Q2 Exit Run-Rate Today Contracted Q2 exit at $28M reflects B200 cluster going live in May; Run-rate Today is ~$97K/day 39 HPC/AI $180M Contracted ARR Achieved!
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$350M TOTAL CONTRACT VALUE 5-year term $70M ARR ADDED $110M → $180M ARR contracted 2,016 GB 300 NVL 72 GPUs NVIDIA Liquid Cooled Q4’26 TARGET DEPLOY Revenue online • Hosted at Bell’s Tier III facility, Merritt, BC — renewable-powered, ultra-low PUE • Capex light: funded from the June $130M 0% convertible; Lenovo Canadian-built GPU servers – leased to own • Takes signed GPU cloud ARR to $180M — targeting ~$200M by Q4 2026 Announced August 17, 2026; terms per executed agreement. ARR figures per management. Aug 2026: 5-year ~$350M contract with an Investment-Grade Hyperscaler 40 New Deal Announced! $350M TCV GPU Cloud - GB300
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• Large 2,000+ GPU clusters on 3–5 year contracts • NVIDIA GB200 and GB300 NVL72 platforms • Liquid-cooled Tier III data centers COHERE (GB200) $225M TCV · 3-year IG HYPERSCALER (GB300) $350M TCV · 5-year 2026 SIGNED $600M TCV = total contract value as announced. Cohere agreement contracted through Bell Canada. IG HyperScaler contract announced August 17, 2026. Delivering on our promises - three cluster deals signed in 2026 funded from the April and June converts + = GPU Cloud Contract Value $30M TCV · 2-year + BELL (B 200) 41 $600M TCV GPU Cloud Signed
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$245M TOTAL RAISED — 0% COUPON $200M Net Proceeds After Capped Call and Fees Senior exchangeable notes due 2031, issued under Rule 144A • 0% coupon — no cash interest burden • 125% capped calls purchased on both tranches — dilution neutralized up to the cap prices • Proceeds fund GPU fleet expansion + HPC buildout` APRIL 2026 — $115M DUE 2031 EXCHANGE PRICE $2.57 +17.5% vs $2.185 reference CAPPED CALL CEILING $4.92 +125% premium — dilution offset CAPPED CALL COST $19.8M 17.2% of deal size, funded from cash PRICED / CLOSED Apr 16 / Apr 21, 2026 144A senior notes JUNE 2026 — $130M DUE 2031 EXCHANGE PRICE $4.83 +27.5% vs $3.79 reference CAPPED CALL CEILING $8.53 +125% premium — dilution offset CAPPED CALL COST $15.7M 12.1% of deal size, funded from cash PRICED / CLOSED Jun 25 / Jun 30, 2026 144A senior notes Notes are exchangeable for HIVE common shares; the Company may settle in cash, shares, or a combination. Exchange rates subject to customary anti-dilution adjustments. Detail on each tranche follows. Two tranches · five-year maturities · capped calls limit dilution · no cash interest burden 42 $245M in 0% Coupon Exchangeable Notes
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FEB 2026 $30M B200 CLUSTER (LIVE) • 504 B200 GPUs 2-year contract Winnipeg Facility • Signed at $2.90/GPU-hr — 32% premium to $2.20 forecast • Added $15M ARR: $20M → $35M (+75%) JUN 2026 ~$220M GB200 / COHERE • 2,304 NVIDIA GB200 NVL72 at Bell’s Merritt, BC • 3-year sovereign AI contract · deploy Q4’26 • Added ~$75M ARR: $35M → $110M contracted CAPEX LIGHT • Bell Tier III data centers — renewable-powered, ultra-low PUE • Funded from the Apr’26 $115M 0% convertible + June’26 $130M 0% convertible • Hypertec Canadian-built GPU servers — OEM lease-to-own at single-digit rates $165M GB200 GPU cluster within the ~$220M contract value. ARR progression: $20M → $35M (Feb) → $110M (Jun, Cohere) → $180M (IG HyperScaler GB300). X AUG 2026 ~$350M GB300 / IGH • 2,016 NVIDIA GB300 NVL72 at Bell’s Merritt, BC • 5-year contract with Investment- Grade Hyperscaler · deploy Q4'26 • Adds ~$70M ARR: $110M → $180M contracted 43 NEW DEALX Bell AI Fabric: Rapid Expansion of Sovereign AI Cloud
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Deployment GPUs Status ARR Stockholm, Sweden 850 H100 / H200 Online $10M Quebec, Canada 4,200 A-Series Online $10M Manitoba, Canada 504 B200 Online $15M Cohere – Merritt, BC 2,304 GB200 Contracted - Q4'26 $75M IGH - Merritt, BC NEW DEAL 2,016 GB300 Contracted - Q4'26 $70M Contracted today $180M $35M live → $180M contracted → targeting ~$200M ARR by Q4 2026 Contracted GPU Cloud ARR Today: $180M 44 ~9,800 GPUs
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Q4 exit at $180M ARR; $500k/day HPC; Currently $750k/day BTC COHERE - SIGNED DEAL $75M ARR 3-year contract · 2,304 GB200 GPUs IG Tech Giant -SIGNED NEW DEAL $70M ARR 5-year contract · 2,016 GB300 GPUs SWEDISH IG - LOI SIGNED $45M ARR HPC Colo · 25 MW IT Load $28M $35M $180M $225M Q2 Exit Run-Rate Today Contracted Incl. Big Boden ARR Progression ($M) Q2 Exit Run-Rate Today Contracted Incl. Big Boden Q4 Target $500k per day GPU Cloud revenue 45 HPC/AI Interim Goal
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SIGNED TODAY ARR / basis Multiple Comp anchor Value ($M) GPU AI Cloud - signed $180M ARR 5.4x1 GPU median: 5.4x $972 HPC Colo - Boden lease3 $45M ARR 10.7x2 HPC median: 10.7x $482 Bitcoin Mining + BTC $275M ARR — MARA / CLSK $500 Signed-Contract EV $500M ARR 2.4x $815M EV $2B 1. GPU Cloud multiple: peer-group median on 2-year forward revenues (IREN, NBIS, CRWV, WYFI). 2. HPC Colo multiple: peer-group median on 2-year forward revenues (CIFR, WULF, HUT, APLD). 3. Once Boden Definitive Lease signed 46 Signed Contracts: $2Bn EV Near Term
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320 MW GIGA Factory Site TO 25 acres over 2 parcels closed and announced in May 2026 CONTRACTED ARR HPC/AI operational and contracted, ~10,500 GPUs by Q4 2026 THE BOTTOM LINE Including the Big Boden HPC colocation deal ($45M ARR potential), contracted and LOI ARR reaches $225M — well ahead of our $200M year-end target for HPC/AI. $45M ARR FOR HPC LEASE LOI signed with Swedish IG for Big Boden 25 MW IT $35M ARR RUN- RATE ARR TODAY ~$97K daily revenue with 6,000 GPUs active $180M ARR 47 Recent Milestones
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• HIVE’s original GPU super-site - operated 130,000 GPUs in the Ethereum mining era • HIVE operating since 2018 jurisdiction, Tier I data center operational + investments in community • Fit-test for Tier III complete; engineering design-build firm engaged for the last 9 months • Retrofit of existing data center = faster time to market · ~$200M capex to retrofit INDICATIVE COLO RATE $150/kW/mo 25 MW IT ⇒ $45M ARR LEASE LOI IG Swedish Off-Taker HPC ARR ADDITION $45M ARR Lease terms per non-binding LOI announced June 25, 2026; definitive agreement pending. ARR target assumes full 25 MW IT at indicative rate. $45M ARR target · 25 MW IT load · H2 2027 48 32 MW Boden Data Center Purchase
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Roadway improvements · infrastructure investment · hundreds of skilled jobs · sustainable liquid cooling ARR target = 240 MW IT × $150/kW/month; requires tenant lease execution (announced May 18, 2026; no tenant contracted to date). Capex ~CAD $3.5B; timeline H1 2028. $360M ARR target · 320 MW · 100,000+ GPUs · ~CAD $3.5B capex · H1 2028 • Anchor asset for BUZZ HPC: 320 MW utility capacity designed to operate 100,000+ GPUs • Land secured: 25 acres ≈ $58M total land cost with 320 MW power allocation • Toronto–Waterloo innovation corridor — University of Toronto, Vector Institute, Waterloo engineering ecosystem • Ontario clean grid ~90%+ renewable; closed-loop cooling, zero water design, <1.3 PUE target • Sovereign AI thesis: Canadian-controlled compute under Canadian governance 49 320 MW GTA Giga Factory
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Dual Engines: $850k Daily Today BTC MINING • ~$750k/Day mining revenue ARR: $275M ^ 11.8 BTC mined/day • 24.0 EH/s operational 16.0 J/TH 25.3 EH/s installed HPC / AI • $97k/Day HPC revenue today • ARR: $35M • 5,500 GPUs Based on Q2 Financials COGS and SG&A = $62.9M or approx. $690k per day global cost 50
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Dual Engines: ARR Q4 Outlook BTC MINING • $750k/Day+ mining revenue ARR: $275M ^ 11.8 BTC/Day • 24 EH/s average operational Subject to Hashprice • 60% of Global Revenue HPC / AI • $500k/Day HPC Q4 ARR $180M contracted GPU Cloud • With ~10,500 GPUs • 40% of Global Revenue • As of Aug 10, 2026. Contracted ARR of $180M = $35M live + $75M Cohere GB200 + $70M IG HyperScaler GB300 51
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Power is the scarcest asset in AI infrastructure. HIVE has 860 MW secured. Location MW Status Power Use New Brunswick, Canada 70 MW Active BTC -> HPC Lachute, Canada 30 MW Active BTC Mining Sweden 40 MW Active BTC -> HPC Valenzuela 100 MW Active BTC Mining Yguazú Phase 1 100 MW Active BTC Mining Yguazú Phase 2 100 MW Active 440 MW Active Yguazú Phase 3 100 MW Q4 2026 (HPC potential) GTA Giga, Canada 320 MW H1’28 HPC / AI 860 MW Contracted Global MW Capacity HPC Bitcoin Mining 52 Canada 420 MW Sweden 40 MW Paraguay 400 MW 440 MW HPC Tier III Data Centre Conversion HIVE Global Power Footprint: 860 MW
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GPU CLOUD GPUs STATUS ARR Stockholm, Sweden 850 H100/H200 Online $10M Quebec, Canada 4,200 A-Series Online $10M Manitoba, Canada 504 B200 Online $15M BC, Canada 2,304 GB200 Q4’26 $75M BC, Canada 2,016 GB300 Q4’26 $70M Quebec, Canada 504 B300 Q4’26 $20M 2026 TARGETS ~10,500 GPUs ~$200M HPC COLO POWER / IT STATUS ARR Toronto, Canada 7 MW / 5 MW 2027 $8M L. Boden, Sweden 7 MW / 5 MW 2027 $7M B. Boden, Sweden 32 MW / 25 MW 2027 $45M NB, Canada 70 MW / 50 MW 2027 $85M GTA Giga, Canada 320 MW / 240 MW H1’28 $360M HPC TARGETS 436 MW / 325 MW ~$500M TOTAL HPC / AI ARR TARGET ~$700M CANADIAN REVENUE RAMP — GPU cloud goes live through Q4’26; colocation sites energize 2027–H1’28 ARR targets are management objectives based on contracted and identified pipeline; colo ARR assumes $150/kW/month on IT load. GTA Gigafactory ARR target requires tenant lease execution. Identified pipeline including $180M ARR contracted today Active Contracted Colo Targets 53 2 Year Roadmap to $5Bn and Beyond
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$5.2B IMPLIED EV — BASE CASE 6.4x upside vs. $815M EV1 SEGMENTS AT PEER MEDIANS MINING @ 5.0 x $1,550M $310M LTM × median GPU @ 5.4x $1,080M $200M ARR × GPU median COLO @ 10.7x $5,350M $500M ARR × colo median Market data Aug 5, 2026 close; balance sheets per latest SEC filings; colo EVs net of restricted project-financing cash. Mining held at $500M vs $1.3–1.6B peer methods. Base case — conservative multiples on target ARR SEGMENT DRIVER MULTIPLE VALUE ($M) GPU AI Cloud $200M ARR target 3.5x base case $700 HPC Colo incl. GTA ($360M) $500M ARR target 8.0x base case $4,000 Bitcoin Mining $310M LTM rev held at $500M $500 TOTAL IMPLIED EV vs $815M traded EV 6.4x $5,200 54 Sum-of-the-Parts: GPU Cloud + GTA Gigafactory Signed
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BASE CASE $5.2B GPU 3.5x · Colo 8x · Mining $500M MEDIUM CASE $7.1B GPU 5.4x · Colo 10x · Mining $1,000M UPSIDE CASE $8.0B GPU 7.4x · Colo 10.7x · Mining $1,200M SEGMENT · DRIVER BASE MEDIUM UPSIDE GPU AI Cloud: $200M ARR × (3.5x · 5.4x · 7.4x) $700 $1,080 $1,480 HPC Colo w/GTA: $500M ARR × (8x · 10x · 10.7x) $4,000 $5,000 $5,350 Bitcoin Mining $500 $1,000 $1,200 Total Implied EV $5,200 $7,080 $8,030 Implied Upside vs $815M EV1 6.4x 8.7x 9.9x Multiple anchors: GPU 3.5x/5.4x/7.4x = min/median/max of GPU cloud cohort (IREN 3.5x, CRWV 3.9x, NBIS 7.4x, WYFI 6.8x). Colo 8x/10x/10.7x, upside at colo residual median (net of restricted project-financing cash). Mining $500M/$1,000M/$1,200M (MARA/CLSK benchmarks). Market data Aug 5, 2026 close; balance sheets per latest SEC filings. 55 Valuation: GPU Cloud & GTA Gigafactory Contracted
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GIGA -FACTORY SITE 320 MW 25 acres acquisition • Design development underway • Community engagement in progress BODEN, SWEDEN 32 MW Building Purchase $12M • Approval to Purchase Building CQ2 • $200M CapEx Tier III • $45M ARR LOI 100 MW IT-load substation build • Civil work complete • 2×80 MVA transformers installed • AI Proof of Concept 70 MW Design Development • 25 Acres Under Contract • 73 Acre Campus • Basis of Design • OFCI Budgeting Complete PARAGUAY SUBSTATION NEW BRUNSWICK 56 Land & Power: Building the Pipeline
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100 MW IT-load substation build • Civil work complete • 2×80 MVA transformers installed • 160 MVA Total • 135 MW Utility Load • 100 MW IT Load PARAGUAY SUBSTATION 57 Land & Power: Building the Pipeline
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São Paulo Yguazú 1h 50m Nonstop flight, São Paulo (GRU) → Foz do Iguaçu (IGU) · multiple daily frequencies 846 km / 526 mi Direct air distance — shorter than SFO → Seattle ~1 hour Drive from IGU to the Yguazú campus via Ciudad del Este Same day Board in São Paulo after breakfast, walk the 300 MW site before lunch Map stylized, not to survey scale. 58
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HIVE — Earnings from Ops, Last 5 Quarters HIVE Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 LTM Revenue $45,611 $87,253 $93,111 $71,816 $79,120 $331,300 Earnings from Ops $10,069 $34,604 $23,697 $8,135 $15,167 $81,603 EFO % of Revenue 22% 40% 25% 11% 19% 25% Positive net operating income in all five quarters through the full bitcoin price cycle. G&A excludes stock-based compensation, which HIVE reports as a separate line item. Source: interim financial statements (US GAAP). EFO = Revenue − COGs − G&A US$k 59
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TICKER Sep-25 Dec-25 Mar-26 Jun-26 LTM HIVE $87.3 $93.1 $71.8 $79.1 $331 WULF $50.6 $35.8 $34.0 $44.8 $165 CIFR $71.7 $59.7 $34.8 $24.8 $191 HUT $83.5 $88.5 $71.0 $74.9 $318 KEEL $68.0 $52.7 $37.0 $30.4 $188 HIVE’s LTM revenue of $331M is the largest of the HPC-pivot peer set at a fraction of every peer’s enterprise value. Total consolidated revenue, US$M · calendar quarters ended Sep-25 → Jun-26 · LTM = last four reported quarters 60 Revenue — HIVE vs Peers, Last 4 Quarters
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Market cap at Aug 5, 2026 close · 2-yr forward HPC ARR = disclosed contracted/target ARR · MW per company disclosures TICKER MARKET CAP 2-YR FWD HPC ARR MW OPERATIONAL MW SECURED HIVE $0.8B $700M 440 860 WULF $9.0B ~$970M 347 841 CIFR $7.8B ~$750M 207 907 HUT $11.4B ~$1,100M 710 2,040 KEEL $2.4B None disclosed 341 771 HIVE: more secured megawatts per dollar of market cap than any name in the set with a disclosed HPC ARR target competitive with peers valued 10–14x higher. Market caps at Aug 5, 2026 close (shares per latest filings). ARR: HIVE $700M YE’28 target; WULF ~$970M contracted (Anthropic 401MW 20-yr lease ≈$950M/yr avg + Fluidstack); CIFR ~$750M revenue basis (co. discloses ~$793M avg annual NOI); HUT ~$1.1B revenue basis (co. discloses ~$1.75B avg annual NOI on 949 MW IT). MW bases differ by company (WULF critical-IT; HUT under-management incl. JV; CIFR excludes idle Black Pearl; KEEL continuing ops). 61 Scale & Pipeline — HIVE vs Peers
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Metric $60k BTC $70k BTC $80k BTC Hashprice $30 HP $35 HP $40 HP Daily Revenue $710k $830k $950k Bitcoin Mined per Day ² 11.8 11.8 11.8 Daily Profit ¹ $255k $375k $495k MARGIN 36% 45% 52% 1. Illustrative, based on electrical cost of $0.05/kWh; excludes SG&A and other operating costs. 2. Assumes difficulty of 126T and 24 EH/s at 16 J/TH. Illustrative quarterly scenarios — CQ2’26 hashrate and efficiency 62 Mining Margin at 24 EH/s + 16 J/TH
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63 Ticker EV ($M) ARR Tgt / LTM Rev EV / Base Peer Median HIVE @ Median MARA $3,900 $868 4.5x CLSK $4,116 $740 5.6x MINING → HIVE $310M Rev 5.0x $1,550 CRWV3 $71,656 $18,500 3.9x NBIS3 $59,366 $8,000 7.4x IREN4 $15,373 $4,380 3.5x WYFI5 $1,160 $170 6.8x GPU → HIVE $200M ARR 5.4x $1,080 APLD $9,529 $1,566 6.3x WULF $11,201 $970 11.5x CIFR $8,705 $750 11.6x HUT $10,930 $1,120 9.8x COLO → HIVE2 $500M ARR 10.7x $5,350 Multiples for • Mining • GPU • HPC COLO 1 1. Base case = floor: Colo @ 8x (clean colo median 10.7x), GPU @ 3.5x (IREN, peer min), Mining @ $500M (BTC stress) 2. HPC ARR $700M = ~ $200M GPU + $85M NB + $8M TOR1 + $7M L.Boden + $45M Big Boden + $360M GTA Gigafactory (240MW × $150/kW/mo × 15-yr). $150/kW in line with APLD $153 / WULF $155 / CIFR $148 / HUT $159. Colo valued at $500M ARR (rounded; components sum $505M) 3. CRWV/NBIS added (Jun 18 2026 close; Q1’26 SEC filings for shares/debt/cash). CRWV ARR target = exit-’26 run-rate guide mid ($18–19B); NBIS = YE’26 ARR guide mid ($7–9B); NBIS LTM HPC rev ≈ core AI cloud est. GPU MEDIAN = IREN/CRWV/NBIS cohort. 4. IREN: ~77% of LTM rev still BTC mining (Mar-26 qtr; $111M mining vs $34M cloud) — fleet converting to AI cloud ($9.7B Microsoft contract). 5. WYFI ARR Tgt implied from median sell-side analyst research reports. 6. Market data Aug 5, 2026 close; latest filed balance sheets (WULF/CIFR/HUT Jun-30, APLD May-31, others Mar-31); colo EVs net of restricted project-financing cash. 63 SOTP Valuation: Peer Multiples
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FINANCIAL RESULTS 64
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Tickers: TSX.TO: HIVE Nasdaq: HIVE Colombia Exchange: HIVECO Issued and Outstanding Basic Common Shares: 271.0 M Warrants: 3.0 M Options: 2.6M RSUs: 16.7 M *As of June 30, 2026. Shareholder Data Based On Public Filings 65
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Q1’27 Financial Highlights $ 79.1 M Total Revenue $ 72.1 M Bitcoin Mining Revenue $ 7.0 M HPC/AI Revenue $ 24.2 M Gross Operating Margin ($ 86.3 M) EBITDA ($ 142.9 M) Net Loss $ 13.4 M Adj. EBITDA 190 Bitcoin in Treasury
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Q1 2027 Financial Results $ 13.4 M Adjusted EBITDA $ 79.1 M Revenue 1,004 Bitcoin (Equivalent) Produced 67
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$ 208.0 M Cash on Hand $ 11.2 M Digital Currencies $ 18.9 M Amounts Receivable & Prepaids $ 280.0 M Total Current Assets $ 10.9 M Investments $ 143.1 M Total Current Liabilities Healthy Balance Sheet ($M, as of June 30, 2026) Strong liquidity position supporting continued growth investment Source: Company Reports | 6868
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$15.8 $24.2 $0 $5 $10 $15 $20 $25 $30 Q1 2026 Q1 2027 BASIC LOSS PER SHARE: Positive Gross Operating Margin1 YoY Gross Operating Margin ($M) YoY (Q1 2026 – Q1 2027) 69 JUN-2025 JUN-2026 Three Months ended June 30 2026 2027 $0.19 ($0.54) 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation)
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Revenue ($M) Gross Operating Margin ($M) Revenue and Gross Operating Margin1 YoY YoY (Q1 2026 – Q1 2027) 70 $45.6 $79.1 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Q1 2026 Q1 2027 $15.8 $24.2 $0 $5 $10 $15 $20 $25 $30 Q1 2026 Q1 2027 35% Gross Op Margin 31% Gross Op Margin 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation) JUN-2025 JUN-2026 JUN-2025 JUN-2026
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Revenue and Gross Operating Margin1 QoQ QoQ (Q4 2026 – Q1 2027) 71 $71.8 $79.1 $60 $70 $80 Q4 2026 Q1 2027 $17.5 $24.2 $0 $5 $10 $15 $20 $25 $30 Q4 2026 Q1 2027 24% Gross Op Margin 31% Gross Op Margin JUN-2026MAR-2026 Revenue ($M) Gross Operating Margin ($M) 1 Gross Operating Margin calculated as total revenue minus operating and maintenance costs (or cost of sales excluding depreciation) JUN-2026MAR-2026
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Financial Metrics: Earnings YoY YoY (Q1 2026 – Q1 2027) 72 $35.0 ($142.9)-$160 -$140 -$120 -$100 -$80 -$60 -$40 -$20 $0 $20 $40 $60 Q1 2026 Q1 2027 $44.6 $13.4 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 Q1 2026 Q1 2027 Adjusted EBITDA, ($M) Net Income (Loss), ($M) JUN-2025 JUN-2026 JUN-2025 JUN-2026
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Financial Metrics: Earnings QoQ QoQ (Q4 2026– Q1 2027) 73 ($76.3) ($142.9) -$160 -$140 -$120 -$100 -$80 -$60 -$40 -$20 $0 Q4 2026 Q1 2027 ($9.0) $13.4 -$15 -$10 -$5 $0 $5 $10 $15 Q4 2026 Q1 2027 Adjusted EBITDA, ($M) Net Loss, ($M) JUN-2026MAR-2026 JUN-2026MAR-2026
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Appendix 74
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