Slides
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The North American Energy and Compute Infrastructure Company Q3 2025 Earnings Presentation November 13, 2025 Concept Data Center Campus at Panther Creek
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Safe Harbor Statement 2 GENERAL DISCLAIMERS Certain information in this presentation, including market and industry data, was obtained by Bitfarms Ltd. (“Bitfarms” or the “Company”) from publicly available and other third-party sources, as well as Bitfarms’ good faith estimates. While the Company believes the information was prepared by reputable sources, the Company did not independently verify the information or the underlying assumptions. No representation or warranty is made as to accuracy, completeness or reasonableness of such information. Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. To the maximum extent permitted by law, no responsibility or liability is assumed by the Company or any of its affiliates and the directors, officers, employees, associates, advisers and agents for updating any information in this presentation or to inform any recipient of any new or more accurate information or any errors or mis- descriptions of which they may become aware. CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS Certain information contained in this presentation, including any information relating to Bitfarms’ future financial or operating performance, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and forward-looking information, future oriented financial information and financial outlook within the meaning of Canadian securities laws (collectively, “forward-looking statements”). These forward-looking statements are based on expectations, estimates and assumptions as at the date of this presentation. The statements and information in this presentation regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the selection and specifications of equipment which are believed to be optimal, the prospective location of the Company’s facilities to developing AI infrastructure regions, the merits of the expansion of the sites of current facilities, the potential to deploy the proceeds of the convertible note offering and the Macquarie Group financing facility in a timely and effective manner or at all, the availability of funds for the Company’s development activities, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the benefits of the corporate share buyback program, the benefits of maintaining strong liquidity and controlled capex spending, the benefits of the transition to U.S. GAAP accounting and a second principal office in the U.S. as part of a broader U.S. pivot strategy, the merits of the BTC holding and Bitcoin 2.1 strategy, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Often, but not always, these forward-looking statements can be identified by the use of words such as “estimated” , “forecast” , “potential” , “open” , “future” , “assumed” , “scheduled” , “anticipated” , “projected” , “used” , “detailed” , “gain” , “planned” , “reflecting” , “will” , “containing” , “remaining” , “expected” , “to be” , or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. The forward-looking statements in this presentation also include financial outlooks and other forward-looking metrics relating to Bitfarms and its business, including references to financial and business prospects and future results of operations. Such information, which may be considered future-oriented financial information or financial outlooks within the meaning of applicable Canadian securities legislation (collectively, “FOFI”), has been approved by management of the Company and is based on assumptions which management believes were reasonable on the date such FOFI was prepared, having regard to the industry, business, financial conditions, plans and prospects of Bitfarms and its business and properties. These projections are provided to describe the prospective performance of the Company's business and operations. Nevertheless, readers are cautioned that such information is highly subjective and should not be relied on as necessarily indicative of future results and that actual results may differ significantly from such projections. FOFI constitutes forward-looking statements and is subject to the same assumptions, uncertainties, risk factors and qualifications as set forth below. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility and the sale of convertible senior notes to generate positive returns on the Company’s development activities; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings and the prices at which securities may be sold, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC") at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year ended December 31, 2024 and the management’s discussion and analysis for the three and nine months ended September 30, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the T oronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this presentation. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. 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. Accordingly, investors should not place undue reliance on forward-looking statements. FINANCIAL INFORMATION AND FISCAL YEAR All dollar amounts in this presentation are expressed in US dollars, unless otherwise indicated. Bitfarms’ fiscal year ends December 31. NON-IFRS FINANCIAL MEASURES Bitfarms’ audited consolidated financial statements for the years ended December 31, 2024 and interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 (collectively, the “Bitfarms Financial Statements”), which are referred to in this corporate presentation, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. However, this corporate presentation includes certain financial measures and ratios that are not defined under IFRS, including but not limited to: EBITDA and Adjusted EBITDA. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company’s performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures should not be considered in isolation or as a substitute for measures and ratios of the Company’s performance prepared in accordance with IFRS. The Company has calculated these measures consistently for all periods presented. To facilitate a better understanding of these measures and ratios as calculated by the Company, see “Non-IFRS and Other Financial Measures and Ratios” in the Company’s management’s discussion & analysis for the year ended December 31, 2024 and the management’s discussion & analysis for the three and nine months ended September 30, 2025 (collectively, the “Bitfarms MD&As”), for additional information regarding each non-IFRS financial measure and non-IFRS ratio disclosed in this corporate presentation, including an explanation of their composition; an explanation of how such measures and ratios provide useful information to an investor and the additional purposes, if any, for which management of Bitfarms’ uses such measures and ratios; and a qualitative reconciliation of each non-IFRS financial measure to the most directly comparable financial measure that is disclosed in Bitfarms’ Financial Statements. The Bitfarms Financial Statements and the Bitfarms MD&As may be accessed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.
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Ben Gagnon Chief Executive Officer & Director
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Infrastructure is not a bubble 8.8 % Annualized growth of Data Center Capacity1 12 % Annualized growth rate of Lease Rentals since 20222 3.0 % Annualized growth of Lease Rentals since 20052 11% 4% 4% 4% 4% 4% 2% 3% 3% 5% 7% 8% 14% 19% 16% 12% 11% 12% 17% 18% 20% 10% 10% 3% 2% -3% -4% -8% 1% -3% -4% 1% -4% -2% -6% 0% 15% 19% 13% 3% 0 20 40 60 80 100 120 140 0 20 40 60 80 100 120 140 160 180 200 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Global Installed Data Center Capacity (GW) Lease Rentals ($/kw/mo) Global Installed Data Center Capacity (GW) Lease Rentals ($/kw/mo) Lease YoY Growth (%)Capacity YoY Growth (%) 4
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2024 2025 2026 2027 2028 2029 2030 140 120 100 80 60 40 20 0 All AI Chip Production All AI Chip Production (w/ efficiency gains) US Generation Growth 100 GW Of AI Chips to be produced by 20301 ~45 GW Shortage of power for new data centers by 20302 Infrastructure is a bottleneck ~30 GW Of new generation to come online by 20301 Gigawatts 5 2 +
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Not all MW are created equal 1.9 GW In emerging data center hub, Pennsylvania2 18 MW In one of largest data center clusters on the west coast2,4 170 MW In one of the largest data center regions in Canada2,3 Bitfarms has the largest portfolio of power infrastructure assets in what are some of the most in demand regions for HPC/AI in North America.1 Bitfarms’ North American portfolio is exclusively in cool climates, which supports improved efficiency, reducing costs and driving higher values per MW. Bitfarms has the assets, the team and the strategic partners to convert its energy portfolio to HPC/AI. 6
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Designed for GB300 Optimized for speed • Modular infrastructure enabling rapid deployment. Targeting completion in December 2026 • Liquid cooled with energy density up to 190 KW per rack • Expected industry-leading efficiency of 1.2-1.3 PuE • Full supply chain of IT infrastructure and building materials secured for $128M1 7 18 MW Total gross capacity in development Washington Site
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8 Washington Expected to be the first HPC/AI site fully complete ✓ $128M to supply 18 MW of critical IT infrastructure ✓ Fully funded capex for all equipment and construction ✓ Potential GPU Financing Options available Supply Chain Secured & Fully funded ✓ High margins through low-cost data center power & low PuE ✓ Easy to execute with multiple go-to-market strategies ✓ Potential for strong cashflow foundation to replace BTC mining Colocation Or Cloud Strategy ✓ Largest data center cluster on the west coast1 ✓ 10-year + waitlist for power2 ✓ Attractive to both enterprise and hyperscalers High Demand Region Margin Line 18 MW 6 Acres 2026 Blackwell GPUs
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9 ✓ Phase 1 – 50 MW (H1 2027) ✓ Phase 2 – 300 MW (H2 2027) ✓ Phase 3 – 60 MW (Subject to approval1,2) ✓ Phase 4 – 100 MW+ (Subject to additional load study4) Expanding Phases For Development ✓ Revising Phase 1 for Vera Rubin GPUs ✓ Planning additional Phase 3 and Phase 4 for potential expansion ✓ Expected to break ground in Q4 2025 Next Steps ✓ 350 MW of secured power in 2026 & 2027 ✓ Positive indications to increase capacity beyond 500 MW ✓ Increased acreage to support potential capacity expansion More Power More Land Margin Line Panther Creek Our flagship HPC/AI campus in Eastern Pennsylvania 410+ MW1 316 Acres2 2027 Vera Rubin GPUs3
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✓ Closed on land purchase October 2025 ✓ Being built to support Vera Rubin GPUs in 20271 Moving Forward on HPC/AI ✓ Securing long lead time item equipment ✓ Engaging owners rep and GC ✓ Construction of new fiber lines to the campus Next Steps ✓ ESA for 110 MW secured with First Energy ✓ 80 MW substation under construction, completion YE 2026 Power Secured Margin Line Sharon Expected to be the first HPC/AI campus fully complete 10 110 MW 17 Acres 2027 Vera Rubin GPUs1
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11 ✓ Confirmed ability to convert BTC Mining infrastructure to HPC/AI with regulators and utility ✓ Applying standardized designs plans completed in WA site Next-Gen Infrastructure ✓ Engineering plans for 96 MW in Sherbrooke expected as early as 2027 ✓ 74 MW of potential expansion in 2028 Next Steps ✓ 170 MW of hydropower operating across multiple sites ✓ 7 sites within 90 min drive from Montreal ✓ Potential to connect sites with direct fiber infrastructure Regional Campus Strategy Margin Line Quebec Unique opportunity to meaningfully scale HPC/AI in Quebec and Canada 170 MW 8 Sites 2027 Vera Rubin GPUs1
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✓ Conceptual load studies for 750 MW complete1 ✓ Confirmed deliverability of over of 550 MW of gas available from 2nd largest natural gas pipeline in the US within 3 miles of site2 Potential GW Capacity ✓ Detailed load study of 750 MW1 ✓ Engineering plans on Natural Gas Pipeline2 ✓ Development plans for additional generating capacity and data center campus2 Next Steps ✓ Robust fiber infrastructure ✓ Proximity to Pittsburgh and Cleveland ✓ Existing 80 MW powerplant Site Advantages Margin Line Scrubgrass A potential gigacampus 12 1.3 GW1,2 650 Acres 2028 Pipeline site
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13 Unique HPC/AI Development Portfolio Largest power portfolios in Pennsylvania (1.9 GW pipeline), Washington (18 MW) & Quebec (170 MW) amongst miners moving to HPC/AI1 Conversion of Washington Site HPC/AI Develop 18 MW of HPC/AI infrastructure for Nvidia Blackwell in 2026. Evaluating Cloud Monetization Strategy for Washington to replace BTC mining cashflows Well-Positioned for Continued Growth in 2026 & Beyond Margin Line Well Capitalized to Invest in HPC/AI infrastructure with over $1 billion in cash, BTC and the Panther Creek Project facility with Macquarie2 Strong Free Cash Flow from our BTC mining operations that fund opex, G&A, debt service and contribute to capex with no planned miner capex. U.S. Pivot Underway with majority of MW planned development based in U.S., new NYC office and transition to U.S. GAAP accounting; working towards U.S. redomicile in 20263
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Jonathan Mir Chief Financial Officer
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15 Q3 Financial Highlights: Strengthened Balance Sheet $588M Gross proceeds from upsized convertible notes offering Up to $200M Remaining on project facility for the development of Panther Creek facility1 Margin Line ~$8M Monthly Free Cash Flow from BTC Mining Operations in Q3 2025
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Revenue Q/Q Y/Y Gross Mining Margin Q/Q Y/Y 16 Adjusted EBITDA Q/Q Y/Y $62M $69M Q2 2025 Q3 2025 Q3 2025 Financial Performance from Continuing Operations $2M $20M Q3 2024 Q3 2025 +900% $27M $69M Q3 2024 Q3 2025 +156% +11% Margin Line $9M $20M Q2 2025 Q3 2025 47% 35% Q2 2025 Q3 2025 44% 35% Q3 2024 Q3 2025 +122%
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17 Margin Line Existing mining business to contribute to opex and cash balance during HPC/AI site conversion Well-Capitalized To Fund Highly Desirable MWs for HPC/AI Over $1B Cash & Bitcoin1 on-hand, remaining funds available to draw from Macquarie facility2
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Appendix
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Strategic U.S. Pivot NYC Principal Executive Office 130 miles from flagship Panther Creek site; strengthens U.S. presence and aligns with HPC growth strategy U.S. GAAP Conversion Simplifies corporate structure, reduces costs, broadens U.S. investor base and improves eligibility for U.S. indices U.S.-Based Growth Pipeline 82% of North American MWs in the U.S. today Multi-year energy development pipeline anticipates over 85% U.S. MWs 19Concept Data Center Campus at Panther Creek Margin Line
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Robust Political Support for HPC/AI Development in PA ✓ $90 billion committed from top industry participants to support HPC/AI development in PA ✓ Transformative tax revenues and job growth for towns and counties has robust support from local level up to the White House ✓ Local, state and national strategic interests aligned on development of energy and HPC/AI infra ✓ Anticipated expedited regulatory approval process to develop energy and HPC/AI infra 20 Bitfarms CEO Ben Gagnon, PA Senator Argall, Bitfarms COO Liam Wilson, Bitfarms SVP Richard Schaffer in the State Capital Building in Harrisburg, PA PA Senator McCormick, President Trump and Blackstone President Jon Gray at Pennsylvania Energy & Innovation Summit in Pittsburgh, PA PA State Representative Heffley, Bitfarms CEO Ben Gagnon in front of Panther Creek Development Site Margin Line
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Footnotes Page 1, 19 Note: Image is a computer-generated rendering for illustrative purposes; construction is expected to begin in Q4 2025. Page 4 1. IEA – Energy and AI Observatory. 2. CBRE Data Center Trends H1 2025 Report , Company Information and Street Research. Page 5 1. Institute for Progress, “How to Build the Future of AI in the United States Pt. 2” (October 23, 2024). Growth forecasts for the total size of the AI data center ecosystem as measured in power (gigawatts) according to methodologies indicated by the legends. Y-axis values represent growth from 2024 onward. Please refer to “Cautionary Statement on Forward Looking Statements” on slide 2. 2. Boston Consulting Group’s January 2025 report, titled “Breaking Barriers to Data Center Growth”. Page 6 1. Among publicly-traded Bitcoin miners in each respective region. 2. Indicates power capacity currently built, secured and under application at Bitfarms properties. 3. Baxtel, “Quebec Province Data Center Market”, accessed October 13, 2025. 4. Baxtel, “Quincy Colocation & Data Center Market”, accessed October 13, 2025. Page 7 Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change 1. Company entered fully binding agreement for $128 million, under the terms of the agreement, the partner will supply all critical IT equipment and building materials for 18 MW of gross capacity. Page 8 Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change. 1. Baxtel, “Quincy Colocation & Data Center Market”, accessed October 13, 2025. 2. Local utility and other publicly available information. Page 9 Note: Image is a computer-generated rendering for illustrative purposes; construction is expected to begin in Q4 2025. 1. Pending conversion of the 60 MW ISA to a 60 MW ESA. 2. Total campus capacity including Panther Creek power plant and updated zoning currently in progress. 3. The company plans to design the facilities to support next generation Nvidia Vera Rubin GPUs. 4. Subject to approval with an additional load study from electric utility PPL. Page 10, 11 Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change. 1. The company plans to design the facilities to support next generation Nvidia Vera Rubin GPUs. Page 12 Note: Images are renderings from site engineering plans for illustrative purposes; final site plans may change. 1. 750 MW under application and subject to approval by utility and regulators. 2. 550 MW of additional natural gas generation subject to further engineering, permit and feasibility analysis. Page 13 Note: All figures in US$ millions, unless otherwise stated. 1. Indicates power capacity currently built, secured and under application at Bitfarms properties. 2. See note 1 on slide 15 for more information. 3. Efforts to redomicile will be subject to shareholder and regulatory approvals. Page 15 Note: All figures in US$ millions, unless otherwise stated. All information as of 11/12/2025, unless otherwise stated. “Free cash flow” is a non-IFRS financial measure. Please see the section titled “Non-IFRS Financial Measures” on slide 22 for more information. 1. Draws upon the project facility are subject to the achievement of certain milestones and other conditions as set forth in the project facility agreements. Page 16 Note: All figures in US$ millions, unless otherwise stated. Gross Mining Margin and Adjusted EBITDA are non- IFRS financial measures. Please see the section titled “Non-IFRS Financial Measures” on slide 22 for more information. Page 17 Note: All figures in US$ millions, unless otherwise stated. All information as of 11/12/2025, unless otherwise stated. 1. Consists of: (i) cash on hand as of November 12, 2025 and (ii) total bitcoin owned by the Company valued at the price at close of business on November 12, 2025. 2. Draws upon the project facility are subject to the achievement of certain milestones and other conditions as set forth in the project facility agreements. 21Concept Data Center Campus at Panther Creek
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BTC BTC/day = Bitcoin or Bitcoin per day GW = Gigawatt HPC/AI = High Performance Computing / Artificial Intelligence MW or MWh = Megawatts or megawatt hour Pipeline= Existing power capacity at data centers and capacity under active development PJM= Pennsylvania-New Jersey-Maryland Interconnection PuE = Power usage Effectiveness ratio, a ratio that measures the energy efficiency of a data center, calculated by dividing the total power used by the facility by the power consumed by the IT equipment Q/Q or QoQ= Quarter over Quarter Y/Y or YoY= Year over Year $/kw/mo= price in U.S. dollars per Kilowatt per Month This presentation makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. The Company uses non-IFRS measures including “free cash flow”, “Gross margin,” “Operating margin,” “EBITDA,” “EBITDA margin,” “Adjusted EBITDA,” “Adjusted EBITDA margin,” “Gross mining profit,” and "Gross mining margin” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. EBITDA and EBITDA margin are common measures used to assess profitability before the impact of different financing methods, income taxes, depreciation of capital assets and amortization of intangible assets. Adjusted EBITDA and Adjusted EBITDA margin are measures used to assess profitability before the impact of all of the items in calculating EBITDA in addition to certain other non-cash expenses. Gross mining profit and Gross mining margin are measures used to assess profitability after power costs in cryptocurrency production, the largest variable expense in mining. Management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets. “EBITDA” is defined as net income (loss) before: ▪ Interest expense ▪ Income tax expense ▪ Depreciation and amortization “EBITDA margin” is defined as the percentage obtained when dividing EBITDA by Revenue. “Adjusted EBITDA” is defined as EBITDA adjusted to exclude: ▪ Share-based compensation ▪ Non-cash finance expenses ▪ Asset impairment charges ▪ Realized gains or losses on disposition of digital assets and (reversal of) revaluation loss on digital assets ▪ Gain on disposition of marketable securities, gains or losses on derivative assets and liabilities & discount expense on VAT receivable ▪ Loss on currency exchange ▪ Loss (gain) on revaluation of warrants and warrant issuance costs ▪ Sales tax recovery ▪ Other non-recuring items that do not reflect the core performance of the business. “Adjusted EBITDA margin” is defined as the percentage obtained when dividing Adjusted EBITDA by Revenue. “Gross mining profit” is defined as Gross profit excluding depreciation and amortization, non-Mining revenues, purchase of electrical components and other expenses, electrician salaries and payroll taxes, hosting expenses and sales tax recovery. "Gross mining margin” is defined as the percentage obtained when dividing Gross mining profit by Revenues from mining related activities. These measures are provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. For reconciliations of Non-IFRS Financial Measures, refer to the Company’s 2024 MD&A and Q3 2025 MD&A. Non-IFRS Financial MeasuresGlossary 22 Margin Line
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Corporate Offices 595 Madison Avenue, 28th Floor New York, NY 10022 110 Yonge St Suite 1601, Toronto, ON M5C 1T4 Toronto, Ontario, MSC 1C4, Canada Operations and Accounting Office of North-America 1040 Rue du Lux, Suite 312 Brossard, Quebec, J4Y 0E3, Canada Operations and Accounting Office of South-America 3123 Castex Street, PB Buenos Aires, Argentina 23