HIVE Digital Technologies Ltd.

Hello and welcome to today's webcast covering Hive Digital Technologies financial results for fiscal Q4 and full year 2026. My name is Nathan Fast, Director of Marketing and Branding at Hive, and I'll be your moderator for today's call. Before we get started on slide two, I would like to briefly note the disclosures for today's presentation. Except for statements of historical fact, this presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, believes, and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov. In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight and they're presented for supplemental purposes only and should not be considered in isolation from GAAP results. Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release in Form 8K furnished to the SEC. On the next slide, I'm pleased to introduce today's presenters, Frank Holmes, Executive Chairman, Aidan Kellett, President and CEO, and Darcy DeBarris, Chief Financial Officer. I'd now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank?

Good day, everyone. I'm Frank Holmes, the co-founder and executive chairman at Price Evolved as a strategist at a macro level for Hive. And I'm going to give you, as also my other Job is the Chief Investment Officer. A macro recap of what I see in this realm of data center build out and the massive demand that's taking place for AI factories, but also the collateral that we're seeing, the collateral ramifications or the demand for copper, etc. So let's get going and let's speak quickly and give you a recap for what's happened this past quarter and year. Next. But before we get into those granular details, I'd like to tell all investors that they have to be prepared for volatility. And each asset class has its own unique volatility. And it's a non-event for the S&P to go up or down 1% in a day. In over 10 days, 3%. If it goes up more than that or down more than that, that's usually an event. That's a signal for contrarian selling or buying. Gold bullion, as you can see, is now more volatile. So it's one day, if we look back a year ago, it was the same as the S&P and now it's expanded to 2% as a non-event on a daily basis. And the 10-day is 5%. But Bitcoin is much more when we look at one day is three times greater than the S&P 500. and substantially greater when we look over a 10-day period. And as you go down and look at technology stocks and gold stocks, you look at Hive or you look at CoreWeave, you can see a pattern of companies that have more debt or companies that have this leverage to Bitcoin operations just have this greater volatility. And that means that 70% of the time it's a non-event over 10 days for Hive to go up or down 21%. And same thing on a daily basis, it's a 6% ball. CoreWeave, which is a pure high performance computing hyperscaler versus the other hyperscalers like Microsoft and AWS, which is Amazon. Azure is Microsoft. Oracle has theirs. They're embedded with another bigger technology-driven company, whereas CoreWeave is pure hyperscaler. and Hive is in that transition to go into a hyperscaler. So, you can see our volatility is greater than the Bitcoin and that provides great buying opportunities, especially if Bitcoin is down 3%, then if you're not on there, it's going to be down 6% and usually then it's a great bounce. So, next please. This is the team. Arun Kilik is our President and CEO. Craig DeBars is the President and Chief Operating Officer of Buzz HBC, which is really the champion for AI factories, especially out of Canada. And we're now coast to coast across the country, and we continue to expand. I'll give you more color on that. Darcy's our CFO. He's based in Vancouver along with Aydin. Gabriel Ibgi, he's our General Counsel. And if he's not in Montreal, he's in Europe. Gabriel Lamas is the president of Paraguay's operations. He's also an electrical engineer like Aydin is and Craig. And then we have Jonathan Glad who is the country president for Sweden. Next please. So Hive is unique. It operates in nine time zones and five languages. And I'm very proud that we know many of these other crypto mining companies that operate in one state and they are not as efficient as our team is. And that's just closest for me to share with you is that we have an exceptional team that's very efficient, not only in running data centers, in building data centers. Next please. So Hive uses green energy in Canada, Sweden, and Paraguay. This is the most significant waterfalls in the Western Hemisphere, which has led to the largest dam in the Western Hemisphere, which is like five Miles long. It's a phenomenal piece of infrastructure. And it's a partnership with Brazil and Paraguay. Generates about 14 gigawatts of electricity. Half to Paraguay, half to Brazil. And for a while, Paraguay has been selling a lot of electricity to Argentina. And we're not getting paid. They're slowly starting to get some money back. We come along and capture this surplus energy. And they get paid every month. And that's significant because today we're the largest consumer of electricity in the country. And we've also hired, I think, the most engineers, more than even a power utility company in the overall economic development of the country. Next, please. Hivesoft institutional shareholders, Invesco, Citadel, we're happy to see Citadel has come back in, Millennium Management, Two Sigma and Valkyrie funds. Some of these are pure quant funds and other are ETFs that have directional plays in this space. If it's not a technology, then it's driven by other investment strategies. Next, please. I think what's really important here is that with Cancer for Sure, we announced The closing of a private offering of about $115 million of 0% exchangeable senior notes due 2031 with a conversion feature, which is very unique by buying a derivative that the stock has basically doubled the stock price just shy of $5. Now the stock is trading at $4, but it was at the time 2 and change. So it was pretty significant. Then what's important is that we had More than $500 million bought it. And we had 24 buyers. Our name got known now to many U.S. institutions that really didn't know the unique hype story. And that's led to a big trigger in the trading volume and liquidity and price discovery has expanded with this. It's also been an important what they call a signal to institutions that we were going to accelerate our growth Like we've been saying on our AI strategy this year, last year was building out our tier one data center, Bitcoin mining, and we increased that from 6x a hash to 25. This year, we're focused on this huge footprint of bringing up especially sovereign data centers in Canada and Sweden. Next please. So in that journey, we also increased our exposure in Canada to going what's called the main board. The biggest stock exchange in the country where all the big banks are listed away from the venture capital based in Vancouver. And that was a great opening for us because we had the maximum amount of people allowed to show up. We had a turn back. I think it was 100 people wanted to come from 50 places. So it was a great sign of enthusiasm for our company. And this was a day after the holiday in Canada. And the day before, our stock has a big tear because of recommendations and the press release we made regarding our AI strategy in Canada. So it's all fit in very, very well, the timing of it. Much of it unexpected that it would come together, but we're thrilled about it for our shareholders. Next, please. So high stock rises above its 50-day, and you can see here when we announced our over $100 million convertible that it went above and it stayed above so often when you announce these things they fall below but no it was a signal I was told by smart institutions in this space that we were on a fast track for growth and we're excited that it's happening and then we have announcement of listing on the Toronto Stock Exchange on May 7th and then we announced Buzz's North Star AI factory in Toronto on May the 16th was a significant home run because if by accident we did not know that was also showed up a very smart institutional investor in this space in the AI bullet became an investor. Next please. And I think that it's important to recognize Leopold Asher Brenner, as the CEO, was called Situational Awareness. He wrote a seminal piece of paper that was a white paper of over 100 pages of what he saw in the super cycle. A fascinating background. I used to be with OpenChat, GPT. And so he displayed a 13F filing. And because he showed, like Warren Buffett shows what he bought and sold, he bought us at four times revenue. and a couple of the other data center companies that are Bitcoin mining going to transformation AI. He sold those because they had gone on a crazy run to 40 times revenue. And so we were deeply the most attractive proposition. So we're happy that he bought in those shares. He bought them I think in the previous month. And so that filing at the same time of announcing in Canada So the real race in AI is infrastructure, power, land, and GPU chips. He wrote about this in a seminal white paper, Leopold, and please, if you haven't read it, I recommend it. Inover owns the compute, owns the future, and Canada needs sovereign compute to remain globally competitive. Canada is an incredible place to respect it. Ethereum was created there. The University of Waterloo has won the IBM annual software award. competition the most often being the champions there so it has strong intellectual capital that Microsoft has always tried to hire from Waterloo and then the University of Toronto has now become the epicenter for AI with a Nobel Prize winner and so this future what we're building in Canada is right between these two universities and I share with you is so important Because we know in San Antonio, I'm based in San Antonio, Texas, that we have the number one cybersecurity university. And it started 25 years ago with 100 students, now it's 10,000. And that's only led to many data centers being built in San Antonio, especially the NSA, who has the second biggest office is in San Antonio, and over 3,000 employees. And they're able to tap into all these kids graduating with degrees in cyber security. And so what you see that in Canada, it's different and what we're looking at with the cyber security when you come out of a couple of the universities in Toronto, which is the largest city in the country and come out of the AI and AI and cyber security are now becoming ubiquitous in that conversation. So we're thrilled about this opportunity of being in Canada. Next please. So the AI Gigafactory eventually will have 100,000 GPUs. It'll be a multi-billion dollar build-out. And further to that, it will throw off Digital Technologies Ltd. Digital Technologies Ltd. But it's closest to the best universities in North America, along with other schools we have in the US. But when we look at Canada, those are two premier universities. Next, please. The other interesting part about our data centers right now, in particular, in Eastern Canada, that we are in Toronto, Montreal, Grand Falls, and New Brunswick, we're in the most important internet backbone. which basically goes from Toronto down to Virginia and up to Boston and up north of Boston. So you have the most, the highest concentration of internet nodes and so that is really important for the AI for moving data, collecting data, sharing data, that you need much bigger pipes and so we're right in that triangle. Next please. So Canadian AI Ecosystem and Buzz AI Factories, we've mentioned in previous press releases our partnership with Dell Canada. We are now in Winnipeg. Daily revenue has improved for our HBC because of Manitoba, so assets come on stream. So we are in Montreal, building out that we'll be in British Columbia soon. and will be from coast to coast in Canada and be the biggest hyperscalary really in the country by a wide margin and sovereign. Next, please. So Hyde's Buzz HBC partnership is Dell, Dell Computer. We have universities like Columbia University in a partnership with what we did on looking at data from Paraguay to build an AI data center in Paraguay. Strategic with Platinum Buyer of NVIDIA Chips, with Tego. So, to me, it's a great view here of important relationships we've been making with universities and also with other technology companies. And I push on to the next one. So expanding the partnerships, Craig has done a phenomenal job. You see him on the far left here, the CEO of Bell Canada, the largest telecom in the country, and myself with Michael Dell a couple of times now. And so these are just other visuals to share with you from Paraguay up to NVIDIA with Jensen. President of Paraguay, the country, Michael Dell, you name it. We are building very important relationships for growth and for Hive, in particular, Buzz AI. Next, please. Buzz's HBC data centers, AI training and inference, optimized for both intensive training and real-time inference. What's happened is these data centers They are going through this new re-rating and quite often they basically sell in the US a long-term contract with a hyperscaler and they get a REIT model for the renting of their data center. What we've been doing so far is we have our own electricity, we have our own property and we've been doing this for a while now, selling compute and getting a much higher revenue. And that's the vision we have for this next couple of years. Next, please. Toronto Rates is the third largest tech talent pool in North America. Next, please. University of Toronto is the intellectual center of AI. Next, please.

The genius of AI.