Hello, and welcome to today's webcast covering Hive Digital Technologies financial results for fiscal Q4 and full year 2026. My name is Nathan Fass, Director of Marketing and Branding at Hive, and I'll be your moderator for today's call. Before we get started on slide two, we'd 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 US 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 GAP RESULTS. RECONCILIATIONS TO THE NEAREST GAP 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 Killick, President and CEO, and Darcy Dubaris, Chief Financial Officer. I'd now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the Frank?

Good day, everyone. I'm Frank Holmes, the co-founder and Executive Chairman that plays a role as a strategist at a macro level for Hive and I'm going to give you as also my other job as a chief investment officer a macro recap of what I see in 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 i'm going to 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 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 one percent in the day and over 10 days three percent 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 uh gold bullion as you can see um 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 two percent as a non-event on a daily basis and the 10 day is five percent 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 um you look at hive or you look at core weave 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 percent of the time it's a non-event over 10 days for hype to go up or down 21 percent and the same thing on a daily basis it's a six percent vol core weave which is a a pure high performance computing a 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 going into a hyperscaler. So you can see our volatility is greater than the Bitcoin, and that provides great buying opportunities, especially if Bitcoin's down 3%, then it'd be a non-event for us to be down 6%, and usually then it's a great bounce. So next, please. This is the team. Aiden Killings, our president and CEO. Craig Tavares 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 Amas is the president of Paraguay's operations. He's also an electrical engineer, like Aydin is, and Craig. And then we have Jono Thornblatt, who's the country president for Sweden. Next, please. so hive is unique it operates in nine time zones in 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 um and and and that just goes 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. It generates about 14 gigawatts of electricity, half to Paraguay, half to Brazil, and for a while Paraguay has been selling a lot of electricity 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 ever their power utility company in in the overall economic development of the country next please hives top institutional shareholders uh invesco uh citadel um we're happy to see citadels come back in uh millennium management uh two sigma and uh valkyrie funds uh 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 Cantor Fischero we announced the closing of a private offering of what 115 million of zero percent exchangeable senior notes due 2031 with a conversion feature which is very unique by buying a derivative that the stock was basically double the stock price just shy of five dollars um now the stock is trading at four but it was it was at the time two and change so it was pretty significant and what's important is that we had more than 500 million dollars wanted um and uh we had 24 buyers uh our name got known now to many u.s institutions that really didn't know the unique hive story and 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 on going to accelerate our growth like we've been saying on our ai strategy this year last year was building out our a tier one data sensor 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 um we also increased our exposure in canada to going what's called the main board uh the biggest stock exchange in the country where all the big banks are listed away from the venture capital uh you um based in vancouver um and and that was a great opening for us because we had the maximum amount of people allowed to show up um we had to turn back uh i think it was 100 people wanted to come from 50 places so it was it was a great sign of enthusiasm for our company and and this was a day after the the holiday in canada um and the day before our stock has on a big tear in the in with because of recommendations and the press release we made um regarding our ai strategy in canada so it's all fit in very very well the timing of it uh much of it unexpected that it would come together but we're thrilled about it for our shareholders next please so hive stock rises above his 50 day and you can see here um when we announced our a hundred uh over a hundred million dollar convertible uh that it was it went above and a state above so often when you announce these things they fall below uh but no it was a signal i was told by by smart institutions in this space um that we were on a fast track for growth and we're excited that um it's happening and and then we have announcement of listing on the toronto stock exchange on may 7th and then we announced um the buzz's north star um ai factory in toronto on 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 blue uh became an investor next please and i think that um it's important to recognize uh leopold uh ashenbrenner as the ceo of what's called situational awareness he wrote a seminal piece of paper that was a a white paper of over 100 pages of what he saw in the super cycle a fascinating background i used to be with the open chat uh gpt and uh and so he displayed a 13f filing and because he showed like warren buffett shows what he bought and sold um he bought us at four times revenue and a couple of the other uh 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 uh revenue um and so we were deeply the most attractive proposition so we're happy that uh he bought in those shares he bought them uh i think in the previous month and um and so that filing uh at the same time of announcing in canada our ai factory uh all just happened at the same time and it was a holiday in canada next please so the real race and ai is infrastructure power land and gpu chips he wrote about this in a seminal white paper um leopold and and please if you haven't read it i recommend it you know for owns the compute owns the future and canada needs sovereign compute to remain globally competitive canada is an incredible place and respected ethereum was created there the university of waterloo has won the software ibm annual software uh competition the most often uh 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 uh with a noble prize winner and so this this future what we're building in canada is right between these two universities And I share with you, it's so important because we know in San Antonio, where 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 cybersecurity. And so what you see that in Canada, it's different. And what we're looking at with the cybersecurity may come out of a couple other universities in Toronto, which is the largest city in the country, and come out of the AI. And AI and cybersecurity are now becoming ubiquitous in that conversation. so we're thrilled about this opportunity of being in canada next please so the ai gigafactory uh eventually will have three 100 000 gpus it'll be a multi-billion dollar build out and further to that it will throw off uh billions of dollars in revenue it's a very significant asset uh it would be the equivalent taxes of three uh gigawatts of electricity when you look in that context of the population and gdps has always been a ratio of like one to ten um but it's closest to the best universities in in north america uh along with other schools we have in the u.s but when we look at canada those are two premier uh universities next please the other interesting part about our data centers right now in particular uh in eastern canada that we are in toronto montreal uh grand falls um in new brunswick we're in the most important internet backbone uh which basically goes from toronto down to virginia um and and up to uh boston and north of boston so you have the most constant the highest concentration of internet uh nodes and 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 bel canada um that we are now in winnipeg uh daily revenue is improved uh for our hbc uh because of manitoba to assets come on stream uh so we are montreal building out that will be in british columbia soon and uh and will be from coast to coast in canada and be the biggest uh hyperscaler really in the country by a wide margin and sovereign next please so hives 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 the 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 a lot 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 we've met with Michael Dell a couple of times now and and so these are just other visuals to share with you that from paraguay up to nvidia with jensen uh president of paraguay the country michael dell uh you name it uh we are building very important relationships uh for growth and and for hive in particular buzz uh ai next please buzz is hbc data centers ai training and inference optimized for both in intensive training and real-time inference what's happened is the these data centers that are continuing the transformation they are going through this new rating and quite often they basically sell in the u.s. a long-term contract with a hyperscaler and they and they get a read 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 uh selling compute uh and and getting a much higher revenue and that's the vision we have for this next couple of years next please toronto ranks 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. Artificial intelligence has developed consciousness and could one day take over the world, says Jeffrey Hinton, the Ph.D. and Nobel Prize winner in 2024 at the University of Toronto. So it's become an important nest of brilliant minds that we're studying under and been studying under Hinton. Next, please. this is a visual of the team in paraguay and behind is the largest dam in the western hemisphere which is generating over three um over 14 gigawatts of electricity and we have 300 megawatts expansion in paraguay and our long-term vision is eventually to get to a gigawatt of electricity next please one thing we've always done is education and and what we've done in a school that's a kilometer uh away from us a half a mile um uh had outdoor um bathrooms and uh really quite uh antiquated and the standards that you would expect in america canada or the us so we've taken up to north american standards and and young kids are thrilled about it so are we next please so why now well air demand is running infrastructure supply global ai spending is expected to reach 700 billion by 2028 and and hive is going full speed in building that uh and participating in this incredible boom next please ai demand is running infrastructure supply so we want to take a look at the numbers potential addition to global gdp due to increased productivity is 4.4 trillion um it's a 3.5 x growth in ai data center demand over the next five years and four plus years and and capital markets are just changing so rapidly the funding of gpu chips you have black rock and black stone creating credit funds just to lend because gpu chips have now become an asset class like cars are uh for lending and you can buy car loans and uh it's really quite fascinating that this year how fast and rapidly there are other sources of capital outside of banks next please but the other collateral we want to share with you as a money manager known for my world of gold and resources copper usage is just huge the grid and power infrastructure build and what does that mean copper is the is the heart of the electrification boom copper is making all-time highs because demand is far outstripping supply Next, please. And we can see that when you go do a gigawatt data center, you're going to spend 50,000 tons on copper, not pounds of copper, but tons of copper to rewire everything. So we also see that electrical cars use more than 5x amount of copper wiring. And it's just important for investors to grasp the constraints that's happening globally for this boom in AI. Next, please. Copper demand is projected to rise 40% to 50% by 2040. Where's it going to come from? It's going to come from Africa and South America. and now you're seeing all of a sudden copper deposits being refurbished and looked at and that were shut down for low grade all of a sudden are going to be commercially more attractive in Canada and the U.S. So there is this boom and it's a collateral boom. We've also seen fiber optics because you need dark fiber. Prices have doubled 100% up. So the inflation on the supply and a lot of times getting HVAC or the electrical air conditioning you need for these high-performance computer data centers they have gone from being 20 weeks to 30 weeks to 40 weeks to 50 weeks and sometimes now 60 weeks to be able to get the equipment to build the data center which you then put your gpu chips into next please but we still have you know what makes the market is jim channels and michael burry uh level criticism against the ai sector regularly saying what they're shorting and debt levels and calling it a bubble and uh and in the past nine months uh these two guys have phds in bubbleology and running around and this creates a market and and you get sell-offs and uh and then you get all-time highs coming back the demand uh in sales and when we take a look at nvidia we're seeing that um other uh competitors are coming in to come up with their own uh high performance chips because nvidia is such so much further advanced than anyone else and the demand for video chips are so great so when these guys come out and talk about how negative etc on our social media uh and if they can turn around and impact a short-term sell-off it's usually a good buy next please well we're very excited about where we are uh in that attraction. So I'd like to turn over to Aidan Killick, our CEO and president.

Thank you, Frank. That was an excellent macro recap. What an exciting time for us. People tell me I need to smile more because of all the amazing things we accomplished this year. So here's a photo of me smiling. Let's jump into it. So for those of you that may be new to the Hive name, we are a vertically integrated data center builder and operator. What this means, we land bank, we buy land by substations, we build data centers from the ground up, we operate data centers, we'll acquire old data centers and retrofit them. And of course, we orchestrate compute, we're an NVIDIA cloud partner, we built the BUDS cloud, which has been ranked by ClusterMax and Semi-Analysis. and we've got a 440 megawatts of Bitcoin mining capacity as part of our dual engine strategy globally. But really, we think that selling tokens and being at the forefront of the AI economies where our megawatts will get those AI multiples. So it's a very exciting time to be a high shareholder. And this photo is actually of our executive team at the Itaipu Dam in Paraguay last year when we were building out our 300 megawatts there our sites our uwu sites not too far from here so again we travel the world we're boots on the ground we um helicopters planes you name it to site visits conferences see us around look out for the gold gucci b of course and let's jump into it next slide so it was a phenomenal year i think we really knocked out of the park. If you look at the business overall, we did approximately $300 million in revenue globally. We had over $100 million of gross operating margin and over $75 million in net operating income. Net operating income is our gross operating margin, less corporate GNA. So in a cash business, what did we produce? And $73 million of adjusted EBITDA. Now, the net loss is booked at $148 million approximately, but that includes a very substantial depreciation and non-cash adjustments. So if you back those out, of course, it would be in the positive, but we have an aggressive depreciation schedule, two years trade line depreciation for ASICs and three years for GPUs. So just to keep that in mind, but on an ROIC basis, a solid year, 13.3%. And we've also been deploying and selling our Bitcoin to fund operations and fund growth. So you'll see that we have a modest but healthy 150 Bitcoin in the treasury as of March 31. Next slide. Solid quarter as well, 72 million revenue for the quarter, 17.5 million gross operating margin, and the business still did 8 million of net operating income, which I think is very admirable because as we've been growing the business, and I'm going to talk about our growth shortly, we've brought on key team members and we have contractors and, you know, we have tax specialists, we operate in Paraguay in Sweden, Canada, we run a revenue through Bermuda for tax efficiency. And how does that all fit together? So our corporate GNA, we have the lowest GNA as a function of revenue amongst the lowest in the entire industry. So we still are growing the business, but we're still profitable quarter over quarter on a cash basis. And I think that's very important to highlight, we don't just go hire, you know, hundreds of people and burn a bunch of cash and say, yeah, don't worry, we'll figure it out later. We've intentionally scaled the business, we're getting to critical mass, and we've earned money along the way. Again, you're going to see that net loss really as a function of depreciation and not cash items. And so we always do like to point that out. Still healthy quarter, you see that our HPC AI revenue is trending up above 5% now. So about 6-7%, and that will continue to grow as 100% of our growth this year is on the HPC and AI business. Next slide. Year over year, as it is our fiscal year in March 31, looking at that gross operating margin, I think it's very admirable. We did over 4x growth year over year. So you did $107 million of gross operating margin approximately for the year. That's up from $25 million the previous fiscal year and of course you see on a quarterly basis you see um you know it rallied as we had some really strong performance um in the bitcoin mining business uh fiscal q2 last year but overall it's been a tremendous year of growth for us let's go to the next slide so on a net operating income basis i think it's even more impressive because now that we're operating at scale again we've been making key executive hires we've been Bringing on consultants and contractors as we've tactically and very strategically scaled throughout Canada, our partnership with Bell, you know, building the 300 megawatts in Paraguay and having all the tax and accounting in place to really have a truly multinational organization. But I point this out because even after our growth in the size of the team and the G&A, our net operating income, which is, again, gross margin minus corporate G&A, $76 million for the year, up from $8.5 million the fiscal year before. That's 9x growth year over year, which I think is tremendous. And so, again, when I say we've intentionally scaled, it means we're paying attention, not just where we're going, but what are we doing right now? And so I think that it's going to be a really, really exciting year for Hyde because we built a tremendous machine. We attract, in my opinion, the best of the best. We have a high performance work culture. We study and implement the teachings of Jim Collins, a famous author of Good to Great. And I think there's going to be some really phenomenal success in the year ahead. Let's jump into the next slide. So again, our dual engine strategy, the cash flow from the Bitcoin mining business, allows us to scale and grow the more long term and stable HPC, co-location revenue and GPU cloud revenue for buzz. Now, this is a snapshot of where we finished the fiscal year, March 31st, 2026. Now, at the time, the street didn't know our revenue was going to be 300 million. This is a snapshot of our market cap at the time, aligned with where our actual revenue was. So you could see we're doing a little over $800,000 daily revenue at the time, but our market cap really pulled back to sub $500 million because it was a big pullback industry-wide in February. We saw Bitcoin get into the low $60,000s. We made, and I want to say, I want to point out, we made it through with a profitable gross operating margin and a profitable net operating income for this quarter, even with all that calamity in February. And again, quarter over quarter, you know, for six years running now, we have mined with a positive mining margin quarter over quarter. We downclock, we optimize, we curtail. Pound for pound, I believe we are the best Bitcoin miner in the business. We know that the street is very much focused on HPC. But when you have that cash flow engine of Bitcoin mining that's funding the growth, you want to make sure that that engine is a very well oiled machine in pound for pound. best in class so uh 25 exahash installed about 23 exahash average operational for the quarter 876 bitcoin mine um buzz about 5 million dollars revenue for the quarter 35 million which would be 20 million arr but contracted 35 million because we had this exciting uh blackwell deal we'll talk more about that we brought online and our target our target was 200 mil arr for gpu cloud business and about 300 million ARR if you included the HPC colo capacity that we had as well. Let's go to the next slide. And here we are today. So revenues jumped up. We're doing about 350 million ARR, a little over 900,000 a day. And this is, you know, as of June 1st, Bitcoin's at 71,000. This was closer to a million dollars a day a few weeks ago, but that's okay. The street's starting to pay attention. 1.2 billion dollar market cap. Well, what are the catalysts there? We did that phenomenal $115 million convertible bond at 0% interest, and that was a massive catalyst to fund the growth of our GPU cloud, to double that GPU cloud from 5,500 to 11,000 GPUs and realize it at 200 million ARR. And then, of course, the huge news was our Toronto area Gigafactory, which increased that ARR target for a collective HPC business to $660 million. That's a $200 million ARR for the GPU cloud plus $440 million if you look at HPC colo. So now it's a really exciting time. You know, the stock is actually as of today, June 1st, we hit $5. So getting into that nice institutional range. and, of course, being over a billion dollars market cap U.S. So it's really great to see how it's important for us. We realize having these targets, but also showing our growth capital, which we always target lowest cost of capital, of course, to realize these numbers, and it's just a good feeling for our shareholders when the market rewards us for this being astute stewards of capital. Let's go to the next slide. So, again, just again, it's our year over year. so just a quick um by the numbers our cash rate grew over 200 in operational hash rate for the fiscal year and if you look at what was installed as of the end of the fiscal year grew almost 280 um again with bitcoin at 71 000 today mining over 11 bitcoin a day it's about a 800 000 baseline line revenue um and uh you know we're very intentional about how we scale let's go to the next slide um i do want to point out again navigating you know the volatility implicitly in the bitcoin mining sector uh we've talked about hitting our 25x a hash we did that but what we then did is we optimized firmware for all the different types of machines that we had and we got that hash rate it's actually 24.6 although on an installed stock basis over 25x a hash but the The trade-off is the efficiencies improved about 16 joules a tera hash, but that means it lowers your breakeven cost of mining. So your total output hash rate is slightly lower, but the trade-off is your breakeven cost improves. And so in bear markets, this is what you strive to do. It's sort of, you know, it's a planar math solution that we constantly optimize. But again, you know, it's really about having this level of expertise in the background, that cashflow engine that's helping us spur up and expand the HPC business. And even though we have 440 megawatts, we only consume about 395 megawatts because we brought online on more efficient machines. We've replaced some buzz miners with S21XPs, which were bought with credits we had from our Bitmain pledge last year. So a very strategic, intentional, and curated way to make sure the business continues to cashflow through any volatility. Let's go to the next slide. okay and the final slide on the bitcoin part is really just to give uh the readers out there well what does this look like when you talk about volatility well real simple here's a rubric 70 000 bitcoin doing about 300 000 day profit 80 000 bitcoin a little over 400 000 day profit and 90 000 bitcoin over 500 000 a day profit and this is an illustrative example if you you assume an electrical cost of five cents because based on electrical costs well that's the cash flow from the machines and those go to word pays other direct operating costs of course corporate gna but this just gives you a flavor of where the one engine how much cash flow is producing and again we're actually 16 joules a tera hash with everything optimized 24.6 x a hash and now let's launch into the next section perfect so zooming out globally 860 megawatt footprint as of today 440 megawatts of active capacity again actually consuming 395 megawatts of power but we've got 440 megawatts of data centers globally and with the gta gigafactory recently announced more on that later and of course the phase three iwazoo that brings our total round out to 860 megawatts so i think it's going to be a really exciting year ahead as we provide the street updates on how we either convert some of our existing Bitcoin mining capacity to HPC, or in cases like Iwazoo and our Gigafactory and the GTA, develop those and bring those to market. So it's going to be a really exciting year ahead with lots of updates. Let's go to the next slide. So focusing on the cloud, BuzzCloud, this is our GPU business. As you know, we're doing 35 million of annualized revenue today that's realized so that's spread over the 5500 gpus and so the green uh bubble here on the left that's what's active you see a bit of overlap now as we grow into that bell ai fabric partnership so again our partnership with bell ai fabric is really is a co-location so we are standing up our gpu clusters in bell ai fabric data centers across canada currently contracted we have manitoba and british columbia we've press released this what this does is it It gives us a quick time to market low capex path to scale our GPU cloud revenue. And so, of course, you have the stamp of validation as largest telecom player, Bell Canada, choosing Buzz exclusively to build their to to be their data center, sorry, their GPU cluster orchestrator and operator. And so what does that mean? So if we have our own clients and we're standing up GPUs in a Bell AI fabric data center, well, We're just paying them a colo fee, 20% below market, very attractive. And if Bell brings us a customer, then they get a small rev share from that, I think, 5% roughly. And so it's a massive demand funnel from Canadian enterprise clients that are looking for sovereign AI compute. And so it's a phenomenal partnership, and you can see that ramp. But more specifically, and what the catalyst was for our $100 million convert was upsized to $115 million in April, was to fund the two large GPU clusters we have incoming. So let's talk about that briefly. So 2,304 GB200s MOU signed, 2,088 GB300s MOU signed. So if we're at 35 million ARR today, signing one of these deals gets us to 100 million ARR, and the second large GPU deal gets us to 170 million ARR, and I think that's really exciting for two reasons. One, once we track 100 million ARR, I think our stock re-rates again, and we hit $5 today, and we're still, and I think that was on the strength of the Gigafactory announcement, but I see each one of these GPU clusters adding a few hundred million dollars of enterprise value to the company once the definitives are announced. And again, now that we have the funding in place, I'll give you the numbers. So 2,000 GPU cluster rough numbers, about $175 million. And so to get a sweet spot, if you want to get single digit interest rate, what we're finding from blue chip lenders, they'd like to see an 80% LTV. So that means we come in with 20% down payment. So that'd be a $35 million down payment on $175 million cluster. Well, we would just raise $150 million. So we now have the funds to put a $35 million down payment for each one of these large cluster And what does that do? Well, again, we got the MOU. We got the data center space with Bell. We've now got finalizing the financing. So when we announce the definitives, we'll be able to advise you on total contract values in a three-year, four-year contract, all the particulars. I know everybody's curious. Really, this slide is to forecast to you, hey, this is what the incremental ARR will be for each cluster we bring online and how we get to 200 million ARR. And of course, the final tranche in Q4 is just to fill up the remaining capacity in Manitoba. Again, we currently have 500 B200s there. And so there's pipeline for about another 1,500 B200s or 300s at that site. So collectively, that gets us to over 200 million ARR. On the lower half of this chart are other sites we've talked about again our toronto airport site the smaller bowden site and of course new brunswick which is our flagship bitcoin mining site in canada all of those converted to hpc a co-location is tier three data centers and you can see what the arr again on hpc colo and we're forecasting under 30 a kilowatt for new brunswick and um higher of course for the GTA sites. Now, the Gigafactory adds a massive 360 million ARR just on a colo basis. We expect that site to be completed and energized late 27 and active in cash flowing early 28. So you could see now our constituent target total ARR for HPC is 660 million, 200 million from the GPU cloud and 460 million on hpc coal very exciting time for high very exciting time for buzz and uh very exciting time um for existing shareholders and and we welcome uh new investors as well so let's go to the next slide this is a quick overview of that 115 million exchange we'll know i wanted to slide it in here because this tied into the funding of those gpu clusters So, again, it was $115 million convertible note due to 2031. 0% coupon. And why I think this is so great, if you did an equity financing, you know, our stock was at $2.18 when the deal was priced. So, typically, you know, bankers, the street's going to want to see a 10% discount. So, if we did an equity financing, it would have been dilutive. It would have been probably at $2 and you're paying your 6% or 7% broker fee. this was tremendous because at zero percent coupon really what you're telling the street is hey i'm doing a zero interest bond and if it gets exchanged it'll be actually exchanged at a premium so it's like doing an equity finance at a premium to your stock price not at a discount and the great thing and so the base conversion prices have been 257 we bought a capped call at 125% would actually put our conversion premium at $4.92. So that means with a capped call, there's no dilution up to $1.2 billion market cap. And by the way, we get those proceeds. So beyond the 257 conversion price up to 492, we actually get that as a payout from the capped call stakeholders. The value of that payout, look at the right hand of this chart, is actually $105 million dollars now there was a cap cost to that capped call which was 19.8 million but 105 million dollar payout for a 20 million dollar bid that's over a 5x payout ratio on value that's a good insurance policy to me and it just so happens to be today on june 1st we actually rallied past our capped call price today so very exciting times um of course that 105 million payouts based on maturity if you do an early conversion you know you might have to negotiate that but But I think that this note was phenomenal, and Cantor did a tremendous job, and so we're really looking forward. The notes are trading well as well in the secondary market. So it was a great inaugural debut to the convertible bond market for Hive, and we're deploying these proceeds to get those GPU clusters funded and definitive agreements announced in the near future. So stay tuned for big updates on that. Next slide, please. now i want to put a little bit of context i want to put context on a recent blackwell deal so this is the 504 gpus we've talked about this deal was in our last presentation it's live today it's great it's cash flowing it's the first blackwell cloud in canada 504 b200s in that bell canada winnipeg site but what i want to point out just for the street and for all the listeners today this was a two-year contract that was valued at 30 million dollars for a cluster of gpus that cost 30 million dollars so i'll say that again we effectively sold the entire face value of those gpus up front in a two-year contract now we do have some opex of course it is it is being co-located in the belly of fabric site so actually your roi if it's a two-year contract for 30 million And after operating costs, your ROI is more like two and a half years, but that's still tremendous. We've signed the entire face value of these GPUs up front. Now, what does that tell you? Well, it tells you the amount of demand for these AI natives and enterprises that want this compute. That compute is so valuable to them. They will pay the entire value of those GPUs up front in a fixed contract. What does that get them? It gets them exclusivity. It gets them sovereign compute. it also gets them white glove service from buzz where we set up the gpus in the data center which of course is non-trivial and we sign an sla and we make sure they get that level of service and quality that they expect so of course that's what we're good at that's what our expertise at we're masters of orchestrating compute and again you know we've got 5 500 gpus globally we've been doing gpu cloud for several years now and now we're starting to hit critical mass but But I just want to point out the virtue of the GPU cloud business. We are effectively seeing deals, long-term deals, where you're able to go purchase a cluster of GPUs, sign a long-term off-take contract where the entire value of those GPUs and then some you're getting up front in a contracted revenue. So really excited, really bullish on the growth of our GPU cloud business as we deploy those proceeds from our convert to bring online those two large clusters. And by the way, it's a CapEx light strategy for us to scale. We, of course, have our own sites that we're going to be building for Tier 3. But in the interim, having this CapEx light ramp with Bell Canada, it's near quick time to market low CapEx. I believe it was a great way for us to really lead the Canadian sovereign AI ecosystem. Very happy with this. Let's go to the next slide. So, again, circling back now. I pointed out on that world map, we have these two large 2,000 plus GPU cluster deals in the wings. So what I can tell you is directionally, we're very much aware that we're actually targeting three plus year contracts now. And what does that do? Well, if the ROI on a GPU cluster after cost might add is two and a half year, and you go ahead and sign a three year contract up front. Now you have locked in the face value of the GPUs plus OPEX, and you fully paid your GPUs off plus contracted profit in a three-year term. If you did a five-year contract, for example, now, and it's a two and a half year ROI after cost, now you've 2x completely paid off your GPUs up front with a contract. And you have the residual value of those GPUs at the end of the term. so what's really interesting is we had one highly renowned institutional shareholder that is deploying a lot of capital in the ai sector they were actually the opinion they prefer shorter term gpu contracts of one in two years because they think that there's a lot of upside they think you're leaving money on the table when you sign a three or four or five year contract obviously that's done at a bigger discount and they think they're very bullish on the residual value gpus other highly respected uh institutional investors more from the trad fi world amongst our largest um investors actually uh have a different opinion they they like the stability and they say sign a five-year contract if you can or a four-year um and that way or three-year and then you've at least locked in the entire uh value the gpus plus some profit and whatever the residual value is just just a cherry on top but directionally this slide is really just to share with the street hey we're going long term we're going big and um we're on our way to hitting that 200 million dollar arr target this year and stay tuned for updates by the way that's an actual photo of one of our deployments or h200 deployment um in quickback canada so it's very beautiful stuff very sophisticated stuff um let's hop to the next slide uh so really this is just a slide to focus if you just look at canada if you look at buzz in canada buzz hbc in canada this platform alone between the Gigafactory site, the smaller Toronto site, and our New Brunswick site, they have about 400 megawatts of utility load and almost 100 megawatts of, sorry, 400 megawatts of utility load and 100 acres of land that we've assembled to bring this capacity. And through 2028, this will transform into $450 million of HPC colo revenue alone just in Canada. So I really want to prop up the strength of our sovereign offering in Canada, and I think that our Buzz HPC team, Craig and the team have done a phenomenal job, and, you know, we're the first Blackwell Cloud, this tremendous partnership with Bell Canada, now with our GTA Gigafactory, which, of course, that's a Hive and Buzz-owned opportunity, and we'll be providing the street a lot of updates on that. Let's hop to the next slide. Really, this slide reminds people, we once were operating a fleet of 130,000 GPs in Sweden during the Ethereum mining day, so we know a thing or two about orchestrating compute. And so for us to say we're going from 5,500 GPs today to 11,000 GPs to target end of year, it's a very exciting goal. and i i would just say stay tuned and just a reminder you know we can do bare metal offerings with our gpus or we can offer um through our buzz cloud again we've built that so we have certain we have kubernetes we are able to sell manage ai services which matters a lot for enterprise clients that we may get through our partnership with bell or any other enterprises that want the full cloud offering or or the bare metal and again we've been growing this cloud business since 2023 let's hop to the next slide so the crown jewel the slide that everybody is talking about so uh really um the gigafactory it means 100 000 gpus and so the capex to build this will be about 3.5 billion canadian but that will throw off 360 million arr us and so i think that's a really exciting target to have we expect the site to be energized by end 2027 and alive with compute in early 2028 so this is a 25 acre site in the greater toronto area we spent 58 million dollars on land so you know i've alluded i said we've been land banking by substations well guess what that's exactly we've been doing in paraguay um and and throughout canada as well even in new brunswick so you know you need land and power those are two constituent things you need to realize and build a tier three data center and bring that to market so uh we've got um over 90 percent renewable energy and uh you know we're working on a closed loop zero water use design sub 1.3 pue target and um this is going to be a great job creator for the region so we're really excited to stand by for updates there's going to be a lot of news as we um provide the street more color on developments for this massive game changer of an opportunity next slide please um and really this is very intentional this is a rendering of the conceptual slide this is a positive impact for the community too and this doesn't happen overnight like this this this deal has been well over a year and we've been engaged with the region and the municipality and even in the community and and what does that mean well you don't just go in and drop in a data center this is massive upgrades to civil infrastructure we're talking about widening roadways upgrading regional water lines you know there's a lot of nimbyism oh no they're going to sap up and use all the water no it doesn't work like that we're actually upgrading the water lines regionally before we were going to build the data center here there was a development application in places for you know typical use and and they uh the region said look you got to upgrade you You've got to upgrade. You've got to do all these civil upgrades, water lines, storm, sewer, etc. And oftentimes development applications get log jammed when the region has or municipality has these large civil. It's been almost a decade in commercial property development. And ever notice when you when you drive by, when a new high rise goes up, like all the roads leading up to it all of a sudden are brand new and much nicer. Well, that that's the civic contribution that you have to make. So actually upgrading, improving the community, it's going to create hundreds of skilled jobs. And again, it's based on closed liquid cooling. So, you know, deeply entrenched into the want to need to the community. Very thoughtful design, satisfying both the region and the municipality. This stuff doesn't just happen overnight. We've been at it for over well over a year. And so it was very exciting that we had this announcement recently. Stay tuned for more updates. So I'm going to call this a new era for Hive. I see a $5 billion U.S. market cap on the horizon and beyond. And what I mean by that is we've got a 500-plus megawatt global HPC power pipeline. So you may recall that earlier slide I said if you only focus on Canada, our sovereign, there's about a 400-megawatt pipeline of capacity across three sites. And if you look at Sweden, we've got approximately 40 megawatts of capacity between our Big Bowdoin and Little Bowdoin site, and then, of course, the 100 megawatts in Iwazu. So that's very exciting as well. And how do you justify that $5 billion market cap? I'll show you. Let's go into the next slide. So if you really look at our peers, IRON obviously has done a tremendous job scaling their GPU cloud business, and they're trading at about a 6x multiple there. Now, our peers that are focused, Peerline, HPC, Colo, APLD, Wolf, Cypher, and Hutt. The interesting thing is, you know, companies like Wolf and Cypher, sorry, Wolf and APLD actually have revenue today on their HPC business. And Cypher and Hutt, it's actually all forward contracted. They don't actually have revenue today. And so that's what we have these two buckets. So tier three means active, current revenue in HPC and scaling. and then tier two is really just contracted hpc revenue and you can kind of see the average multiples so you're actually seeing a higher multiple in the tier two bucket with only contracted revenue about 15x enterprise value to target arr revenue for cypher and hutt compared to 10x multiple if you look at the average between iron APLD and Wolf. Nevertheless, we're just using a nominal 8x multiple on our two-year forward colo revenue, which again, really all these sites that we talked about, the Gigafactory New Brunswick refer to the previous slides, but they'll sort of come online through the course of 27 and then Gigafactory early 28. And so if you line up the targeted ARR we have, put an 8x multiple, just our hpc colo business look at the top right is about 2.9 billion enterprise value plus another 800 million for new brunswick toronto bowden and and so that brings you about 3.6 billion the cloud business we actually put a 5.9 multiple on that like iron and that's about 1.2 billion so if you add that up it's about a 4.9 billion enterprise value and then if you put a nominal $500 million valuation on the Bitcoin mining business, sort of using a blended valuation where Marin CleanSpark card puts you at a $5.3 billion implied enterprise value using the sum of the part downside case. Now, that puts us at about a 4x re-rating of where we are today. And again, this is of course predicated upon the GTA Gigafactory having an HPC lease signed and of course, is contracting those GPU clouds. So again, stay tuned. We've got a lot of exciting updates coming as we develop these sites and we'll be announcing contracted revenues in due course, but really just shows where we would be trading amongst our peers at similar multiples. But let's go to the next slide now. If you have to actually take a look at where our peers are, again, we use a base case of 8x multiple on the colo some of our peers are trading well in advance of that so at a 10x colo multiplier using the same 5.9x on the gpu cloud puts it a 6.8 billion dollar base case and if you look at the blended average of all our peers on the colo multiple you know wolf cipher apld hut etc the blended average for the sector right now is actually 11.4x to your forward revenue that would put us closer to 7.6 billion dollar upside case so again i really say it's a five billion dollars and beyond outlook for hive right now which is a tremendous uh tremendously exciting time and uh you know stand by as we continue to execute provide the street updates on contracted revenues um install more gpus uh um advance our site developments, order long lead items, broadcast ready for service dates, all that good stuff that you'll expect a seasoned 203 data center builder to provide, as well as updates as we expand our NVIDIA cloud. Thank you very much. Over to you, Darcy. Good morning, everyone.

Fiscal Q4 was another productive quarter for Hive as we continued executing on our strategy of scaling digital infrastructure while growing our HPC and AI capabilities. Overall, our results reflect continued growth in our operating platform and demonstrate the benefit of maintaining diversified revenue streams across both hash rate services and high-performance computing. Looking here at our capital structure, as of March 31st, 2026, I've had approximately 259.4 million basic shares outstanding. We also had approximately 3 million warrants, 2.6 million options, and 15.1 million RSUs outstanding. Throughout fiscal 2026, we were able to access capital markets to support growth initiatives and strategic expansion projects. Our focus remains on allocating capital toward opportunities that we believe can generate attractive long-term returns while maintaining financial flexibility. Going to the next slide looking at our quarterly results. Revenue for the fourth quarter totaled $71.8 million and we generated approximately $9 million of adjusted EBITDA. We produced $876 Bitcoin during the quarter, reflecting the continued contribution of our global hash rate services operations. While hash rate services maintain our largest revenue source today, we continue to see encouraging progress from our high performance computing and AI business, which generated 4.6 million of revenue during the quarter. We view this business as an important long-term growth opportunity and demand for compute infrastructure continues to expand and be strong. Taking a look at our balance sheet on the next page, it continues to be the quality of our balance sheet that has kept us strong since our inception eight years ago. At March 31st, 2026, we held $23 million of cash on hand, $10.8 million of digital currencies, and $9.7 million of investments. Total current assets were approximately $59.8 million. These resources continue to provide liquidity to support operations and growth initiatives. During the year, we maintained our disciplined approach to funding expansion while preserving capital flexibility. Although we continue investing in infrastructure and strategic growth opportunities, we remain focused on maintaining a healthy balance sheet and prudent capital management. The next slide highlights the progress we made in expanding gross operating margin dollars. Gross operating margin increased from approximately $8.8 million in the fourth quarter of fiscal 2025 to approximately $17.5 million in the fourth quarter of fiscal 2026. The increase reflects the substantial growth in revenue generated by our operating platform over the last 12 months. While market conditions continue to fluctuate, we remain focused on operational efficiency, energy optimization, and disciplined cost management. Looking at year-over-year performance, revenue increased from approximately $31.2 million in the fourth quarter of fiscal 2025 to $71.8 million in the fourth quarter of fiscal 2026. Gross operating margin increased from 8.8 million to 17.5 million over the same period. While gross operating margin as a percentage of revenue moved from 28% to 24%, we are encouraged by the significant growth in both revenue and gross profit dollars. As we continue expanding our infrastructure platform, our focus remains on generating sustainable operating cash flow and long-term returns on invested capital. Comparing the fourth quarter to the immediately preceding quarter, revenue was $71.8 million compared with $93.1 million in Q3. Gross operating margin was $17.5 million compared with $32.1 million in the prior quarter. The sequential comparison reflects normal fluctuations in Bitcoin mining economics, market conditions and operational factors affecting production and revenue during the quarter. Importantly, the business continued to generate positive gross operating margin, demonstrating the resilience of our operating platform even in an ever-changing market environment. This next slide highlights the distinction between operating performance and reported earnings. Adjusted EBITDA improved year-over-year, moving from a loss of $30.7 million in the fourth quarter of fiscal 2025 to adjusted EBITDA loss of $9 million in the fourth quarter of fiscal 2026. Reported net loss for the quarter was $76.3 million compared with a net loss of $72.9 million in the prior year period. The primary difference between these measures relates largely to non-cash items as we have discussed on prior webcasts, even though those charges do not impact current period liquidity. For that reason, management continues to monitor both GAAP results and operating performance metrics such as adjusted EBITDA. This slide highlights the distinction between operating performance and reported earnings. Adjusted EBITDA improved year-over-year moving from a loss of $30.7 million in the fourth quarter of Fiscal 2025 to adjusted EBITDA loss of $9 million in the fourth quarter of Fiscal 2026. Reported net loss for the quarter was $76.3 million compared with a net loss of $52.9 million in the prior year period. The primary difference between these measured relates to largely non-cash items including depreciation associated with our ever-growing infrastructure asset base, stock-based compensation and various accounting adjustments required under US GAAP. As our infrastructure footprint expands, depreciation expense naturally increases even though those charges do not impact current period liquidity. For that reason, management continues to monitor both gap results and operating performance metrics such as adjusted EBITDA. Looking sequentially on the next slide, adjusted EBITDA was negative $9 million in the fourth quarter compared with positive $5.7 million in the third quarter. Reported net loss improved modestly from 91.3 million in the third quarter to 76.3 million in the fourth quarter. Quarterly results can be affected by a variety of factors including Bitcoin prices, network difficulty, production levels and accounting adjustments recognized during the period. Our focus remains on executing our long-term strategy, expanding our infrastructure platform and positioning Hive to capitalize on opportunities across both Bitcoin mining and high-performance computing. To conclude, fiscal 2026 was a year of substantial growth for Hive. We increased revenue, expanded our infrastructure footprint, continued building out our high-performance computing business, and maintained a solid liquidity position. We believe the investments we have made over the past years, strengthen our foundation for future growth and position the company to benefit from increasing demand for both digital asset and high performance computing infrastructure. With that, I'll turn the call to Nathan running our Q&A portion for our covering analysts. Nathan.

Thank you, Darcy. That concludes the presentation for today. We'll now begin the question and answer portion of our call. Analysts on the line, if you could please click raise hand when you're ready with your questions. We'll begin to choose and ask you to unmute. Our first question comes from the line of Joe Vafi from Canaccord. Joe, the floor is yours.

Hey guys, good morning and congrats on all the progress. Really exciting times here for Hive in the industry. Maybe we kind of start on the gigafactory a little bit um you know great you know great vision and plans here if you drill down a little bit more on procuring power for the gigafactory you know obviously power is a constraint here and um you know i think a lot of investors here are pretty familiar with kind of you know the the power market in the u.s but if you could lay out the power market in Toronto there for scaling that and in general for Canada that would be a good place to start and then I'll have a follow-up thank you yeah thanks Joe so the power in the GTA is governed by

there's a provincial regulator and there's actually two one is in charge of generation and one is in charge of transmission and so you know effectively you've got to be contracted with both and that's really the the pillar of having this this allocation of power and really that's that's what I could tell you for now it's about over 90% renewable energy and let me know if anything more specific that you'd like to know just maybe a little bit on you know is power really a constraint there or um i mean or you see the gigafactory kind of scaling slowly and you know it's really more of a capex spend on gpus and infrastructure and power is less of a less of an issue just trying to understand that a little bit better i know i mean there's a there's the full allocation for the 320 megawatts and and um you know maybe what you're asking about is um you know there's grid studies and load studies etc that go into an allocation of that scale and that's what's so exciting about this site is that we have we have that allocation so um i think it's it's more what i try to address in my section and we we've been at this uh for over a year now uh it's an exercise in, of course, securing the distribution and load generation contracts. And we can provide more color on this sort of detail as we provide updates on the site development, et cetera. But it's also regional and civic planning. And I had a slide dedicated to that. You don't just go drop in some modular containers like this is a real, this is going to be a real um bellwether for the community and um uh so so insofar as your point about capex i mean it would be financed really like any other large data center project we've seen a lot of our peers issue corporate bonds and we've seen of course obviously once you have um a lease with a with a uh hyperscaler and offtaker that obviously is a major catalyst towards uh funding as well so uh really as we've seen a lot of our peers um fund these uh larger scale uh future builds it

would it would that would that i hope addresses the capex uh portion of your question um but but again please let me know if there's something more specific you you want some clarity on i think that's great and that's a good um that's a good backdrop and then uh maybe some more color on paraguay or uh i mean it's it feels like it's a great opportunity i know frank mentioned you know plans to perhaps procure up to a gigawatt down there over time i know you've started with some uh some ai services uh for columbia university from down there any other updates uh for now

on the paraguay opportunity and what to expect there say over the yeah yeah yeah actually um i'm glad you brought that up um it was a lot of stuff in in um the the updates and and really we had all this exciting news out of canada but uh it's it's funny you mention uh that i promise everybody that wasn't a scripted question so um we actually had an update uh our researchers out of new york at columbia university that were uh running compute nodes out of um paraguay uh their research initiative was was successfully completed and they have uh submitted their um work their inaugural research um using um hive gpus in asuncion with researchers based in new york um to the icml so it's an international congress for machine learning very prestigious world renowned and um congress and so uh that that is uh that's really exciting and so we were we're gonna release some of that i mean that that's it's a it's a great research project and and so i'm happy to talk about it uh briefly on this call uh but but more importantly is now we have we actually have the data on tokens per second bandwidth and latency between new york and ascension so that that was a that was a research r d initiative that that went very well and so uh stay tuned for more updates as we kind of update and um you know i think one thing i've alluded to in a lot of our um fireside chats which you know we're always grateful to be on that you host and being at the different conferences etc is you know the operative word is I've been saying we've been land banking by substations well that applies in Canada as evidenced by some of our exciting recent news but also Paraguay and and by the way we've been expanding our footprint in New Brunswick as well because you need more land for expanding into a tier three than you do uh for for a bitcoin mine of course and and you know by the way like when you you think about it when you think of construction like and you're you're building and you're getting into mobilization where you're going to have uh storage and um where you're going to have a lay down of uh or even just uh encampment for for construction workers etc so you obviously it's you need more land than just the square footage of of the finished building and you need to think of logistics if it's you know over the course of construction etc so um you know we we've been expanding our land footprint in in uh paraguay by the iwazu substation which we think has has incredible long tail value um i could say other large um data center players in the industry have indicated interest i think there was a photo floating around with uh crusoe and pena um so just gives you an idea of who's been who's been poking around that area uh that neck of the woods and um again we've been land banking by the substation iwazu so uh stay tuned for for more updates as uh that initiative uh unfolds uh over the next quarter as well great thank you very much side thank you thank you joe all right next we'll go to the line of uh mike grandel from from northland mike floor is yours hey guys can you hear me loud and clear mike good morning good morning guys hey i i wanted to get a sense of capex maybe the next 12 months any rough estimate how you can frame that up on the buzz side and the bitcoin side yeah absolutely uh sorry i thought i addressed that in my section mike and really that that was captured if you guys want to watch it on the playback if you watch the youtube link sort of that section that shows the growth of the buzz cloud in terms of hitting that 200 mil arr ramp and then right right after uh i talk about our 150 million dollar uh zero coupon bond and so that that sort of addressed the capex so just just sort of rough numbers just to give you something broad and and you know you could substantiate this i'm sure you've got some similar data out there but if you look at a cluster like what the guidance we've provided is our growth in arr with the catalyst being the cluster size of the gpu deals for mous that have been signed so we have a 2088 cluster which by the way when you're looking at nvl 72 grace blackwell uh that equates to 29 racks so 29 times 72 gpus is 2088 and then the other cluster slightly larger it's 32 racks times 72 gpus is 2304 um one is gb200 one is gb300 i'll give you a rough number each cluster and again you could just go substantiate this by or validate this by by talking to peers in the industry about 170 million bucks for for everything like when you get a bomb from an NVIDIA OEM and networking, your storage, everything that you need really to fully deliver is about $170 million per cluster. And so that's the CapEx per cluster. And each one of those clusters, one adds 70 million ARR, the other adds 65 million ARR. And I discussed how you finance that. If you want to get single-digit interest, typically you're looking at putting uh 80 ltv so 20 down payment so what's 20 of 170 million be about 34 million bucks and by the way you know there's there's customer deposits involved too um which uh you know you may may possibly offset may not but but anyways if you want to use a rough number that would be a good indicative um down payment from us towards each large cluster and then the the um filling out the winnipeg site we showed another 1500 b200 well our original cluster i also had a slide that detailed the cost of the original b200 cluster which is live now and that cluster of 504 gpus was about 30 million And again, that slide really focused on how the two-year contract we signed for that cluster of B200s, the value of the contract really covered the face value of the GPU. So anyways, I provided the clarity on the CapEx there. So you got another 1,500 GPUs in the pipeline, 1,500 times, sorry, that would be three times the existing cluster size. So three times 30 million, another 90 million, which again, you know, we would sort of finance. And that original cluster was with Dell through Dell, Dell Financial, and they've been a great partner. So, you know, we may possibly finance it through them or again, you know, typically 80% LTV. I hope that's really helpful, but that should give you the capital outlay to finance the GPU cloud business to get to that 200 mil ARR figure.

Got it. And then I assume there's no capital outlay or capital expenditures on the Bitcoin mining side. And any plans to de-emphasize that or possibly sell that off?

Correct. There's no CapEx allocated for Bitcoin mining. I mean, really, 2025 was the year of bringing on that 18 plus X of hash in Paraguay. And we had some credits with Bitmain. If you look at our presentations last year, we used this pledge. We pledged a lot of Bitcoin at $87,000. And when Bitcoin, the good old days, was above that, we actually realized value from those credits. And so with those credits, then we actually got some S21XPs, which went to strategically upgrade some buzz miners. And so we're talking a few thousand units here. and really just to get that break even as low as possible globally to be able to navigate new volatility, continue the cash flow. And that's really the only reason I had that price sensitivity slide in my section as well so it's readily apparent. If you're watching, if you're like, wherever Bitcoin trades over the next quarter, you can always go back to my presentation, look at that slide and be like, oh, okay, I should be doing about 50% margin after electrical cost, 45%, whatever the case may be, just understand how that in that dual engine strategy how much cash is being thrown off but yeah no no capex for the bitcoin mining business and i don't know what you mean by de-emphasize i mean it's i think uh significant amount of um cash show generation we've got relative i know some of our peers have just because um like you know cypher has 23 extra hash whether they emphasize or not it's still it's still there so you i assume i assume the street would would like a bit of color and clarity that's still being well managed and and you're getting maximum value for all that capital that you've invested into that infrastructure to make sure that it is cash flowing as much as humanly possible and that's why i did take a couple slides to point out that you know we we still carefully any one of our our deployments um you know we and i i think it's worth noting like zooming out you know we were once the world one of the world's largest theory miners we got into this cloud game gpu cloud game early in 2023 after the ethmer scaled in bitcoin mining so you know the very nature of orchestrating compute it's to me it's always been somewhat agnostic i look at everything in dollars per kilowatt hour but but yeah whatever

whatever we're going to be doing we're going to be doing it well uh you know to ensure maximum upside for our shareholders hope that helps got it thank you thanks mike uh next question we'll go to the line of mike colonies from hc wainwright mike floor is yours uh good morning frank i didn't see anything for taking my questions today uh just a couple more on the gpu cloud business for me um so as it relates to the data center infrastructure that will support the incremental chip deployments uh at the bell data centers throughout canada can you just give us an update as to where that infrastructure stands today is it ready to go are there other you know developments

that need to happen at those sites uh to go ahead and support those those additional gpu deployments yeah so if you refer to the uh so so the the winnipeg deployment of course is is currently live that's got the first 500 gpus but moreover uh when we put out a press release i believe it was in early april um for with with uh bell for the expansion into british columbia on the west coast uh that was for the site in merit that site that the excitement around that was that the site was ready uh and effective for us april one so the merit sites live and so it's really an exercise of uh you know standing up the the gpu clusters in there and going live with those um and and again just kind of circling back towards joe's question you know we're we're kind of towards the final strokes of um um financing and and uh announcing definitive for for um those cluster deals and so yeah so you've you've got the capacity for the first cluster um ready today at the merit site and that the capacity for the second cluster in the Merit site will come online later this year. And you kind of see the timeline that we've laid out. And I would refer you back to that chart slide where you kind of have the growth of the GPU clusters by type of GPU, by size of GPU, and by what quarter they're expected to be deployed. Yeah, I hope that answers the question, Michael. Please let me know if there's any more clarity. great and so it sounds like the cadence of infrastructure development aligns uh well with pretty low risk to the schedule you wait out on your slide deck is that safe to say yeah yeah exactly that's and that that was the whole virtue of having the capex like quick time to market partnership with bell you know as you very well know we are data center builders and operators ourselves but having that having that bell logo having that um uh capacity having having that um tier 3 RAD capacity ready in a very near term, allowed us to scale the cloud business as we saw outsized demand in the very near term and do so in a CapEx site manner while we undertake our more longer tail CapEx intensive either conversions of, for example, New Brunswick and our sites in Bowdoin and Little Toronto, and of course now with the Gigafactory. um so yep that that was that was the whole strategy is to leverage that quicker time to market through bell makes perfect sense and just one more from you how should we think about gross margins for the gpu cloud business for those chips that will be deployed at the bell's data centers i know you mentioned you locked in a pretty favorable co-location fee you're paying to bell but just curious how would you think about the gross margins there yep um i would put ebitda north of 75 percent great thank you you bet thank you mike uh time for a few more questions here

uh we'll go to the line of fedor from b riley fedor uh please proceed with your question thank you very much net and uh just checking can you hear me yes yeah hey fedor good morning good morning um uh first of all thank you very much for very detailed uh presentation most of my questions are already up front answered but i do have one on 320 megawatts uh newly acquired land that supports gigafactory expansion um given very recent uh announcement uh my question is when did you start conversation uh for are we for for renting this capacity to potential tenant and what kind of tenant you're looking at and if you can just outline demand from Canadian potential tenants or maybe from US and yes, who you're reaching out and how far you are in the process.

I think I alluded to the, thanks for the question, I think I alluded to the Gigafactory site is really the crown jewel in the Canadian sovereign strategy. So there's, given the proximity of the site, You know, GTA, Greater Toronto Area is what GTA refers to, is really like the prime area in Canada. This corridor, really, it's in the realm of the Vector Institute. There is, you know, and the short answer to your question, stay tuned. Really, the inaugural announcement was to share with the street the capacity, the power, and the land. And so specificity on who or the types of clients, you'll have to stay tuned. But I can say directionally that, you know, this would be a phenomenal site even for having some government tenants in there as well. And, you know, of course, in our partnership with Bell Canada, there's a lot, although this is, you know, a Hive and Buzz owned site, which is distinct from the Bell AI Fabric sites we've been co-locating. this is our own site that we're uh developing and building um uh you know we've got a phenomenal partnership with bell and they have um many canadian enterprises um that would love to have um residency at the site so um i know you want more color but that's one of those questions you're gonna have to stay tuned and um if there's anything else that you'd like to ask um please let me know no thank you very much and that's clear um thanks for updating continue best of luck

thank you appreciate the question all right time for one uh final quick question we'll go to the line of steven glycola from kbw steven floor is yours hey everyone uh good morning and thanks for the question i didn't i just wanted to circle back also here on the 320 megawatt greater toronto site uh one can you maybe clarify what full allocation means for the for the 320 megawatts gross capacity and then second uh you mentioned graded load studies in the prior q a could you maybe provide more details across you know interconnection and permitting including like where you stand in the iso process and any remaining permits across zoning building

you know environmental required to begin construction or support customer contracts thank you um yeah so so quickly steven you know we're we're uh you know this this isn't uh uh like you know the guys at semi-analysis they like to go ask all those questions and uh there's just a certain level of disclosure that we're going to provide and then there's level of disclosure that's sort of beyond the realm of of um what we're gonna provide at this time so um you know it's really stay tuned i mean you know we've we've put a very thoughtfully curated press release i spoke to it in my presentation and and that's the level of disclosure that's been shared with the street you you emailed the same questions to me a few weeks ago and um you know i think my answer was much along the same lines so um uh you know i'm sure you'd love to come to the site and and take a bunch of pictures too but you know what that's not going to happen yet so you know you'll get an invite when we when we do uh you know public walkthroughs etc but in the meantime you're just gonna hang tight buddy um so i think it's also covered in my site i'm sorry it's covered my slide uh you could put you know 240 megawatts of it load um if you assume a 1.3 pue and uh you know you could you could work out your um uh revenue figures based on i mean it is a primary market so um you could use uh your your uh dollar per kilowatt you could put 150 bucks in there if you want to to get to uh uh revenue projections i'm not sure if that was your question but i hope that's helpful. And I want to be helpful, but, you know, sometimes, you know, people will ask questions that are just far beyond the scope of disclosure at, you know, any moment in time. So I just, you know, with all respect, have to call that out.

Thank you.

Thanks, Steve. And that concludes our Q&A session and our fiscal Q4 and full-year 2026 earnings call. Thank you to our analysts, all of our attendees for joining. We look forward to speaking to you again soon.