[unclear] branding at HIVE, and I'll be your moderator for today's call. Before we get started on slide two, 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 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 GAAP results.

Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release in Form 8-K furnished to the SEC. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, 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 that plays a role as a strategist on 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 are the demand for copper, etc. 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.

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. It's a non-event for the S&P to go up or down 1% in a day and 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.

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%. 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.

As you go down and look at technology stocks and gold stocks, you look at HIVE and 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. That means that 70% of the time it's a non-event over 10 days for HIVE to go up or down 21%.

The same thing on a daily basis, it's a 6% vol. 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.

HIVE is in that transition to go into a hyperscaler, you can see our volatility is greater than the Bitcoin, and that provides great buying opportunities, especially if Bitcoin is down 3%, then it'd be a non-event for us to be down 6%, and usually then it's a great bounce. Next, please.

This is the team. Aydin Kilic our President and CEO; Craig Tavares is the President and Chief Operating Officer of BUZZ HPC, which is really the champion for our AI factories, especially out of Canada.

We are now coast to coast across the country, and we continue to expand. I'll give you more color on that.

Darcy our CFO. He's based in Vancouver along with Aydin.

Gabriel Ibghy, 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 electrical engineer like Aydin is and Craig. Then we have Johanna Thornblad, who's the Country President for Sweden.

Next, please. 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. That just goes to 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. 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 5 miles long. It's a phenomenal piece of infrastructure, and it's a partnership with Brazil and Paraguay, generates about 14 GW of electricity, half to Paraguay, half to Brazil.

For a while, Paraguay has been selling a lot of electricity to Argentina and were 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. 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 their power utility company, in the overall economic development of the country.

Next, please. HIVE's top institutional shareholders: Invesco, Citadel, we're happy to see Citadel's 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 Cantor Fitzgerald, we announced the closing of a private offering of what, $115 million of 0% exchangeable senior notes due 2031 with a conversion feature, which is very unique by buying a derivative that the stock is basically double the stock price just shy of $5. Now the stock is trading at $4, but it was it was at the time $2 and change.

It was pretty significant. Now what's important is that we had more than $500 million wanted, and we had 24 buyers.

Our name got known now to many US institutions that really didn't know the unique HIVE story. 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 a Tier 1 data center for Bitcoin mining, and we increased that from 6 exahash to 25.

This year, we're focused on this huge footprint of bringing especially sovereign data centers in Canada and Sweden. Next, please.

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. That was a great opening for us, because we had the maximum amount of people allowed to show up.

We had to turn back I think it was 100 people wanted to come for 50 places, it was a great sign of enthusiasm for our company. This was a day after the holiday in Canada.

The day before, our stock has on a big tear because of recommendations in the press release we made regarding our AI strategy in Canada. 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. HIVE 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.

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. We're excited that it's happening.

Then we have announcement of listing on the Toronto Stock Exchange on May 7th, and then we announced the BUZZ's North Star AI factory in Toronto on May the 16th was a significant home run because by accident, we did not know that was also showed up a very smart institutional investor in this space in the AI build-out became an investor. Next, please.

I think that it's important to recognize Leopold Aschenbrenner as the CEO of what's 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 supercycle, a fascinating background, used to be with OpenChat GPT.

He displayed a 13F filing. 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.

We were deeply the most attractive proposition. We're happy that he bought in those shares.

He bought them, I think, in the previous month. That filing at the same time of announcing in Canada our AI factory all just happened at the same time, and it was a holiday in Canada.

Next, please. 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. "Whoever owns the compute owns the future, and Canada needs sovereign compute to remain globally competitive."

Canada is an incredible place in respect that Ethereum was created there. The University of Waterloo has won the IBM annual software competition the most often, being the champions there, it has strong intellectual capital that Microsoft has always tried to hire from Waterloo.

Then the University of Toronto has now become the epicenter for AI with a Nobel Prize winner. This future what we're building in Canada is right between these two universities.

I share with you it's so important because we know 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. 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.

They're able to tap into all these kids graduating with degrees in cybersecurity. What you see that in Canada, it's different in what we're looking at with the cybersecurity when it come out of a couple of the universities in Toronto, which is the largest city in the country, and come out of the AI.

AI and cybersecurity are now becoming ubiquitous in that conversation. We're thrilled about this opportunity of being in Canada.

Next, please. The AI gigafactory eventually will have 100,000 GPUs.

It'll be a multibillion-dollar build-out, and further to that, it will throw off billions of dollars in revenue. It's a very significant asset.

It would be the equivalent in Texas of 3 GW of electricity when you look in that context of the population and GDPs has always been a ratio of 1 to 10. 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, particular in Eastern Canada, that we are in Toronto, Montreal, Grand Falls in New Brunswick, we're in the most important internet backbone, which basically goes from Toronto down to Virginia and up to Boston and north of Boston.

You have 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. We're right in that triangle.

Next, please. Canadian AI ecosystem and BUZZ AI factories, we've mentioned in previous press releases our partnership with Bell Canada that we are now in Winnipeg.

Daily revenue has improved for our HPC because Manitoba's ASICs come on stream. We are Montreal building out, there will be in British Columbia soon, and will be from coast to coast in Canada and be the biggest hyperscaler really in the country by a wide margin, and sovereign.

Next, please. HIVE's BUZZ HPC partnership is Dell, Dell Computer.

We have universities like Columbia University did 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 Tigo.

To me, it's a great view here of important relationships we've been making with universities and also with other technology companies. I push on the next one.

Expanding the partnerships, Craig has done a phenomenal job. You see 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.

These are just other visuals to share with you that 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, and particular BUZZ AI. Next, please.

BUZZ's HPC data centers, AI training and inference, optimized for both an intensive training and real-time inference. What's happened is these data centers that are doing the transformation, they're going through this new rerating, 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 ranks as 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 Geoffrey Hinton, the PhD, Nobel Prize winner in 2024, University of Toronto. It's become an important nest of brilliant minds that were studying under and have 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 3 over 14 GW of electricity, and we have 300 MW expansion in Paraguay.

Our long-term vision is eventually to get to a gigawatt of electricity. Next, please.

One thing we've always done is education, and what we've done in a school that's a kilometer away from us, a half a mile, had outdoor bathrooms and really quite antiquated in the standards that you would expect in America, Canada, or the US. We've taken it up to North American standards, and young kids are thrilled about it, and so are we.

Next, please. Why now?

AI demand is outrunning infrastructure supply. Global AI spending is expected to reach $700 billion by 2028, and HIVE is going full speed in building that and participating in this incredible boom.

Next, please. AI demand is outrunning infrastructure supply.

We going to take a look at the numbers: potential addition to global GDP due to increased productivity is $4.4 trillion. It's a 3.5x growth in AI data center demand over the next 5 years and 4-plus years.

Capital markets are just changing so rapidly. The funding of GPU chips, you have BlackRock and Blackstone creating credit funds just to lend because GPU chips have now become an asset class like cars are for lending, and you can buy car loans.

It's really quite fascinating that this year how fast and rapidly there are other sources of capital outside of banks. Next, please.

The other collateral I want to share with you as a money manager and 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 heart of the electrification boom. Copper is making all-time highs because demand is far outstripping supply.

Next, please. We can see that when you go do a gigawatt data center, that you're going to spend 50,000 tons on copper, not pounds of copper, but tons of copper to rewire everything.

We also see that electrical cars use more than 5x the amount of copper wiring. 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 US.

There is this boom, and it's a collateral boom. We've also seen fiber optics because you need dark fiber.

Our prices have doubled, 100% up. 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've 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. We still have what makes a market is Jim Chanos and Michael Burry level criticism against the AI sector regularly saying what they're shorting and debt levels and calling it a bubble.

In the past nine months, these two guys have PhDs in bubble-ology and running around, and this creates a market, and you get sell-offs and then you get all-time highs coming back. The demand in sales and when we take a look at Nvidia, we're seeing that other competitors are coming in to come with their own high-performance chips because Nvidia is so much further advanced than anyone else.

The demand for Nvidia chips are so great. When these guys come out and talk about how negative, etc., on social media and if they can turn around and impact the short-term sell-off, it's usually a good buy.

Next, please. We're very excited about where we are in that traction.

Now I'd like to turn over to Aydin Kilic, 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, here's a photo of me smiling.

Let's jump into it. 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 BUZZ Cloud, which has been ranked by ClusterMax and SemiAnalysis. We've got a 440 MW of Bitcoin mining capacity.

It's part of our dual-engine strategy globally. Really, we think that selling tokens and being at the forefront of the AI economy is where our megawatts will get those AI multiples.

It's a very exciting time to be a HIVE shareholder. This photo is actually of our executive team at the Itaipu Dam in Paraguay last year when we were building out our 300 MW there.

Our Yguazu site's not too far from here. Again, we travel the world, we're boots on the ground, we helicopters, planes, you name it, site visits, conferences, see us around.

Look out for the gold Gucci bee, of course. Let's jump into it.

Next slide. It was a phenomenal year.

I think we really knocked it 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 G&A, 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. If you back those out, of course it would be in the positive, but we have an aggressive depreciation schedule, a two-year straight-line depreciation for ASICs and three years for GPUs, just to keep that in mind.

On an ROIC basis, a solid year, 13.3%. We've also been deploying and selling our Bitcoin to fund operations and fund growth, 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 we have tax specialists.

We operate in Paraguay, in Sweden, Canada. We run our revenue through Bermuda for tax efficiency, and how does that all fit together?

Our corporate G&A, we have the lowest G&A as a function of revenue amongst the lowest in the entire industry. 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 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 is a function of depreciation and non-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, 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 end March 31, looking at that gross operating margin, I think it's very admirable.

We did over 4x growth year-over-year, to $107 million of gross operating margin approximately for the year. That's up from $25 million the previous fiscal year.

Of course, you see on a quarterly basis, it rallied as we had some really strong performance in the Bitcoin mining business fiscal Q2 last year, but overall, it's been a tremendous year of growth for us. Let's go to the next slide.

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, building the 300 MW in Paraguay, and having all the tax and accounting in place to really have a truly multinational organization. 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. 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.

I think that it's going to be a really, really exciting year for HIVE 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, 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. 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 colocation 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. 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 there's a big pullback industry-wide in February.

We saw Bitcoin get into the low $60,000s. 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.

Again, quarter-over-quarter, for 6 years running now, we have mined with a positive mining margin quarter for 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, we want to make sure that that engine is a very well-oiled machine and, pound for pound, best in class.

So 25 exahash installed, about 23 exahash average operational for the quarter, 876 Bitcoin mined, BUZZ about $5 million revenue for the quarter, $35 million, of which would be $20 million ARR, but contracted $35 million because we had this exciting Blackwell deal, we'll talk more about, that we brought online. Our target was $200 million 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. Here we are today.

Revenues jumped, yeah, we're doing about $350 million ARR, a little over $900,000 a day. This was 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 market cap.

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 that $200 million ARR.

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.

Now it's a really exciting time. As of today, June 1st, we hit $5.

Getting into that nice institutional range and, of course, being over a billion-dollar market cap US. 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.

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.

Again, it's our year-over-year, just a quick by the numbers. Our hashrate grew over 200% in operational hashrate for the fiscal year.

If you look at what was installed as of the end of the fiscal year, grew almost 280%. Again, with Bitcoin at $71,000 today, mining over 11 Bitcoin a day, it's about a $800,000 baseline revenue.

We're very intentional about how we scale. Let's go to the next slide.

I do want to point out, again, navigating the volatility implicitly in the Bitcoin mining sector, we've talked about hitting our 25 exahash. We did that, but what we then did is we optimized firmware for all the different types of machines that we had.

We got that hashrate it's actually 24.6, although on installed stock basis over 25 exahash, but the trade-off is the efficiency is improved, about 16 J/TH. What that means, it lowers your breakeven cost of mining.

Your total output hashrate 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 a planar math solution that we constantly optimize, but again, it's really about having this level of expertise in the background, that cash flow engine that's helping us spur up and expand the HPC business.

Even though we have 440 MW, we're only consuming about 395 MW because we brought online more efficient machines. We've replaced some BUZZ miners with S21 XPs, which were bought with credits we had from our Bitmain pledge last year.

Very strategic, intentional, and curated way to make sure the business continues to cash flow through any volatility. Let's go to the next slide.

Okay. The final slide on the Bitcoin part is really just to give the readers out there, well, what does this look like when you talk about volatility?

Real simple. Here's a rubric: $70,000 Bitcoin doing about $300,000 a day profit, $80,000 Bitcoin a little over $400,000 a day profit, and $90,000 Bitcoin over $500,000 a day profit.

This is an illustrative example if you assume an electrical cost of $0.05, because based on electrical costs, well, that's the cash flow from the machines, and those go toward paying other direct operating costs and, of course, corporate G&A. This just gives you a flavor of where the one engine, how much cash flow it's producing.

Again, we're actually 16 J/TH with everything optimized, 24.6 exahash. Now let's launch into the next section.

Perfect. Zooming out globally, 860 MW footprint as of today, 440 MW of active capacity.

Again, actually only consuming 395 MW of power, but we've got 440 MW of data centers globally. With the GTA gigafactory recently announced, more on that later, and of course the phase three at Yguazu, that brings our total rounded out to 860 MW.

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 Yguazu and our gigafactory in the GTA, develop those and bring those to market. It's going to be a really exciting year ahead with lots of updates.

Let's go to the next slide. Focusing on the cloud, BUZZ Cloud, this is our GPU business.

As we're doing $35 million of annualized revenue today, that's realized. That's spread over the 5,500 GPUs.

The green 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.

Again, our partnership with Bell AI Fabric is really a colocation, 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 gives us a quick time-to-market, low CapEx path to scale our GPU Cloud revenue.

Of course you have the stamp of validation, Canada's largest telecom player, Bell Canada, choosing BUZZ exclusively to be their GPU cluster orchestrator and operator. What does that mean?

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. If Bell brings us a customer, then they get a small rev share from that, I think 5% roughly.

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. 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.

Let's talk about that briefly. So 2,304 GB200s MOU signed, 2,088 GB300s MOU signed.

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 crack $100 million ARR, I think our stock rerates again. We hit $5 today, 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.

Again, now that we have the funding in place, I'll give you the numbers. The 2,000 GPU cluster, rough numbers, about $170 million.

To get a sweet spot, if you want to get single-digit interest rate, what we're finding from blue-chip lenders, say, like to see a 80% LTV, so that means we come in with 20% down payment. That'd be a $35 million down payment on a $170 million cluster.

We've just raised $115 million, we now have the funds to put a $35 million down payment for each one of these large cluster deals. What does that do?

Again, we got the MOU, we got the data center space with Bell, we've now got finalizing the financing. When we announce the definitives, we'll be able to advise you on total contract values in a three-year or 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 being online and how we get to $200 million ARR. 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, 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 Boden site, and of course New Brunswick, which is our flagship Bitcoin mining site in Canada. All of those converted to HPC, colocation is Tier 3 data centers.

Again, on HPC colo, and we're forecasting $130 a kilowatt for New Brunswick and 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 and cash flowing early '28. 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 colo.

Very exciting time for HIVE, very exciting time for BUZZ, and very exciting time for existing shareholders, and we welcome new investors as well. Let's go to the next slide.

This is a quick overview of that $115 million exchangeable note. I wanted to slot it in here because this tied in to the funding of those GPU clusters.

Again, it was $115 million convertible note due 2031, 0% coupon. Why I think this is so great, if you did an equity financing, our stock was at $2.18 when the deal was priced.

Typically, bankers, the Street's going to want to see a 10% discount. 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 0% 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." It's like doing an equity financed at a premium to your stock price, not at a discount.

The great thing, and so the base conversion price would have been $2.57, but we bought a capped call at 125%, would actually put our conversion premium at $4.92. 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.

Beyond the $2.57 conversion price up to $4.92, we actually get that as a payout from the capped call stakeholders. The value that payout, look at the right hand of this chart, is actually $105 million.

Now, there was a cap cost to that capped call, which was $19.8 million, but a $105 million payout for a $20 million bid, that's over a 5x payout ratio on value. That's a good insurance policy to me.

It just so happens to be today, on June 1st, we actually rallied past our capped call price today. Very exciting times.

Of course, that $105 million payouts based at maturity. If you do an early conversion, you might have to negotiate that, but I think that this note was phenomenal.

Cantor did a tremendous job, and so we're really looking forward. The notes are trading well as well in the secondary market.

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, stay tuned for big updates on that. Next slide, please.

Now, I want to put context on our recent Blackwell deal. This is the 504 GPUs.

We've talked about this deal, it 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.

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 for a cluster of GPUs that cost $30 million. I'll say that again: we effectively sold the entire face value of those GPUs upfront in a two-year contract.

Now, we do have some OpEx, of course. It is being colocated in the Bell AI Fabric site, actually, it's a two-year contract for $30 million, after operating costs, your ROI is more like 2.5 years, but that's still tremendous.

We've signed the entire face value of these GPUs upfront. Now, what does that tell you?

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 upfront 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 that they get that level of service and quality that they expect.

Of course, that's what we're good at, that's what our expertise at. We're masters of orchestrating compute, and again, 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. 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 offtake contract where the entire value of those GPUs and then some you're getting upfront in a contracted revenue. 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.

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 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.

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. What I can tell you is directionally we're very much aware that we're actually targeting three-plus-year contracts now.

What does that do? If the ROI on a GPU cluster after cost, might I add, is 2.5 years, and you go ahead and sign a three-year contract upfront, now you have locked in the face value of the GPUs plus OpEx, and you've 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 2.5-year ROI after cost, now you've 2x completely paid off your GPUs upfront with a contract, and you have the residual value of those GPUs at the end of the term. 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, 1 and 2 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 of GPUs.

Other highly respected institutional investors, more from the TradFi world, amongst our largest investors actually, have a different opinion. They like the stability, and they say, "Sign a five-year contract if you can, or a four-year, and that way, or three-year, and then you've at least locked in the entire value of the GPUs plus some profit, and whatever the residual value is just a cherry on top."

Directionally, this slide is really just to share with the Street, hey, we're going long-term, we're going big, and we're on our way to hitting that $200 million ARR target this year, and stay tuned for updates. By the way, that's an actual photo of one of our deployments, our H200 deployment in Quebec, Canada.

It's very beautiful stuff, very sophisticated stuff. Let's hop to the next slide.

Really, this is just a slide to focus if you just look at Canada, if you look at BUZZ in Canada, BUZZ HPC in Canada, this platform alone between the gigafactory site, the smaller Toronto site, and our New Brunswick site, we have about 400 MW of utility load and almost 100 MW of, sorry, 400 MW utility load and 100 acres of land that we've assembled to bring this capacity. Through 2028, this will transform into $450 million of HPC colo revenue alone just in Canada.

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. It's the first Blackwell cloud, this tremendous partnership with Bell Canada, now with our GTA gigafactory, which of course a HIVE 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, just this slide reminds people, we once were operating a fleet of 130,000 GPUs in Sweden during the Ethereum mining days.

We know a thing or two about orchestrating compute. For us to say we're going from 5,500 GPUs today to 11,000 GPUs to target end of year, it's a very exciting goal, and I would just say stay tuned.

Just a reminder, we can do bare-metal offerings with our GPUs, or we can offer through our BUZZ Cloud. Again, we've built that, we have Slurm, we have Kubernetes, we are able to sell managed 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 the bare metal.

Again, we've been growing this cloud business since 2023. Let's hop to the next slide.

The crown jewel, the slide that everybody is talking about. Really, the gigafactory means 100,000 GPUs.

The CapEx to build this will be about $3.5 billion Canadian, but that will throw off $360 million ARR US. I think that's a really exciting target to have.

We expect the site to be energized by end of 2027 and live with compute in early 2028. This is a 25-acre site in the Greater Toronto Area.

We spent $58 million on land. I've alluded and I've said we've been land banking by substations, well, guess what?

That's exactly what we've been doing in Paraguay and throughout Canada as well, even in New Brunswick. You need land and power, those are two constituent things you need to realize and build a Tier 3 data center and bring that to market.

We've got over 90% renewable energy, and we're working on a closed-loop zero water use design, sub-1.3 PUE target. This is going to be a great job creator for the region.

We're really excited. Stand by for updates.

There's going to be a lot of news as we provide the Street more color on developments for this massive game changer of an opportunity. Next slide, please.

Really, this is very intentional. This is a rendering of the conceptual site.

This is a positive impact for the community, too. This doesn't happen overnight.

This deal has been well over a year, and we've been engaged with the region and the municipality and even in the community. What does that mean?

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. 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 place just for typical use, and the region said, "Look, you got to do all these civil upgrades: water lines, storm, sewer, etc." Often times development applications get logjammed.

I spent almost a decade in commercial property development. Ever notice when you drive by when a new high-rise goes up, all the roads leading up to it all of a sudden are brand new and much nicer?

That's the civic contribution that you have to make. Actually upgrading and improving the community, it's going to create hundreds of skilled jobs.

Again, it's based on closed-loop liquid cooling. Deeply entrenched into the wants and needs of 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 well over a year, and so it was very exciting that we had this announcement recently.

Stay tuned for more updates. Next slide.

I'm going to call this a new era for HIVE. I see a $5 billion US market cap on the horizon and beyond.

What I mean by that is we've got a 500-plus MW global HPC power pipeline. You may recall that earlier slide, I said if you only focus on Canada, our sovereign, that's about a 400 MW pipeline of capacity across three sites.

If you look at Sweden, we've got approximately 40 MW of capacity between our big Boden and little Boden site, and then of course the 100 MW in Yguazu. That's very exciting as well.

How do you justify that $5 billion market cap? I'll show you.

Let's go into the next slide. If you really look at our peers, IREN obviously's 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 purely on HPC colo, APLD, WULF, Cipher, and HUT, the interesting thing is, companies like WULF and APLD, sorry, WULF and APLD actually have revenue today on their HPC business. Cipher and HUT, it's actually all forward contracted, they don't actually have revenue today.

That's why we have these two buckets. Tier 3 means active, current revenue in HPC and scaling, and then Tier 2 is really just contracted HPC revenue.

You can kind of see the average multiples, you're actually seeing a higher multiple in the Tier 2 bucket with only contracted revenue, about 15x enterprise value to target ARR revenue for Cipher and HUT, compared to 10x multiple if you look at the average between IREN, APLD, and WULF. 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 the previous slides, but they'll sort of come online through the course of '27, and then gigafactory early '28.

If you line up the target 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, Boden, and so that brings you about $3.6 billion. The cloud business, we actually put a 5.9 multiple on that like IREN, and that's about $1.2 billion.

If you add that up, it's about a $4.9 billion enterprise value. Then if you put a nominal $500 million valuation on the Bitcoin mining business, sort of using a blended valuation where MARA and CleanSpark are, puts you at a $5.3 billion implied enterprise value using a sum-of-the-part downside case.

Now, that puts us at about a 4x rerating of where we are today. Again, this is, of course, predicated upon the GTA gigafactory having an HPC lease signed and, of course, us contracting those GPU clouds.

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.

Really, just shows where we would be trading amongst our peers at similar multiples. Let's go to the next slide now.

If you actually take a look at where our peers are, again, we use a base case of 8x multiple on the colo, and some of our peers are trading well in advance of that. At a 10x colo multiplier, using the same 5.9x on the GPU Cloud, puts it at a $6.8 billion base case.

If you look at the blended average of all our peers on the colo multiple, WULF, Cipher, APLD, HUT, etc., the blended average for the sector right now is actually 11.4x two-year forward revenue, that would put us closer to $7.6 billion upside case. Again, I really see it's a $5 billion and beyond outlook for HIVE right now, which is a tremendously exciting time.

Stand by as we continue to execute, provide the Street updates on contracted revenues, install more GPUs, advance our site developments, order long-lead items, broadcast ready-for-service dates, all that good stuff that you'll expect a seasoned Tier 3 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 hashrate services and high-performance computing. Looking here at our capital structure as of March 31st, 2026, HIVE 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 hashrate services operations. While hashrate 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 8 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 GAAP results and operating performance metrics such as adjusted EBITDA.

Looking sequentially on the next slide, adjusted EBITDA was -$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 year 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 and the industry. Maybe kind of start on the gigafactory a little bit.

Great vision and plans here. Can you drill down a little bit more on procuring power for the gigafactory?

Obviously, power is a constraint here. I think a lot of investors here are pretty familiar with kind of the power market in the US.

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.

Thanks, Joe. There's a provincial regulator, and there's actually two: one is in charge of generation and one is in charge of transmission.

Effectively you've got to be contracted with both. That's really the pillar of having this allocation of power.

Really, that's what I could tell you for now. It's about over 90% renewable energy.

Let me know if there's anything more specific that you'd like to know.

Just maybe a little bit on is power really a constraint there, or do you just see the gigafactory kind of scaling slowly and it's really more of a CapEx spend on GPUs and infrastructure, and power's less of an issue? Just trying to understand that a little bit better.

Oh no,

there's a full allocation for the 320 MW. Maybe what you're asking about is there's grid studies and load studies, etc., that go into an allocation of that scale.

That's what's so exciting about this site is that we have that allocation. I think it's more what I tried to address in my section, and we've been at this for over a year now.

It's an exercise in, of course, securing the distribution and load generation contracts. We can provide more color on this sort of detail as we provide updates on the site development, etc.

It's also regional and civic planning. I had a slide dedicated to that.

You don't just go drop in some modular containers like this. This is going to be a real bellwether for the community.

As far as your point about CapEx, it would be financed really like any other large data center project. We've seen a lot of our peers issue corporate bonds.

We've seen, of course, obviously once you have a lease with a hyperscaler or an offtaker, that obviously is a major catalyst towards funding this as well. Really, as we've seen a lot of our peers fund these larger scale future builds, I hope addresses the CapEx portion of your question.

Again, please let me know if there's something more specific you want some clarity on.

I think that's great, Aydin. That's a good backdrop.

Then maybe some more color on Paraguay, or it feels like it's a great opportunity. I know Frank mentioned plans to perhaps procure up to a gigawatt down there over time.

I know you've started with some AI services for Columbia University from down there. Any other updates for now on the Paraguay opportunity and what to expect there, say, over the next year?

Actually, I'm glad you brought that up. There was a lot of stuff in the updates and really we had all this exciting news out of Canada.

It's funny you mention that. Promise to everybody that wasn't scripted questions.

We actually had an update. Our researchers out of New York at Columbia University that were running compute nodes out of Paraguay, their research initiative was successfully completed.

They have submitted their work, their inaugural research using HIVE GPUs in Asuncion with researchers based in New York to the ICML, it's International Conference for Machine Learning, very prestigious, world-renowned congress. That's really exciting.

We were going to release some of that. It's a great research project, and so I'm happy to talk about it briefly on this call.

More importantly is now we actually have the data on tokens per second, bandwidth, and latency between New York and Asuncion. That was a research R&D initiative that went very well.

Stay tuned for more updates as we kind of update. I think one thing I've alluded to in a lot of our fireside chats, which we're always grateful to be on that you host, and being at the different conferences, etc., is the operative word, as I've been saying, we've been land banking by substations.

That applies in Canada, as evidenced by some of our exciting recent news, but also Paraguay. By the way, we've been expanding our footprint in New Brunswick as well, because you need more land for expanding into a Tier 3 than you do for Bitcoin mining, of course.

By the way, when you think about it, when you think of construction and you're building and you're getting into mobilization, where are you going to have storage? Where are you going to have laydown or even just encampment for construction workers, etc.?

Obviously you need more land than just the square footage of the finished building. You need to think of logistics if you're over the course of construction, etc.

We've been expanding our land footprint in Paraguay by the Yguazu substation, which we think has incredible long-tail value. I could say other large data center players in the industry have indicated interest.

I think there was a photo floating around with Crusoe in Peña. Just gives you an idea of who's been poking around that area, that neck of the woods.

Again, we've been land banking by the substation in Yguazu, stay tuned for more updates as that initiative unfolds over the next quarter as well.

Great, thank you very much, Aydin.

Thank you.

Thank you, Joe. All right, next we'll go to the line of Mike Grondahl from Northland.

Mike, floor is yours.

Hey, guys. Can you hear me?

Loud and clear, Mike. Good morning.

Good morning, guys. Hey, 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?

Absolutely. Sorry, I thought I addressed that in my section, Mike, and really 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 million ARR ramp.

Then right after, I talk about our $115 million 0% coupon bond, and so that sort of addressed the CapEx. Just sort of rough numbers, just to give you something broad, and you could substantiate this, and I'm sure you've got some similar data out there.

If you look at a cluster, 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. We have a 2,088 cluster, which by the way, when you're looking at NVL72, Grace Blackwell, that equates to 29 racks, 29 * 72 GPUs is 2,088.

Then the other cluster slightly larger, it's 32 racks * 72 GPUs is 2,304. One is GB200, one is GB300.

I'll give you a rough number. Each cluster, and again, you could just go substantiate this or validate this by talking to peers in the industry, about $170 million bucks for everything.

When you get a BOM from an Nvidia OEM and networking, your storage, everything that you need really to fully deliver is about $170 million per cluster. That's the CapEx per cluster, and each one of those clusters, one adds 70, $70 million ARR, the other adds $65 million ARR.

I discussed how you finance that if you want to get single-digit interest, typically you're looking at putting 80% LTV, 20% down payment. What's 20% of $170 million?

It would be about $34 million bucks. By the way, there's customer deposits involved, too, which may possibly offset, may not, but anyways, if you wanted to use a rough number, that would be a good indicative down payment from us towards each large cluster.

Then the filling of the Winnipeg site, we showed another 1,500 B200s. Our original cluster, I also had a slide that detailed the cost of the original B200 cluster, which is live now, and that cluster, 504 GPUs, was about $30 million.

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 GPUs. Anyways, I provided the clarity on the CapEx there.

You got another 1,500 GPUs in the pipeline, 1,500 times that would be three times the existing cluster size, 3 * $30 million, another $90 million, which again, you would sort of finance. That original cluster was with Dell through Dell Financial, and they've been a great partner, we may possibly finance it through them or, again, typically 80% LTV.

I hope that's really helpful, but that should give you the capital outlay to finance a GPU Cloud business to get to that $200 million ARR figure.

Got it. Then I assume there's no capital outlay or capital expenditures on the Bitcoin mining side.

Any plans to de-emphasize that or possibly sell that off?

Correct, there's no CapEx allocated for Bitcoin mining. Really 2025 was the year of bringing on that 18-plus exahash in Paraguay.

We had some credits with Bitmain. If you look at our presentations last year, we pledged a lot of Bitcoin at $87,000, and when Bitcoin did rally, the good old days, was above that, we actually realized value from those credits.

With those credits, then we actually got some S21 XPs, which went to strategically upgrade some BUZZ miners, and so we're talking a few thousand units here, really just to get that breakeven as low as possible globally to be able to navigate any volatility, continue to cash flow. That's really the only reason I had that price sensitivity slide in my section, as was readily apparent if you're watching, wherever Bitcoin trades over the next quarter, you can always go back to my presentation, look at that slide, and be like, "Oh, okay, HIVE should be doing about 50% margin after electrical cost, 45%," whatever the case may be, just to understand how that in that dual-engine strategy how much cash is being thrown off.

No CapEx for the Bitcoin mining business. I don't know what you mean by de-emphasize.

I think a significant amount of cash generation we've got relative I know some of our peers have just because if Cipher has 23 exahash, whether they emphasize it or not, it's still there. I assume the Street would like a bit of color and clarity that it's still being well managed 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 we still carefully any one of our deployments.

I think it's worth noting zooming out, we were once one of the world's largest Ethereum miners. We got into this cloud game, GPU Cloud game, early in 2023 after the ETH merge, scaled in Bitcoin mining, the very nature of orchestrating compute, to me it's always been somewhat agnostic.

I look at everything in dollars per kilowatt-hour, but yeah, whatever we're going to be doing, we're going to be doing it well to ensure maximum upside for our shareholders. Hope that helps.

Got it. Thank you.

Thanks, Mike. Next question, we'll go to the line of Mike Colonnese from H.C.

Wainwright. Mike, floor is yours.

Hi, good morning, Frank, Aydin, and team, and thanks for taking my questions today. Just a couple more on the GPU Cloud business for me.

As it relates to the data center infrastructure that will support the incremental chip deployments 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, or are there other developments that need to happen at those sites to go ahead and support those additional GPU deployments?

The Winnipeg deployment, of course, is currently live, that's got the first 500 GPUs. Moreover, when we put out our press release, I believe it was in early April with Bell for the expansion to British Columbia on the West Coast, that was for the site in Merritt.

That site, the excitement around that was that the site was ready and effective for us April 1st. The Merritt site's live, and so it's really an exercise of standing up the GPU clusters in there and going live with those.

Again, just kind of circling back towards Joe's question, we're in towards the final strokes of financing and announcing definitive for those cluster deals. You've got the capacity for the first cluster ready today at the Merritt site, and the capacity for the second cluster in the Merritt site will come online later this year, and you kind of see the timeline that we've laid out.

I'd 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. I hope that answers the question, Mike.

Please let me know if there's any more clarity.

Great, Aydin. It sounds like the cadence of infrastructure development aligns well with pretty low risk to the schedule you laid out in your slide deck, is that safe to say?

Exactly. That was the whole virtue of having the CapEx-like quick time-to-market partnership with Bell.

As you very well know, we are data center builders and operators ourselves, but having that Bell logo, having that capacity, having that Tier 3 rack 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-light manner while we undertake our more longer-tail CapEx-intensive either conversions of, for example, New Brunswick, and our sites in Boden and Little Toronto, and of course now with the gigafactory. Yep, that was the whole strategy, is to leverage that quicker time-to-market through Bell.

Makes perfect sense. Just one more for me, Aydin.

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 colocation fee that you're paying to Bell, but just curious how we should think about gross margins there.

Yep, I would put EBITDA north of 75%.

Great. Thank you.

You bet.

Thank you, Mike. Time for a few more questions here.

We'll go to the line of Fedor from B. Riley.

Fedor, please proceed with your question.

Thank you very much, Nathan. Just checking, can you hear me?

Yeah. Hey, Fedor, good morning.

Good morning. Thank you very much for very detailed presentation.

Most of my questions already upfront answered, but I do have one on 320 MW newly acquired land that supports gigafactory expansion. Given very recent announcement, my question is when did you start conversation 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?

Thank you. Hey,

thanks for the question. I think today I alluded to the gigafactory site is really the crown jewel in the Canadian sovereign strategy.

Given the proximity of the site, GTA, Greater Toronto Area, is what GTA refers to, is really the prime area in Canada. It's this corridor really is it's in the realm of the Vector Institute.

Fedor, 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.

Specificity on who or the types of clients, you'll have to stay tuned. I can say directionally that this would be a phenomenal site even for having some government tenants in there as well.

Of course, in our partnership with Bell Canada, there's a lot, although this is a HIVE and BUZZ-owned site, which is distinct from the Bell AI Fabric sites we've been colocating. This is our own site that we're developing and building.

We've got a phenomenal partnership with Bell, and they have many Canadian enterprises that would love to have residency at this site. I know you want more color, but that's one of those questions you're just going to have to stay tuned.

If there's anything else that you'd like to ask, please let me know.

No, thank you very much, Aydin, that's clear. Thanks for update and continue best of luck.

Thank you. Appreciate the question.

All right, time for one final quick question. We'll go to the line of Stephen Glagola from KBW.

Stephen, floor is yours.

Hey, everyone. Good morning, and thanks for the question.

Aydin, I just wanted to circle back also here on the 320 MW Greater Toronto site. One, can you maybe clarify what full allocation means for the 320 MW gross capacity?

Then, second, you mentioned grid and load studies in the prior Q&A. Could you maybe provide more details across interconnection and permitting, including where you stand in the IESO process, and then any remaining permits across zoning, building, environmental required to begin construction or support customer contracts?

Thank you.

Quickly, Stephen, the guys at SemiAnalysis, they like to go ask all those questions, and there's just 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 what we're going to provide at this time. It's really stay tuned.

We've put a very thoughtfully curated press release, I spoke to it in my presentation, and that's the level of disclosure that's been shared with the Street. You emailed the same questions to me a few weeks ago, and I think my answer was much along the same lines.

I'm sure you'd love to come to the site and take a bunch of pictures, too, but you know what? That's not going to happen yet.

You'll get an invite when we do public walkthroughs, etc., but in the meantime, you're just going to have hang tight, buddy. I think it's covered in my slide.

You could put 240 MW of IT load, if you assume a 1.3 PUE, and you could work out your revenue figures based on, it is a primary market. You could use your dollar per kilowatt, you could put $150 bucks in there if you want to get to revenue projections.

I'm not sure if that was your question, but I hope that's helpful. I want to be helpful, but sometimes people ask questions that are just far beyond the scope of disclosure at any moment in time.

I just, with all respect, have to call that out.

All right, thank you.

Thanks, Stephen. 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.