HIVE Digital Technologies Ltd.

Previous wording

Results of Operations. Analysis of our financial results comparing the three months ended June 30, 2026 and 2025.

Current wording

• Results of Operations. Analysis of our financial results comparing the three and six months ended September 30, 2026 and 2025.

Previous wording

HIVE Digital Technologies Ltd. is a sustainable-energy focused digital infrastructure company. Our business model consists of using cash-flow generated from our established hashrate services business to support our ongoing AI and HPC business expansion that is primarily being undertaken through our subsidiary, BUZZ High Performance Computing Inc. ("BUZZ" or "BUZZ HPC"). The Company leverages its existing footprint of Tier-I data centers, initially optimized for energy-efficient hashrate services, to secure low-cost power, grid access, and operational scale, then incrementally upgrades these assets to Tier-III, enterprise-grade AI infrastructure capable of supporting high-density GPU workloads, liquid cooling, and mission-critical uptime. Through BUZZ HPC, HIVE is positioning itself as a sovereign AI provider, offering domestically controlled, regulation-aligned compute infrastructure tailored to governments, enterprises, and research institutions, particularly in Canada. Our geographic strategy focuses on energy-advantaged regions such as Canada, Sweden, and Paraguay, where abundant, low-cost renewable power enables both immediate monetization and long-term scalability. By converting energy access into increasingly valuable compute capacity, HIVE is transitioning from a traditional hashrate service provider into a vertically integrated, capital-efficient AI infrastructure platform aligned with global trends in AI demand, data localization, and power-constrained data center development.

Current wording

HIVE Digital Technologies Ltd. is a sustainable-energy focused digital infrastructure company. Our business model consists of using cash-flow generated from our established hashrate services business to support our ongoing AI and HPC business expansion, primarily through our wholly owned subsidiary, BUZZ High Performance Computing Inc. ("BUZZ" or "BUZZ HPC"). The Company leverages its existing footprint of Tier-I data centers, initially optimized for energy-efficient hashrate services, to secure low-cost power, grid access, and operational scale, then incrementally upgrades these assets to Tier-III, enterprise-grade AI infrastructure capable of supporting high-density GPU workloads, liquid cooling, and mission-critical uptime. Through BUZZ HPC, HIVE is positioning itself as a sovereign AI provider, offering domestically controlled, regulation-aligned compute infrastructure tailored to governments, enterprises, and research institutions, particularly in Canada. Our geographic strategy focuses on energy-advantaged regions such as Canada, Sweden, and Paraguay, where abundant, low-cost renewable power enables both immediate monetization and long-term scalability. In addition, one of our key objectives is to site our facilities in close proximity to hydroelectric power or other sources of renewable energy. Due to the location of our facilities, we believe it is likely that a significant portion of our data center operations are powered by renewable or "green" energy sources, however we do not ultimately control the sourcing of power. By converting energy access into increasingly valuable compute capacity, HIVE is transitioning from a traditional hashrate service provider into a vertically integrated, capital-efficient AI infrastructure platform aligned with global trends in AI demand, data localization, and power-constrained data center development.

Previous wording

The following table summarizes the operational hashrate of each of the Company's major data centers together with its average operational power consumption and power capacity available to each such data center, as of July 31, 2026. As of July 31, 2026, the Company's total installed hashrate was approximately 25.2 EH/s with an implied efficiency of 16.5 J/TH, based on the nameplate hashrate and power consumption of the installed miners. Where miners were operating in a modified operating mode, including through controlled downclocking for fleet optimization, the figures reflect the expected hashrate and power consumption associated with such modified operating mode. After accounting for these adjustments, the Company's installed hashrate was approximately 24.5 EH/s, with an implied fleet efficiency of 16.1 J/TH.

Current wording

The following table summarizes the operational hashrate of each of the Company's major data centers together with its average operational power consumption and power capacity available to each such data center, as of October 31, 2026. As of October 31, 2026, the Company's total installed hashrate was approximately 25.8 EH/s with an implied efficiency of 16.7 J/TH, based on the nameplate hashrate and power consumption of the installed miners. Where miners were operating in a modified operating mode, including through controlled downclocking for fleet optimization, the figures reflect the expected hashrate and power consumption associated with such modified operating mode. After accounting for these adjustments, the Company's installed hashrate was approximately 24.2 EH/s, with an implied fleet efficiency of 15.8 J/TH.

Previous wording

2 Includes approximately 115 PH/s of BTC equivalent hashrate.

Current wording

2 Includes approximately 126 PH/s of BTC equivalent hashrate.

Previous wording

The Company recognizes the majority of its revenue from the provision of hashrate services, where the Company generates hashrate and sells said hashrate to mining pools which utilise the hashrate for their purposes while paying out HIVE based on an FPPS payout model for which the Company receives digital currencies and records them at their fair value on the date received. The Company's revenue is being diversified through our expansion into Tier-III data center operations, which support HPC and AI based applications.

Current wording

The Company recognizes the majority of its revenue from the provision of hashrate services, where the Company generates hashrate and sells said hashrate to mining pools which utilize the hashrate for their purposes while paying out HIVE based on an FPPS payout model for which the Company receives digital currencies and records them at their fair value on the date received. The Company's revenue is being diversified through our expansion into Tier-III data center operations, which support HPC and AI based applications.

Previous wording

Currently, the majority of our data center power is being utilized by HIVE to generate hashrate which is sold to mining pools who then utilize the hashrate for the mining of Bitcoin. The mining pools acquire the hashrate from HIVE based on an FPPS payout model. We retain our Bitcoin in segregated, secure storage wallets with Fireblocks Inc. ("Fireblocks") and Bank Frick, third-party providers that specialize in secure crypto storage. We have not collateralized our Bitcoin assets against debt or other obligations of any kind. Our Bitcoin is not stored on any exchange. Our Bitcoin is never "staked" for mining purposes or loaned to any third party.

Current wording

We retain our Bitcoin in segregated, secure storage wallets with Fireblocks Inc. and Bank Frick, third-party providers that specialize in secure crypto storage. We have not encumbered our Bitcoin assets as collateral against debt or other obligations of any kind. Our Bitcoin is not stored on any exchange. Our Bitcoin is never "staked" for mining purposes or loaned to any third party.

Previous wording

On December 3, 2024, the Company announced the purchase of 13,480 Bitmain S21+ Hydro units, together with a purchase option for an additional 13,480 units, representing approximately a combined total of 8.6 EH/s capacity. The Company subsequently exercised this option, with approximately 7,420 units shipped to the Yguazú Facility and the remaining 6,060 units scheduled for shipment to the Valenzuela Facility in September 2025.

Current wording

The Company continues to make opportunistic investments to upgrade its ASICs and infrastructure, improve fleet efficiency and maximize hashrate. On December 3, 2024, the Company announced the purchase of 13,480 Bitmain S21+ Hydro units, together with a purchase option for an additional 13,480 units, representing approximately a combined total of 8.6 EH/s capacity. The Company subsequently exercised this option, with approximately 7,420 units shipped to the Yguazú Facility and the remaining 6,060 units scheduled for shipment to the Valenzuela Facility in September 2025.

Previous wording

The Company has continued to develop and expand its HPC business, which draws on the Company's fleet of GPUs in enterprise grade data center servers operating in Tier-III data centers. These GPUs operate with redundancy and are utilized for rental through GPU on-demand marketplaces and term contracts, where end users are typically performing Large Language Model ("LLM") computations, such as modeling, inference and fine-tuning. Currently, the Company collectively has approximately 5,000 GPUs operating across Tier-III data centers in Montreal, Canada and Stockholm Sweden, which include NVIDIA A5000, A6000, A40, H100 and H200 GPUs.

Current wording

The Company has continued to develop and expand its HPC business, which draws on the Company's fleet of GPUs in enterprise grade data center servers operating in Tier-III data centers. These GPUs operate with redundancy and are utilized for rental through GPU on-demand marketplaces and term contracts, where end users are typically performing Large Language Model ("LLM") computations, such as modeling, inference and fine-tuning. Currently, the Company collectively has approximately 6,000 GPUs operating across Tier-III data centers in Montreal, Canada and Stockholm Sweden, which include NVIDIA A5000, A6000, A40, H100, H200 and B200 GPUs.

Previous wording

The Company's New Brunswick 70 MW site has been identified by management as a candidate for conversion to Tier-III hyperscaler co-location (estimated $85 million ARR), and the 7.2 MW Toronto Airport site is viewed as attractive for potential government or military applications. Design development and site planning at New Brunswick are advancing.

Current wording

The Company's New Brunswick 70 MW site has been identified by management as a candidate for conversion to a Tier-III hyperscaler co-location (estimated $85 million ARR), and the 7.2 MW Toronto Airport site is viewed as attractive for potential government or military applications. Design development and site planning at New Brunswick are advancing.

Previous wording

On June 25, 2026, the Company announced that it had signed a co-location letter of intent (the “Boden LOI”) with a Swedish technology company for a lease the Company's 32 MW facility located in Boden, Sweden. The Boden LOI contemplates a term of up to 10 years for a usable critical IT load of approximately 25 MW. The Boden LOI is non-binding and subject to the negotiation and execution of a definitive agreement.

Current wording

On June 25, 2026, the Company announced that it had signed a co-location letter of intent (the "Boden LOI") with a Swedish technology company for a lease of the Company's Big Boden facility. The Boden LOI contemplates a term of up to 10 years for a usable critical IT load of approximately 25 MW. The Boden LOI is non-binding and subject to the negotiation and execution of a definitive agreement.

Previous wording

Following the invasion of Ukraine by Russia, many countries have implemented aggressive tax policies, strategic reserves, and industrial incentives to protect their domestic energy supply. Management believes that the sharp rise in energy prices in Europe underscores the vulnerability of unhedged power consumers, particularly in energy-intensive industries while the geopolitical energy shock reinforces the strategic value of operating data centers in diverse locations. We believe a combination of energy scarcity and strong demand for AI-driven compute capacity imply that stable, low-cost renewable energy represents a critical competitive advantage in both digital asset mining and AI infrastructure services.

Current wording

Geopolitical turmoil, including the invasion of Ukraine by Russia, and more recently, renewed tensions in the Middle East, have led many countries to implement aggressive tax policies, strategic reserves, and industrial incentives to protect their domestic energy supply. Management believes that the sharp rise in energy prices in Europe underscores the vulnerability of unhedged power consumers, particularly in energy-intensive industries while the geopolitical energy shock reinforces the strategic value of operating data centers in diverse locations. We believe a combination of energy scarcity and strong demand for AI-driven compute capacity imply that stable, low-cost renewable energy represents a critical competitive advantage in both digital asset mining and AI infrastructure services.

Previous wording

The Company has made best efforts to mitigate its exposure to high or unstable energy prices in Europe. Notwithstanding those efforts, there is no assurance that this risk can be mitigated. With respect to the Company's operations in Sweden, the increased energy prices across Europe resulting from the Russian invasion of Ukraine and other global events have been buffered partially by the Company having forward energy agreements for the purchase of electricity. These energy hedging contracts allow HIVE to purchase a fixed quantity of power measured in MW, for a fixed period of time. As a result, if the index spot price increases, HIVE can rely on a previously agreed upon fixed energy price to continue operations uninterrupted.

Current wording

The Company has used its best efforts to mitigate its exposure to high or unstable energy prices in Europe, though there is no assurance that this risk can be mitigated. With respect to the Company's operations in Sweden, the increased energy prices across Europe resulting from the Russian invasion of Ukraine and other global events have been buffered partially by the Company having forward energy agreements for the purchase of electricity. These energy hedging contracts allow HIVE to purchase a fixed quantity of power measured in MW, for a fixed period of time. As a result, if the index spot price increases, HIVE can rely on a previously agreed upon fixed energy price to continue operations uninterrupted.

Previous wording

Our owned and leased Swedish data centers provide capacity of approximately 41.3 MW of renewable hydroelectric energy, which represents approximately 9% of our total global hydroelectric capacity. These facilities are strategically positioned to benefit from Sweden's robust renewable energy infrastructure and to support both hashrate services and emerging AI workloads. In an era when energy security is increasingly linked to national policy and the compute economy is rapidly expanding, management believes that HIVE's combination of stable renewable power and advanced data center infrastructure positions the Company to thrive across multiple high-growth digital sectors.

Current wording

HIVE actively monitors the hashrate economics of its operations to determine earnings from digital asset mining measured in dollars per megawatt-hour ("MWHR"). Under certain market conditions, it may be more profitable for HIVE to sell its energy rights back to the grid, rather than to provide hash power services. In such conditions, the Company would receive the proceeds of energy sold at index spot pricing, while paying the lower fixed price secured under the energy hedged contract.. This energy optimization strategy not only protects profitability but also demonstrates HIVE's operational flexibility in a volatile energy environment. Our owned and leased Swedish data centers provide capacity of approximately 41.3 MW of renewable hydroelectric energy, which represents approximately 9% of our total global hydroelectric capacity. These facilities are strategically positioned to benefit from Sweden's robust renewable energy infrastructure and to support both hashrate services and emerging AI workloads. In an era when energy security is increasingly linked to national policy and the compute economy is rapidly expanding, management believes that HIVE's combination of stable renewable power and advanced data center infrastructure positions the Company to thrive across multiple high-growth digital sectors.

Previous wording

There is also a risk that the Company could be negatively affected by Bitcoin halving events. Halving is a process designed to control the overall supply and reduce the risk of inflation in Bitcoin. At a predetermined block, the mining reward is reduced by 50 percent. The Bitcoin blockchain has undergone four Halvings since its inception. Most recently, in April 2024, the Bitcoin Block Reward decreased from 6.25 Bitcoin to 3.125 Bitcoin per block and, consequently, the number of new Bitcoin issued to companies as a reward or "subsidy" decreased from 900 per day to 450 per day, excluding transaction fees. The period of market normalization after the Bitcoin Halving to incentivizing profitability levels is unknown. A Bitcoin Halving is scheduled to occur once every 210,000 blocks, or roughly every four years, until the total amount of Bitcoin rewards issued reaches 21 million, which is expected to occur around the calendar year 2140. The next Bitcoin Halving is expected to occur in April 2028. As the rewards for each Bitcoin mined is reduced, the Bitcoin we earn relative to our hashrate capacity decreases. As a result, these adjustments have had, and are expected to continue to have, material effects on our operating and financial results.

Current wording

The Company could also be negatively affected by Bitcoin "Halving" events. Halving is a process designed to control the overall supply and reduce the risk of inflation in Bitcoin. At a predetermined block, the mining reward is reduced by 50 percent. The Bitcoin blockchain has undergone four Halvings since its inception. Most recently, in April 2024, the Bitcoin Block Reward decreased from 6.25 Bitcoin to 3.125 Bitcoin per block and, consequently, the number of new Bitcoin issued to companies as a reward or "subsidy" decreased from 900 per day to 450 per day, excluding transaction fees. The period of market normalization after the Bitcoin Halving to incentivizing profitability levels is unknown. A Bitcoin Halving is scheduled to occur once every 210,000 blocks, or roughly every four years, until the total amount of Bitcoin rewards issued reaches 21 million, which is expected to occur around the calendar year 2140. The next Bitcoin Halving is expected to occur in April 2028. As the rewards for each Bitcoin mined is reduced, the Bitcoin we earn relative to our hashrate capacity decreases. As a result, these adjustments have had, and are expected to continue to have, material effects on our operating and financial results.

Previous wording

The application of existing tax laws to blockchain-based digital infrastructure, including hashrate services and HPC data centers, remains subject to evolving administrative interpretations and enforcement in certain jurisdictions. Where statutory frameworks predate these technologies, tax authorities may apply legacy provisions through reassessments, audits, and litigation rather than existing tax law, creating uncertainty. Tier-I data centers are designed for versatile, high-density computing and support a wide range of workloads, including cloud services, data storage, rendering, AI preparation, and as well as hashrate based compute which may fall into a different category of service under some regulatory interpretations. In particular, jurisdictions with statutory provisions for input VAT recovery (rebates/refunds) and depreciation/capital allowances may apply differently, based on infrastructure characteristics or specific workload type. We believe that in some cases, as outlined below, these characterizations warrant further review.

Current wording

The application of existing tax laws to blockchain-based digital infrastructure, including hashrate services and HPC data centers, remains subject to evolving administrative interpretations and enforcement in certain jurisdictions. Where statutory frameworks predate these technologies, tax authorities may apply legacy provisions through reassessments, audits, and litigation rather than existing tax law, creating uncertainty. Tier-I data centers are designed for versatile, high-density computing and support a wide range of workloads, including cloud services, data storage, rendering, AI preparation, and as well as hashrate based compute which may fall into a different category of service under some regulatory interpretations. In particular, jurisdictions with statutory provisions for input VAT recovery (rebates/refunds) and depreciation/capital allowances may apply differently, based on infrastructure characteristics or specific workload type. We believe that in some cases these characterizations warrant further review.

Previous wording

As announced by the Company in its news release on March 16, 2026, the Company is winding down its ASIC-based hashrate service operations in Sweden as it reallocates capital toward the expansion of its AI and high-performance computing ("HPC") business. This transition is consistent with the Company's previously announced investment in expanding BUZZ HPC's liquid-cooled AI data center capacity and reflects management's strategy to prioritize capital allocation to enterprise AI infrastructure.

Current wording

As announced by the Company in its news release on March 16, 2026, the Company is winding down its ASIC-based hashrate service operations in Sweden as it reallocates capital toward the expansion of its AI and high-performance computing ("HPC") business. This reflects management's strategy to prioritize capital allocation to enterprise AI infrastructure.

Previous wording

Following Russia's invasion of Ukraine, global energy security concerns have elevated regulatory scrutiny, with many countries introducing aggressive tax policies and energy-specific levies to protect domestic supply. This geopolitical shift has coincided with the increased interest in and adoption of AI technologies, ignited from high-performance computing breakthroughs, significantly increasing the strategic and economic value of data centers worldwide. The new operative term in global policy circles is “sovereign data centers,” which are facilities that nations view as critical infrastructure, to be controlled within their borders, particularly when they serve both hashrate compute and AI workloads.

Current wording

Against the geopolitical backdrop described under "Energy Risks" above, global energy security concerns have elevated regulatory scrutiny, with many countries introducing aggressive tax policies and energy-specific levies to protect domestic supply. This geopolitical shift has coincided with the increased interest in and adoption of AI technologies, ignited from high-performance computing breakthroughs, significantly increasing the strategic and economic value of data centers worldwide. The new operative term in global policy circles is "sovereign data centers," which are facilities that nations view as critical infrastructure, to be controlled within their borders, particularly when they serve both hashrate compute and AI workloads.

Previous wording

The Company's headquarters are in San Antonio, Texas, United States, and its registered office is in Vancouver, British Columbia, Canada. As such, the Company is subject to the jurisdiction of the laws of the State of Texas, the Province of British Columbia and the federal laws of each of the United States and Canada. The Company manages its data centers and trading operations from Bermuda in order to simplify tax expectations.

Current wording

The Company's headquarters are in San Antonio, Texas, United States, and its registered office is in Vancouver, British Columbia, Canada. As such, the Company is subject to the jurisdiction of the laws of the State of Texas, the Province of British Columbia and the federal laws of each of the United States and Canada. The Company manages its data centers and trading operations from Bermuda in order to simplify tax expectations. Further, our presence in Bermuda is rooted in our historical development and choice to operate within a jurisdiction that provided early legal certainty for the digital-asset sector. Bermuda adopted a comprehensive digital asset regulatory regime in 2018, much earlier than many other countries. While jurisdictions such as the EU have spent years debating how to regulate digital assets, Bermuda spent the intervening years developing institutional expertise and regulatory infrastructure and provides a credible home for companies operating in the sector.

Previous wording

The Company's wholly owned Swedish subsidiaries Bikupa Datacenter AB ("Bikupa") and Bikupa Datacenter 2 AB ("Bikupa 2") have received a series of decision notices of assessment (the "decisions") from the Swedish Tax Agency (the "STA") concerning the application of value added tax ("VAT") and, in particular, the entities' entitlement to recover input VAT on equipment and other charges. The decisions reject recovery of input VAT for the periods assessed and require repayment of amounts previously refunded, together with tax supplements and interest. The Company appealed the initial Bikupa decision on February 9, 2023 and the initial Bikupa 2 decision on March 10, 2023, and has appealed subsequent decisions as they have been issued. For more information regarding the various dates of the decisions, please seeNote 16-Commitments and Contingencies to our Unaudited Condensed Consolidated Financial Statements included as a part of this Quarterly Report.

Current wording

The Company's wholly owned Swedish subsidiaries Bikupa Datacenter AB ("Bikupa") and Bikupa Datacenter 2 AB ("Bikupa 2") have received a series of decision notices of assessment (the "decisions") from the STA concerning the application of value added tax ("VAT") and, in particular, the entities' entitlement to recover input VAT on equipment and other charges. The decisions reject recovery of input VAT for the periods assessed and require repayment of amounts previously refunded, together with tax supplements and interest. The Company appealed the initial Bikupa decision on February 9, 2023, the initial Bikupa 2 decision on March 10, 2023, and has appealed subsequent decisions as they have been issued. For more information regarding the various dates of the decisions, please seeNote 16-Commitments and Contingencies to our Unaudited Condensed Consolidated Financial Statements included as a part of this Quarterly Report.

Previous wording

During the each step of the appeals process, the Company has engaged an independent legal firm and an independent audit firm in Sweden with expertise in these matters to assist. Management, supported by its independent advisors, continues to believe that the decisions are not consistent with applicable law or with the technical characteristics of the Company's operations, and that under general principles governing the burden of proof it is for the STA to substantiate its position. The Company's position is supported by, among other things, European Union guidelines, a ruling of the Swedish Council for Advance Tax Rulings, an information technology forensic expert opinion and a legal opinion from a Swedish professor of VAT law.

Current wording

During each step of the appeals process, the Company has engaged an independent legal firm and an independent audit firm in Sweden with expertise in these matters to assist. Management, supported by its independent advisors, continues to believe that the decisions are not consistent with applicable law or with the technical characteristics of the Company's operations, and that under general principles governing the burden of proof it is for the STA to substantiate its position. The Company's position is supported by, among other things, European Union guidelines, a ruling of the Swedish Council for Advance Tax Rulings, an information technology forensic expert opinion and a legal opinion from a Swedish professor specializing in VAT law.

Previous wording

The matters proceeded through the Administrative Court and, subsequently, the Court of Appeal, which ruled against the Company with respect to the earliest decisions. On July 20, 2026 the Company filed applications for leave to appeal to the Supreme Administrative Court. The Company's Swedish counsel has advised that the prospect of obtaining a favourable outcome before the Supreme Administrative Court is remote.

Current wording

The matters proceeded through the Administrative Court and, subsequently, the Court of Appeal, which ruled against the Company with respect to the earliest decisions. On July 20, 2026 the Company filed applications for leave to appeal to the Supreme Administrative Court.

Previous wording

Notwithstanding management's continuing belief in the merits of its position, and the Company's intention to pursue all available avenues of appeal, the adverse judgments of the Court of Appeal and the related advice of the Company's Swedish counsel have caused management to conclude that it is probable that a liability has been incurred and that the amount of that liability can be reasonably estimated. Accordingly, during the quarter ended June 30, 2026 the Company recorded a provision of SEK 822.0 million (approximately $84.7 million), translated at the June 30, 2026 closing rate of SEK 9.71 per USD$1.00. The non-cash charge is presented within operating expenses and the provision is classified as a current liability. In prior periods the Company had concluded that the amounts claimed were not probable and no provision had been recorded.

Current wording

Notwithstanding management's continuing belief in the merits of its position, and the Company's intention to pursue all available avenues of appeal, the adverse judgments of the Court of Appeal and the related advice of the Company's Swedish counsel have caused management to conclude that it is probable that a liability has been incurred and that the amount of that liability can be reasonably estimated. Accordingly, during the quarter ended June 30, 2026 the Company recorded a provision of SEK 822.0 million (approximately $84.7 million), translated at the June 30, 2026 closing rate of SEK 9.71 per USD $1.00. The non-cash charge is presented within operating expenses and the provision is classified as a current liability. In prior periods the Company had concluded that the amounts claimed were not probable and no provision had been recorded. No additional amounts were recorded with respect to the Swedish VAT matters during the three month period ended September 30, 2026.

Previous wording

The Company's Swedish subsidiary Bikupa Real Estate AB has a related exposure of SEK 17.3 million (approximately $1.7 million), comprising SEK 14.9 million of decisions and suggested decisions issued by the STA in respect of periods from January 2024 to April 2026 and SEK 2.5 million of input VAT claimed for May and June 2026 for which no decision has been issued. The facts and the issue raised by the STA in respect of this entity differ from those in dispute for Bikupa and Bikupa 2, the entity was not party to the Court of Appeal proceedings. Management has concluded that a loss in respect of this matter is reasonably possible but not probable, and no provision has been recorded.

Current wording

The Company's Swedish subsidiary Bikupa Real Estate AB has a related exposure of SEK 5.2 million (approximately $520 thousand), comprising of decisions by the STA in respect of periods from January to June 2024. The facts and the issue raised by the STA in respect of this entity differ from those in dispute for Bikupa and Bikupa 2, the entity was not party to the Court of Appeal proceedings. Management has concluded that a loss in respect of this matter is reasonably possible but not probable, and no provision has been recorded.

Previous wording

It is not yet known when these disputes will be finally resolved, and the process could extend well beyond one year. The HPC and ASIC compute industries are rapidly evolving, and there can be no assurance that changes in the laws or policies of Sweden will not further affect the Company's VAT position. The Company will reassess the provision at each reporting date for the outcome of the leave applications, the status of deferral requests, decisions issued in respect of periods not yet assessed, and any revised advice from its Swedish counsel. In parallel, the Company is exploring opportunities for redress through other means, including initiating a proceeding with the European Commission due to the Swedish administrative court systems refusal to refer unsettled questions of European Union law to the Court of Justice of the European Union.

Current wording

It is not yet known when these disputes will be finally resolved, and the process could extend well beyond one year. The HPC and ASIC compute industries are rapidly evolving, and there can be no assurance that changes in the laws or policies of Sweden will not further affect the Company's VAT position. The Company will reassess the provision at each reporting date for the outcome of the leave applications, the status of deferral requests, decisions issued in respect of periods not yet assessed, and any revised advice from its Swedish counsel. In parallel, the Company is exploring opportunities for redress through other means, including initiating a proceeding with the European Commission due to the Swedish administrative court systems refusal to refer unsettled questions of European Union law to the Court of Justice of the European Union. On August 23, 2026 Bikupa and Bikupa 2 initiated a proceeding under the Swedish Company Reconstruction Act (Sw. företagsrekonstruktion) (the "Proceeding"). As a result of the strategic filing, collections of the previously disclosed VAT assessments imposed by STA on Bikupa and Bikupa 2 have been paused. During the pendency of the matter, Bikupa and Bikupa 2 both continue to operate substantially in the normal course of business. In parallel, as described above, the VAT matter is still being disputed in the Swedish Court System. Neither HIVE nor any other of its subsidiaries is a party to the Proceeding.

Previous wording

9376-9974 Quebec Inc. has filed for and claimed approximately C$8.7 million in consumption tax credits, which to date remain unpaid; and

Current wording

9376-9974 Quebec Inc. has filed for and claimed approximately C$8.2 million in consumption tax credits, which to date remain unpaid; and

Previous wording

Hive Atlantic Datacentres Ltd. has filed for and claimed approximately C$40.9 million in consumption tax credits, which to date remain unpaid.

Current wording

Hive Atlantic Datacentres Ltd. has filed for and claimed approximately C$43.5 million in consumption tax credits, which to date remain unpaid.

Previous wording

9376-9974 Québec Inc. received Notices of Assessment from RQ denying capital cost allowance ("CCA") claimed on certain assets for its taxation years ended December 31, 2021 through 2024. The total amount assessed, including interest and penalties, is C$5.4 million. 9376-9974 Québec Inc. is disputing this assessment and intends to file a notice of objection.

Current wording

• 9376-9974 Québec Inc. received Notices of Assessment from RQ denying capital cost allowance ("CCA") claimed on certain assets for its taxation years ended December 31, 2021 through 2024. The total amount assessed, including interest and penalties, is C$5.4 million. 9376-9974 Québec Inc. is disputing this assessment and has filed a notice of objection.

Previous wording

The Company is disputing disallowed input tax credits of C$0.3 million for reporting periods from July 1, 2017 to June 30, 2021. Subsequent to the period covered by this Report, on July 27, 2006, the Company also received a Notice of Reassessment from the CRA, issued July 27, 2026, in the amount of C$4 million, inclusive of interest and penalties, asserting that GST/HST should apply to treasury and currency management services supplied by the Company to Hive Digital Data Ltd. for the period from July 1, 2021 to March 31, 2023, on the basis that Hive Digital Data Ltd. has a permanent establishment in Canada. The Company is disputing this reassessment.

Current wording

• The Company is disputing disallowed input tax credits of C$0.6 million for reporting periods from July 1, 2017 to June 30, 2021. On July 27, 2006, the Company also received a Notice of Reassessment from the CRA, issued July 27, 2026, in the amount of C$4 million, inclusive of interest and penalties, asserting that GST/HST should apply to treasury and currency management services supplied by the Company to Hive Digital Data Ltd. for the period from July 1, 2021 to March 31, 2023, on the basis that Hive Digital Data Ltd. has a permanent establishment in Canada. The Company is disputing this reassessment, and has filed a notice of objection.

Previous wording

Hive Atlantic is disputing a GST/HST reassessment of C$4.2 million in respect of reporting periods from May 1, 2021 to December 31, 2021, and has filed a Notice of Appeal with the Tax Court of Canada. Hive Atlantic also received a proposal letter from the CRA quantifying proposed GST/HST adjustments of C$50.5 million, exclusive of interest and penalties, for the period from January 1, 2022 to March 31, 2025, asserting that GST/HST should apply to sales of hashpower by Hive Atlantic to Hive Digital Data Ltd., again on the basis of an alleged permanent establishment in Canada. No Notice of Assessment has been issued in respect of this proposed adjustment as of the date of this report. Hive Atlantic is disputing both matters.

Current wording

• Hive Atlantic is disputing a GST/HST reassessment of C$4.2 million in respect of reporting periods from May 1, 2021 to December 31, 2021, and is preparing to file a Notice of Appeal with the Tax Court of Canada. Hive Atlantic received another GST/HST reassessment of C$56.8 million, inclusive of interest and penalties, for the period from January 1, 2022 to March 31, 2025, asserting that GST/HST should apply to sales of hashpower by Hive Atlantic to Hive Digital Data Ltd., again on the basis of an alleged permanent establishment in Canada. Hive Atlantic is disputing this matter and will file a notice of objection.

Previous wording

This phenomenon is not unique to Bitcoin and has been observed in traditional financial markets; for instance, automated computer-based trading is often cited as a contributing factor to the stock market crash of October 19, 1987. Events such as the October 10 Event tend to erode user and investor confidence and negatively affect the Company's operations and outlook. The price of Bitcoin has not recovered from the high of $126,198 on October 6, 2025, and had a closing price of approximately $62,814 on July 31, 2026. There can be no guarantees that similar events will not occur in the future. In the event one or such events occurs, the Company may experience a material adverse change.

Current wording

This phenomenon is not unique to Bitcoin and has been observed in traditional financial markets; for instance, automated computer-based trading is often cited as a contributing factor to the stock market crash of October 19, 1987. Events such as the October 10 Event tend to erode user and investor confidence and negatively affect the Company's operations and outlook. The price of Bitcoin has not recovered from the high of $126,198 on October 6, 2025, and had a closing price of approximately $77,435 on October 31, 2026. There can be no guarantees that similar events will not occur in the future. In the event one or such events occurs, the Company may experience a material adverse change.

Previous wording

We believe that the demand for HPC and AI services will continue to increase, and that we will be able to attract and retain new customers. Customer acquisition and retention will depend on our ability to meet HPC and AI compute demands in a cost-competitive manner. Factors that could affect our competitiveness include the location and efficiency of our facilities, our pricing relative to competitors, and our ability to provide a high-uptime supply of compute. Further, if AI and other HPC-intensive use cases are not broadly adopted, or if new use cases do not emerge, our market opportunity may be smaller than we expect.

Current wording

We believe that the demand for HPC and AI services will continue to increase, and that we will be able to attract and retain new customers. Customer acquisition and retention will depend on our ability to meet HPC and AI compute demands in a cost-competitive manner. Factors that could affect our competitiveness include the location and efficiency of our facilities, our pricing relative to competitors, our ability to provide a high-uptime supply of compute., and regulatory actions in which the jurisdictions in which we operate. Further, if AI and other HPC-intensive use cases are not broadly adopted, or if new use cases do not emerge, our market opportunity may be smaller than we expect.

Previous wording

The following table sets forth the number of shares sold and gross proceeds received under each of our ATM Equity Programs during the three month periods ended June 30, 2026 and 2025, and the fiscal year ended March 31, 2026:

Current wording

The following table sets forth the number of shares sold and gross proceeds received under each of our ATM Equity Programs during the six month periods ended September 30, 2026 and 2025:

Previous wording

HIVE Bermuda 2026 Ltd. intends to use the net proceeds from the June Offering to fund one or more of HIVE's direct or indirect subsidiaries, or to make a capital contribution to any such subsidiary or subsidiaries, which in turn will use such proceeds for general corporate purposes, capital investment (including, but not limited to, the purchase of graphics processing units) and data center development.

Current wording

IVE Bermuda 2026 Ltd. intends to use the net proceeds from the June Offering to fund one or more of HIVE's direct or indirect subsidiaries, or to make a capital contribution to any such subsidiary or subsidiaries, which in turn will use such proceeds for general corporate purposes, capital investment (including, but not limited to, the purchase of graphics processing units) and data center development.

Previous wording

• Revenue from high performance computing hosting was $7.1 million for the current period compared to $4.8 million in the prior period. The main reason for the increase was that the Company commenced revenue recognition from a new two-year contract announced February 13, 2026, that provides for gross monthly recurring revenue of $1.25 million.

Current wording

Revenue from high performance computing hosting was $8.8 million for the current period compared to $5.2 million in the prior period. The main reason for the increase was that the Company commenced revenue recognition from a new two-year contract announced February 13, 2026, that provides for gross monthly recurring revenue of $1.25 million.

Previous wording

• Operating and maintenance costs for digital currency mining were $51.0 million for the current period compared to $26.8 million in the prior period. These costs consisted of fees paid to suppliers (including local electricity providers), as well as service providers to operate our data centers. These costs include daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data center equipment. The main reason for the increase was an increase in the Company's global hashrate resulting in an increase in electricity costs during the period totaling $45.9 million compared to $23.1 million in the comparative period.

Current wording

Operating and maintenance costs for digital currency mining were $50.4 million for the current period compared to $42.1 million in the prior period. These costs consisted of fees paid to suppliers (including local electricity providers), as well as service providers to operate our data centers. These costs include daily monitoring and maintenance and all other costs directly related to the maintenance and operation of the data center equipment. The main reason for the increase was an increase in the Company's global hashrate resulting in an increase in electricity costs during the period totaling $45.6 million compared to $37.9 million in the comparative period.

Previous wording

• Operating and maintenance costs for high performance computing hosting were $2.9 million for the current period compared to $2.1 million in the prior period. These costs consisted of fees paid to suppliers, service providers to operate our data centers and all other costs directly related to the maintenance and operation of the data center equipment. The increase is attributable to the Company's expanded infrastructure, including ongoing operations at Tier-III facilities in Montreal and Stockholm.

Current wording

Operating and maintenance costs for high performance computing hosting were $3.2 million for the current period compared to $2.0 million in the prior period. These costs consisted of fees paid to suppliers, service providers to operate our data centers and all other costs directly related to the maintenance and operation of the data center equipment. The increase is attributable to the Company's expanded infrastructure, including ongoing operations at Tier-III facilities in Montreal and Stockholm.

Previous wording

• Depreciation was $53.7 million for the current period compared to $22 million in the prior period. The increase was mainly attributable to additions as the Company expanded its fleet of ASIC machines in Paraguay in fiscal 2026.

Current wording

Depreciation was $54.9 million for the current period compared to $38.3 million in the prior period. The increase was mainly attributable to additions as the Company expanded its fleet of ASIC machines in Paraguay in fiscal 2026.

Previous wording

• The gross operating margin from digital currency mining was $21.1 million in the current period compared to $14.0 million in the prior period. Gross operating margin is directly impacted by digital currency prices and the network difficulty level, which in turn as impacts revenue from mining operations. The increase in the gross margin is mainly due to the results of the above-mentioned items under revenue and cost of sales.

Current wording

The gross operating margin from digital currency mining was $25.7 million in the current period compared to $40.0 million in the prior period. Gross operating margin is directly impacted by digital currency prices and the network difficulty level, which in turn as impacts revenue from mining operations. The decrease in the gross margin is mainly due to the results of the above-mentioned items under revenue and cost of sales.

Previous wording

• The gross operating margin from high-performance computing hosting was $3.1 million in the current period compared to $1.9 million in the prior period. The increase in the gross margin is mainly due to the results of the items noted above under revenue and cost of sales.

Current wording

The gross operating margin from high-performance computing hosting was $4.5 million in the current period compared to $2.4 million in the prior period. The increase in the gross margin is mainly due to the results of the items noted above under revenue and cost of sales.

Previous wording

• The Company recognized an unrealized loss on revaluing its digital currencies of $1.6 million compared to an unrealized gain of $5.9 million in the prior comparative period as a result of the movement in the Bitcoin price over the period and the size of the Company's Bitcoin holdings. The Company mainly holds Bitcoin as a digital currency. During the prior period ended, the price of Bitcoin increased from an average price of $85,138 in March 2025 to $105,737 in June 2025 whereas during the current period ended the price of Bitcoin decreased from an average price of $69,447 in March 2026 to $63,503 in June 2026.

Current wording

The Company recognized an unrealized gain on revaluing its digital currencies of $3.5 million compared to an unrealized gain of $0.4 million in the prior comparative period as a result of the movement in the Bitcoin price over the period and the size of the Company's Bitcoin holdings. The Company mainly holds Bitcoin as a digital currency. During the prior period ended, the price of Bitcoin increased from an average price of $105,737 in June 2025 to $112,980 in September 2025 whereas during the current period ended the price of Bitcoin increased from an average price of $63,503 in June 2026 to $80,308 in September 2026.