Hive Digital Technologies Ltd · TSX:HIVE
Hive Digital Technologies — Q3 2026 Earnings Presentation
59 slides from Hive Digital Technologies's earnings presentation, Feb 17, 2026
Slide 1: Q3 F2026 Results Webcast
Q3 F2026 Results Webcast Quarter Ended December 31, 2025
Slide 2: Disclosures
Disclosures In this presentation, “HIVE” or the “Company” refers to HIVE Digital Technologies Ltd (TSX.V: HIVE | NASDAQ: HIVE). Currency: All amounts are in US dollars, unless otherwise indicated. Forward Looking Information. Except for the statements of historical fact, this presentation contains “
Slide 3: DNA Of Volatility
DNA Of Volatility Standard Deviation For One Year, as of December 31, 2025 Understanding Risk One-Day Ten-Day S&P 500 ±1% ±3% Gold Bullion ±1% ±3% Bitcoin ±3% ±7% Nvidia ±3% ±8% Tesla ±4% ±11% Strategy ±5% ±13% HIVE Digital Technologies Ltd. ±5% ±21% Source: Bloomberg, HIVE Digital Technologies LTD
Slide 4: Today’s Presenters
Today’s Presenters Frank Holmes Aydin Kilic Executive Chairman President & CEO Nathan Fast Darcy Daubaras Director of Marketing and Branding CFO
Slide 5: Macro Recap
MACRO RECAP 5
Slide 6: 300MW Expansion In Paraguay
100% GREEN - ITAIPU DAM, PARAGUAY 300MW EXPANSION IN PARAGUAY
Slide 7: January 2026 – Production Highlights
January 2026 – Production Highlights Bitcoin Produced 297 BTC 191% YoY Growth Average Daily Production 9.6 BTC/Day Hashrate Peak 23.7 EH/s 290% YoY Growth Fleet Efficiency 17.5 Joules per Terahash (“J/TH”) BTC per EH/s 13.4 BTC Global Bitcoin Network Share: Above 2%
Slide 8: You can't connect the dots looking forward
“You can't connect the dots looking forward; you can only connect them looking backwards. So, you have to trust that the dots will somehow connect in your future.” – Ray Dalio, Bridgewater – Steve Jobs, 1955-2011 Associates, 2025
Slide 9: October 10th Flash Crash
October 10th Flash Crash: How a 10/10 Mass Market Liquidation (Liquidation Domino¹) Unfolds Margin Call ETFs Become Fearful Break Down In Flash Crash Dominoes & Amplify Selling Trust For Exchanges (i.e. Binance) $19B +1.6M ~$350B -14.6% in leveraged positions Accounts Liquidated Total Crypto Bitcoin
Slide 10: Flash Crash
Flash Crash Crypto Liquidation Heatmap | 1 Hour Source: Coinglass.com/liquidations, U.S. Global Investors, HIVE Digital Technologies LTD
Slide 11: Consensus Hong Kong: Binance's Richard Teng on the ‘10/10’ crash
Consensus Hong Kong: Binance's Richard Teng breaks down the ‘10/10’ nightmare that rocked crypto Binance Co-CEO Richard Teng (left) and Consensus Chairman Michael Lau (David Paul Morris/Consensus)
Slide 12: Investing: Chanos warns of AI pullback
INVESTING Chanos warns of AI pullback, ‘absurd’ Bitcoin treasury companies Jim Chanos unwinds Strategy short as stock’s bitcoin premium collapses after 50% sell-off § Jim Chanos AI Take: Own The Chip Magic, Avoid The Data Center Trade Johnny Hopkins / February 8, 2026 / James Chanos / Leave a Commen
Slide 13: October 10, 2025: Crypto’s “Black Friday” Crash a Domino Effect
October 10, 2025: Crypto’s “Black Friday” Crash a Domino Effect Total Returns – October 1, 2025 – February 12, 2026 Binance algorithm like COVID contagion on tech stocks
Slide 14: U.S. Senate Committee Delays Crypto Bill
U.S. Senate Committee Delays Crypto Bill After Opposition From Coinbase CEO Brian Armstrong Coinbase CEO criticizes bill's impact on stablecoin rewards. Bill defines crypto tokens as securities, commodities, other. China announces to pay interest on their stable coin.
Slide 15: Good News: Bitcoin Is Oversold – Creating Opportunity
Good News: Bitcoin Is Oversold Over 20 Days – Creating Opportunity Bitcoin 20-Day Percent Change Oscillator (Daily, 5 Years) XBTUSD curncy +1 Sigma -1 Sigma +2 Sigma -2 Sigma 6 4 SELL ZONE 2 0 -2 -1.64 FTX BUY ZONE -4 China Celsius Bankrupt crackdown Bankrupt -6 Feb-2021 May-2021 Aug-2021 Nov-2021 F
Slide 16: HIVE Is Oversold Over 20 Days – Creating Opportunity
HIVE Is Oversold Over 20 Days – Creating Opportunity HIVE 20-Day Percent Change Oscillator (Daily, 5 Years) HIVE CN Equity +1 Sigma -1 Sigma +2 Sigma -2 Sigma 6 4 SELL ZONE 2 0 -1.03 -2 BUY ZONE -4 -6 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 A
Slide 17: Mining Debt Set for New Records – HIVE Has Not Participated
Mining Debt Set for New Records – HIVE Has Not Participated Consolidated Cash Flow Activities of Public Mining Companies | In Millions of USD *Includes Data from 16 public mining operations where applicable; HIVE is not included Source: TheEnergyMag (TheMinerMag), SEC Filings, U.S. Global Investors,
Slide 18: BUZZ HPC Data Center Bitcoin Mining Transformation
Toronto, BUZZ HPC DATA CENTER Canada Bitcoin Mining Transformation Tier-1 for Bitcoin → Tier-3 for AI Demand
Slide 19: BUZZ HPC Data Center
New Brunswick, Canada BUZZ HPC DATA CENTER On the border of Maine, USA
Slide 20: Data Centers Lead Projected Annual Construction Spending, 2026
Data Centers Lead Projected Annual Construction Spending, 2026 23% -2% -2% -3% -5% Warehouses Traditional Offices Hotels Apartments Data Centers Source: Bloomberg, HIVE Digital Technologies LTD
Slide 21: Hyperscalers Are Ramping Up Their CAPEX
Hyperscalers Are Ramping Up Their CAPEX In Billions of USD Data shows standardized quarterly capital expenditures. Updated Q4 2025. Data Does not include finance leases. Source: Rani Molla, FactSet, Sherwood, HIVE Digital Technologies LTD
Slide 22: Future Shock: The Scale and Speed of AI Disruption
DISRUPTION Future Shock: The Scale and Speed of AI Disruption $100B+ $25B+ 2026 Annual Investment Market Impact Critical Timeline Hyperscalers pouring Revenue shift from Nvidia Unprecedented uncertainty billions into AI Infrastructure dominance to Chinese domestic reshaping business and chipmakers g
Slide 23: Recognizing the future demand for accelerated computing
Recognizing the future de ma nd for a cce le ra te d computing a nd gra phics proce s s ing, Nvidia be ga n de s igning GP Us s pe cifica lly ta ilore d to me e t the s e ne e ds . HIVE Executive Chairman (right) Frank Holmes, poses with Jensen Huang, Nvidia’s CEO (left) in 2024.
Slide 24: HIVE’s Top Institutional Shareholders
HIVE’s Top Institutional Shareholders Percentage of Shares Outstanding, As of 12/31/2025 3.03% Two Sigma Investments LP 2.13% Chicago Park Employees 1.91% Tidal Investments 1.71% Citadel Advisors 1.60% Charles Schwab Corp. Source: Bloomberg, HIVE Digital Technologies
Slide 25: Executive Update
EXECUTIVE UPDATE Aydin Kilic President & CEO 25
Slide 26: FQ3’26 Financial Highlights
FQ3’26 Financial Highlights $93.1M Total Revenue $91.3M Net Loss $88.2M Bitcoin Mining Revenue $5.7M Adj. EBITDA $4.9M HPC/AI Revenue 481 Bitcoin in Treasury1 $32.1M Gross Operating Margin 8.4% Annualized ROIC2 1 As of December 31, 2025. 2 ROIC methodology: Numerator is Adjusted EBITDA excluding BTC
Slide 27: Scaling Our Dual Engines of Growth
Scaling Our Dual Engines of Growth $372M ARR Realized $88.2M Revenue $4.9M FQ3 2026 884 Bitcoin Mined 22.8 EH/s | Average Operational Targeting 11,000 GPUs under 25 EH/s | 16.7 J/TH | Installed BUZZ AI platform by Q4 2026 440 MW Operational Capacity $225M ARR target Q4/Q1 100 MW PPA Signed CQ4 2026
Slide 28: BUZZ + Bell: Collaboration Launch
BUZZ + Bell: Collaboration Launch • Signed: BUZZ 2-year $30M contract for fixed term of 504 B200 GPUs • Growth: Adds $15M ARR to HPC ARR, +75% $20M to $35M • GPU Deployment: 504 B200 GPUs arriving at Bell’s Manitoba facility, live CQ1’26 • Capex Light: Uses Bell's Tier III data center for sovereign
Slide 29: Vertically Integrated Growth Strategy
Vertically Integrated Growth Strategy: Unlocking Synergies for Scalable Success ~$14M Value $350M $35M $225M 2026 ARR 2026 ARR Realized 542 BTC pledged at ~$87k Tier I Data Centers Tier III Data Centers & ~10 BTC per day & NVIDIA GPU AI Cloud Dynamic HODL Strategy 29
Slide 30: Buzz HPC Global Footprint
Buzz HPC Global Footprint New Development Tier 3 Datacenters Quantity GPUs Status ARR Existing Facility H100s, Stockholm, Sweden 850 H200s Online $10M Quebec, Canada 4,200 A-Series Online $10M Q1 & Manitoba, Canada 2,000 B200 $40M Global AI Q3’26 Toronto, Canada 2,000 B300 Q4’26 $40M Boden, Sweden 2
Slide 31: BUZZ AI Annualized Run-rate Revenue Projections
BUZZ AI Annualized Run-rate Revenue Projections $2.20/GPU-hr $ of ARR in millions $225m +50 MW HPC Colo3,4 $140m +4K B300s1,2 $60m $40m $20m +1K B200s1 $10m +1K B200s1 Dec '24 Sep '25 Q1 '26 Q3 '26 Q4 '26 2027 1. Based on $ per GPU hour long term 2-year contracts 2. Q1’26 -> Q3’26: Expanding in Bell
Slide 32: Buzz HPC Operating at Scale
Buzz HPC Operating at Scale Proven Experience with Clusters in Canada and Sweden • $35M to $140M ARR target CQ4 2026 GPU AI NeoCloud • Projection Based on $20M ARR per 1k GPUs • Realized $15M ARR per 500 GPUs • Strong Demand 30% above forecasted GPU contract prices • Developing high density, liquid
Slide 33: Higher Realized ARR Potential
Higher Realized ARR Potential Bluesky $2.90/GPU-hr $285m $ of ARR in +50 MW HPC Colo3,4 millions $200m +4K B300s1,2 $80m $50m +1K B200s1 +500 B200s1 $35m2 $20m $10m +500 B200s Dec '24 Sep '25 Feb'26 Q1 '26 Q3 '26 Q4 '26 2027 1. Based on $ per GPU hour long term 2-year contracts 2. Q1’26 -> Q3’26: Ex
Slide 34: BUZZ AI Cloud: Out-Performing Peers
BUZZ AI Cloud: Out-Performing Peers
Slide 35: Vertically Integrated AI Cloud Platform
Vertically Integrated AI Cloud Platform Buzz HPC Secured Enterprise Platform Managed AI Solutions and Custom Endpoints Data Prep Training Tuning Inference Agentic RF Managed Kubernetes | Virtual Machines | Slurm | Custom Bare Metal Nvidia InfiniBand Clusters + VAST Data Storage Vertically Integrated
Slide 36: Bitcoin Mining
Bitcoin Mining January 2026 - 9.6 BTC mined daily Pioneer with 440 MW global green energy for Bitcoin mining Proven execution track record for rapid scaling Lowest industry SG&A per Bitcoin mined & Best-in-class uptime & efficiency Disciplined capital allocation optimized for cash ROIC1 1 ROIC metho
Slide 37: US SOFA Commitment
US SOFA Commitment • Status Of Forces Agreement: • Enhanced bilateral relations to facilitate increased investments from top US officials • US strategic investments in Paraguay's infrastructure, emphasizing hydroelectric power and rising data center demand • Broader economic commitments to boost inf
Slide 38: Bitcoin Mining Datacenter Footprint
Bitcoin Mining Datacenter Footprint Largest Bitcoin Miner in South America Installed MW Location Hash Capacity Status New Brunswick, Canada 3.2 EH/s 65 MW Online Lachute, Canada 1.4 EH/s 35 MW Online Sweden 1.9 EH/s 40 MW Online Valenzuela 6.7 EH/s 100 MW Online Yguazú Phase 1 5.1 EH/s 100 MW Online
Slide 39: Bitcoin Pledge
Bitcoin Pledge ~$14.4M 3,880 S21 XPs Approximate Realized Value Received from BTC pledge = 17.5 J/TH 16.7 J/TH Lowers Energy $87k Pledge Price Cost Of Mining ~5% Redeemed at $93k, $110k, $123k Can hold with downside protection, exercise at any time 39
Slide 40: Scenario Annualized Mining Margin at 25 EH/s
Scenario Annualized Mining Margin at 25 EH/s CQ2’26 CQ2’26 CQ2’26 BTC Price Scenario $60k $70k $80k Hashprice $30 HP $35 HP $40 HP Daily Revenue $750k $875k $1.0M Bitcoin Mined per Day2 12.5 12.5 12.5 Efficiency 16.7 J/TH 16.7 J/TH 16.7 J/TH Direct Cost to Produce a Bitcoin1 $40k $40k $40k Mining Ma
Slide 41: BTC ASIC ROI Principle
BTC ASIC ROI Principle “If it does not ROI, keep your powder dry” $/day Profit • ASIC $/TH drives ROI timeline - + $/TH • Power cost drives duration of cashflow • HIVE targets ~1yr ROI & max cashflow $ $ $ ROI $ $ $ $ $ $ $ $ $ $ + $ $ $/kwhr $10/MWh electrical cost increase _ ~1 year ~3-4 years 41
Slide 42: Capital Allocation Optimized for ROIC
Capital Allocation Optimized for ROIC Best-In- Class ROIC Disciplined Capital Allocation Lowest Corporate Lowest Cost G&A Spot ASIC Fleet Slower Upgrade Cycle Best-In-Class Uptime 42
Slide 43: HIVE: Lowest SG&A In The Industry
HIVE: Lowest SG&A1 In The Industry Q3 F2026 OPEX/REV CYQ4’24 CYQ1’25 CYQ2’25 CYQ3’25 CYQ4’25 HIVE 15.6% 16.9% 12.6% 8.9% 9.1% MARA 13.0% 21.5% 19.6% 22.0% CLSK 19.6% 14.8% 15.8% 16.4% 17.9% Disciplined SG&A drives higher BITF 25.3% 23.8% 23.0% 20.5% operating leverage and ROIC IREN 17.6% 14.4% 20.
Slide 44: HIVE’s Valuation Gap Signals Opportunity
HIVE’s Valuation Gap Signals Opportunity Current Valuation Multiple, as of February 12th, 2026 Value per Market $FV of Enterprise EH/s January 2026 ($M) Cap1 HODL2 Value3 January 20264 EH/s5 $560 $32 $548 23.7 $23 $14,180 $0 $14,605 50.0 $292 $6,430 $101 $5,288 23.6 $224 $5,500 $1,215 $4,792 38.5 $1
Slide 45: Financial Results
FINANCIAL RESULTS 45
Slide 46: Tickers and Share Data
Tickers: Options: TSX.V: HIVE 2.6M Nasdaq: HIVE German Exchange: RSUs: VO0.F 13.6M Issued and Outstanding Basic Warrants: Common Shares: 243.1M 1.3M *As of December 31, 2025. Shareholder Data Based On Public Filings 46
Slide 47: Q3 F2026 Financial Results
Q3 F2026 Financial Results $93.1M 884 Bitcoin Revenue $5.7M (Equivalent) Produced Adjusted EBITDA 47
Slide 48: Healthy Balance Sheet
($M, as of December 31, 2025) Healthy Balance Sheet Funding operations through sale of coins and ATM proceeds $14.1M Cash on Hand $42.1M Digital Currencies Amounts Receivable $14.8M & Prepaids $90.9M Total Current Assets $12.1M Investments $52.2M Total Current Liabilities Source: Company Reports | 4
Slide 49: Positive Gross Operating Margin YoY
Positive Gross Operating Margin1 YoY Gross Operating Margin ($M) YoY (Q3 F2025 – Q3 F2026) $35 $32.1 $30 $25 BASIC INCOME (LOSS) PER SHARE: $20 Three Months ended $15 December 31 2025 2024 $10 $5.3 ($0.38) $0.53 $5 $0 Q3 F2025 Q3 F2026 DEC-2024 DEC-2025 1 Gross Operating Margin calculated as total r
Slide 50: Revenue and Gross Operating Margin YoY
Revenue and Gross Operating Margin1 YoY YoY (Q3 F2025 – Q3 F2026) Revenue ($M) Gross Operating Margin ($M) $100 $93.1 $35 $32.1 $90 $30 $80 $70 $25 $60 $20 $50 $15 $40 $29.2 $30 $10 $20 $5.3 $5 $10 18% 35% Gross Op Margin Gross Op Margin $0 $0 Q3 F2025 Q3 F2026 Q3 F2025 Q3 F2026 DEC-2024 DEC-2025 DE
Slide 51: Revenue and Gross Operating Margin QoQ
Revenue and Gross Operating Margin1 QoQ QoQ (Q2 F2026 – Q3 F2026) Revenue ($M) Gross Operating Margin ($M) $100 $45 $42.4 $93.1 $90 $87.3 $40 $80 $35 $32.1 $70 $30 $60 $25 $50 $20 $40 $30 $15 $20 $10 $10 $5 49% 35% Gross Op Margin Gross Op Margin $0 $0 Q2 F2026 Q3 F2026 Q2 F2026 Q3 F2026 SEP-2025 DE
Slide 52: Financial Metrics: Earnings
Financial Metrics: Earnings YoY (Q3 F2025 – Q3 F2026) Adjusted EBITDA, ($M) Net Income (Loss), ($M) $90 $80 $68.2 $82.9 $80 $60 $70 $40 $60 $20 $50 $0 2 Year $40 -$20 Accelerated -$40 ASIC $30 depreciation -$60 for Paraguay $20 expansion $10 $5.7 -$80 $0 -$100 $(91.3) Q3 F2025 Q3 F2026 Q3 F2025 Q3 F
Slide 53: Financial Metrics: Earnings
Financial Metrics: Earnings QoQ (Q2 F2026– Q3 F2026) Adjusted EBITDA, ($M) Net Income (Loss), ($M) $35 $0 $31.5 -$10 $30 -$20 $(15.8) $25 -$30 2 Year -$40 Accelerated $20 ASIC -$50 depreciation $15 for Paraguay -$60 expansion $10 -$70 $5.7 -$80 $5 -$90 -$100 $(91.3) $0 Q2 F2026 Q3 F2026 Q2 F2026 Q3
Slide 54: Appendix
Appendix 54
Slide 55: Income Statement – FQ3’26
Income Statement – FQ3’26 In thousands of US dollars (unaudited) Source: Company Reports 55
Slide 56: Balance Sheet – Dec 31, 2025
Balance Sheet – Dec 31, 2025 In thousands of US dollars (unaudited) Source: Company Reports 56
Slide 57: Cash Flows – FQ3’26
Cash Flows – FQ3’26 In thousands of US dollars (unaudited) Source: Company Reports 57
Slide 58: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation In thousands of US dollars (unaudited) The Company uses EBITDA and Adjusted EBITDA as a metric that is useful for assessing its operating performance on a cash basis before the impact of non-cash items and acquisition related activities. EBITDA is net income or loss fr
Slide 59: Follow HIVE on Social Media
Follow HIVE on Social Media @HIVEDigitalTech @HIVEDigitalTech @hivedigitaltechnologies Visit our website at www.hivedigitaltechnologies.com 59
HIVE Digital Technologies — Q3 2026 Earnings Presentation on 6ix