Financial Analysis

"17. Commitments and Contingencies Commitments (a) Service agreements The Company has service agreements with unrelated third parties to operate and maintain the Company's data center computing equipment for the purpose of mining crypto currency in Canada, Sweden and Iceland. As part of the arrangement, proprietary software is installed on the Company's computing equipment to assist in optimizing the use of the equipment. (b) Power purchase agreement The Company entered into a supplemental power pricing arrangement that provides a fixed price of electricity consumption each month at the Company's Bikupa Datacenter AB and Bikupa Datacenter 2 AB location in Sweden. The fixed price agreement was assessed and is being accounted for as an executory contract; electricity costs are expensed as incurred. (c) Obligations on mining equipment and development costs The Company had purchase commitments of $29.1 million at the year ended March 31, 2026 (March 31, 2025 - $227.8 million). Contingencies (a) Contingent VAT Liability to the Sweden Tax Agency (""STA"") The Company's wholly owned subsidiaries located in Sweden (Bikupa Datacenter AB (""Bikupa"") and Bikupa Datacenter 2 AB (""Bikupa 2"")) received decision notice of assessments (""the decision(s)""), on December 28, 2022, December 21, 2023, December 22, 2023, May 28, 2024, October 14 and 16, 2024, March 18, 2025, September 23, 2025, October 14, 2025 for Bikupa and February 14, 2023, December 21, 2023, June 14, 2024, September 11 an …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

13. Loans Payable On March 31, 2021, as part of the sale of the net assets in Boden Technologies AB, the Company incurred a loan payable. The facility bears interest at the Swedish government borrowing rate plus 1% per annum and has a maturity date of December 31, 2035. Principal payment plus interest is payable annually. The loan payable is contingently forgiven based on a favourable ruling from the Swedish Tax Authority on the ongoing value tax assessment. The continuity is outlined below: Balance, March 31, 2024 $ 13,188 Interest 414 Repayment (1,343 ) Foreign exchange movement 733 Balance, March 31, 2025 12,992 Interest 244 Repayment (3,096 ) Foreign exchange movement 817 Balance, March 31, 2026 10,957 Less: current portion (1,460 ) Non-current portion $ 9,497

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"21. Stock-based Compensation Stock-based compensation expense was comprised of the following for the years ended: 2026 2025 2024 Stock options $ 100 $ 267 $ 3,791 RSUs 25,357 10,621 3,458 Total $ 25,457 $ 10,888 $ 7,249 (a) Stock options The Company has established a rolling Stock Option Plan (the ""Plan""). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company's shares at the date of grant. Options granted to consultants performing investor relations activities shall vest over a minimum of 12 months with no more than a quarter of such options vesting in any 3-month period. All other options vest at the discretion of the Board of Directors. There were no options granted during the years ended March 31, 2026 and March 31, 2025. On April 1, 2024, the Company modified the exercise price from Canadian dollars to United States dollars of stock options that were held by employees in the United States of America and in Europe. The modification resulted in $nil additional stock-based compensation expense. Following is a summary of changes in stock options outstanding with a CAD exercise price: Outstanding Weighted average exercise price - CAD Balance, March 31, 2023 3,07 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"27. Fair Value Measurements The fair values of investments were measured using the NAV or a market approach. The investments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values, with the designation based upon the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are: Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. At March 31, 2026 the Company reclassified digital currencies from Level 2 fair value measurement to Level 1 to reflect the market prices available for digital assets. The comparatives have been reclassified to conform with the current presentation. Level 3 Inputs: Unobservable inputs for the asset or liability (Unobservable inputs reflect management's assumptions on how market participants would price the asset or liability based on the information available). Valuation of Assets that use Level 2 Inputs (""Level 2 Assets"") . The fair value of Level 2 Assets would use the quoted price from the exchanges which the Company most frequently uses, w …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"19. Income Taxes Net (loss) income before income taxes as generated as follows: 2026 2025 2024 Domestic - Canada $ (47,092 ) $ 5,707 $ 10,615 Foreign - outside of Canada (97,489 ) (4,095 ) 22,070 $ (144,581 ) $ 1,612 $ 32,685 Income tax expense is comprised of the following: 2026 2025 2024 Current tax expense: Domestic - Canada $ 4,404 $ 2,043 $ 2,037 Foreign - outside of Canada 2,375 2,190 1,918 $ 6,779 $ 4,233 $ 3,955 Deferred tax expense (recovery): Domestic - Canada $ (2,572 ) $ 375 $ 2,230 Foreign - outside of Canada (340 ) - - (2,912 ) 375 2,230 $ 3,867 $ 4,608 $ 6,185 The actual income tax provision differs from the expected amount calculated by applying the Canadian combined federal and provincial corporate tax rates to income before tax. A reconciliation of income taxes at the statutory rate with the reported taxes is as follows: For the years ended March 31, 2026 2025 2024 (Loss) income for the year before tax $ (144,581 ) $ 1,612 $ 32,685 Federal income tax rate 27% 27% 27% Income tax expense based on statutory rate $ (39,037 ) $ 435 $ 8,825 Increase (decrease) resulting from: Permanent differences 10,911 2,394 3,159 Foreign exchange 99 (272 ) 318 Prior year adjustments (5,696 ) 606 6,400 Change in valuation allowance 15,441 (5,834 ) (13,587 ) Other (5,845 ) (1,516 ) 341 Effect of tax rate in foreign jurisdictions 27,994 8,795 729 Tax expense $ 3,867 $ 4,608 $ 6,185 The significant components of the Company's deferred tax assets and liabilities are as follows: 202 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

16. Right of Use Asset and Operating Lease Liability The Company has lease agreements for its offices, data centers and equipment. Right of use assets 2026 2025 Cost $ 53,108 $ 12,704 Accumulated amortization (10,011 ) (7,158 ) Net carrying value $ 43,096 $ 5,546 Lease liabilities Operating Leases Finance Leases Total 2026 2025 2026 2025 2026 2025 Current $ 3,323 $ 2,645 $ 9,045 $ - $ 12,368 $ 2,645 Non-current 10,351 3,095 20,861 - 31,212 3,095 $ 13,674 $ 5,740 $ 29,906 $ - $ 43,580 $ 5,740 2026 2025 Operating Leases Weighted average discount rate 7.27% 6.00% Weighted average remaining lease term (in years) 4.85 2.42 Financing Leases Weighted average discount rate 9.90% - Weighted average remaining lease term (in years) 3.00 - Additional information on the lease liabilities as at March 31, 2026 is as follows: Operating leases Finance leases Total 2027 $ 4,155 $ 11,404 $ 15,559 2028 3,154 11,404 14,558 2029 2,407 11,405 13,812 2030 2,180 - 2,180 Thereafter 4,423 - 4,423 Total undiscounted lease liabilities 16,319 34,213 50,532 Interest on lease liabilities (2,645 ) (4,307 ) (6,952 ) Total present value of minimum lease payments $ 13,674 $ 29,906 $ 43,580 Lease liability - current portion $ 3,323 $ 9,045 $ 12,368 Lease liability $ 10,351 $ 20,861 $ 31,212 Additional information on the lease liabilities as at March 31, 2025 is as follows: Operating leases Finance leases Total 2026 $ 2,900 $ - $ 2,900 2027 2,014 - 2,014 2028 981 - 981 2029 251 - 251 Total undiscounted lease liab …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

18. Related Party Transactions The Company entered into the following related party transactions not otherwise disclosed in these consolidated financial statements: (a) As at March 31, 2026, the Company had $0.1 million (2025 - $0.3 million) due to a director and officers for the reimbursement of expenses included in accounts payable and accrued liabilities. (b) As at March 31, 2026, the Company had $nil (2025 - $nil) due to a company controlled by a director of the Company included in accounts payable and accrued liabilities. For the year ended March 31, 2026, the Company paid $0.21 million (2025 - $0.21 million) to a company controlled by a director of the Company for marketing services. Key Management Compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers. For the year ended March 31, 2026, key management compensation includes salaries and wages paid to key management personnel and directors of $5.2 million (2025 - $2.2 million; 2024 - $1.2 million) and share-based payments of $20.8 million (2025 - $8.5 million; 2024 - $4.7 million).

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29. Segmented Information The Company's CODM is its President and CEO. The Company operates in one segment, with two revenue streams being the mining and sale of digital currencies and high-performance computing hosting. The Company uses net income as measures of profit or loss on a consolidated basis in making decisions regarding resource allocation and performance assessment. Additionally, the Company's CODM regularly reviews the Company's expenses on a consolidated basis. The financial metrics used by the CODM help make key operating decisions, such as determination of digital asset purchases and significant acquisitions and allocation of budget between cost of revenue and general and administrative expenses. External revenues are attributed by geographical location, based on the country from which services are provided. March 31, 2026 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Revenue from digital currency mining $ - $ - $ - $ - $ - $ 278,269 $ 278,269 High performance computing hosting 9,529 - - - - 9,993 19,522 $ 9,529 $ - $ - $ - $ - $ 288,262 $ 297,791 March 31, 2025 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Revenue from digital currency mining $ - $ - $ - $ - $ - $ 105,236 $ 105,236 High performance computing hosting - - - - - 10,043 10,043 $ - $ - $ - $ - $ - $ 115,279 $ 115,279 March 31, 2024 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Revenue from digital currency mining $ - $ - $ - $ - $ - $ 111,044 $ 111,044 High perform …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"3. Significant Accounting Policies (a) Revenue recognition Revenue from digital currency mining The Company participates in digital asset mining pools and provides computing power and transaction verification services to the mining pool in exchange for consideration. The Company's enforceable right to compensation only begins when, and continues while, the Company provides services to the mining pool operator. The contracts provide both the Company and the mining pool operator the right to terminate the contract at any time, without substantively compensating the other party for termination. As a result, the Company has determined that the duration of the contract is less than twenty-four (24) hours, and the contract is continuously renewed throughout the day other than in the case of one contract which has a one-year term with a 30-day termination notice period. The Company has also determined that the mining pool operator's renewal right is not a material right, because the terms, conditions, and compensation amounts are at-then current market rates. In exchange for providing hash calculation service to the mining pool operators, the Company is entitled to non-cash consideration in the form of Bitcoin. This consideration is made up of block rewards and transaction fees, less mining pool operator fees, and are generated as follows: (i) Block rewards (also called block subsidies) are based upon the total blocks that are expected to be generated on the BTC network as a whole. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"20. Equity (a) Authorized Unlimited common shares without par value Unlimited preferred shares without par value (b) Issued and fully paid common shares During the year ended March 31, 2026, the Company: On October 3, 2024, the Company entered into an equity distribution agreement (""October 2024 Equity Distribution Agreement""). Under the October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $200 million of common shares in the capital of the Company (the ""October 2024 ATM Equity Program""). On May 14, 2025, the Company entered into an amended and restated equity distribution agreement (the ""Amended October 2024 Equity Distribution Agreement""). Under the Amended October 2024 Equity Distribution Agreement, the Company may, from time to time, sell up to $119.2 million of common shares in the capital of the Company (the ""Amended October 2024 ATM Equity Program""). The Amended October 2024 Equity Distribution Agreement restates and supersedes the previous October 2024 Equity Distribution Agreement, dated October 3, 2024, among the Company and the Agents, pursuant to which the Company sold common shares of the Company for aggregate proceeds of US$180.8 million. The Company issued 15,266,061 common shares (the ""October 2024 ATM Shares"") pursuant to the October 2024 ATM Equity Program for gross proceeds of $25.9 million. The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of $ …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

31. Subsequent Events Subsequent to the year ended March 31, 2026, the Company issued 939,250 common shares under the RSU plan upon the exercise of restricted share units. Subsequent to the year ended March 31, 2026, the Company issued 8,651,059 November 2025 ATM Shares pursuant to the November 2025 ATM Equity Program for gross proceeds of $25.2 million. The November 2025 ATM shares were sold at prevailing market prices for an average price per November 2025 ATM Share of $2.91 (C$4.03). Pursuant to the November 2025 Equity Distribution Agreement, a cash commission of $0.9 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the November 2025 Equity Distribution Agreement. On April 21, 2026, the Companys wholly-owned subsidiary, HIVE Bermuda 2026 Ltd., issued $115 million aggregate principal amount of exchangeable senior notes (the Notes) which included the full exercise of the initial purchasers option to purchase an additional $15 million of Notes. Net proceeds were $109.5 million after deducting commissions and expenses. In connection with the exchangeable note offering, HIVE entered into capped call transactions with certain financial institutions. The initial cap price represents a 125% premium over the April 16, 2026 Nasdaq price (approximately $4.92 per share), designed to mitigate economic dilution or excess cash outlay upon exchange of the Notes above the exchange price up to the cap price. The capped call transac …

SubsequentEventsTextBlock · excerpt; the full note is in the filing