HIVE Digital Technologies Ltd. 10-K

Item 8. Financial Statements and Supplementary Data Index to Consoliated Financial Statements Report of Independent Registered Public Accounting Firm (PCAOB ID 731 ) F-1 Consolidated Balance Sheets as of March 31, 2026 and 2025 F-5 Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the years ended March 31, 2026, 2025 and 2024 F-6 Consolidated Statements of Changes in Equity for the years ended March 31, 2026, 2025 and 2024 F-7 Consolidated Statements of Cash Flows for the years ended March 31, 2026, 2025 and 2024 F-8 Notes to the Consolidated Financial Statements F-9 90 Independent auditor's reports REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Directors of HIVE Digital Technologies Ltd. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of HIVE Digital Technologies Ltd. and its subsidiaries (the “Company”) as of March 31, 2026 and 2025 , and the related consolidated statements of (loss) income and comprehensive (loss) income, changes in equity, and cash flows for each of the years in the three year period ended March 31, 2026 and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025 and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”) , the Company’s internal control over financial reporting as of March 31, 2026 , based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (“COSO”) and our report dated June 2, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. F-1 Completeness and existence of revenues from digital currency mining As described in Note 3 to the consolidated financial statements, the Company provides computing power and transaction verification services to a mining pool operator. The Company recorded $278.3 million of revenues from digital currency mining for the year ended March 31, 2026. The Company’s revenues are sold primarily to one mining pool operator (the “Mining Pool”). The Company receives non-cash consideration in the form of Bitcoin based on a prescribed formula, and accounts for Bitcoin to be received as variable consideration. The principal considerations for our determination that performing procedures relating to revenues from digital currency mining is a critical audit matter are the significant judgment used by the auditor in determining the procedures to be performed over the revenue amounts and a high degree of auditor effort required to perform the procedures to test (i) the computational power provided to the Mining Pool; (ii) the associated contractual amounts the Company is entitled to receive in return for providing the computational power; and (iii) the quantity of the Bitcoin received from the Mining Pool. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of certain controls relating to the revenues from the digital currency mining and included, among others, (i) testing the computational power provided to the Mining Pool; (ii) testing the associated contractual amounts the Company is entitled to receive by recalculating the amount based on the prescribed formula; (iii) agreeing all the Bitcoin received directly to the blockchain and tracing receipts during the year to the Company’s wallet addresses; and (iv) testing the settlement of Bitcoin and ending balances by agreeing to the transaction details of the third party wallet provider data and the Company’s bank statements. We have served as the Company’s auditor since 2019. /s/ DAVIDSON & COMPANY LLP Chartered Professional Accountants Vancouver, Canada June 2, 2026 F-2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Directors of HIVE Digital Technologies Ltd. Opinion on Internal Control Over Financial Reporting We have audited HIVE Digital Technologies Ltd. (the “Company”) internal control over financial reporting as of March 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s consolidated balance sheets as of March 31, 2026 and 2025, and the related consolidated statements of (loss) income and comprehensive (loss) income, changes in equity, and cash flows for each of the three years in the period ended March 31, 2026, and the related notes and our report dated June 2, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Form 10K. Our responsibility is to express an opinion on the entity’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. F-3 Definition and Limitations of Internal Control Over Financial Reporting An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. An entity’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and directors of the entity; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ DAVIDSON & COMPANY LLP Chartered Professional Accountants Vancouver, Canada June 2, 2026 F-4 HIVE Digital Technologies Ltd. Consolidated Balance Sheets (expressed in thousands of United States dollars) As at Note March 31, 2026 March 31, 2025 Assets Current assets Cash and cash equivalents $ 23,113 $ 23,375 Amounts receivable and prepaids, net 6 15,566 11,758 Derivative asset 7 606 1,300 Investments 5 9,741 24,136 Digital currencies 7 10,822 181,146 Total current assets 59,848 241,715 Property, plant and equipment, net 8 480,476 202,848 Long term receivables, net 6 2,147 6,602 Deposits, net 9 53,579 74,887 Right of use assets 16 43,096 5,546 Total assets $ 639,146 $ 531,598 Liabilities Current liabilities Accounts payable and accrued liabilities 10 $ 27,045 $ 15,377 Convertible loan 11 - 1,871 Current portion of lease liability 16 12,368 2,645 Acquisition loan payable 4 - 31,000 Current portion of loans payable 13 1,460 2,792 Term loan 14 2,038 3,558 Current portion of mortgage payable 15 143 - Warrant liability 12, 27 413 760 Current income tax liability 19 10,968 7,954 Total current liabilities 54,435 65,957 Loans payable 13 9,497 10,200 Lease liability 16 31,212 3,095 Mortgage payable 15 14,348 - Deferred tax liability 19 295 3,209 Total liabilities 109,787 82,461 Equity Share capital 20 - - Additional paid in capital 944,048 716,708 Accumulated other comprehensive income 7,621 6,291 Accumulated deficit ( 422,310 ) ( 273,862 ) Total equity 529,359 449,137 Total liabilities and equity $ 639,146 $ 531,598 On behalf of the board: "Frank Holmes" "Marcus New" Director Director The accompanying notes are an integral part of these consolidated financial statements. F-5 HIVE Digital Technologies Ltd. Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (expressed in thousands of United States dollars except per share amounts) As at March 31 Note 2026 2025 2024 Revenue from digital currency mining $ 278,269 $ 105,236 $ 111,044 High performance computing 19,522 10,043 3,421 297,791 115,279 114,465 Cost of sales Operating and maintenance costs 25 ( 186,729 ) ( 88,159 ) ( 76,308 ) High performance computing service fees ( 3,165 ) ( 1,972 ) ( 635 ) Depreciation ( 170,425 ) ( 64,490 ) ( 63,599 ) ( 62,528 ) ( 39,342 ) ( 26,077 ) Net realized and unrealized gains of digital currencies 10,742 33,674 81,835 Operating expenses Selling, general, administrative expenses 24 ( 31,392 ) ( 16,648 ) ( 13,204 ) Foreign exchange loss ( 391 ) ( 5,107 ) 2,054 Stock-based compensation 21 ( 25,457 ) ( 10,888 ) ( 7,249 ) Total operating expenses ( 57,240 ) ( 32,643 ) ( 18,399 ) Unrealized (loss) gain on investments ( 16,027 ) 19,067 3,743 Realized loss on investments - ( 311 ) - Change in fair value of derivatives 27 ( 22,706 ) 3,652 362 Recovery of sales tax receivables 6 2,915 966 ( 6,777 ) Impairment of receivable on sale of subsidiary ( 1,816 ) - - Gain on sale of equipment 1,360 18,493 1,081 Other income (expense) 2,045 346 ( 59 ) Finance expense 23 ( 1,326 ) ( 2,290 ) ( 3,024 ) (Loss) income from operations ( 144,581 ) 1,612 32,685 Tax expense 19 ( 3,867 ) ( 4,608 ) ( 6,185 ) Net (loss) income after tax ( 148,448 ) ( 2,996 ) 26,500 Other comprehensive income (loss) Translation adjustment 1,330 ( 38 ) ( 1,076 ) Net (loss) income and comprehensive (loss) income $ ( 147,118 ) $ ( 3,034 ) $ 25,424 Basic (loss) income per share $ ( 0.66 ) $ ( 0.02 ) $ 0.29 Diluted (loss) income per share $ ( 0.66 ) $ ( 0.02 ) $ 0.29 Weighted average number of common shares outstanding Basic 22 225,420,074 127,942,571 90,005,128 Diluted 22 225,420,074 127,942,571 90,005,128 The accompanying notes are an integral part of these consolidated financial statements. F-6 HIVE Digital Technologies Ltd. Consolidated Statements of Changes in Equity (expressed in thousands of United States dollars except share amounts) Equity Note Common shares issued Amount Additional paid- in capital Accumulated other comprehensive income Accumulated deficit Total equity Balance, March 31, 2023 84,172,711 $ - $ 438,077 $ 7,405 $ ( 297,366 ) $ 148,116 Share-based compensation - - 7,249 - - 7,249 Special warrants 5,750,000 - 21,738 - - 21,738 Shares offering 14,986,724 - 57,678 - - 57,678 Vesting of restricted stock units 802,650 - - - - - Issuance costs - - ( 1,977 ) - - ( 1,977 ) Shares issued in connection with asset acquisition 345,566 - 1,088 - - 1,088 Exercise of options 22,500 - 96 - - 96 Net income - - - - 26,500 26,500 Translation adjustment - - - ( 1,076 ) - ( 1,076 ) Balance, March 31, 2024 106,080,151 $ - $ 523,949 $ 6,329 $ ( 270,866 ) $ 259,412 Share-based compensation 21 - - 10,888 - - 10,888 Shares offering 59,108,391 - 187,274 - - 187,274 Vesting of restricted stock units 326,644 - - - - - Exercise of options 100,000 - 101 - - 101 Issuance costs - - ( 512 ) - - ( 512 ) Reclassification of special warrants - - ( 5,112 ) - - ( 5,112 ) Reclassification of derivative component loan - - 120 - - 120 Net loss - - - - ( 2,996 ) ( 2,996 ) Translation adjustment - - - ( 38 ) - ( 38 ) Balance, March 31, 2025 165,615,186 $ - $ 716,708 $ 6,291 $ ( 273,862 ) $ 449,137 Share-based compensation 21 - - 25,457 - - 25,457 Shares offering 88,716,245 - 196,508 - - 196,508 Vesting of restricted stock units 3,125,950 - - - - - Exercise of options 675,100 - 1,112 - - 1,112 Issuance costs - - ( 426 ) - - ( 426 ) Share issued for property 4 1,000,000 - 3,919 - - 3,919 Exercise of warrants 20 215,625 - 770 - - 770 Net loss - - - - ( 148,448 ) ( 148,448 ) Translation adjustment - - - 1,330 - 1,330 Balance, March 31, 2026 259,348,106 $ - $ 944,048 $ 7,621 $ ( 422,310 ) $ 529,359 The accompanying notes are an integral part of these consolidated financial statements. F-7 HIVE Digital Technologies Ltd. Consolidated Statements of Cash Flows (expressed in thousands of United States dollars) As at March 31 2026 2025 2024 Cash flows from operating activities Net (loss) income for the year $ ( 148,448 ) $ ( 2,996 ) $ 26,500 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities Revenue recognized from digital currency mined ( 278,269 ) ( 105,236 ) ( 111,044 ) Proceeds from sale of digital currency 269,068 104,519 97,151 Revaluation of digital currency ( 10,742 ) ( 33,674 ) ( 81,835 ) Digital currency purchased ( 18,330 ) - - Depreciation 170,425 64,490 63,599 Non-cash lease expense 3,131 2,794 2,692 Unrealized loss (gain) loss on investments 16,027 ( 19,067 ) ( 3,743 ) Realized loss on investment - 311 - Change in fair value of derivatives 22,706 ( 3,652 ) ( 362 ) (Recovery) provision on sales tax receivables ( 2,915 ) ( 966 ) 6,777 Impairment of receivable on sale of subsidiary 1,816 - - Gain on sale of mining assets ( 1,360 ) ( 18,493 ) ( 1,081 ) Income tax expense 3,867 4,608 6,185 Accretion on convertible debt 462 1,317 1,825 Share-based compensation 25,457 10,888 7,249 Interest expense 628 414 397 Unrealized foreign exchange ( 1,714 ) 14,549 ( 20 ) Lease payments on operating leases ( 3,381 ) ( 2,794 ) ( 2,687 ) Changes in non-working capital items Amounts receivable and prepaids 1,328 ( 4,743 ) ( 772 ) Accounts payable and accrued liabilities 12,581 4,365 ( 1,191 ) Net cash provided by operating activities 62,337 16,634 9,640 Cash flows from investing activities Deposits on equipment ( 8,539 ) ( 53,572 ) ( 14,880 ) Proceeds on disposal of investments - 1,776 - Purchases of investments ( 907 ) ( 1,529 ) ( 341 ) Proceeds on disposal of equipment 1,608 19,187 1,882 Purchase of equipment ( 148,310 ) ( 120,733 ) ( 63,355 ) Cash paid on acquisition ( 9,249 ) ( 25,692 ) ( 647 ) Purchase of property ( 21,573 ) - - Payment of security deposits ( 35,944 ) ( 3,210 ) - Net cash used in investing activities ( 222,914 ) ( 183,773 ) ( 77,341 ) Cash flows from financing activities Proceeds from exercise of warrants 770 - - Proceeds from exercise of options 1,112 101 96 Loan payments ( 3,096 ) ( 1,343 ) - Term loan payments ( 1,645 ) ( 1,786 ) ( 1,531 ) Shares offering 196,082 186,762 55,701 Issuance of special warrants - - 21,738 Repayment of acquisition loan payable ( 31,000 ) - - Repayment of debenture ( 2,333 ) ( 3,000 ) ( 3,000 ) Net cash provided by financing activities 159,890 180,734 73,004 Effects of exchange rate changes on cash 425 102 2 Net change in cash during the year $ ( 262 ) $ 13,697 $ 5,305 Cash, and cash equivalents Beginning of the year 23,375 9,678 4,373 End of the year $ 23,113 $ 23,375 $ 9,678 The accompanying notes are an integral part of these consolidated financial statements. F-8 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 1. Nature of Operations HIVE Digital Technologies Ltd. (the “Company”) is in the business of providing infrastructure solutions, including operating Tier-1 and Tier-3 data centers, the computing power of which is used for high performance computing (“HPC”) and generating hashrate which is sold to mining pools that use the hashpower for “the mining of cryptocurrencies”. The Company's operations fund the Company's ongoing investing and expansion activities. Digital currencies are subject to risks unique to the asset class and different from traditional assets. Additionally, the Company may at times hold assets with third party custodians or exchanges that are limited in oversight by regulatory authorities. The Company was incorporated in the province of British Columbia and is a reporting issuer in each of the Provinces and Territories of Canada. The Company is listed for trading on the Nasdaq’s Capital Markets Exchange under “HIVE”, on the Open Market of the Frankfurt Stock Exchange under “YO0.F” and on the Colombian Stock Exchange under “HIVECO”. Effective May 12, 2026, the Company completed its efforts to list on the Toronto Stock Exchange ("TSX") under the symbol "HIVE.TO" and is no longer trading on the TSXV. 2. Basis of Presentation The consolidated financial statements are presented in USD and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") including the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding financial reporting and include the results of the Company and its wholly-owned subsidiaries. Any reference in these notes to applicable guidance is meant to refer to the authoritative guidance found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU"). These financial statements are presented in U.S. dollars, which is the functional currency of the Company. (i) Use of estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates the estimates used, which include but are not limited to the: estimates in the determination of the fair value of assets acquired and liabilities assumed in connection with acquisitions; discount rate in determining lease liabilities; recoverability of long-lived assets including impairment of property, plant and equipment and their associated useful lives; and assessment of the contingencies and tax liabilities. These estimates, judgments, and assumptions are reviewed periodically, and the impact of any revisions are reflected in the financial statements in the period in which such revisions are made. Actual results could differ from those estimates, judgments, or assumptions, and such differences could be material to the Company's consolidated financial position and results of operations. F-9 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 2. Basis of Presentation (continued) (ii) Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Subsidiaries are entities in which the Company has a controlling interest or is the primary beneficiary of a variable interest entity. Subsidiaries are fully consolidated from the date control is transferred to the Company and are de-consolidated from the date control ceases. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. These consolidated financial statements include the accounts of the Company and the following entities: Subsidiaries Jurisdiction of incorporation Functional currency Ownership interest March 31, 2026 HIVE Blockchain Switzerland AG Switzerland U.S. dollar 100 % HIVE Blockchain Iceland ehf. Iceland U.S. dollar 100 % Bikupa Datacenter AB Sweden U.S. dollar 100 % Bikupa Datacenter 2 AB Sweden U.S. dollar 100 % Bikupa Real Estate AB Sweden U.S. dollar 100 % HIVE Digital Data Ltd. Bermuda U.S. dollar 100 % Liv Eiendom AS Norway U.S. dollar 100 % 9376-9974 Quebec Inc. Canada Canadian dollar 100 % HIVE Atlantic Datacentres Ltd Canada Canadian dollar 100 % Buzz Performance Computing Ltd* Bermuda U.S. dollar 100 % Buzz Performance Cloud Inc.** Canada Canadian dollar 100 % Zunz S.A. Paraguay U.S. dollar 100 % W3X S.A. Paraguay U.S. dollar 100 % HIVE Holdings Paraguay 1 Ltd Bermuda U.S. dollar 100 % HIVE Holdings Paraguay 2 Ltd Bermuda U.S. dollar 100 % BUZZ High Performance Computing Inc. Canada Canadian dollar 100 % Megawatt Mining Corp. Canada Canadian dollar 100 % HIVE Bermuda 2026 Ltd.*** Bermuda U.S. dollar 100 % * Hive Performance Computing Ltd. on May 31, 2025 completed a name change to Buzz Performance Computing Ltd. ** Hive Performance Cloud Inc. on December 18, 2025 completed a name change to Buzz Performance Cloud Inc. ***HIVE Bermuda 2026 Ltd. was incorporated April 8, 2026. (refer to Subsequent Event note) (iii) Foreign currency Effective April 1, 2024, the Company's functional currency changed from the Canadian dollar to the U.S. dollar, which is prospectively accounted for in these consolidated financial statements. The change in functional currency better reflects the ongoing activities and operations of the Company. For purposes of the Company's consolidated financial statements, the assets and liabilities of subsidiaries with a functional currency different to presentation currency are translated into U.S. dollars. Gains and losses resulting from these translations are reported as a component of accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income (loss). Revenue, expenses, and gains or losses are translated into U.S. dollars using average exchange rates for each period. Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as a component of other income, net on the consolidated statements of operations. (iv) Reclassifications Certain prior period VAT amounts totalling $ 3,585 have been reclassified from short term to long term to conform to the current period presentation in the financial statements and notes. F-10 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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. The fee earned by the Company is first calculated by dividing (a) the total amount of hash rate the Company provides to the mining pool operator, by (b) the total BTC network's implied hash rate (as determined by the BTC network difficulty), multiplied by (c) the total amount of block subsidies that are expected to be generated on the BTC network as a whole. (ii) Transaction fees refer to the total fees paid by users of the network to execute transactions. The fee paid out by the mining pool operator to the Company is further calculated by dividing (a) the total amount of transaction fees that are actually generated on the BTC network as a whole less the 3 largest and 3 smallest transactions per block, by (b) the total amount of block subsidies that are actually generated on the BTC network as a whole, multiplied by (c) the Company's fee earned as calculated in (i) above. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. (iii) Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth in a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Company receives and are only incurred to the extent that the Company has generated mining revenue pursuant to the mining pool operators' payout calculation. (iv) The consideration to which the Company expects to be entitled for providing computing power is entirely variable (block rewards, transaction fees and pool operating fees), as well as being non-cash consideration, the Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computing power at contract inception and subsequently, to determine when and to what extent it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is subsequently resolved. Under the Full-Pay-Per-Share ("FPPS") payout method, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception. The Company measures the non-cash consideration received at the fair market value of the Bitcoin received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on the date and time it was received in the Company's wallet. F-11 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (a) Revenue recognition (continued) Revenues from high-performance computing hosting The Company generates revenue by providing high performance computing power to customers. Revenues from the provision of high-performance computing power is measured and recognized as the Company meets its obligation of the provision of high-performance computing power at a point in time. The Company receives proceeds net of commissions. Revenues are recorded at the gross amount and the commission expense is included in operating and maintenance costs. (b) Digital currencies Digital currencies are earned as non-cash consideration for providing high performance computing power to a mining pool, in accordance with the Company's revenue recognition policy. Digital currencies are classified as current assets in the consolidated balance sheet as they are highly liquid, and the Company expects to sell them within twelve months. Digital currencies are measured at fair value each reporting period, with changes in fair value recognized in the consolidated statements of loss and comprehensive loss. The fair value of digital assets is measured using the period end closing price from the Company's principal market. When the Company sells digital assets, realized gains or losses from the disposal are measured as the difference between the cash proceeds and the cost basis, determined using a weight average cost method. (c) Fair value measurement The fair value of assets and liabilities is the amount at which the item could be exchanged in an orderly transaction between market participants. Fair value measurement is based on a hierarchy of observable or unobservable inputs. The standard describes three levels of inputs that may be used to measure fair value. Fair value measurements are classified and disclosed in one of the following three categories: Level 1: Inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date; Level 2: Inputs to the valuation methodology other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and the fair value can be determined through the use of models or other valuation methodologies; and Level 3: Inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity of the asset and liability and the reporting entity makes estimates and assumptions relating to the pricing of the asset or liability, including assumptions regarding risk. This includes certain cash flow pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. (d) Cash and cash equivalents Cash and cash equivalents may include cash on hand, demand deposits and short-term highly liquid investments that are readily convertible into known amounts of cash, with maturities of 90 days or less when acquired. As of March 31, 2026 and 2025, the Company did not classify any balances as cash equivalents. F-12 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (e) Accounts receivable and impairment of financial assets Accounts receivable includes current outstanding invoices billed to customers due under customary trade terms. The term between invoicing and when payment is due is not significant. The Company recognizes an allowance for potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model in accordance with ASC 326, Financial Instruments – Credit Losses, for all financial assets measured at amortized cost, including accounts receivable and refundable deposits. The Company maintains an allowance for current expected credit losses for accounts receivable, which is recorded as an offset to accounts receivable and changes are classified in general and administrative expense in the consolidated statements of loss and comprehensive loss. Collectability is assessed by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when specific customers are identified with known disputes or collectability issues. In determining the amount of the expected credit losses, the Company considers historical collectability based on past due status, customer-specific information, market conditions. Bad debts are written off against the allowance after all collection efforts have ceased, and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The allowance is estimated as the difference between all contractual cash flows due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, which may be discounted at the original effective interest rate (“EIR”), when the effect of discounting is material. (f) Investments Investments in equity securities that have readily determinable fair values are initially and subsequently measured at fair value with changes recognized through the consolidated statements of loss and comprehensive loss. For investments that do not have a readily determinable fair value the Company measures the investment at its net asset value ("NAV") where the NAV has been determined following the principles of ASC 946 Financial Services - Investment Entities . For all other investments the Company has elected the fair value option and is measuring those investments at fair value with changes recognized through the consolidated statement of loss and comprehensive loss. (g) Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Cost includes all expenditures incurred to bring assets to the location and condition necessary for them to be operated in the manner intended by management. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which is generally as follows: Data center equipment - 2 to 5 years Buildings - 15 years Leasehold improvements - lesser of useful life or term of the lease Expenditures for maintenance, repairs and day-to-day servicing are expensed as incurred. Data center equipment includes directly attributable costs. Directly attributable costs include spare parts and auxiliary equipment that are used in connection with the data center equipment. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. The useful life and depreciation method of an asset are reviewed at least each year-end, any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the date that the asset is de-recognized. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognized in consolidated statements of loss . (h) Impairment of long-lived assets The Company's long-lived assets are assessed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available ("Asset Group"). When indicators of potential impairment are present, the Company prepares a projected undiscounted cash flow analysis for the respective asset or Asset Group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or Asset Group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any. F-13 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (i) Leases Right of use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the date on which the underlying asset is made available for the Company's use by the lessor. The Company's assessment of the lease term reflects the non-cancelable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain of not exercising, as well as periods covered by renewal options which the Company is reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition, and the presentation reflected on the consolidated statements of loss and comprehensive loss over the lease term. A finance lease is a lease in which 1) ownership of the property transfers to the lessee by the end of the lease term; 2) the lessor grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; 3) the lease is for a major part of the remaining economic life of the underlying asset; 4) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value; or 5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company classifies a lease as an operating lease when it does not meet any one of these criteria. For all periods presented, the Company only had operating leases. For leases with a term exceeding 12 months, an operating lease liability is recorded on the Company's consolidated balance sheet at lease commencement reflecting the present value of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company generally uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease. Lease expenses are recognized on a straight-line basis over the lease term and presented in general and administrative expenses in the consolidated statements of loss and comprehensive loss. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company continues to recognize the lease payments associated with these leases as expenses as incurred over the lease term. Variable lease costs are recognized as incurred and primarily consist of common area maintenance, additional density fees and utility charges not included in the measurement of right of use assets and operating lease liabilities. In addition, any adjustments to fixed lease payments based on changes in Consumer Price Index (CPI) are treated as variable lease payments and recognized in consolidated statements of loss and comprehensive loss in the period in which the change occurred. (j) Convertible loan The Company assesses the various terms and features of contracts to determine whether or not they contain embedded features that are required to be accounted for separately from the host contract and recorded on the balance sheet at fair value. With respect to conversion features, the Company assesses whether or not the conversion feature meets all of the requirements for equity classification and if so, the Company does not separate the feature and instead it is included in the initial recognition and subsequent recognition of the host loan. F-14 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (k) Warrants The Company accounts for warrants by first assessing whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company's own shares of common stock and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification. This assessment is conducted at the time of issuance of the warrants and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that do not meet all the criteria for equity classification, such warrants are required to be as a liability initially at their fair value on the date of issuance and subsequently remeasured to fair value on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified warrants are recognized on the consolidated statements of loss and comprehensive loss in the period of change. Following the Company's change in functional currency as at April 1, 2024, certain warrants no longer met equity classification and as such were reclassified as liabilities at that date. (l) Income tax Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the asset and liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base, used in the computation of income for tax purposes ("temporary difference") and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized, and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company's interpretation of the relevant tax rules and judgment. Income taxes are recognized in the consolidated statements of loss and comprehensive loss, except when they relate to an item that is recognized in other comprehensive loss or directly in equity, in which case, the taxes are also recognized in other comprehensive loss or directly in equity respectively. Where income taxes arise from the initial accounting for a business combination, these are included in the accounting for the business combination. The Company recognizes uncertain income tax positions at the largest amount that is more-likely-than-not to be sustained upon examination by the relevant taxing authority. This applies to income taxes and is not intended to be applied by analogy to other taxes, such as sales taxes, value-add taxes, or property taxes. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Recognition or measurement is reflected in the period in which the likelihood changes. (m) Stock-based compensation The Company issues equity awards including stock options, restricted stock units and broker warrants to certain of its employees, directors, officers, and consultants. The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation expense on a graded basis over the vesting period. The amount recognized as an expense is net of estimated forfeitures, such that the amount ultimately recognized is based on the number of awards that ultimately vest. The Company estimates forfeitures based on historical forfeiture trends. If actual forfeiture rates are not consistent with the Company's estimates, the Company may be required to increase or decrease compensation expenses in future periods F-15 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (m) Stock-based compensation (continued) The Company utilizes the Black-Scholes Option Pricing Model ("Black-Scholes") to estimate the fair value of stock options. The use of Black- Scholes requires management to make various estimates and assumptions that impact the value assigned to the stock options including the forecast future volatility of the stock price, the risk-free interest rate, dividend yield and the expected life of the stock options. Any changes in these assumptions could have a material impact on the share-based compensation calculation value, however the most significant estimate is the volatility. Expected future volatility can be difficult to estimate as the Company has a limited operating history and is in an emerging industry with no comparable publicly traded competitors at the time of grant. Due to the emerging nature of the industry, volatility estimates require significant estimates. The Company estimated volatility based on historic share prices of companies operating in emerging innovative industries. Historical volatility is not necessarily indicative of future volatility. (n) Business combinations The Company evaluates whether acquired net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgement to determine whether the acquired net assets meet the definition of a business by considering if the set includes an acquired input, process, and the ability to create outputs. The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Any contingent consideration is measured at fair value at the acquisition date. Contingent consideration that does not meet all the criteria for equity classification is initially recorded at its fair value at the acquisition date, and subsequently remeasured to fair value on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized in the consolidated statements of loss and comprehensive loss in the period of change. When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date (o) Asset acquisitions The Company accounts for asset acquisitions by allocating the consideration paid, including transaction costs, to the acquired assets and liabilities on a relative fair value basis. Working capital items are recognized at their stated amounts. F-16 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 3. Significant Accounting Policies (continued) (p) Loss per share The Company calculates basic and diluted net loss per common share by dividing the net loss by the number of weighted average common shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include warrants to purchase common shares, outstanding stock options, and convertible debt from the number of common shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred. (q) Recent accounting standards Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 expands existing income tax disclosures for rate reconciliations by requiring disclosure of certain specific categories and additional reconciling items that meet the quantitative threshold and expands disclosures for income taxes paid by requiring disaggregation by certain jurisdictions, amount of income taxes separated by federal and individual jurisdiction, and the amount of income (loss) from continuing operations before income tax expense (benefit) disaggregated between federal, state, and foreign. The amendments in this update are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this new standard did not have a material impact on our consolidated financial statements. Issued - Not Yet Adopted The following amendments to existing standards have been issued up to and including the date of issuance of these financial statements, however are not yet effective for the Company: Accounting Standards Update 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update clarify interim disclosure requirements and the applicability of Topic 270. The amendments are effective for annual periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software (“ASU 2025-06”). ASU 2025-06 eliminates the distinction between software project development stages and clarifies the threshold applied to begin capitalizing costs. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2028, and permits prospective, modified prospective, retrospective or early adoption. The Company is currently evaluating the impact of adopting the standard. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2026, with early adoption permitted. The Company is evaluating the impact of adopting the standard. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”), which amends the guidance for identifying the accounting acquirer in transactions involving the acquisition of a variable interest entity that meets the definition of a business. The guidance is intended to reduce diversity in practice and improve consistency in the application of acquisition accounting. The new standard is effective for the Company for its annual periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In March 2025, the FASB issued ASU No. 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraph Pursuant to SEC Staff Accounting Bulletin No. 122 (“ASU 2025-02”). ASU 2025-02 amends the Accounting Standard Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121, as rescinded by SAB 122. The new standard is effective immediately and did not have a material impact on the Company’s Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2026, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. F-17 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 4. Asset Acquisitions Acquisition of real property - Ontario On January 30, 2026, the Company closed the acquisition of real property located in Ontario's Toronto-Waterloo innovation corridor. In consideration, the Company paid $ 21.6 million cash and issued a mortgage to the seller in the amount of $ 14.7 million. The consideration paid includes transaction costs of $ 2.0 million. The Company determined that this transaction is an asset acquisition as the assets acquired did not constitute a business as defined by ASC 805. The following table summarizes the consideration transferred, the estimated fair value of the identifiable assets acquired, and liabilities assumed as the date of the acquisition: January 30, 2026 Cash paid-net $ 19,547 Mortgage (Note 15) 14,747 Acquisition costs 2,026 Total consideration $ 36,320 Land $ 36,320 Net assets acquired $ 36,320 Acquisition of Megawatt Mining Corp. On September 15, 2025, the Company closed the acquisition of real property located at 15 City View Drive, Toronto, Ontario and shares of Megawatt Mining Corp. from an unrelated party. In consideration, the Company paid $ 9.2 million cash and issued 1 million common shares of the Company. The consideration paid includes transaction costs of $ 556 . The Company determined that this transaction is an asset acquisition as the assets acquired did not constitute a business as defined by ASC 805. The following table summarizes the consideration transferred, the estimated fair value of the identifiable assets acquired, and liabilities assumed as the date of the acquisition: September 15, 2025 Cash paid $ 8,692 Share consideration 3,919 Acquisition costs 556 Total consideration $ 13,167 Cash $ 59 Deposits 109 Building and land 12,919 GST receivables 151 Accounts payable ( 71 ) Total assets 13,167 Deferred tax liability - Net assets acquired $ 13,167 F-18 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 4. Asset Acquisitions (continued) Acquisition of Zunz S.A. Effective March 17, 2025 the Company closed the acquisition of Zunz S.A. with an unrelated party. In consideration, the Company paid $ 25 million cash up front and will pay the remaining purchase price of $ 31 million over six months. The consideration paid also includes transaction costs of $ 692 and cash advanced by the Company after January 28, 2025. During the year ended March 31, 2026, the Company fully paid the acquisition loan payable (March 31, 2025 - $ 31 million). The Company determined that this transaction is an asset acquisition as the assets acquired did not constitute a business as defined by ASC 805. The following table summarizes the consideration transferred, the estimated fair value of the identifiable assets acquired, and liabilities assumed as the date of the acquisition: March 31, 2025 Cash paid $ 25,000 Acquisition loan payable 31,000 Cash advance 7,260 Acquisition costs 692 Total consideration $ 63,952 Land $ 952 Equipment 44 Building and leasehold 57,070 Power purchase agreement guarantee 3,314 VAT receivables 3,126 Other 52 Total assets 64,558 Deferred tax liability ( 606 ) Net assets acquired $ 63,952 5. Investments As at March 31, 2026 and 2025, the Company holds investments in both private and public companies. The Company has elected to measure its investments in equity securities of private companies at fair value with changes through profit or loss. 2026 2025 Marketable securities $ 6,624 $ 21,016 Equity securities of private companies (Note 27) 463 429 Funds 2,654 2,691 $ 9,741 $ 24,136 Marketable securities are level 1 fair value measurements as they are publicly traded equity securities, whereas the investments in private companies are level 3 fair value measurements. The funds are measured at their net asset value. During the year ended March 31, 2026, the Company recognized $ 16,027 of unrealized losses on equity instruments held at March 31, 2026, of which $ 28 is related to an unrealized gain on private company investments. During the year ended March 31, 2025, the Company recognized $ 19,067 of unrealized gains on equity instruments held at March 31, 2025, of which $ 1,695 is related to its private company investments . During the year ended March 31, 2024, the Company recognized $ 3,743 of unrealized gains on equity instruments held at March 31, 2024 of which losses of $ 187 is related to its private company investments. F-19 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 6. Amounts Receivable and Prepaids 2026 2025 Sales tax receivable $ 13,370 $ 14,650 Prepaid expenses and other receivables 7,484 8,527 Receivable on sale of subsidiary (1) 1,816 1,816 Accounts receivable and prepaids, gross 22,670 24,993 Provisions and liability on sales tax receivable, opening ( 6,633 ) ( 6,777 ) Additions - ( 310 ) Impairment of receivable on sale of subsidiary (1) ( 1,816 ) - Recovery and reversal for the year 2,467 1,259 Foreign exchange 1,025 ( 805 ) Provisions on sales tax receivable ( 4,957 ) ( 6,633 ) Accounts receivable and prepaids, net 17,713 18,360 Less: current portion ( 15,566 ) ( 11,758 ) Long term portion $ 2,147 $ 6,602 (1) This balance is conditional upon ruling by the Swedish Tax Authority related to an ongoing process in connection with certain value added tax (VAT) balances remitted and or claimed by the Company. If the ruling is favourable; amounts will be received; otherwise, the amounts will not be collectible. Management has assessed the collectability using a probability model under a range of scenarios and this receivable reflects the results of that process. Management has assessed the collectability of the receivable based on the financial worthiness of the counterparty, and in light of recent events the Company has impaired the full amount of the receivable. The amount is recorded as impairment of receivable on sale of subsidiary on the consolidated statements of loss and comprehensive loss. During the year ended March 31, 2026, after examination of the history of claims and payments received from various authorities, together with regulatory challenges, the Company assessed the collectability of its Sales tax receivable balance. As a result, the Company determined that there is uncertainty over the collection of certain amounts and recorded a provision of $ nil (2025 - $ 0.3 million; 2024 - $ 4.5 million) for these receivables. During the year ended March 31, 2026 the Company paid $ 0.3 million towards the $ 0.3 million provisioned amount. The Company received an assessment of $ 2.3 million during year ended March 31, 2024, for sales tax payable that is included in the provision as a result of a Sales tax audit related to periods prior to the acquisition of 9376-9974 Quebec Inc. in 2021. As of March 31, 2026, the Company received sales tax credits totalling $ 2.3 million that were applied against this assessment and accrued interest. During the year ended March 31, 2026, management re-assessed its estimate regarding the expected timing of utilization of certain value-added tax ("VAT") amounts arising from the Company's operations in Paraguay. These VAT balances represent non-refundable tax credits that may be applied against future VAT obligations. Based on the expected utilization, management revised its estimate of when these credits are expected to be realized. As a result of this change in estimate, the Company reclassified certain VAT balances within the consolidated statements of financial position to reflect the expected utilization period. Amounts as at March 31, 2025 have been reclassified to conform to the current period presentation. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's primary exposure to credit risk is on its cash held in bank accounts as at March 31, 2026. The majority of cash is deposited in bank accounts held primarily with one major bank in Canada so there is a concentration of credit risk. This risk is managed by using a major bank that is a high credit quality financial institution as determined by rating agencies. The Company is exposed to credit risk related to amounts receivable from the Swedish government related to VAT filings and from the Canadian and Quebec governments related to the sales tax filings (Note 17). F-20 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 7. Digital Currencies Digital currencies are recognized at their fair value on the date they are received as revenue from digital currency mining and are revalued to their current market value at each reporting date. The Company's holdings of digital currencies consist of the following: 2026 2025 Bitcoin $ 10,612 $ 180,741 Other currencies 210 405 Total $ 10,822 $ 181,146 The continuity of digital currencies was as follows: Bitcoin Amount Number of coins Digital currencies, March 31, 2023 $ 65,772 2,332 Digital currency mined (non-cash consideration) 111,002 3,123 Digital currency mined sold ( 92,600 ) ( 3,168 ) Revaulation adjustment 77,084 - Digital currencies, March 31, 2024 $ 161,258 2,287 Digital currency mined (non-cash consideration) 105,158 1,414 Digital currency sold ( 107,101 ) ( 1,328 ) Deposit on equipment (i) ( 16,043 ) ( 172 ) Revaluation adjustment 37,469 - Digital currencies, March 31, 2025 $ 180,741 2,201 Digital currency mined (non-cash consideration) 278,253 2,885 Digital currency purchased 18,330 172 Digital currency sold ( 276,681 ) ( 2,969 ) Deposit on equipment (i) ( 190,153 ) ( 2,139 ) Revaluation adjustment 122 - Digital currencies, March 31, 2026 $ 10,612 150 The following table summarizes the Company's net realized and unrealized gains (losses) on digital currencies: 2026 2025 2024 Cumulative realized gain (loss) $ 10,717 $ ( 3,680 ) $ 4,549 Revaluation gain 25 37,354 77,286 Net realized and unrealized gains (losses) $ 10,742 $ 33,674 $ 81,835 During the year ended March 31, 2026, the Company sold digital currencies for proceeds totalling $ 269.1 million (March 31, 2025 - $ 104.5 million; March 31, 2024 - $ 97.2 million). The Company enters into certain equipment purchase agreements whereby the Company has the right to pay for the equipment deposit using Bitcoin. If the deposit is paid in Bitcoin the Company has an option to repurchase the Bitcoin in the future at the price on the date that the deposit in Bitcoin was made. During the year ended March 31, 2026 the Company exercised certain options and repurchased a total of 799 Bitcoin (March 31, 2025 - $ nil ), at a strike price between $ 87 to $ 88 resulting in a gain of $ 12.8 million (March 31, 2025 and March 31, 2024 -$ nil ) in the consolidated statements of loss and comprehensive loss (Note 27). In addition, options covering 1,452 Bitcoin pledged were allowed to expire unexercised as the strike price exceeded the market price of Bitcoin for these contracts. During the year ended March 31, 2026 the Company transferred 2,139 Bitcoin (March 31, 2025 - 172 Bitcoin), as a deposit on equipment and received an option to repurchase the Bitcoin. The option is initially measured at fair value on the respective issuance dates included in the table below, using the Black- Scholes option pricing model with the following assumptions: April 3, 2025 May 21, 2025 May 26, 2025 July 18, 2025 August 9, 2025 January 7, 2026 March 7, 2026 Spot rate $ 83 110 109 118 117 91 67 Strike price $ 87 105 110 120 117 110 110 Risk-free interest rate 3.98 % - 4.30 % 3.98 % 3.98 % 4.09 % 3.95 % 3.48 % 3.54 % Expected life (years) 0.26 - 0.80 0.77 0.77 0.76 0.76 1.01 1.01 Annualized volatility 50.26 % - 51.94 % 50.41 % 50.87 % 44.27 % 44.08 % 45.92 % 51.21 % Number of Bitcoin 1,321 199 45 312 201 106 61 Contract value ($) 114,894 20,807 5,000 37,621 23,513 11,665 6,648 Fair value - initial ($) 18,580 4,538 925 5,813 3,819 1,225 266 F-21 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 7. Digital Currencies (continued) The options are remeasured each reporting period. As at March 31, 2026 and March 31, 2025, the options were valued using the Black-Scholes option pricing model with the following assumptions: March, 31, 2026 March 31, 2025 Spot price $ 68 $ 83 Strike price $ 110 $ 88 Risk-free interest rate 3.60 %- 3.71 % 4.21 % - 4.29 % Expected life (years) 0.79 - 0.95 0.18 - 0.43 Annualized volatility 51.37 % 49.95 % - 52.18 % Number of Bitcoin pledged 166 172 As at March 31, 2026, the Company holds options to repurchase 166 Bitcoin (March 31, 2025 - 172 ) and the fair value of these options is $ 0.6 million (March 31, 2025 - $ 1.3 million). During the year ended March 31, 2026, the Company recognized a remeasurement loss of $ 23.1 million (March 31, 2025 - $ 0.7 million; March 31, 2024 - $ nil ) (Note 27). The derivative asset continuity is outlined below: March 31, 2026 # BTC March 31, 2025 # BTC Balance, at April 1 $ 1,300 172 $ - - Additions 35,166 2,245 2,000 172 Modifications and exercises ( 12,807 ) ( 799 ) - - Expirations ( 6,471 ) ( 1,452 ) - - Change in fair value ( 16,582 ) - ( 700 ) - Balance, at March 31 $ 606 166 $ 1,300 172 8. Property, Plant and Equipment Property, plant and equipment consist of the following components: 2026 2025 Equipment $ 652,672 $ 312,231 Land 47,065 2,244 Building 157,236 103,032 Total 856,973 417,507 Accumulated depreciation ( 376,497 ) ( 214,659 ) Net carrying value $ 480,476 $ 202,848 The Company depreciates its property, plant and equipment over the remaining estimated useful economic life. Included in equipment and land for the year ended March 31, 2026, is the 100MW datacenter facility in Valenzuela, Paraguay which was substantially completed and placed into service during the year. As a result of the laws and regulations in Paraguay, the Company has capitalized the certain input tax amounts to the cost of the property, plant and equipment. A total of $ 38.9 million VAT was capitalized to property, plant and equipment from long term receivable. Depreciation of $ 10.4 million calculated on this capitalized amount was expensed during the year ended March 31, 2026. During the year ended March 31, 2026, the decline in Bitcoin prices toward the end of the fiscal year was identified as a triggering event requiring an impairment assessment. In accordance with ASC 360-10-35, the Company first tested recoverability by comparing the carrying amount of the mining equipment to the sum of the undiscounted future net cash flows expected to result from the use and eventual disposition of the asset group over its remaining useful life. The undiscounted cash flows exceeded the carrying amount; accordingly, no impairment charge was recognized. For the year ended March 31, 2025, there were no indicators of impairment. F-22 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 9. Deposits The deposits relate to required amounts on account with electricity providers in Sweden and Paraguay, and deposits for equipment purchases, consisting of: Description 2026 2025 Utility energy deposits* $ 34,791 $ 8,371 Equipment deposits 20,651 78,647 Import duty deposits and other 2,074 - Bell Canada** 8,194 - Deposits, gross 65,710 87,018 Equipment deposit provision, opening and closing ( 12,131 ) ( 12,131 ) Deposits, net $ 53,579 $ 74,887 The Company is exposed to counterparty risk through the advances made for certain mining equipment ("Deposits") it places with its suppliers in order to secure orders over a set delivery schedule. The risk of a supplier failing to meet its contractual obligations may result in late deliveries and/or the value of the deposits is not realised from non delivery of equipment or delivery of equipment with reduced quality. The Company attempts to mitigate this risk by procuring mining hardware from the established suppliers and with whom the Company has existing relationships and knowledge of their reputation in the market. During the year ended March 31, 2026, the Company recorded expected credit losses on the deposits of $ nil (March 31, 2025 - $ nil ; March 31, 2024 - $ nil ) in the consolidated statements of loss and comprehensive loss. The expected credit losses are based on the counterparty risk of delivery, efficiency of machines expected use of the machines and the expected quantity and quality of the equipment to be received *During the year ended March 31, 2025, the Company entered into a 100 MW power supply agreement with the National Administration of Electricity ("ANDE") in Paraguay. The Company paid a $ 3.4 million security deposit for one month of estimated consumption of electric energy and power per terms of the agreement. On March 17, 2025, the Company acquired Zunz S.A. (Note 4), which held a 200 MW power supply agreement with ANDE. Under this agreement, Zunz S.A. was required to provide $ 19.2 million in deposits, of which $ 3.3 million had been paid at the time of acquisition. The Company paid the remaining $ 15.9 million on April 2, 2025. On October 20, 2025, Zunz S.A. entered into an additional 100 MW power supply agreement with ANDE and paid a $ 3.2 million security deposit for one month of estimated consumption of electric energy and power per terms of the agreement. The Company has a commitment to pay for another two months of estimated consumption before sixty calendar days from the start of the supply or within 12 months following the signing of the 100 MW power supply agreement, whichever, occurs first. On August 29, 2025, the Company paid the remaining two-month deposit totalling $ 6.4 million for energization of the site. In addition, the Company will need to provide a letter of credit, valid until April 1, 2028, for an amount equivalent to two months of estimated consumption of electric energy and power within 12 months of signing the power supply agreement. In an addendum to the power supply agreement dated June 20, 2025, the requirement for a letter of credit was removed and no longer required. In addition to the 100 MW power supply agreement, on February 17, 2026, the Company entered into an additional 7 MW power supply agreement with ANDE for its Valenzuela facility in Paraguay and paid a $ 0.6 million security deposit for three months of estimated consumption of electric energy and power per terms of the agreement. **On August 1, 2025, the Company entered into an agreement with Bell Canada Inc. for lease of a 4 MW facility for a five year term which requires a security deposit of $ 5.8 million to cover recurring service fees and a one-time license fee of $ 2.4 million. On December 15, 2025, the Company paid the deposit amount and license fee. On March 13, 2026, the agreement was amended to reduce the committed capacity to 1 MW from 4 MW and the Company retained the option to procure up to an additional 3 MW of capacity. The security deposit required was then amended to $ 1.5 million and one time license fee to $ 0.6 million. On March 13, 2026, the Company entered into an agreement with Bell Canada Inc. for lease of a 5 MW facility for a ten year term which requires a one-time license fee of $ 3 million. The credits from the security deposit and license fee paid of $ 8.2 million were applied to the license fee of $ 3 million with the remainder amount of $ 3.1 million to be refunded to the Company. F-23 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 10. Accounts Payable and Accrued Liabilities The components of accounts payable and accrued liabilities are as follows: 2026 2025 Accounts payable $ 10,676 $ 11,650 Accrued liabilities 12,795 2,254 Holdback payable 500 500 Other payable* 3,074 973 $ 27,045 $ 15,377 As at March 31, 2026, included in other payable is $ 2.2 million customer refundable deposit for high performance computing service agreement covering two month service fee (March 31, 2025 - $ nil ). 11. Convertible Loan On January 12, 2021, the Company closed its non-brokered private placement of unsecured debentures (the "Debentures"), for aggregate gross proceeds of $ 15 million with U.S. Global Investors, Inc. ("U.S. Global"). The Executive Chairman of the Company is a director, officer and controlling shareholder of U.S. Global. The Debentures mature on the date that is 60 months from the date of issuance, bearing interest at a rate of 8 % per annum. The Debentures will be issued at par, with each Debenture being redeemable by the Company at any time, and convertible at the option of the holder into common shares in the capital of the Company at a conversion price of C$ 15.00 per share. Interest is payable monthly, and principal repayments are quarterly. In addition, U.S. Global was issued 5.0 million common share purchase warrants (the "Warrants"). Each five whole Warrant entitles U.S. Global to acquire one common at an exercise price of C$ 15.00 per Share for a period of three years from closing. The Warrants expired unexercised on January 12, 2024. Prior to the Company's change in functional currency on April 1, 2024, the Company determined that the Convertible Loan contained an embedded derivative liability because the conversion feature was not indexed to the Company's stock. The conversion feature was not indexed to the Company's stock because the loan is denominated in U.S. dollars and changes in the exchange rate will impact the expected cash flows upon the instrument's settlement. Consequently, the conversion feature was classified as a derivative liability. As of April 1, 2024, the conversion feature was reclassified to equity. The Company allocated the proceeds of $ 15.0 million first to the derivative component for $ 8.6 million, with the residual value to the liability component for $ 6.4 million. The derivative component was valued on initial recognition using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 0.69 %; an expected volatility of 105 %; an expected life of 2.71 years; a forfeiture rate of zero ; and an expected dividend of zero . Liability Component Balance, March 31, 2024 $ 3,554 Principal payment ( 3,000 ) Interest payment ( 337 ) Accretion and interest 1,654 Balance, March 31, 2025 1,871 Principal payment ( 2,333 ) Interest payment ( 94 ) Accretion and interest 556 Balance, March 31, 2026 $ - F-24 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 11. Convertible Loan (continued) Derivative Component Balance, March 31, 2024 $ 120 Reclassification to equity ( 120 ) Balance, March 31, 2026 and 2025 $ - The derivative component was remeasured at fair value on April 1, 2024, immediately prior to the reclassification to equity. The derivative component was valued at $ 0.1 million using the Black-Scholes option pricing model with the following assumptions: share price of C$ 4.56 an expected weighted average risk-free interest rate of 4.5 %; an expected weighted average volatility of 79 %; and an expected weighted average life of 1.1 years. 12. Warrant Liability As part of the change in the Company's functional currency from the Canadian dollar to the U.S. dollar during the year ended March 31, 2025, all of the Company's issued and outstanding warrants were reclassified from equity to liability. The warrants have strike prices denominated in Canadian dollars and are not indexed to the Company's stock because of the change in functional currency. Warrants outstanding Balance, March 31, 2024 - Reclassified from equity 4,898,727 Expired* ( 2,023,727 ) Balance, March 31, 2026 and 2025 2,875,000 The warrant is re-valued each reporting period. As at March 31, 2026, the warrant liability was revalued at $ 0.4 million (March 31, 2025 - $ 0.8 million) using the Black-Scholes option pricing model with the following assumptions: March 31, 2026 March 31, 2025 Stock price (C$) $ 2.60 $ 2.10 Risk-free interest rate 2.33 % 2.43 % Expected life (years) 0.75 1.75 Annualized volatility 88 % 85 % Dividend rate 0 % 0 % The warrants outstanding and exercisable as at March 31, 2026 are as follows: Outstanding Exercisable Exercise Price Expiry date 2,875,000 ** 2,875,000 C$ 6.00 December 28, 2026 2,875,000 2,875,000 * On November 30, 2021, the Company completed an agreement with Stifel GMP as lead underwriter and sole book runner to include a syndicate of underwriters (the "Underwriters"), whereby the Underwriters will purchase, on a bought-deal basis, 3,834,100 special warrants of the Company (the "2021 Special Warrants") at a price of C$ 30.00 per Special Warrant for aggregate gross proceeds to the Company of C$ 115 million (the "Offering"). On January 12, 2022, each 2021 Special Warrant was deemed to be exercised into one Unit comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant being a "Warrant"). Each Warrant is exercisable for one share on or before May 30, 2024, at an exercise price of C$ 30.00 per Share. These warrants expired unexercised on May 30, 2024. F-25 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 12. Warrant Liability (continued) On December 1, 2021, the Company issued 106,677 warrants as consideration for an investment in Titan.io. Each Warrant is exercisable for one share on or before September 15, 2024, at an exercise price of C$ 30.00 per Share. These warrants expired unexercised on September 15, 2024. ** On December 28, 2023, the Company completed a bought-deal financing of 5,750,000 special warrants of the Company (the "2023 Special Warrants") at a price of C$ 5.00 per Special Warrant for aggregate gross proceeds to the Company of C$ 28.75 million (the "Offering"). Each 2023 Special Warrant entitles the holder to receive without payment of additional consideration, one unit of the Company upon exercise consisting of one common share and one-half of common share purchase warrant. On February 2, 2024, the 2023 Special Warrants were deemed exercised into one unit of the Company comprised of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of C$ 6.00 per whole warrant until December 28, 2026. In consideration of services, the Underwriters received a cash commission of C$ 1.725 million, and 345,000 broker warrants. Each broker warrant entitles the holder to acquire one common share of the Company at an exercise price of C$ 5.00 per broker warrant until December 28, 2026. The broker warrants were valued at $ 1.28 million using the Black-Scholes option pricing model with the following assumptions: a risk-free interest rate of 3.51 %, an expected volatility of 100 %, an expected life of 3 years, a forfeiture rate of zero ; and an expected dividend of zero . The Company also incurred C$ 257 in professional and other fees associated with the 2023 Special Warrant financing 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 F-26 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 14. Term Loan As part of the Atlantic acquisition, the Company acquired an $ 11.0 million (C$ 13.6 million) term loan ("Atlantic Term Loans"). The Atlantic Term Loans were made up of two discrete balances; Term Loan 1 and Term Loan 2; and the total facility bearing an interest rate of 3.33 % per annum with a term maturity date of June 30, 2024. On June 30, 2024, the Company renewed Term Loan 1 over a 1-year term at an interest rate of 5.31 % with a balance remaining of C$ 4.2 million, and Term Loan 2 was renewed at 5.15 % over a 2-year term with a balance remaining of C$ 2.6 million. Principal payments of C$ 0.2 million plus interest is payable monthly. On June 30, 2025, the Company renewed Term Loan 1 over a 1-year term at an interest rate of 4.39 % with a balance remaining of C$ 2.8 million. The principal and interest payment are the same as noted above. On April 21, 2025, the Company received a covenant amendment from its lender in relation to the Atlantic Term Loans maintained by HIVE Atlantic Datacentres Ltd. As part of this modification, the lender formally withdrew the following financial covenants: A minimum working capital ratio of 1.20:1 A maximum long-term debt to tangible net worth ratio of 2.00:1 The following covenant remains in effect and must be maintained at all times: A minimum debt service coverage ratio to EBITDA of 1.50:1 As at March 31, 2026, HIVE Atlantic Datacentres Ltd. was in compliance with the amended required debt service coverage ratio covenant. The outstanding balance is presented as a current liability as at March 31, 2026, because it matures within one year. The Atlantic Term Loans include an unlimited guarantee from the Company. Term Loan 1 Term Loan 2 Total Balance, March 31, 2024 $ 3,454 $ 2,154 $ 5,608 Interest 134 81 215 Repayment ( 1,234 ) ( 767 ) ( 2,001 ) Foreign exchange movement ( 163 ) ( 101 ) ( 264 ) Balance, March 31, 2025 2,191 1,367 3,558 Interest 85 58 143 Repayment ( 1,098 ) ( 690 ) ( 1,788 ) Foreign exchange movement 77 48 125 Balance, March 31, 2026 $ 1,255 $ 783 $ 2,038 F-27 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 15. Mortgage payable As part of the acquisition of real property located in Ontario described in Note 4, the Company issued a vendor takeback mortgage to the seller. The mortgage has a principal of $ 14.7 million (C$ 20 million), bears interest at 6.00 % annually and interest payments are due on a quarterly basis. The mortgage has a term of two years and the full amount of the principal is due at maturity. The continuity is outlined below: Balance, March 31, 2025 and 2024 $ - Addition 14,747 Interest 145 Repayment - Foreign exchange movement ( 401 ) Balance, March 31, 2026 14,491 Less: current portion ( 143 ) Non-current portion $ 14,348 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 - F-28 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 16. Right of Use Asset and Operating Lease Liability (continued) 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 liabilities 6,146 - 6,146 Interest on lease liabilities ( 406 ) - ( 406 ) Total present value of minimum lease payments $ 5,740 $ - $ 5,740 Lease liability - current portion $ 2,645 $ - $ 2,645 Lease liability $ 3,095 $ - $ 3,095 The Company incurred the following lease costs which were recorded in operating and maintenance costs in the consolidated statements of loss and comprehensive loss: 2026 2025 2024 Variable lease costs (CPI adjustments) $ 418 $ 281 $ 176 Operating lease costs: Depreciation of lease assets 2,790 2,402 $ 2,181 Interest on lease liabilities 341 392 511 Finance lease costs: Depreciation of lease assets 800 - - Interest on lease liabilities 239 - - Total lease costs $ 4,588 $ 3,075 2,868 Cash paid for amounts included in the measurement of lease liabilities: 2026 2025 2024 Cash flows from operating leases $ 3,381 $ 2,794 $ 2,687 Cash flows from finance leases $ - $ - $ - F-29 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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 and 23, 2024, March 21, 2025, June 12, 2025, August 11, 2025, November 26, 2025 and March 25, 2026 for Bikupa 2 respectively, from the Swedish Tax Agency in connection with the application of VAT and its ability to recover input VAT against certain equipment and other charges in a total amount of SEK 765.6 million or approximately $ 80.5 million. The assessments cover the period December 2020 to June 2025 for Bikupa, and the period April 2021 to December 2025 for Bikupa 2, expressing the intent to reject the recovery of all the VAT for the periods under assessment and repayment of amounts previously received plus applicable interest. The Company filed a formal appeal in connection with the December 28, 2022, Bikupa decision on February 9, 2023; however, there can be no guarantee that the Company will achieve a favourable outcome in its appeal. A formal appeal for Bikupa 2 in relation to the February 14, 2023, decision was filed on March 10, 2023, by the Company. The Company engaged an independent legal firm and independent audit firm in Sweden with expertise in these matters to assist in the appeal process. The Company does not believe that the decision has merit because in management's opinion and those of the Company's independent advisors, the decision is not compatible with the current applicable law and therefore the amount claimed to be owed by the Company is not probable. According to general principles regarding the placement of the burden of proof, it is up to the Swedish Tax Agency to provide sufficient evidence in support of its decision. It is the Company's opinion; the Swedish Tax Agency has not substantiated their claim. We are not aware of any precedent cases, authoritative literature, or other statement that supports the STA's position. EU guidelines and a ruling from the Swedish Council for Advance Tax Rulings together with an IT forensic expert opinion and legal opinion from a Swedish Professor of VAT support the company’s position. The cases have gone through the Administrative Court and the Court of Appeal and are currently being appealed by the company to the Supreme Administrative Court. It is not yet known when this dispute will be resolved; the due process following appeals and the court ruling could extend beyond a year. Furthermore, given that the industry is rapidly developing, there can be no guarantee that changes to the laws or policies of Sweden will not have a negative impact on the Company's tax position with respect to the eligibility of the claimed VAT. F-30 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 17. Commitments and Contingencies (continued) Contingencies (continued) (b) Litigation From time to time, the Company is involved in routine litigation incidental to the Company's business. Management believes that adequate provisions have been made where required and the ultimate resolution with respect to any claim will not have a material adverse effect on the financial position or results of the operations of the Company. 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). F-31 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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 F-32 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 19. Income Taxes (continued) The significant components of the Company's deferred tax assets and liabilities are as follows: 2026 2025 2024 Deferred tax assets (liabilities) Share issue costs $ 564 $ 868 $ 1,335 Allowable capital losses 3,239 40 123 Non-capital losses 24,576 21,735 15,027 Property & equipment 4,289 2,033 9,867 Lease liability 11,652 1,454 1,774 Goodwill 474 292 510 Investments 950 - 1,201 Deferred tax assets $ 45,744 $ 26,422 29,837 Valuation allowance ( 29,155 ) ( 16,387 ) ( 23,700 ) Net deferred tax asset 16,589 10,035 6,137 2026 2025 2024 Deferred tax assets (liabilities) Property & equipment $ ( 5,422 ) $ ( 9,584 ) ( 5,654 ) Energy tax receivable - ( 494 ) ( 494 ) Digital currencies ( 153 ) ( 203 ) ( 210 ) Debt with accretion - ( 127 ) ( 450 ) Right of use asset ( 11,309 ) ( 1,305 ) ( 1,744 ) Lease liability - ( 1,180 ) - Derivative asset - ( 351 ) - Deferred tax liabilities $ ( 16,884 ) $ ( 13,244 ) ( 8,552 ) Deferred tax assets 16,589 10,035 6,137 Net deferred tax liability ( 295 ) ( 3,209 ) ( 2,415 ) A valuation allowance has been taken against the foreign deferred tax assets of $ 5,631 (March 31, 2025 - $ 3,676 ). A valuation allowance has been taken against the Canadian deferred tax assets of $ 23,524 (March 31, 2025 - $ 12,911 ). F-33 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 19. Income Taxes (continued) As at March 31, 2026, the Company has Canadian federal and provincial non-capital loss carry forwards of $ 85,718 (March 31, 2025 - $ 73,491 ). The Canadian non-capital loss carry forwards expire between 2038 and 2046. As at March 31, 2026, the Company has foreign non-capital loss carry forwards of $ 10,584 (March 31, 2025 - $ 10,545 ). The Foreign non-capital loss carry forwards expire between 2025 and 2032. Uncertain tax positions Various foreign jurisdictions have, and may continue to adopt laws, regulations or directives that affect a digital asset network, the digital asset markets, and their users, particularly digital asset exchanges and service providers that fall within such jurisdictions' regulatory scope. For example, if China or other foreign jurisdictions were to ban or continue to otherwise restrict mining activity, including by regulating or limiting manufacturers' ability to produce or sell semiconductors or hard drives in connection with mining, it would have a material adverse effect on digital asset networks, the digital asset market, and as a result, impact our business. A number of foreign jurisdictions have recently taken regulatory action aimed at digital asset activities. China has made transacting in digital currencies illegal for Chinese citizens in mainland China, and additional restrictions may follow. As recently as September 2021, China's central bank has further restricted digital asset-related activities, stating that activity by overseas digital asset exchanges, and services offering trading, order matching, and token issuance and derivatives, constitute illegal activity. Both China and South Korea have banned initial coin offerings entirely and regulators in other jurisdictions, including Canada, Singapore, and Hong Kong, have opined that initial coin offerings may constitute securities offerings subject to local securities regulations. In September 2021, the Chinese government announced issued a complete ban that restricts digital currencies trading and mining activities, citing concerns about high energy consumption and its desire to promote financial stability. Regulators in the Inner Mongolia and other regions of China have proposed regulations that would create penalties for companies engaged in digital currency mining activities and introduce heightened energy saving requirements on industrial parks, data centers and power plants providing electricity to digital currency miners. The effect of the China ban was a movement of those miners and their hashrates out of China and into other countries. The United Kingdom's Financial Conduct Authority published final rules in October 2020 banning the sale of derivatives and exchange traded notes that reference certain types of digital currencies, contending that they are "ill-suited" to retail investors citing extreme volatility, valuation challenges and association with financial crime. Foreign laws, regulations or directives may conflict with those of the jurisdiction we operate in and may negatively impact the acceptance of one or more digital assets by users, merchants and service providers and may therefore impede the growth or sustainability of the digital asset economy in the European Union, China, Japan, Russia and the United States and globally, or otherwise negatively affect the value of digital assets that we invest in. The effect of any future regulatory change on our business or the digital assets that we invest in is impossible to predict, but such change could be substantial and adverse to our investment and trading strategies, the value of our assets and our investment value. F-34 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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 $ 1.70 (C$ 2.37 ). Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $ 0.7 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the October 2024 Equity Distribution Agreement. The October 2024 ATM Equity Distribution Agreement was terminated as of May 15, 2025 and replaced with the Amended October 2024 ATM Equity Distribution Agreement. The Company issued 53,540,585 common shares (the "Amended October 2024 ATM Shares") pursuant to the Amended October 2024 ATM Equity Program for gross proceeds of $ 119.2 million. The Amended October 2024 ATM shares were sold at prevailing market prices, for an average price per Amended October 2024 ATM Share of $ 2.23 (C$ 3.05 ). Pursuant to the Amended October 2024 Equity Distribution Agreement, a cash commission of $ 3.1 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the Amended October 2024 Equity Distribution Agreement. In addition, the Company incurred $ 199 thousand in fees related to its Amended October 2024 ATM Equity Program. On November 25, 2025, the Company entered into an equity distribution agreement ("November 2025 Equity Distribution Agreement"). Under the November 2025 Equity Distribution Agreement, the Company may, from time to time, sell up to $ 300 million of common shares in the capital of the Company (the "November 2025 ATM Equity Program"). The Company issued 19,909,599 common shares (the "November 2025 ATM Shares") pursuant to the November 2025 ATM Equity Program for gross proceeds of $ 56.9 million. The November 2025 ATM shares were sold at prevailing market prices, for an average price per November 2025 ATM Share of $ 2.86 (C$ 3.94 ). Pursuant to the November 2025 Equity Distribution Agreement, a cash commission of $ 1.7 million on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the November 2025 Equity Distribution Agreement. In addition, the Company incurred $ 227 thousand in fees related to its November 2025 ATM Equity Program. Issued 3,125,950 common shares upon the vesting of restricted share units (Note 21(b)). The Company issued 675,100 common shares for total proceeds of $ 1,112 pursuant to the exercise of 500,000 options at a price of $ 1.25 per stock option, 100,000 options at a price of $ 1.10 per stock option, 55,100 options at price of C$ 5.66 , and 20,000 options at price of C$ 6.86 (Note 21(a)). F-35 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 20. Equity (continued) (b) Issued and fully paid common shares (continued) Issued 1,000,000 common shares as part of consideration for an asset acquisition (Note 4). Issued 215,625 common shares for total proceeds of C$ 1.1 million upon the exercise of broker warrants at a price of C$ 5.00 per warrant (Note 20(c)). During the year ended March 31, 2025, the Company: On August 17, 2023, the Company entered into an equity distribution agreement ("August 2023 Equity Distribution Agreement"). Under the August 2023 Equity Distribution Agreement, the Company may, from time to time, sell up to $ 90 million of common shares in the capital of the Company (the "August 2023 ATM Equity Program"). The Company issued 12,534,457 common shares (the "August 2023 ATM Shares") pursuant to the August 2023 ATM Equity Program for gross proceeds of $ 37.4 million. The August 2023 ATM shares were sold at prevailing market prices, for an average price per August 2023 ATM Share of C$ 4.08 . Pursuant to the August 2023 Equity Distribution Agreement, a cash commission of $ 1.1 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the August 2023 Equity Distribution Agreement. In addition, the Company incurred $ 2 K in fees related to its August 2023 ATM Equity Program. The August 2023 Equity Distribution Agreement was terminated as of July 8, 2024. The Company issued 46,573,934 October 2024 ATM Shares pursuant to the October 2024 ATM Equity Program for gross proceeds of $ 154.9 million. The October 2024 ATM shares were sold at prevailing market prices, for an average price per October 2024 ATM Share of $ 3.33 (C$ 4.71 ). Pursuant to the October 2024 Equity Distribution Agreement, a cash commission of $ 4 million on the aggregate gross proceeds raised was paid to the agent in connection with its services under the October 2024 Equity Distribution Agreement. In addition, the Company incurred $ 0.5 million in fees related to its October 2024 ATM Equity Program. Issued 326,644 common shares upon the vesting of restricted share units (Note 21(b)). Issued 100,000 common shares for proceeds of $ 101 pursuant to the exercise of 100,000 options at a price of $ 1.09 per stock option (Note 21(a)) (c) Warrants Following is a summary of changes in warrants outstanding for the year ended March 31, 2026: Warrants outstanding Weighted average exercise price Balance, March 31, 2023 3,573,727 $ 22.92 Granted 3,220,000 5.89 Expired ( 1,550,000 ) 13.69 Balance, March 31, 2024 5,243,727 $ 15.20 Reclassified to warrant liability ( 4,898,727 ) ( 15.91 ) Balance, March 31, 2025 345,000 $ 5.00 Exercised ( 215,625 ) ( 5.00 ) Balance, March 31, 2026 129,375 $ 5.00 F-36 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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 3,073,415 $ 6.20 Granted 620,000 6.86 Expired ( 2,400 ) 6.09 Forfeited ( 202,600 ) 24.75 Exercised ( 22,500 ) 5.66 Balance, March 31, 2024 3,465,915 $ 5.24 Change in exercise price ( 1,605,015 ) ( 3.32 ) Balance, March 31, 2025 1,860,900 $ 5.24 Expired ( 2,000 ) ( 15.70 ) Exercised ( 75,100 ) ( 5.98 ) Balance, March 31, 2026 1,783,800 $ 6.93 Following is a summary of changes in stock options outstanding with a USD exercise price: Outstanding Weighted average exercise price - USD Balance, March 31, 2024 and 2023 - $ - Change in exercise price 1,605,015 2.62 Expired ( 54,615 ) ( 7.75 ) Exercised ( 100,000 ) ( 1.09 ) Balance, March 31, 2025 1,450,400 $ 2.53 Exercised ( 600,000 ) ( 1.21 ) Balance, March 31, 2026 850,400 $ 3.47 F-37 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 21. Stock-based Compensation (continued) The stock options outstanding and exercisable with CAD exercise price as at March 31, 2026, are as follows: Outstanding Exercisable Exercise price - CAD Expiry date 282,400 282,400 5.66 August 26, 2027 50,000 50,000 10.00 March 26, 2028 450,000 450,000 6.86 July 6, 2028 400,000 400,000 3.10 September 18, 2028 100,000 100,000 1.35 December 21, 2028 200,000 200,000 1.45 February 10, 2030 20,000 20,000 1.90 May 29, 2030 1,400 1,400 10.80 December 24, 2030 60,000 60,000 18.35 April 29, 2031 180,000 153,000 18.50 October 7, 2031 40,000 40,000 25.35 November 10, 2031 1,783,800 1,756,800 The stock options outstanding and exercisable with USD exercise price as at March 31, 2026, are as follows: Outstanding Exercisable Exercise price - USD Expiry date 50,400 50,400 $ 4.36 August 26, 2027 500,000 500,000 1.23 September 14, 2027 130,000 130,000 5.14 July 6, 2028 100,000 100,000 1.09 February 10, 2030 30,000 30,000 20.03 April 6, 2031 20,000 - 20.36 November 10, 2031 20,000 20,000 16.61 December 9, 2031 850,400 830,400 (b) Restricted share-units The Company has established a Restricted Share Unit Plan (the "RSU Plan"). Under the RSU Plan, together with any other share compensation arrangement, 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 Board may in its own discretion, at any time, and from time to time, grant RSUs to any employee, director or consultant of the Company or its subsidiaries (collectively, "Eligible Person"), other than persons conducting investor relations activities, from time to time by the Board, subject to the limitations set forth in the RSU Plan. The Board may designate one or more performance periods under the RSU Plan. In respect of each designated performance period and subject to the terms of the RSU Plan, the Board may from time to time establish the grant date and grant to any Eligible Person one or more RSUs as the Board deems appropriate. F-38 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 21. Stock-based Compensation (continued) The fair value of restricted shares units (RSUs) is generally measured as the grant date price of the Company's share. On April 17, 2025, the Company granted 2,797,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$ 2.05 per share. From this RSU grant, 2,597,000 vests over a twelve month period and 200,000 RSU vest over a three year period. On July 8, 2025, the Company granted 2,809,000 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$ 3.03 per share and vesting on July 8, 2026. On October 31, 2025, the Company granted 2,720,900 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$ 7.30 per share and vesting on October 31, 2026. On March 16, 2026, the Company granted 2,849,400 RSU to certain employees, officers, directors and eligible consultants of the Company with a fair value of C$ 3.02 per share and vesting on March 16, 2027. Following is a summary of changes in restricted share units: Outstanding Balance, March 31, 2023 1,928,530 Granted 257,976 Cancelled ( 3,000 ) Exercised ( 802,650 ) Expired ( 1,800 ) Balance, March 31, 2024 $ 1,379,056 Granted 6,050,000 Exercised ( 326,644 ) Balance, March 31, 2025 $ 7,102,412 Granted 11,176,300 Exercised ( 3,125,950 ) Balance, March 31, 2026 $ 15,152,762 22. Loss per Share Income per common share represents net income for the year divided by the weighted average number of common shares outstanding during the year. Diluted income per share is calculated by dividing the applicable net income by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the year. Year ended March 31, 2026 March 31, 2025 March 31, 2024 Basic weighted average number of common shares outstanding 225,420,074 127,942,571 90,005,128 Diluted weighted average common shares outstanding 225,420,074 127,942,571 90,005,128 F-39 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 23. Finance Expense Finance expenses were comprised of the following for the years ended: 2026 2025 2024 Interest and accretion on convertible loan $ 556 $ 1,654 $ 2,412 Interest on loans payable 243 422 399 Interest on term loan 143 214 213 Interest on lease liabilities - finance lease 239 - - Interest on mortgage payable 145 - - Total $ 1,326 $ 2,290 $ 3,024 24. General and Administrative Expenses General and administrative expenses were comprised of the following for the years ended: 2026 2025 2024 Management fees, salaries and wages $ 8,704 $ 3,542 $ 3,006 Marketing 2,571 2,157 1,298 Office, administration and regulatory 7,884 5,400 4,697 Professional fees, advisory and consulting 12,233 5,549 4,203 Total $ 31,392 $ 16,648 $ 13,204 25. Operating and Maintenance Costs Operating and maintenance costs were comprised of the following for the years ended: 2026 2025 2024 Digital currency mining* $ 178,038 $ 82,041 $ 73,570 High performance computing hosting 8,691 6,118 2,738 Total $ 186,729 $ 88,159 $ 76,308 * As a result of the laws and regulations in Paraguay, the Company now records the VAT amounts in connection with the ancillary services associated with the plant, and equipment and primarily electricity which is recorded as operating and maintenance costs. This change has been reflected prospectively in the period in light of the laws and regulations. A total of $ 8.1 million has been expensed for the year ended March 31, 2026 (March 31, 2025 and 2024 $ nil ). 26. Supplemental Cash Flow Information 2026 2025 2024 Non-cash transactions: Share consideration issued for acquisition $ 3,919 - $ 1,088 Equipment purchases paid with bitcoin $ 174,542 $ 13,050 $ - Recognition of ROU assets and lease liabilities $ 40,976 $ 552 $ 250 Reclassification of warrant liability from equity $ - $ 5,112 $ - Reclassification of derivative liability to equity $ - $ 120 $ - Interest paid $ 822 $ 1,358 $ 1,555 Income taxes paid $ 1,956 $ 1,387 $ 687 F-40 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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, with no adjustment. At the year end the Company classified its financial assets into the following levels: As at March 31, 2026 As at March 31, 2025 Assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Cash $ - $ 23,113 $ - $ - $ 23,375 $ (i) Digital currencies (Note 7) 10,822 - - 181,146 - - (ii) Investments (Note 5) 6,624 - 3,117 21,016 - 3,120 Derivative asset (Note 7) - 606 - - 1,300 - $ 17,446 $ 23,719 $ 3,117 $ 202,162 $ 24,675 $ 3,120 Liabilities Warrant liability $ - $ - $ 413 $ - $ - $ 760 $ - $ - $ 413 $ - $ - $ 760 (i) The fair value of the Company's digital assets are determined by the price at 12:00 AM CET per coinbase.com. (ii) The Company's investments classified as level 3 fair value measurements consist of investments in preferred stock, convertible notes and common stock. For the Company's common stock investments: Various Black Scholes models were utilized; and A prior transaction approach was used for others; some adjusted. A verified prior transaction is initially given 100% weighting in a fair value conclusion (if completed at arm's length), but subsequently such weighting is adjusted based on the merits of newly observed data. As a result, in the absence of disconfirming data, an unadjusted prior transaction price may not be considered "stale" for months or, in some cases, years. F-41 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 27. Fair Value Measurements (continued) Level 3 Continuity The following is a reconciliation of Level 3 assets and liabilities: Level 3 Continuity Fair value at March 31, 2026 Fair value at March 31, 2025 Investments Balance, at April 1 $ 3,120 $ 1,618 Additions 725 - Transfer to Level 1 ( 725 ) ( 133 ) Foreign exchange 6 ( 60 ) Change in fair value ( 9 ) 1,695 Balance, at March 31 $ 3,117 $ 3,120 Warrant liability Balance, at April 1 $ 760 $ - Additions - reclassification from equity - 5,112 Change in fair value ( 347 ) ( 4,352 ) Balance, at March 31 $ 413 $ 760 In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s long-lived assets, including intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are measured at fair value only when an impairment loss is recognized. The carrying amounts of cash, amounts receivable, net, other receivables, and accounts payable and accrued expenses are a reasonable approximation of their fair value due to their short-term maturity or they are valued using the income approach valuation technique. 28. Digital Currency and Risk Management Digital currencies are measured using Level 1 inputs Digital currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Company is directly related to the current and future market price of coins; in addition, the Company may not be able liquidate its inventory of digital currency at its desired price if required. A decline in the market prices for coins could negatively impact the Company's future operations. The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies. Digital currencies have a limited history and the fair value historically has been very volatile. Historical performance of digital currencies is not indicative of their future price performance. The Company's digital currencies currently mainly consist of Bitcoin. The table below shows the impact for every 5% variance in the price of Bitcoin on the Company's earnings before tax, based on the closing price at March 31, 2026. Impact of 5% variance in price Bitcoin $ 531 For the security of its digital currencies, the Company uses the services of two institutions through custodial agreements, one located in Liechtenstein and another in the United States. F-42 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 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 performance computing hosting - - - - - 3,421 3,421 $ - $ - $ - $ - $ - $ 114,465 $ 114,465 The Company's plant and equipment are located in the following jurisdictions: March 31, 2026 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Property, plant and equipment $ 113,646 $ 14,076 $ 352,754 $ - $ - $ - $ 480,476 ROU asset 41,954 1,012 - - - 130 43,096 $ 155,600 $ 15,088 $ 352,754 $ - $ - $ 130 $ 523,572 March 31, 2025 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Property, plant and equipment $ 101,311 $ 25,953 $ 75,581 $ - $ - $ 3 $ 202,848 ROU asset 2,918 2,588 - - - 40 5,546 $ 104,229 $ 28,541 $ 75,581 $ - $ - $ 43 $ 208,394 March 31, 2024 Canada Sweden Paraguay Iceland Switzerland Bermuda Total Property, plant and equipment $ 74,425 $ 19,529 $ - $ 1,367 $ - $ 35 $ 95,356 ROU asset 3,552 3,946 - - - 90 7,588 $ 77,977 $ 23,475 $ - $ 1,367 $ - $ 125 $ 102,944 F-43 HIVE Digital Technologies Ltd. Notes to the Consolidated Financial Statements (expressed in thousands of United States dollars unless otherwise noted and share amounts) For the years ended March 31, 2026, and 2025 30. Comparative Figures Certain figures in the comparative period consolidated statements of financial position, consolidated statements of loss and comprehensive loss, consolidated statements of changes in equity and consolidated statements of cash flows have been reclassified to meet the current presentation. 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 Company’s 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 transactions were funded using approximately $ 19.8 million of cash on hand. On May 15, 2026, the Company closed the acquisition of real property located around Ontario’s Toronto–Waterloo innovation corridor. In consideration, the Company paid $ 5 million cash and issued a mortgage to the seller in the amount of $ 4.4 million. The consideration paid includes transaction costs of $ 0.6 million. The Company determined that this transaction is an asset acquisition as the assets acquired did not constitute a business as defined by ASC 805. F-44 Item 9. Changes In And Disagreements With Accountants On Accounting And Financial Disclosure None Item 9.A Evaluation of Disclosure Controls and Procedures Our Management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) designed to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Management, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the design and effectiveness of our disclosure controls and procedures as of March 31, 2026. Based upon such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that its objectives are met. Due to inherent limitations in all such systems, no evaluation of controls can provide absolute assurance that all control issues within a company have been detected. Accordingly, our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Management's Annual Report on Internal Control Over Financial Reporting: Our management is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”) for the Company as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance with respect to financial statement preparation and presentation. Management, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial reporting as of March 31, 2026 based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this assessment, management has concluded that our internal control over financial reporting was effective as of March 31, 2026. The effectiveness of our internal control over financial reporting as of March 31, 2026, has been audited by Davidson & Company LLP, an independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K. 91 Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Item 9B. Other Information During the three months ended March 31, no director or executive officer of the Company adopted , modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 92 PART III Certain information required by Part III is omitted from this Annual Report on Form 10-K and incorporated by reference to our 2026 Proxy Statement, to be filed with the SEC pursuant to Regulation 14A of the Exchange Act. If our 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 10. Directors, Executive Officers, and Corporate Governance Our board of directors has adopted a code of business conduct and ethics that applies to all of our employees and directors, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The full text of our code of business conduct and ethics is available on our website at: hivedigitaltechnologies.com/corporate/governance/ . We also have insider trading policies and procedures that govern the purchase, sale, and other dispositions of our securities by directors, officers, and employees. We believe these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules, and regulations and applicable listing standards. A copy of our Insider Trading Policy is filed with this Annual Report as Exhibit 19.1. The remaining information required by this item is to be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if such Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 11. Executive Compensation The information required by this item is to be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if such Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. 93 Item 12. Security Ownership Of Certain Beneficial Owners and Management And Related Stockholder Matters The information required by this item is to be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if such 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 13. Certain Relationships And Related Transactions, And Director Independence The information required by this item is to be included in our 2026 Proxy Statement to be filed with the SEC and is incorporated herein by reference, provided that if such 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. Item 14. Principal Accountant Fees and Services The information required by this item is to be included in our 2026 Statement to be filed with the SEC and is incorporated herein by reference, provided that if such 2026 Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period. PART IV Item 15. Exhibits (a) The following documents are filed as part of this Annual Report: (1) Consolidated Financial Statements: Our Consolidated Financial Statements are listed in the "Index to Consolidated Financial Statements" under Part II, Item 8 of this Annual Report. (2) Financial Statement Schedules: Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes herein. (3) Exhibits: The documents listed in the following Exhibit Index of this Annual Report are incorporated by reference or are filed with this Annual Report, in each case as indicated therein (numbered in accordance with Item 601 of Regulation S-K) Exhibit Number Description Form File No. Exhibit Filing Date Filed Herewith 3.1 Notice of Articles and Articles F-3 33-291676 3.1 11/20/2025 3.2 Amended Articles 8-K 001-40398 3.1 5/11/2026 4.1 Description of Securities X 94 4.2 Indenture dated April 21, 2026 by and among HIVE Digital Technologies Ltd., HIVE Bermuda 2026 Ltd. and U.S. Bank Trust Company, National Association, as Trustee 8-K 001-40398 4.1 4/21/2026 4.3 Form of 0% Exchangeable Senior Note due 2031 (included in Exhibit 4.2) 8-K 001-40398 4.2 4/21/2026 10.1 † Incentive Stock Option Plan dated July 15, 2017, as amended November 16, 2022 X 10.2 † 2023 Restricted Share Unit Plan X 10.3 † Consulting Agreement between the Company and Unimage Enterprises Limited X 10.4 † Employment Agreement between the Company and Darcy Daubaras X 10.5 † Employment Agreement between the Company and Gabriel Ibghy X 10.6 † Consulting Agreement between the Company and Know Labs S.L. X 10.7 † Termination Benefits Agreement between the Company and Johanna Thörnblad 10.8 † Termination Benefits Agreement between the Company and Gabriel Ibghy 10.9 Form of Capped Call Confirmation 8-K 001-40398 10.1 4/21/2026 10.10 Equity Distribution Agreement 6-K 001-40398 1.1 11/26/2025 19.1 Insider Trading Policy X 21.1 List of Subsidiaries X 23.1 Consent of Davidson & Company LLP X 31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X 32.1* Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X 32.2* Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 97.1 Clawback Policy 40-F 001-40398 97.1 6/25/2025 101 Inline Interactive Data File 101.INS Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) † Indicates management contract or compensatory plan. *This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 16. Form 10-K Summary None. 95 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HIVE DIGITAL TECHNOLOGIES LTD. Dated: June 1, 2026 By: /s/ Aydin Kilic Aydin Kilic President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities as indicated, as of June 1, 2026. Signature Title /s/ Frank Holmes Frank Holmes Director & Executive Chairman /s/ Aydin Kilic Aydin Kilic President & CEO (Principal Executive Officer) /s/ Darcy Daubaras Darcy Daubaras Chief Financial Officer (Principal Financial Officer) /s/ Dave Perrill Dave Perrill Director /s/ Susan B. McGee Susan B. McGee Director /s/ Marcus New Marcus New Director 96