{"url_path":"/sec/hive/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-02","source_url":"https://www.sec.gov/Archives/edgar/data/1720424/0001062993-26-002973-index.html","accession_number":"0001062993-26-002973","cik":"0001720424","ticker":"HIVE","issuer_name":"HIVE Digital Technologies Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1720424/0001062993-26-002973-index.html","primary_entity_key":"0001720424","primary_entity_name":"HIVE Digital Technologies Ltd."},"word_count":6043,"has_tables":true,"body_markdown":"HIVE Digital Technologies Ltd.: Form 10-K - Filed by 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM 10-K**\n\n**(Mark One)**\n\n☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended **March 31, 2026**\n\nor\n\n☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n*Commission file number:***000-40398**\n\n**HIVE DIGITAL TECHNOLOGIES LTD.**\n\n(Exact name of registrant as specified on its charter)\n\n**British Columbia, Canada**\n(State or other jurisdiction of\nincorporation or organization)\n**Suite 128, 7900 Callaghan Road**\n**San Antonio, Texas**\n(Address of Principal Executive Offices)\n**98-1831411**\n(I.R.S. Employer\nIdentification Number)\n**78229**\n(zip code)\n\n**604-664-1078 **\n\n(Registrant's telephone number, including area code)\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n**Title of each class**\n**Trading Symbol(s)**\n**Name of each exchange on whichregistered**\n\nCommon Stock, no par value\nHIVE\nThe Nasdaq Stock Market LLC\n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes **☒**    No **☐**\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes **☐**    No **☒**\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.        Yes **☒**    No **☐**\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).          Yes **☒**  No **☐**\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n**☒**\nAccelerated filer\n**☐**\n\nNon-accelerated filer\n**☐**\nSmaller reporting company\n**☐**\n\n \n \nEmerging growth company\n**☐**\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          **☐**\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.          **☒**\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error or previously issued financial statements.          **☐**\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).          **☐**\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).          Yes **☐**  No **☒**\n\nThe aggregate market value of the common stock held by non-affiliates computed by reference to the price at which the common stock was last sold as of the last business day of the registrant's most recently completed second fiscal quarter was approximately $950,740,231..\n\nAs of May 25, 2026, the registrant had 267,430,821 of its common stock outstanding.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nCertain information required by Part III, Items 10-14 of this Annual Report on Form 10-K is incorporated by reference to the registrant’s definitive Proxy Statement for the 2026 Annual General Meeting of Shareholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A. If such Proxy Statement is not filed within 120 days after the end of the registrant’s fiscal year covered by this Annual Report on Form 10-K, such information will be included in an amendment to this Annual Report on Form 10 K to be filed within such 120-day period.\n\n2\n\n**FORM 10-K**\n\n**FOR THE FISCAL YEAR ENDED MARCH 31, 2026**\n\n[PART I](#page_13)[13](#page_13)\n\n[Item 1. Business](#page_13)[13](#page_13)\n\n[Item 1a. Risk Factors](#page_23)[23](#page_23)\n\n[Item 1C. Cybersecurity](#page_47)[47](#page_47)\n\n[Item 2. Properties](#page_48)[48](#page_48)\n\n[Item 3. Legal Proceedings](#page_48)[48](#page_48)\n\n[Item 4. Mine Safety Disclosures](#page_48)[48](#page_48)\n\n[PART II](#page_48)[48](#page_48)\n\n[Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases Of Equity Securities](#page_48)[48](#page_48)\n\n[Item 6. [Reserved]](#page_50)[50](#page_50)\n\n[Item 7. Management's Discussion and Analysis of Financial Condition and Results Of Operations](#page_51)[51](#page_51)\n\n[Item 7a. Quantitative and Qualitative Disclosures About Market Risk](#page_88)[88](#page_88)\n\n[Item 8. Financial Statements and Supplementary Data](#page_90)\n[90](#page_90)\n\n[Item 9. Changes In And Disagreements With Accountants On Accounting And Financial Disclosure](#page_91)[91](#page_91)\n\n[Item 9.A Evaluation of Disclosure Controls and Procedures](#page_91)[91](#page_91)\n\n[Item 9B. Other Information](#page_92)[92](#page_92)\n\n[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#page_92)[92](#page_92)\n\n[PART III](#page_93)[93](#page_93)\n\n[Item 10. Directors, Executive Officers, and Corporate Governance](#page_93)[93](#page_93)\n\n[Item 11. Executive Compensation](#page_93)[93](#page_93)\n\n[Item 12. Security Ownership Of Certain Beneficial Owners and Management And Related Stockholder Matters](#page_94)[94](#page_94)\n\n[Item 13. Certain Relationships And Related Transactions, And Director Independence](#page_94)[94](#page_94)\n\n[Item 14. Principal Accountant Fees And Services](#page_94)[94](#page_94)\n\n[Item 15. Exhibits](#page_94)[94](#page_94)\n\n[Item 16. Form 10-K Summary](#page_95)[95](#page_95)\n\n \n\n3\n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Annual Report contains statements that constitute \"forward looking statements\" or \"forward looking information\" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933 (as amended, the \"Securities Act\"), Section 21E of the U.S. Securities Exchange Act of 1934 (as amended, the \"Exchange Act\") and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, \"forward-looking statements\"). Such forward-looking statements include, but are not limited to, statements under \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" regarding our financial position, business strategy and the plans and objectives of management for future operations, statements about our objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities, and statements regarding legal and regulatory matters.\n\nAll statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as \"plans\", \"expects\", \"is expected\", \"budget\", \"scheduled\", \"estimates\", \"continues\", \"forecasts\", \"projects\", \"predicts\", \"intends\", \"anticipates\" or \"believes\", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results \"may\", \"could\", \"would\", \"should\", \"might\" or \"will\" be taken, occur or be achieved. \n\nForward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.\n\nForward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of the Company to differ materially from any projections of results, performances and achievements of the Company expressed or implied by such forward-looking information or statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information or statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.\n\nThe forward-looking statements in this Annual Report on Form 10-K represent our views as of the date of this Form 10-K. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this Annual Report on Form 10-K. The Company does not undertake to update or reissue forward looking information as a result of new information or events except as required by applicable law.\n\n**GLOSSARY**\n\nThe following are abbreviations and definitions of certain terms used in this Annual Report on Form 10-K, some of which are commonly used in the data center, digital infrastructure, and cryptocurrency mining industries:\n\n2026 Annual General Meeting of Shareholders\nMeans the annual general meeting of shareholders of the Company to be held during our fiscal year ended March 31, 2027.\n\n  \n\n2026 Proxy Statement\nMeans the definitive proxy statement for our 2026 Annual General Meeting\n\n  \n\nAIMeans artificial intelligence.\n\n  \n\nAmended October 2024 ATM Equity ProgramMeans the Company's at-the-market offering of common stock conducted pursuant to an amended and restated equity distribution agreement dated May 14, 2025 between the Company and Keefe, Bruyette & Woods, Inc., Stifel Nicolaus Canada Inc., Canaccord Genuity LLC, Canaccord Genuity Corp., Roth Canada, Inc., B. Riley Securities, Inc., and Northland Securities, Inc.\n\n  \n\n \n\n4\n\nANDERefers to the Administración Nacional de Electricidad (\"ANDE\"), Paraguay's state-owned utility responsible for the generation, transmission, and distribution of electricity nationwide.\n\n  \n\nARR\nThe term ARR refers to the Company’s run rate revenue calculated on an annualized basis. As context dictates, the Company calculates ARR by: (i) multiplying the revenue realized per week times 52 weeks per year, (ii) multiplying the realized revenue per day times 365 days per year, or (iii) multiplying the  per quarter times four quarters per year. For more information regarding how we calculate and use ARR, see Item 7-Managements Discussion and Analysis of Financial Conditions and Results of Operations.\n\n  \n\nASIC\n\nMeans application-specific integrated circuit, a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer. In the context of digital currency mining, ASICs have been designed to solve specific hashing algorithms efficiently, including for Bitcoin mining.\n\n  \n\nAugust 2023 ATM Equity Program\n\nMeans the Company's at-the-market offering of common stock conducted pursuant to an amended and restated equity distribution agreement between the Company, Stifel GMP, Canaccord Genuity Corp., and Canaccord Genuity LLC dated August 17, 2023.\n\n  \n\nBank Frick\n\nMeans Bank Frick & Co. AG., our third-party digital asset storage provider that is headquartered in Lichenstein.\n\n  \n\nBare metal\n\nThe term \"bare metal\" refers to instances where a user rents a physical machine from our facility that is not shared with any other tenants.  Bare metal servers provide the high-performance capabilities of dedicated hardware combined with the flexibility and scalability of a cloud service.\n\n  \n\nBCBCA\n\nThe Business Corporations Act (British Columbia), including the regulations made thereunder, in each case as now in effect and as may be amended or replaced from time to time.\n\n  \n\nBCSC\n\nBritish Columbia Securities Commission.\n\n  \n\nBikupa\n\nMeans Bikupa Datacenter AB.\n\n  \n\nBikupa 2 or Bikupa Datacenter 2\n\nMeans Bikupa Datacenter 2 AB.\n\n  \n\nBitcoin or BTC\n\nBitcoin refers to the native token of the Bitcoin Network which utilizes the SHA-256 algorithm. Bitcoin is a peer-to-peer payment system and the digital currency of the same name which uses open source cryptography to control the creation and transfer of such digital currency.\n\n  \n\nBitcoin Network\n\nThe network of computers running the software protocol underlying Bitcoin and which network maintains the database of Bitcoin ownership and facilitates the transfer of Bitcoin among parties.\n\n  \n\nBitmain\n\nBitmain Technologies Ltd., a leading supplier of ASIC hardware (under the brand name Antminer) which designs and manufacturers high performance computing chips and software.\n\n  \n\nBlockchain\n\nAn immutable, decentralized transaction ledger which records transactions, such as financial transactions in cryptocurrency, in chronological order. Bitcoin and Ethereum are examples of well-known and widely distributed blockchains.\n\n  \n\nBoden Tech\n\nMeans Boden Technologies AB.\n\n  \n\nBuzzMiners\n\nA Bitcoin mining system developed by HIVE, using the Intel BlockScale ASIC, manufactured by an original design manufacturer (\"ODM\") which HIVE engaged, using aspects of the Intel Reference Design, with various improvements and optimizations and features implemented by HIVE (and unique to HIVE's BuzzMiner) including custom application programming interface (\"API\") calls, a software layer, operating modes at different ASIC frequencies, allowing HIVE to mine from 110 TeraHash per second (\"TH/s\") to 130 TH/s at different efficiencies, along with demand response functionality.\n\n  \n\n°C\n\nDegrees centigrade.\n\n  \n\nCAD$\n\nCanadian Dollar.\n\n  \n\n  \n\n  \n\n \n\n5\n\nCoincoverMeans Digital Asset Services Ltd.\n\n  \n\nCommon Shares or HIVE SharesThe Company's shares of common stock, without par value.\n\n  \n\nCompany or HIVEHIVE Digital Technologies Ltd. (formerly \"HIVE Blockchain Technologies Ltd.\").\n\n  \n\nComputershareComputershare Investor Services Inc.\n\n  \n\nDDoSMeans distributed denial-of-service, a type of cyber-attack characterized by multiple perpetrators against a single host, with the intention of disrupting or disabling the services of the host.\n\n  \n\nEH/sExahashes per second. A unit of measurement equal to one quintillion (10¹⁸) hashes per second, used to measure the computational power (hashrate) applied to Bitcoin Mining.\n \n\n  \n\nExchangeable Notes or the NotesThe 0% Senior Notes due 2031 issued by HIVE Bermuda 2026 Ltd. and fully guaranteed by the Company.\n\n  \n\nFFPSFFPS, also referred to as  Full Pay-Per-Share is a Bitcoin mining reward model where miners receive a fixed payout for each share submitted, covering both block rewards and transaction fees. The mining pool assumes the risk of block variability and pays miners regardless of actual block discovery, offering predictable earnings.\n\n  \n\nFireblocksMeans Fireblocks LLC, our third-party digital asset storage provider that is headquartered in New York.\n\n  \n\nFiscal 2023The fiscal year ended March 31, 2023.\n\n  \n\nFiscal 2024The fiscal year ended March 31, 2024.\n\n  \n\nFiscal 2025The fiscal year ended March 31, 2025.\n\n  \n\nFiscal 2026The fiscal year ended March 31, 2026.\n\n  \n\nGH/sGigahashes per second.\n\n  \n\nGPUMeans graphics processing unit, a programmable logic chip (processor) specialized for display functions and effective at solving digital currency hashing algorithms.\n\n  \n\nGPU AtlanticMeans GPU Atlantic Inc.\n\n  \n\nGPU OneMeans GPU.One Holding Inc.\n\n  \n\nHashMeans the output of a hash function, i.e. the output of the fundamental mathematical computation of a particular cryptocurrency's computer code which miners execute, and \"**Gigahash**\" and \"**Petahash**\" mean, respectively, 1x109 Hashes and 1x1015 Hashes.\n\n  \n\nHPCMeans high-performance computing\n\n  \n\nHashpriceHashprice refers to the daily revenue Bitcoin miners can expect to earn per unit of computational power and is typically measured in dollars per TeraHash per second per day ($/TH/s/day).\n\n  \n\nHashrateHashrate is a measure of mining power whereby the expected income from mining is directly proportional to a miners hashrate normalized by the total hashrate of the network.\n\n  \n\n \n\n6\n\nHIVE or the CompanyMeans HIVE Digital Technologies Ltd.\n\n  \n\nHIVE AtlanticMeans HIVE Atlantic Datacentres Ltd.\n\n  \n\nHIVE BermudaMeans HIVE Bermuda 2026 Ltd.\n\n  \n\nHIVE Boden 2 FacilityMeans the facility located on Hydrogränd 3 in Boden, Sweden, acquired on November 29, 2023*.*\n\n  \n\nHIVE FacilitiesMeans the HIVE Boden 2 Facility, Hive Sweden Robertsfors Facility, Hive Notviken Facility, HIVE Iceland Facility, the HIVE Lachute Facility, the New Brunswick Facility, the HIVE Sweden Bikupa Facility, the HIVE Paraguay Facilities and other facilities the Company may have operations in from time to time.\n\n  \n\nHIVE Iceland FacilityMeans the leased facility located in Iceland, leased from atNorth, and retired on January 3, 2024.\n\n  \n\nHIVE Lachute FacilityMeans the leased facility located in Québec, Canada, originally acquired in April 2020 from Cryptologic.\n\n  \n\nHIVE New Brunswick FacilityMeans the facility located in New Brunswick, Canada, originally acquired from GPU One through the purchase of GPU Atlantic in April 2021.\n\n  \n\nHIVE Sweden Boden FacilityMeans the leased facility located in Boden, Sweden.\n\n  \n\nHIVE Sweden Robertsfors FacilityMeans the leased facility located in Robertsfors, Sweden.\n\n  \n\nHIVE Paraguay Valenzuela FacilityMeans the facility located in Valenzuela, Paraguay.\n\n  \n\nHIVE Paraguay Yguazú FacilityMeans the facility located in Yguazú, Paraguay, originally acquired from Bitfarms Ltd. on March 18, 2025.\n\n  \n\nHIVE Toronto FacilityMeans the facility located on Toronto, Ontario Canada acquired by HIVE in September, 2025.\n\n  \n\nIndentureMeans the Indenture by and among HIVE, HIVE Bermuda, and U.S. Bank National Association, as Trustee governing the Exchangeable Notes.\n\n  \n\nJ/THJoules per terahash (a common industry measure of electrical efficiency in an ASIC).\n\n  \n\nMay 2023 ATM Equity ProgramMeans the Company's at-the-market offering of Common Stock conducted pursuant to the equity distribution agreement between the Company and Stifel GMP and Canaccord Genuity Corp. dated May 10, 2023.\n\n  \n\nMicroBTMicroBT, a leading supplier of ASIC hardware (under the brand name Whatsminer), which specializes in blockchain and artificial intelligence.\n\n  \n\nMiningMining refers to the provision of computing capacity to secure a distributed network by creating, verifying, publishing and propagating blocks in the blockchain in exchange for rewards and fees denominated in the native token of that network (i.e. Bitcoin or Ethereum, as applicable).\n\nMWMegawatts.\n\n  \n\nNASDAQMeans the Nasdaq's Capital Markets Exchange.\n\n  \n\n \n\n7\n\nNetwork DifficultyMeans a measure of how difficult it is to find a Hash below a given target.\n\n  \n\nNI 51-102National Instrument 51-102 - *Continuous Disclosure Obligations.*\n\n  \n\nNI 52-110National Instrument 52-110 - *Audit Committees*.\n\n  \n\nNord PoolMeans Nord Pool AS, who runs the leading power market in Europe, and offers day-ahead and intraday markets to is customers.\n\n  \n\nNovember 2025 ATM Equity ProgramMeans the Company's at-the-market offering of the Common Stock conducted pursuant to an equity distribution agreement dated November 25, 2025 between the Company and Keefe, Bruyette & Woods, Inc., Stifel Nicolaus Canada Inc., Cantor Fitzgerald & Co., Canaccord Genuity LLC,  Canaccord Genuity Corp., Roth Capital Partners LLC,  Roth Canada, Inc., B. Riley Securities, Inc., Northland Securities, Inc. and Rosenblatt Securities Inc.\n\n  \n\nOctober 2024 ATM Equity ProgramMeans the Company's at-the-market offering of the Common Stock conducted pursuant to an amended and restated equity distribution agreement dated October 3, 2024, between the Company and Stifel, Nicolaus & Company, Incorporated, Stifel Nicolaus Canada Inc., Canaccord Genuity LLC, Canaccord Genuity Corp., Roth Canada, Inc., B. Riley Securities, Inc., and Northland Securities, Inc.\n\n  \n\nOnZeroBBG Holdings GmbH (formerly \"Blockbase Consulting GmbH\").\n\n  \n\nOption ShareCommon Share issuable upon exercise of a Stock Option in accordance with the Stock Option Plan.\n\n  \n\nPH/sPetahash per second.\n\n  \n\nProof of WorkUnder proof of work, consensus miners performing computational work on the network update the ledger; miners are incentivized to protect the network and put forth valid transactions because they must invest in hardware and electricity for the opportunity to mine coins on the network. The success of a miner's business relies on the value of the currency remaining above the cost to create a coin.\n\n  \n\nPSUMeans a computer power supply unit.\n\n  \n\nRSURestricted share unit granted under the Company's RSU Plan.\n\n  \n\nRSU PlanThe Company's RSU plan, first approved for adoption by the by the Board of Directors on October 17, 2018 and re-approved by Shareholders most recently at the Company's Annual General and Special Meeting on March 5, 2026, which reserves HIVE Shares for issuance under the RSU Plan equal to a maximum of 10% of the issued and outstanding HIVE Shares from time to time for issue pursuant to the RSU Plan, subject to the combination of all share compensation arrangements of the Company, including the RSU Plan and the Stock Option Plan, will not exceed 10% of the issued and outstanding HIVE Shares.\n\n  \n\nSEKMeans the Swedish Krona.\n\n  \n\nSHA -256SHA-256 is a cryptographic Hash algorithm. SHA-256 generates an almost-unique 256-bit (32-byte) signature for a text. The most well-known cryptocurrencies that utilize the SHA-256 algorithm are Bitcoin and Bitcoin cash.\n\n  \n\nShareholdersThe holders of HIVE Shares.\n\n  \n\nStock OptionOption to purchase HIVE Shares granted under the Company's Stock Option Plan.\n\n  \n\nStock Option Plan or Option PlanThe Company's rolling Stock Option plan, dated July 10, 2017, which reserves options exercisable into HIVE Shares equal to a maximum of 10% of the issued and outstanding HIVE Shares from time to time for issue pursuant to the Stock Option Plan, subject to the combination of all share compensation arrangements of the Company, including the RSU Plan and the Stock Option Plan, will not exceed 10% of the issued and outstanding HIVE Shares.\n\n  \n\n \n\n8\n\nSurplus EnergyHas the meaning given to it under the heading *\"DESCRIPTION OF THE BUSINESS - Description of the Business - The HIVE New Brunswick Facility.\"*\n\n  \n\nTier-I Data Facility or Tier-I Data CenterA Tier-I data center has a single path for power and cooling and few, if any, redundant and backup components. It has an expected uptime of 99.671% (28.8 hours of downtime annually).\n\n  \n\nTier-III Data FacilityA Tier-III data facility is a concurrently maintainable facility with multiple active power and cooling paths, allowing for planned maintenance without downtime. Such facilities feature \"N+1 redundancy,\" meaning they maintain backup components to handle failures or maintenance, and guarantee uptime of 99.982% (1.6 hours of downtime annually).\n\n  \n\nU.S. GAAPMeans U.S. Generally Accepted Accounting Principles.\n\n  \n\nU.S. GlobalMeans U.S. Global Investors Inc.\n\n  \n\n**SUMMARY OF RISK FACTORS**\n\nBelow is a summary of the principal factors that make an investment in our securities speculative or risky. This summary does not address all of the risks we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below and should be carefully considered, together with other information included in this Annual Report on Form 10-K.\n\n**Risks Related to our Business and Operations**\n\nEnergy costs in the regions where we operate may increase;\n\nProlonged power outages or disruptions in the power supply may adversely affect our business, operations and financial condition;\n\nOur development and growth of new projects are subject to risks that could cause delays or increased costs, and could adversely affect our business;\n\nServer malfunctions or failures could harm our business;\n\nRisk of physical security breach or theft;\n\nWe may be unable to obtain adequate insurance coverage;\n\nHazards associated with high-voltage electricity transmission and industrial operations may result in suspension of our operations or the imposition of civil or criminal penalties;\n\nFuture profits/losses and production revenues/expenses;\n\nSubstantial costs to maintain and upgrade our hardware over time and to grow our business\n\nOur reliance on third-party suppliers could adversely affect our operations;\n\nIncreasing scrutiny of our environmental, social and governance (\"ESG\") practices and the impacts of climate change could increase our operating costs, divert management attention from our strategic goals, and adversely affect our business;\n\n9\n\nCybersecurity threats and hacking attacks could compromise our systems and data, resulting in material adverse effects on our business, financial condition, and results of operations;\n\nOur business is highly dependent on a small number of equipment suppliers. If we are unable to procure the required equipment to maintain and grow our business, our expansion plans, business, financial performance, financial condition and results of operations;\n\n**Risks Related to ASIC Compute**\n\nRegulatory changes or actions may alter the nature of an investment in the company or restrict the use of cryptocurrencies in a manner that adversely affects the company's operations;\n\nThe value of cryptocurrencies may be subject to volatility and momentum pricing risk;\n\nCryptocurrency exchanges and other trading venues are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure;\n\nOur reliance on third-party mining pool service providers may have a negative impact on our business;\n\nPossibility of less frequent or cessation of monetization of cryptocurrencies;\n\nCryptocurrency network difficulty and impact of increased global computing power;\n\nBanks may not provide banking services, or may cut off banking services, to businesses that provide cryptocurrency-related services or that accept cryptocurrencies as payment;\n\nThe impact of geopolitical events on the supply and demand for cryptocurrencies is uncertain;\n\nQuantum computing may compromise cryptographic security underlying blockchain networks;\n\nThe further development and acceptance of the cryptographic and algorithmic protocols governing the issuance of and transactions in cryptocurrencies is subject to a variety of factors that are difficult to evaluate;\n\nThe company may be required to sell its inventory of cryptocurrency to pay suppliers;\n\nThe company's operations, investment strategies, and profitability may be adversely affected by competition from other methods of investing in cryptocurrencies;\n\nThe company's Bitcoin may be subject to loss, theft or restriction on access;\n\nBitcoin transactions are generally irreversible. If  our Bitcoin is stolen, lost, or incorrectly transferred may be irretrievable, and we may limited or no effective means of recovery*;*\n\nIf for solving blocks and transaction fees are not sufficiently high, miners may not have an adequate incentive to continue mining and may cease their mining operations;\n\nTransactional fees and demand for bitcoin;\n\nThe 2028 bitcoin halving may adversely affect the company's profitability;\n\nForks in the bitcoin network may occur in the future, which may affect the value of bitcoin held by us;\n\nBitcoin is a form of technology which may become redundant or obsolete in the future.\n\n10\n\n**Risks Related to HPC businesses**\n\nOur ability to identify suitable locations and regulatory constraints could adversely impact our development pipeline, expansion strategy, and results of operations;\n\nThe HPC market is highly competitive, and we face established competitors who may have more resources;\n\nOur HPC business may not be profitable;\n\nThe Teaming Agreement with Bell Canada Inc. is a framework for collaboration and business development opportunities and does not guarantee future customer volumes, revenues or deployments;\n\nOur expansion into HPC may divert resources from our core Bitcoin mining operations, limit our power capacity for mining, and introduce operational complexity;\n\n• Our expansion into AI and HPC infrastructure is highly capital intensive, and there can be no assurance we will be able to obtain financing on favorable terms, or at all;\n\n• The GPU compute market is rapidly evolving and volatile. If we are unable to adapt to changing market conditions, our business, operations and financial condition may be adversely affected;\n\n• The Company may enter into long-term infrastructure or financing commitments in anticipation of future customer demand. If customer contracts are delayed, reduced, terminated, not renewed, or if counterparties fail to perform their obligations, the Company's revenues, cash flows, and growth strategy could be materially adversely affected;\n\n• The regulatory landscape surrounding the HPC and AI industries is rapidly evolving and may limit our ability to continue to grow our HPC business.\n\n**General Risk Factors**\n\nFuture capital needs, uncertainty of additional financing and dilution;\n\nManagement of growth;\n\nAdditional funding requirements and dilution;\n\nLoss of key employees & contractors, or an inability to attract and retain personnel, may harm our business;\n\nGlobal financial conditions;\n\nPandemics;\n\nConflicts of interest;\n\nLiquid market for securities;\n\nWe do not intend to pay dividends in the foreseeable future;\n\nInterest rate risk;\n\nCurrency exchange risk;\n\n11\n\nThe market price for our common shares may be volatile and subject to wide fluctuations, which could have a negative impact on our shareholders;\n\nCommon shares issuable upon exchange of the Exchangeable Notes may dilute the ownership interest of our shareholders or may adversely affect the market price of our common shares;\n\nWe may be unable to raise the funds necessary to repurchase the Exchangeable Notes for cash following a fundamental change or to pay any cash amounts due upon maturity or conversion of the exchangeable notes;\n\nThe fundamental change repurchase feature of the Notes may delay or prevent an otherwise beneficial takeover attempt of the company;\n\nThe Capped Call transactions may affect the trading of the Exchangeable Notes and the market price of our common shares;\n\nWe are subject to counterparty risk with respect to the capped call transactions.\n\nWe face risks associated with our current indebtedness, and our failure to service debt or remain in compliance with certain covenants may have a material adverse effect on our business, financial condition, and results of operations.\n\n**Risks Related to Certain Regulatory Compliance and Other Legal Matters**\n\nAs we continue to expand, our obligations to comply with the laws, rules, regulations and policies across a variety of jurisdictions will increase and we may be subject to investigations and enforcement actions by Canadian, U.S. And non-US. Regulators and governmental authorities;\n\nEnergy tariffs in Paraguay;\n\nThe application of the U.S. Commodity Exchange Act, as amended (the \"CEA\") and the regulations promulgated thereunder by the U.S. Commodity futures trading commission (\"CFTC\") to our business is unclear and is subject to change in a manner that is difficult to predict;\n\nWe are involved in legal proceedings from time to time, which could adversely affect us;\n\nRegulatory changes reclassifying Bitcoin as a security could lead to the Company being classified as an \"investment company\" under the Investment Company Act of 1940 (the \"1940 Act\") and could adversely affect the market price of Bitcoin and the market price of our listed securities;\n\nThe ability of shareholders to bring actions or enforce judgments against us or our directors and executive officers may be limited;\n\nImposition of U.S. Tariffs;\n\nWe are subject to extensive environmental regulation, and failure to comply with environmental laws or changes in such laws could result in significant liabilities and have a material adverse effect on our business;\n\nCosts related to reporting requirements applicable to U.S. domestic issuers;\n\nThe regulatory and legislative developments related to climate change may materially adversely affect our brand, reputation, business, results of operations and financial position;\n\n12\n\nThe rapidly evolving and uncertain regulatory landscape for cryptocurrencies exposes us to legal risks, compliance costs, and potential business disruptions;\n\n**Risks Related to Taxation**\n\nGeneral tax consequences related to owning our Common Shares;\n\nPassive foreign investment company regulations could affect US Shareholders;\n\nRisk of potential adverse U.S. Federal income tax consequences to 10% or greater United States shareholders;\n\nTransfer pricing; and\n\nAn adverse tax decision in respect of our Swedish subsidiaries may have an adverse  on our business, operations and financial condition.\n\nWe may be subject to tax audits by regulators such as the Canada Revenue Agency (the \"CRA\"), which administers the federal goods and services tax and harmonized provincial sales tax (\"GST/HST\") and Revenu Québec (which administers the Quebec provincial sales tax, or \"QST\"). Any adverse determination may result in negatively affect our business, financial conditions and results of operations.\n\n**PART I**"}