HIVE Digital Technologies (HIVE) Registration Filing summary

Company overview and business model

• Operates green energy-powered data centers in Canada, Sweden, and Iceland, primarily for Bitcoin mining and high-performance computing (HPC) services.

• Diversifying into AI and HPC cloud services, leveraging 31,500 GPU-based cards and offering on-demand GPU rental for AI businesses.

• As of August 31, 2024, operates nine data center sites with a total of 5,270 PH/s Bitcoin mining capacity and 4,800 Nvidia A-series GPUs for HPC.

• Plans to expand with a 100MW hydroelectric data center in Paraguay, targeting 12.1 EH/s aggregate hash power.

Financial performance and metrics

• Daily revenue as of August 31, 2024, is approximately $235,000 from Bitcoin mining and $20,000 from HPC.

• Q1 2025 HPC hosting revenue was $2.6 million, with cost of goods sold at $2.0 million.

• As of August 31, 2024, holds 2,567 Bitcoin valued at $151.4 million.

• Achieved positive annual cash flow from operations for the year ended March 31, 2024.

Use of proceeds and capital allocation

• Proceeds will fund general corporate and working capital needs, debt repayment, acquisitions, mining equipment procurement, and facility expansion.

• Major planned capital allocation includes $56 million for Paraguay facility construction and $115 million for ASIC miners.

• Intends to expand HPC business, requiring further investment in server racks and infrastructure.