HIVE's BUZZ HPC Expands Data Center Footprint into British Columbia with 4 Times Growth in Liquid-Cooled AI Data Center Capacity

Rhea-AI Summary

HIVE (NASDAQ: HIVE) expanded BUZZ HPC capacity 4x in Canada, increasing total critical IT load from 4 MW to 16.6 MW across Manitoba and British Columbia.

The deal adds 5 MW immediately in BC (option for +7.6 MW in 2027), supports a near-term ramp to >4,000 GPUs and a growth path to >6,000 GPUs, targets $200M HPC ARR by March 31, 2027, and requires no additional capex to secure colocations. HIVE also granted 2,849,400 RSUs to staff.

Positive

• Critical IT load increased to 16.6 MW in Canada
• Immediate 5 MW capacity in British Columbia
• Near-term ramp to over 4,000 GPUs in Canada
• Growth path to over 6,000 GPUs and $200M HPC ARR
• No additional capex required to secure expanded colocation

Negative

• Swedish hashrate operations facing tax enforcement and deposit requirements
• Phase-out of ASIC hashrate production may reduce legacy revenue streams

Key Figures

AI data center capacity: 16.6 MW critical IT load British Columbia Phase 1: 5 MW critical IT load British Columbia Phase 2 option: 7.6 MW critical IT load +5 more

8 metrics

AI data center capacity 16.6 MW critical IT load Total BUZZ AI capacity across Manitoba and British Columbia

British Columbia Phase 1 5 MW critical IT load Immediate new colocation capacity in British Columbia

British Columbia Phase 2 option 7.6 MW critical IT load Optional expansion in 2027 for additional GPU capacity

GPU deployment target 6,000 GPUs Targeted latest-generation GPUs for AI cloud in Canada

HPC ARR target $200 million Contracted annualized run-rate revenue by fiscal year ending March 31, 2027

HPC EBITDA margin target 75% Targeted EBITDA margin on new long-term GPU contracts

Near-term GPU ramp 4,000 GPUs Targeted for contracted revenue in next 6 months in Canada

RSU grants 2,849,400 RSUs Grants to employees, officers, directors, and consultants with 1-year vesting

Market Reality Check

Price: $2.13 Vol: Volume 10,904,780 is 1.28...

normal vol

$2.13 Last Close

Volume Volume 10,904,780 is 1.28x the 20-day average of 8,551,240, indicating elevated trading interest pre-announcement. normal

Technical Shares at $2.13 trade below the $3.06 200-day MA and are 72.83% below the 52-week high, while still 69.05% above the 52-week low.

Peers on Argus

Peers show mixed moves with no clear sector trend: BITF (-1.75%), BTBT (-3.29%),...

Peers show mixed moves with no clear sector trend: BITF (-1.75%), BTBT (-3.29%), OPY (-2.5%) versus AMRK (+2.17%) and FUFU (+0.83%). No peers appeared in momentum scanners, suggesting this AI capacity expansion is more stock-specific than sector-driven.

Previous AI Reports

5 past events · Latest: 2026-02-13 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-02-13	AI cloud contracts	Positive	+3.3%	BUZZ signed ~$30M AI cloud contracts and projected ~$15M ARR from first phase.
2026-02-13	AI cloud contracts	Positive	+3.3%	Detailed $30M BUZZ contracts lifting HPC ARR from ~$20M to ~$35M and targeting $140M.
2025-06-24	GPU cluster launch	Positive	+10.8%	Launch of new NVIDIA Hopper GPU cluster in Quebec as sovereign AI platform.
2025-06-24	GPU cluster launch	Positive	+10.8%	Quebec Hopper cluster with hydro power and flexible contracts running near full capacity.
2024-12-24	GPU investment	Positive	+5.4%	$30M investment in NVIDIA H100/H200 clusters in Quebec with strong ARR projections.

Pattern Detected

AI/HPC announcements have generally coincided with positive stock reactions, with an average AI-tag move of 6.7%, suggesting investors have historically rewarded HIVE’s AI expansion updates.

Recent Company History

Over recent periods, HIVE has steadily advanced its AI and HPC strategy. Prior AI-tagged news highlighted NVIDIA GPU investments in Quebec, sovereign AI cloud clusters across Canada and Sweden, and BUZZ HPC contracts totaling about $30 million with projected ARR lifts to roughly $35 million and longer-term targets near $140 million ARR. Those updates produced positive single- to low-double-digit moves. Today’s Canadian AI data center footprint expansion continues this progression toward larger-scale GPU cloud capacity and revenue goals.

Historical Comparison

+6.7% avg move · Past AI-tag updates averaged a 6.7% move, as HIVE added NVIDIA clusters and BUZZ contracts. This Can...

AI

+6.7%

Average Historical Move AI

Past AI-tag updates averaged a 6.7% move, as HIVE added NVIDIA clusters and BUZZ contracts. This Canadian AI footprint expansion fits the same growth narrative and capacity-building theme.

AI news has evolved from initial NVIDIA GPU investments to live Hopper clusters and BUZZ contracts, and now to multi-province Canadian AI data center capacity supporting thousands of GPUs and larger HPC ARR targets.

Market Pulse Summary

This announcement details a 4x expansion of Canadian AI data center capacity to 16.6 MW, enabling a ...

Analysis

This announcement details a 4x expansion of Canadian AI data center capacity to 16.6 MW, enabling a path to over 6,000 GPUs and supporting a targeted $200 million HPC ARR by March 31, 2027. It continues HIVE’s shift from ASIC-based hashrate toward Tier-III AI infrastructure in Canada and Europe. Investors may monitor progress on GPU procurement, contract signings toward the 6,000-GPU goal, and developments around Swedish tax disputes and the European transition plan.

Key Terms

asic, gpu, ebitda, rsus, +1 more

5 terms

asic technical

"phasing down its ASIC-based hashrate production (provided to foreign Bitcoin mining pool customers)"

ASIC is Australia’s corporate, markets and financial services regulator that enforces rules for companies, financial advisers and market operators; think of it as the referee and rulebook keeper for financial activity. It matters to investors because ASIC’s oversight, investigations and enforcement actions affect company credibility, legal risk and market fairness—actions that can change stock prices, investor confidence and the safety of financial products.

gpu technical

"deployment of upwards of 2,000 next-generation high-power density AI-optimized GPUs in British Columbia"

A GPU (graphics processing unit) is a specialized computer chip designed to handle many calculations at once, originally for rendering images and video but now widely used for tasks like artificial intelligence, data analysis and high-performance computing. Investors watch GPU demand and prices because strong sales often signal growth for chip makers and their customers, affect profit margins and capital spending, and can forecast wider trends in gaming, AI adoption and cloud services.

ebitda financial

"For new long-term GPU contracts with enterprise clients, the Company is targeting 75% HPC EBITDA."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

rsus financial

"HIVE is granting 2,849,400 Restricted Share Units ("RSUs") to employees, officers, directors"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

value-added-tax regulatory

"top local academics specializing in Swedish value-added-tax matters, the authorities have imposed"

A value-added tax (VAT) is a consumption tax charged at each step of making and selling goods or services, where businesses collect tax on the extra value they add and pass it to the government. It matters to investors because VAT affects a company’s pricing, cash flow and profit margins—like a toll on every stage of a supply chain—so changes in VAT rates or rules can change demand, costs and reported earnings across an industry.

AI-generated analysis. Not financial advice.

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated November 25, 2025 to its short form base shelf prospectus dated October 31, 2025.

San Antonio, Texas--(Newsfile Corp. - March 16, 2026) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (BVC: HIVECO) (the "Company" or "HIVE"), a global leader in sustainable digital infrastructure and AI compute, through its wholly owned subsidiary BUZZ High Performance Computing ("BUZZ"), today announced a 4x expansion of its liquid-cooled AI data center capacity through its previously announced strategic data center partner in Canada, growing the existing 4 megawatts ("MW") in Manitoba to 16.6 MW of critical IT load across two Canadian provinces (all figures referenced herein are in critical IT load), expanding HIVE's BUZZ HPC Sovereign AI Compute offering in Canada (all amounts in US dollars, unless otherwise indicated).

The expansion adds a new colocation facility in British Columbia, providing an immediate 5 MW of capacity with an option to scale an additional 7.6 MW. This new immediate capacity facilitates the deployment of upwards of 2,000 next-generation high-power density AI-optimized GPUs in British Columbia, complementing the capacity for approximately 2,000 GPUs in BUZZ's existing Manitoba facility. In total, the Company now has a near-term ramp to over 4,000 GPUs in Canada through its data center partnerships and its own sites, accelerating the Company's previously announced GPU AI cloud deployment targets for calendar 2026.

4 Times Growth in Sovereign AI Data Center Runway Across Canada

The Company's AI colocation footprint with Bell Canada AI Fabric, its strategic data center partner, now spans two provinces in Western Canada:

• Manitoba: 4 MW of critical IT load. BUZZ has deployed 504 next-generation AI-optimized GPUs consuming approximately 1 MW, with 3 MW of remaining capacity to support approximately 1,500 additional GPUs.

• British Columbia (Phase 1): 5 MW of critical IT load, available immediately. This capacity supports the deployment of approximately 2,000 next-generation, high-power-density, AI-optimized GPUs.

• British Columbia (Phase 2): Option for an additional 7.6 MW of critical IT load in 2027, supporting an additional 3,000 next-generation high-power density AI-optimized GPUs.

In aggregate, the Company now has a growth path to over 6,000 new GPU deployments in Canada through this strategic data center partnership with Bell Canada AI Fabric, providing the infrastructure runway for its GPU cloud revenue objectives.

Importantly, no additional capital expenditures are required to secure this expanded colocation capacity. Deposits made by the Company in 2025 with the strategic data center partner are sufficient to secure the full growth pipeline. Standard operational costs associated with GPU procurement, installation, and ongoing data center operations remain separate and are expected as part of normal business activities.

Accelerating AI Cloud Growth

The Company previously disclosed a target of achieving new deployments of 6,000 latest generation GPUs for AI cloud. This colocation expansion provides the infrastructure required to achieve that target on an accelerated basis. 4,000 next-generation AI-optimized GPUs are targeted for contracted revenue in the next 6 months (including 2,000 high-power density GPUs in BC). The Company expects further expand another 2000 high-power density GPUs through additional partner data centers or its own data centers, reaching 6000 GPUs in Canada, with a target of $200 million in contracted annualized run-rate revenue ("HPC ARR") by the end of this fiscal year (period end March 31, 2027). For new long-term GPU contracts with enterprise clients, the Company is targeting 75% HPC EBITDA.

"Nations that control their own AI compute will lead the next era of global innovation. Canada has the talent, the energy, and now, with BUZZ, the infrastructure to compete at the highest level," said Frank Holmes, Executive Chairman of HIVE. "Since 2017, HIVE has demonstrated the ability to build, scale, and operate complex digital infrastructure with consistency and rigor across nine time zones and three continents. We are now applying that same discipline to AI. Our dual-engine model, Tier-I Bitcoin mining generating cash flow and Tier-III AI compute delivering high-margin recurring revenue, was built for exactly this moment. This expansion with Bell is a statement of conviction. We believe sovereign AI compute will define the next decade of Canadian innovation, and HIVE intends to be at the center of it. Moreover, in addition to our exciting growth ramp, HIVE owns and operates other data centres in Canada, which prime for conversion for hyperscaler colocation, and even government or military contracts. Notably, indications to management are that our 70 MW site in New Brunswick offers the scale of powered land for hyperscaler needs, and we believe the location of our 7.6 MW Toronto Airport site is very attractive to government or military applications."

Aydin Kilic, President and CEO of HIVE, added: "This expansion gives us committed liquid-cooled data center capacity across two provinces, and a clear path to over 6,000 next-generation AI-optimized GPUs in Canada. As demand for AI compute ramps, we can move quickly to deploy additional clusters of AI-optimized GPUs online to realize our ARR targets for 2026, while scaling EBITDA in a cap-ex light strategy. The data center infrastructure is now secured, and the demand for compute is strong. We are seeing economics where 3-year deals and 5-year deals for longer-term GPU contracts provide investors with comfort that there is a strong fundamental return on the investment and deployment of these GPU clusters. Investors should expect near-term updates on GPU procurement and cloud revenue contracts as we execute on this accelerated timeline."

* As used herein, "HPC EBITDA" is defined as earnings from HPC operations before deducting HPC-related interest, taxes, depreciation and amortization. "HPC ARR", as a metric, represents total HPC revenue only, and does not represent profitability. HPC ARR is presented here as a measure of growth. These non-GAAP measures should be read in conjunction with and should not be viewed as alternatives to or replacements for measures of operating results and liquidity presented in accordance with GAAP in HIVE's quarterly and annual financial statements. All financial projections reflect current market sentiment and public disclosures as of March 2026; actual outcomes may vary. Investors should conduct their own due diligence.

Capital Allocation and Future Investment Strategy in Europe

As previously disclosed, HIVE has operated in Sweden since 2017, establishing multiple successful datacenter facilities powered entirely by renewable energy. Over that time, HIVE has made meaningful contributions to the local economy by engaging numerous subcontractors and supporting community initiatives such as the Boden Hockey Club. Notably, HIVE was also the first datacenter operator in Sweden to participate in the national grid-balancing program in collaboration with Svenska Kraftnät and Vattenfall, helping stabilize renewable power supply while supporting regional energy infrastructure.

HIVE's acquisition of the 7 MW datacenter in Boden, Sweden, in November 2023 marked an early step in the Company's strategic transition from Tier-I digital infrastructure toward Tier-III high-performance computing and artificial intelligence infrastructure. While the site initially operated as part of HIVE's renewable-powered hashrate production, the facility was subsequently designated for conversion to Tier-III AI and HPC standards capable of supporting enterprise-grade GPU clusters.

As part of this transition, HIVE is progressively phasing down its ASIC-based hashrate production (provided to foreign Bitcoin mining pool customers) at its larger Boden facility, enabling the Company to redeploy resources toward its expanding AI and HPC strategy in Europe.

This strategic shift has been driven by increasing challenges faced by HIVE's Swedish subsidiaries in their traditional hashrate production business. Recently, the Company has experienced ongoing enforcement actions and what it believes are misapplications of existing tax rules by the Swedish tax authorities. Despite receiving supportive opinions from several respected law firms, a tier-1 accounting firm, and top local academics specializing in Swedish value-added-tax matters, the authorities have imposed a security deposit requirement on disputed tax assessments. Historically, because of the strength of the Company's case, it had always been granted deferrals, while awaiting a final judicial appeal. These developments have created operational uncertainty and have limited the Company's ability to continue operating its traditional hashrate production model on a consistent economic basis.

In response to these evolving conditions, HIVE has determined that continuing its ASIC-based hashrate production model may no longer be economically viable in Sweden, and the Company will begin exploring the phase out of these activities.

As a proactive solution, HIVE is shifting its strategic focus toward high-performance computing and artificial intelligence Tier-III datacenters. This transition is already underway with the upgrade of the Company's 7 MW facility in Boden to a Tier-III design. Construction is currently in progress, and the facility is expected to support GPU clusters based on the NVIDIA GB300 GPU architecture, designed to power demanding AI training and inference workloads.

This investment will position HIVE at the forefront of next-generation digital infrastructure while ensuring the Company remains a contributor to the region's technological development. For the Boden community, these next-generation datacenters are expected to support local economic growth, strengthen education partnerships, and attract technology-focused businesses, further solidifying the region's reputation as a hub for digital innovation.

RSU Grants Reinforce Commitment to Sustainable Growth

To ensure the team delivering on HIVE's current and future vision has direct alignment with shareholders, HIVE is granting 2,849,400 Restricted Share Units ("RSUs") to employees, officers, directors, and consultants under its RSU plan, with a mandatory one-year TSX Venture Exchange vesting period. This aligns management with investors to build long-term value. Inspired by Harvard Business School research on non-linear incentives, these quarterly milestone-based awards foster innovation and retention-aligning global talent from Paraguay to Sweden with HIVE's vision for sustainable growth and minimal dilution.

HIVE has shared these RSUs with all employees, both new and long-serving, to preserve its unique culture, which focuses on efficiency and return on invested capital.

About HIVE Digital Technologies Ltd.

Founded in 2017, HIVE Digital Technologies Ltd. is the first publicly listed company to mine digital assets powered by green energy. Today, HIVE builds and operates next-generation Tier-I and Tier-III data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients. HIVE's twin-turbo engine infrastructure-driven by hashrate services and GPU-accelerated AI computing-delivers scalable, environmentally responsible solutions for the digital economy.

For more information, visit hivedigitaltech.com, or connect with us on:

X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain

On Behalf of HIVE Digital Technologies Ltd.

"Frank Holmes"
Executive Chairman

For further information, please contact:

Nathan Fast, Director of Marketing and Branding
Frank Holmes, Executive Chairman
Aydin Kilic, President & CEO

Tel: (604) 664-1078

About BUZZ HPC

BUZZ High Performance Computing (BUZZ HPC), a wholly owned subsidiary of HIVE Digital Technologies Ltd. (TSXV: HIVE) and an NVIDIA Cloud Partner, delivers enterprise-grade cloud services and large-scale GPU clusters. The platform supports a suite of managed services, including Kubernetes, Slurm, virtual machines, and bare-metal deployments optimized for AI, machine learning, and scientific workloads. Headquartered in Canada with a global reach, BUZZ HPC is one of the first and few Canadian sovereign AI platforms operating at scale. Since 2017, it has deployed supercomputing environments across Canada and the Nordics. Its Tier-III+ data centres powered entirely by renewable energy and engineered with ultra-low Power Usage Effectiveness (PUE) host thousands of industrial-grade GPUs across North America and Europe used for AI model training, fine-tuning and inference.

Through its Green GPU initiative, BUZZ HPC combines AI innovation with sustainability, offering localized expertise and global infrastructure.

Learn more at https://www.buzzhpc.ai

For further information, please contact:

Craig Tavares, BUZZ HPC President and COO

Tel: (604) 664-1078

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, which may include but is not limited to statements regarding: the anticipated benefits of the partnership between BUZZ HPC and Bell Canada; the expected deployment, timing, capacity, and expansion of BUZZ HPC's NVIDIA-accelerated infrastructure; the potential impact on Canadian AI innovation, competitiveness, and economic growth; compliance with privacy, cybersecurity, and data residency regulations; the use of renewable energy; and any other future-oriented statements. Forward-looking information is based on current expectations, estimates, forecasts, and projections, as well as management's beliefs and assumptions, including that the partnership will proceed as planned, infrastructure will be deployed on the expected timelines and within budget, demand for AI computing will continue to grow, and regulatory requirements will remain consistent with current expectations, and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.

Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: the risk that deployment timelines may change; that costs may exceed expectations; that demand for AI infrastructure may be lower than anticipated; that partnerships or regulatory approvals may not materialize as expected; that GPU supply and procurement timelines may be subject to change; that revenue projections are based on current market conditions and assumptions that may not materialize; and the risk factors described in the Company's continuous disclosure documents available on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288654

FAQ

What capacity expansion did HIVE (HIVE) announce on March 16, 2026?

HIVE announced a fourfold expansion to 16.6 MW of critical IT load in Canada. According to the company, this increases existing Manitoba capacity and adds 5 MW in British Columbia with an option for 7.6 MW in 2027.

How many GPUs will HIVE (HIVE) deploy in Canada after the BUZZ HPC expansion?

HIVE targets over 4,000 GPUs near-term and a growth path to >6,000 GPUs. According to the company, 2,000 GPUs in BC and ~2,000 in Manitoba are part of the near-term ramp.

What is HIVE's revenue target tied to the BUZZ HPC expansion for fiscal 2027?

HIVE targets $200 million in contracted annualized run-rate revenue (HPC ARR) by March 31, 2027. According to the company, this is driven by new long-term GPU contracts and colocated capacity in Canada.

Will HIVE need more capital expenditure to secure the new data center capacity?

No additional capex is required to secure the expanded colocation capacity. According to the company, 2025 deposits with its strategic partner cover the full growth pipeline for the announced expansion.

What margin does HIVE target for new long-term GPU contracts under HPC operations?

HIVE is targeting 75% HPC EBITDA on new long-term GPU contracts, per the company. According to the company, this applies to enterprise GPU deals and supports a cap-ex light scaling strategy.

Why is HIVE shifting from ASIC hashrate production in Sweden toward HPC?

HIVE is shifting due to Swedish tax enforcement actions and operational uncertainty affecting hashrate economics. According to the company, it is converting a 7 MW Boden site to Tier-III GPU-ready infrastructure for AI and HPC workloads.