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  4. [8-K] HIVE Digital Technologies Ltd. Reports Material Event

320 MW AI gigafactory planned by HIVE Digital (NASDAQ: HIVE) in GTA

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8-K

Rhea-AI Filing Summary

HIVE Digital Technologies, through its BUZZ High Performance Computing subsidiary, is advancing a major AI infrastructure investment in Ontario built around a new AI "gigafactory" in the Greater Toronto Area with approximately 320 megawatts of utility power capacity.

BUZZ acquired a 21-acre main parcel for $46 million and an adjacent 4-acre parcel for $12 million, creating a contiguous 320 MW site intended to host more than 100,000 GPUs at full build-out. The company highlights an expected total capital investment of about CAD $3.5 billion, a target online date in the second half of 2027, and plans for 800+ construction jobs plus hundreds of permanent high-skill roles.

HIVE states it now has over 850 MW of power globally, including 450 MW of operating data centers and a 400 MW development pipeline, and aims to expand its Canadian AI footprint with the 320 MW GTA project as part of a broader sovereign AI infrastructure strategy.

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Insights

HIVE is committing to a large, power-dense AI data center build in Canada.

HIVE Digital is positioning BUZZ HPC as a large-scale AI infrastructure provider with a 320 MW site in the Greater Toronto Area. The company has purchased roughly 25 acres of land for a combined $58 million, anchoring a planned AI gigafactory that could host over 100,000 GPUs.

The press release cites an estimated capital investment of about CAD $3.5 billion and a target online date in the second half of 2027. Management also notes a global footprint of 850 MW of power capacity, split between 450 MW operating data centers and a 400 MW pipeline, with 320 MW of that pipeline in Canada.

This scale implies significant future funding and execution needs, though specific financing and customer commitments are not detailed here. Forward-looking statements emphasize risks such as deployment timelines, cost overruns, demand for AI compute, and GPU or network buildout delays, so actual impact will depend on how these factors evolve over time.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Main Parcel purchase price $46 million 21-acre main parcel acquired by BUZZ HPC
Additional Parcel purchase price $12 million Approximately 4-acre adjacent parcel
Total capital investment CAD $3.5 billion Estimated investment for GTA AI gigafactory
Site power allocation 320 MW Utility capacity for new AI infrastructure site
Target online date Second half of 2027 Planned timing for AI gigafactory coming online
Global power footprint 850+ MW Includes 450 MW operating and 400 MW pipeline
Operating GPUs today 5,500 GPUs BUZZ GPUs currently online for AI compute
Planned GPU capacity 130,000 GPUs Supported across New Brunswick and GTA projects
sovereign AI infrastructure technical
"BUZZ has secured major milestones along the project's 320 MW power pathway to develop sovereign AI infrastructure in the Toronto-Waterloo innovation corridor."
Sovereign AI infrastructure is a country's controlled set of computing power, data storage and software arranged so AI systems are developed, hosted and operated under that nation's laws and inside its borders. It matters to investors because it shapes where companies must locate costly servers and services, creates demand for local cloud, hardware and compliance providers, and can change market access, costs and competitive risks—like choosing a local bank to hold sensitive assets.
AI gigafactory technical
"a planned new industrial-scale AI infrastructure facility, also known as an AI gigafactory, in the Greater Toronto Area"
An AI gigafactory is a very large, purpose-built facility that produces the physical infrastructure needed for artificial intelligence—such as specialized chips, servers or the massive computing capacity used to train AI models—and may combine manufacturing, assembly and data-center operations under one roof. Investors care because these sites can sharply lower per-unit costs, speed product rollouts and create scale advantages that drive revenue growth, capital needs and long-term competitiveness, much like a car plant does for an automaker.
GPU technical
"designed to support fully vertically integrated AI supercomputers and host more than 100,000 GPUs at full build-out."
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.
Power Usage Effectiveness (PUE) technical
"Its AI Factories are powered entirely by renewable energy and engineered with ultra-low Power Usage Effectiveness (PUE) below 1.3"
Power Usage Effectiveness (PUE) is a simple ratio that compares the total energy consumed by a data center (including cooling, lighting and other facility systems) to the energy used solely by the servers and networking equipment. For investors, a lower PUE means less energy is wasted — like a car that gets more miles per gallon — which usually translates into lower operating costs, smaller sustainability risks and a clearer picture of infrastructure efficiency.
forward-looking information regulatory
"Forward-looking information is based on current management expectations, estimates, and assumptions"
Forward-looking information are predictions, plans, estimates or expectations about a company’s future performance, results or events, such as sales forecasts, project timelines, or anticipated costs. It matters to investors because these statements guide expectations but rely on assumptions and uncertain factors—like a weather forecast for a business—so investors should treat them as informed guesses rather than guarantees and consider the risks and possible changes behind the numbers.
Understanding 8-K Material Events →
false 2026-05-18 0001720424 HIVE Digital Technologies Ltd. 0001720424 2026-05-18 2026-05-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 18, 2026

HIVE DIGITAL TECHNOLOGIES LTD.
(Exact name of registrant as specified in its charter)

British Columbia 001-40398 98-1831411
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

7900 Callaghan Road, Suite 128
 San Antonio, Texas, United States 78229
 (Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (604) 664-1078

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbols   Name of each exchange on which registered
Common shares, without par value   HIVE   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☐

If 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. ☐

Item 8.01 Other Events.

On May 18, 206, HIVE Digital Technologies Ltd. (the "Company") issued a press release (the "Press Release") announcing that its wholly owned subsidiary, BUZZ High Performance Computing Inc. completed the acquisition of land comprising approximately 21 acres (the "Main Parcel") for a purchase price of $46 million, as well as an additional parcel of land adjacent to the Main Parcel for a purchase price of $12 million (the "Additional Parcel"). The Main Parcel and the Additional Parcel collectively comprise a contiguous site benefiting from a 320 MW power allocation. A copy of the Press Release is include herewith as Exhibit 99.1 and is incorporated herein by reference.

This Report, including the Press Release attached as Exhibit 99.1 hereto and incorporated by reference herein, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements generally relate to future events, financial results or operating performance based on management's current expectations, assumptions and beliefs about the Company's future financial and operating performance, as well future economic conditions, which are made in reliance on the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. Accordingly, any statement contained or referenced herein, as well as in the other filings that we make with the SEC, that is not a statement of historical fact, should be considered a forward-looking statement. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential" and similar expressions are intended to identify forward-looking statements; however, forward-looking statements may be made without such expressions. These forward-looking statements may include, but are not limited to, statements concerning: our plans, strategies and objectives for future operations; new equipment, systems, technologies, services or developments, such as our development of a new data center facility in the Greater Toronto Area; expected cash flows or capital expenditures; our beliefs or expectations; activities, events or developments that we intend, expect, project, believe, or anticipate will or may occur in the future; and assumptions underlying or based upon any of the foregoing.

Do not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with market risks, trends and conditions. These and other risks and uncertainties relating to the Company and its business can be found under the caption "Risk Factors" and elsewhere in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Information Form for the year ended March 31, 2025 which was filed as Exhibit 99.1 to the Company's Annual Report on Form 40-F for the year ended March 31, 2025, as well as future filings and reports by the Company. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events or changes in its expectations.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit
Number		  
Description
99.1 Press Release dated May 18, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

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. 
   
     
  By: /s/ Darcy Daubaras
  Name: Darcy Daubaras
  Title: Chief Financial Officer

Date: May 18, 2026

 

3

Exhibit 99.1

HIVE DIGITAL TECHNOLOGIES LTD.

HIVE's BUZZ HPC Announces 320 MW Sovereign AI Infrastructure in Greater Toronto Area

BUZZ is building industrial-scale infrastructure designed to help Canada scale compute capacity, accelerate domestic AI adoption, and support the next generation of enterprise, research and public sector AI applications.

Toronto, Ontario, May 18, 2026 - HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE) (FSE: YO0), through its wholly owned subsidiary BUZZ High Performance Computing Inc. ("BUZZ HPC" or "BUZZ"), today announced that BUZZ is advancing a major infrastructure investment in Ontario, anchored by a planned new industrial-scale AI infrastructure facility, also known as an AI gigafactory, in the Greater Toronto Area ("GTA") with approximately 320 megawatts ("MW") of utility capacity. The project is expected to become one of Canada's largest AI gigafactories, designed to support fully vertically integrated AI supercomputers and host more than 100,000 GPUs at full build-out. An AI gigafactory is the industrial infrastructure of the intelligence economy: a facility that converts compute into intelligence, helping make Canadian businesses more competitive.

Canada Invented Modern AI. Now It Is Building the Factories That Will Own It.

BUZZ High Performance Computing Inc. acquired land comprising approximately 21 acres (the "Main Parcel") for a purchase price of $46 million, as well as an additional parcel of land adjacent to the Main Parcel, measuring approximately 4 acres (the "Additional Parcel"), for a purchase price of $12 million. The Main Parcel and the Additional Parcel collectively comprise a contiguous site benefiting from a 320 MW power allocation. BUZZ has secured major milestones along the project's 320 MW power pathway to develop sovereign AI infrastructure in the Toronto-Waterloo innovation corridor. The project is designed to place massive industrial-scale compute directly inside Canada's largest metropolitan economy and one of North America's most important hubs for technology, financial services, and artificial intelligence.

The vision of sovereign AI infrastructure is to provide the physical backbone for Canada's intelligence economy. Compute is the new sovereignty. Countries that own the machines will write the future. Countries that rent compute from data centers abroad will not contain sensitive data within their borders.

Located within one of the most important 100-kilometre corridors in global AI, the project is positioned between Geoffrey Hinton's legacy, the University of Toronto and the Vector Institute to the east, and Waterloo's world-leading systems and engineering talent to the west. This places the facility at the intersection of research excellence, enterprise demand, and low-latency global network connectivity.

Key Highlights:

• Target Online: Second half of 2027.

• Capital Investment: ~CAD $3.5 billion.

• Jobs: 800+ construction, hundreds of permanent high-skill roles.

• Powered by Ontario's Clean Grid: Designed for high efficiency AI compute using closed-loop cooling systems with no-water use approach consistent with BUZZ HPC's broader sustainability strategy.

• Community First Approach: Focused on responsible development, local economic participation and long-term alignment with national priorities.

Frank Holmes, Executive Chairman of HIVE and BUZZ:

"AI is the new industrial base and compute is the factory floor. Canada produced the Godfathers of deep learning but kept renting the factories. That era is over. Between Toronto and Waterloo, BUZZ is building the sovereign AI infrastructure that turns Canadian intelligence into Canadian dominance. At full build-out, this intelligence factory will deploy over 100,000 GPUs, creating one of North America's largest domestically controlled AI clusters. Low-latency inference, AI agents, financial platforms, healthcare breakthroughs, scientific discovery, and national priority workloads will finally run on Canadian iron, under Canadian control. Our vision is to build AI infrastructure that will serve humanity, with the potential to improve quality of life for millions of Canadians."

Aydin Kilic, President & CEO of HIVE Digital Technologies:

"We have been strategically land-banking by regional substations, and we are very pleased to announce this expansion. HIVE now has over 850 MW of power globally; this includes our 450 MW of operating data centers plus a pipeline of 400 MW of capacity, which we expect to bring online in 2027. Globally diversified growth, this includes our 100 MW of operating data centers in Canada, now with a pipeline of 320 MW for 2027. BUZZ has done a phenomenal job expanding our footprint in Canada. With 5,500 GPUs online today doing AI compute, along with our 70 MW New Brunswick Grand Falls site, and now our 320 MW GTA site, we have the land and power to develop a pipeline of infrastructure to support approximately 130,000 GPUs. This puts HIVE and BUZZ at a global scale, with the largest AI native clouds."

Craig Tavares, President & COO of BUZZ HPC:

"This investment is nationally important to Canada's efforts to build the infrastructure required for the next generation of AI innovation. Compute is the new engine of the AI economy. If Canada wants to lead in AI, we need to build the factories that produce intelligence here at home. Canada has the clean energy, network connectivity and research ecosystem to lead AI innovation around the world. BUZZ is building the infrastructure layer that turns Canada's AI ambition into reality. This gigafactory is the engine Canada needs to lead the intelligence economy. This facility anchors BUZZ's national AI platform spanning British Columbia, Manitoba, Ontario, Quebec, and New Brunswick. It is being built as a fully vertically integrated, Canadian-governed supercomputing platform for the age of inference and enterprise AI. Being a Greater Toronto Area resident, it is an honor to build Canada's first AI gigafactory in our community. I believe the jobs and economic development this project will offer, will provide tremendous value to the community."

About HIVE Digital Technologies Ltd.

Founded in 2017, HIVE Digital Technologies Ltd. was among the first publicly listed companies to prioritize mining 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

BUZZ High Performance Computing ("BUZZ"), a wholly owned subsidiary of HIVE Digital Technologies Ltd. (TSX.V: HIVE) and an NVIDIA Cloud Partner, delivers enterprise-grade cloud services and large-scale GPU clusters in vertically integrated data centres. Proudly Canadian, BUZZ is building sovereign AI factories while operating across 9 time zones and 3 continents. 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 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 AI Factories are powered entirely by renewable energy and engineered with ultra-low Power Usage Effectiveness (PUE) below 1.3, hosting thousands of industrial-grade GPUs across North America, South America, and Europe used for AI model training, fine-tuning, and inference.

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

Learn more at buzzhpc.ai.

For further information, please contact:

Craig Tavares, BUZZ President and COO

Tel: (604) 664-1078

Neither the TSX, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

Forward-looking information is based on current management expectations, estimates, and assumptions, including that infrastructure will be deployed on expected timelines and within budget, that demand for AI computing will continue to grow, and that the Company will be able to execute on its Canadian AI infrastructure growth strategy. Known and unknown risks - including changes to deployment timelines, cost overruns, lower-than-anticipated demand, GPU procurement or network buildout delays, and the risk factors described in the Company's continuous disclosure documents available on SEDAR+ and EDGAR - may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update or revise such information except as required by law.

Source: View Original Filing on SEC EDGAR

FAQ

What major project did HIVE Digital Technologies (HIVE) announce in the GTA?

HIVE Digital, via BUZZ HPC, announced plans for an industrial-scale AI gigafactory in the Greater Toronto Area with about 320 MW of utility power capacity. The facility is designed to support vertically integrated AI supercomputers and host more than 100,000 GPUs at full build-out.

How much land did HIVE’s BUZZ HPC acquire for its new AI facility?

BUZZ HPC acquired a main parcel of approximately 21 acres for $46 million and an additional adjacent parcel of about 4 acres for $12 million. Together, the roughly 25-acre site will support the planned 320 MW AI infrastructure project in the Greater Toronto Area.

What is the expected capital investment for HIVE (HIVE)'s GTA AI gigafactory?

The GTA AI gigafactory is expected to require around CAD $3.5 billion in capital investment. This spending covers development of a 320 MW AI infrastructure facility designed for large-scale GPU deployment, high-efficiency cooling, and industrial-scale artificial intelligence compute workloads.

When does HIVE Digital expect its new GTA AI facility to come online?

The project’s target online date is in the second half of 2027. That timeline reflects management’s current expectations and is subject to typical risks highlighted in the forward-looking statements, including deployment delays, cost overruns, and infrastructure or GPU procurement challenges.

What is HIVE Digital’s total global power footprint after this announcement?

HIVE states it has over 850 MW of power globally, including 450 MW of operating data centers and a development pipeline of 400 MW. Within Canada, this includes 100 MW of operating capacity plus a 320 MW pipeline tied to the new Greater Toronto Area AI gigafactory project.

How many GPUs does HIVE (HIVE) plan to support with its AI infrastructure?

HIVE notes that BUZZ currently has 5,500 GPUs online for AI compute and, with projects including the 70 MW New Brunswick site and 320 MW GTA site, aims to support about 130,000 GPUs. The GTA gigafactory alone is designed to host more than 100,000 GPUs at full build-out.

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