Earnings Presentation Q2 FY2026 February 5, 2026 DISCLAIMER Forward-Looking Statements This investor update includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our ...

Core Viewpoint - CleanSpark Inc's shares have declined significantly as investors anticipate the release of its first-quarter fiscal 2026 earnings report, which is expected to reflect the challenges faced in the cryptocurrency mining sector [1]. Group 1: Analyst Expectations - Analysts predict CleanSpark will report earnings per share (EPS) of $0.09 for the quarter, amidst increased volatility in cryptocurrency markets affecting mining stocks [2]. Group 2: Crypto Market Sentiment - Bitcoin is currently trading at $67,015.29, down 7.49% in the last 24 hours and 20.93% over the past week, contributing to negative sentiment in the market [3]. - The CMC Crypto Fear and Greed Index shows a reading of 11, indicating "Extreme Fear," a notable drop from the previous day's reading of 14 and last week's level of 38 [3]. Group 3: Technical Analysis - CleanSpark's stock is trading 25.9% below its 20-day simple moving average (SMA) and 34.9% below its 100-day SMA, indicating significant short-term weakness [4]. - Over the past 12 months, shares have decreased by 10.81%, and they are closer to their 52-week lows than highs, reflecting ongoing challenges [4]. Group 4: Momentum Indicators - The Relative Strength Index (RSI) is at 38.28, indicating neutral territory, while the MACD is below its signal line, suggesting bearish pressure on the stock [5]. - The combination of a neutral RSI and bearish MACD indicates mixed momentum, advising caution among traders [5]. Group 5: Analyst Consensus & Recent Actions - The stock carries a Buy Rating with an average price target of $23.16, despite recent declines [6]. - CleanSpark shares were down 10.71% at $9.68 at the time of publication [6]. Group 6: Support and Resistance Levels - Key resistance for the stock is identified at $10.00, while key support is at $9.00 [7]. - Recent analyst actions include a lowered target to $18.00 by Keefe, Bruyette & Woods, while Maxim Group initiated coverage with a Buy rating and a target of $22.00 [7].

Market Performance - U.S. stocks have experienced three consecutive down days, with the market closing lower [1] - The Russell 2000 index fell nearly 2%, finishing down 1.8%, marking the worst performance among major U.S. equity benchmarks [2] - Other indices also declined, with the Nasdaq down 1.59%, S&P 500 down 1.23%, and Dow down 1.2% [2] Company Earnings - Amazon reported disappointing earnings, indicating a significant increase in capital expenditures for the year, similar to trends seen in Microsoft and Alphabet [3] - Following the earnings report, Amazon's stock dropped more than 10% in after-hours trading [3] Cryptocurrency Market - Bitcoin has seen a drastic decline, losing 25% of its value over the past week and dropping 13% in the last 24 hours, settling around $63,000 [4] - Ethereum has also fallen below the $2,000 support level, currently at $1,847 [4] - Publicly traded treasury companies and bitcoin miners are facing severe challenges, with Strategy reporting a $12.4 billion quarterly loss in Q4 [5] Commodity Market - Silver prices have crashed over 19%, currently trading at $72 [6]

Group 1 - HIVE mined 297 Bitcoin in January, a 191% increase compared to the same month last year [1] - The company's hashrate peaked at 23.7 EH/s and averaged 22.2 EH/s, representing a 290% year-over-year increase [1] - Fleet efficiency improved to 17.5 J/TH [1] Group 2 - HIVE's operations in North America remained stable during Winter Storm Fern, which temporarily affected about 8% of Bitcoin's hashrate [2] - The company realized approximately $7.4 million from the cashless exercise of 480 Bitcoin options at an average value of $102,000 per coin [3] - Funds from the options exercise were allocated to purchase 2,667 Bitmain S21 XP miners for the Yguazú facility in Paraguay [3] Group 3 - The deployment of new miners is expected to increase HIVE's installed hashrate to 25.5 EH/s and improve fleet efficiency to 17 J/TH [3] - HIVE currently operates 440 MW of power and has contracted an additional 100 MW for deployment in Q3 2026, targeting a total of 540 MW [4]

Core Insights - HIVE Digital Technologies Ltd. reported exceptional Bitcoin production results for January 2026, with a 290% year-over-year growth in hashrate and consistent performance across its data centers [1][8]. Production Highlights - Bitcoin produced in January 2026 was 297 BTC, representing a 191% increase year-over-year from 102 BTC in January 2025, despite a 30% increase in Bitcoin mining difficulty [8]. - The average daily production was 9.6 BTC, with an average hashrate of 22.2 Exahash per Second (EH/s), peaking at 23.7 EH/s, marking a 290% year-over-year increase from 5.7 EH/s in January 2025 [8]. - Fleet efficiency was recorded at 17.5 Joules per Terahash (J/TH), with a global Bitcoin network share sustained above 2% of the worldwide hashrate [8]. Operational Resilience - HIVE's geographically diversified operations allowed it to maintain steady performance during severe cold fronts in January, while other parts of the global mining network faced curtailments [3][4]. - The company has a total operational capacity of 440 megawatts (MW) of renewable-powered energy, with an additional 100 MW scheduled for deployment in Q3 2026, bringing the total to 540 MW [10]. Strategic Execution - HIVE realized approximately $7.4 million through cashless exercises of 480 BTC tied to its 2025 Bitcoin pledge, preserving treasury flexibility and extending remaining pledge redemption timelines [6][7]. - The company has applied certain proceeds from cashless exercises towards the purchase of 2,667 Bitmain S21 XP ASIC miners, which are expected to enhance operational efficiency and lower costs [9]. Management Commentary - Management emphasized the strength of their disciplined execution and operational performance, which reflects years of investment in renewable energy and high-efficiency hardware [11]. - The company aims to expand further into AI and high-performance computing infrastructure, leveraging its operational success as a foundation for growth [11]. Company Overview - Founded in 2017, HIVE Digital Technologies Ltd. is the first publicly listed company to mine digital assets powered by green energy, operating next-generation data centers across Canada, Sweden, and Paraguay [12]. - The company focuses on scalable, environmentally responsible solutions for the digital economy, driven by Bitcoin mining and GPU-accelerated AI computing [12].

The price of Bitcoin hit its lowest price in over a year on Wednesday, dragging the price of top crypto stocks with it. Bitcoin was recently trading at around $73,013 after dipping by more than 3% over a 24-hour period, according to CoinGecko data. It dropped under $72,000 earlier on Wednesday — its lowest price since November 2024. Over the past week, the leading digital asset has shed nearly 19% of its value. The drop comes as markets across the board sell-off and market observers are divided on wheth ...

Core Viewpoint - Bitdeer Technologies Group is set to announce its fourth quarter 2025 earnings results on February 12, 2026, highlighting its ongoing commitment to Bitcoin mining and AI infrastructure solutions [1][2]. Group 1: Earnings Conference Call - The earnings conference call is scheduled for February 12, 2026, at 8:00 AM EST, where management will discuss unaudited financial and operational results for the quarter ended December 31, 2025 [1]. - The fourth quarter results will be released prior to the call at approximately 7:00 AM EST on the same day [2]. - A live and archived webcast of the conference call will be available on the Investors section of Bitdeer's website [5]. Group 2: Participation Information - Participants wishing to join the conference call by phone must register using the provided Participant Call Registration link, after which they will receive an email with access details [4]. - The company encourages participants to connect about 5 minutes before the scheduled start time to ensure a timely beginning [4]. Group 3: Company Overview - Bitdeer is a leading technology company specializing in Bitcoin mining and AI infrastructure, providing comprehensive solutions including equipment procurement, logistics, datacenter design, and daily operations [6]. - The company is headquartered in Singapore and has deployed datacenters in the United States, Norway, and Bhutan [6].

Market Overview - Bitcoin fell below $73,000 on February 4, 2026, marking a significant decline from its all-time high of over $125,500 in October 2025, representing a roughly 40% drop in four months [2][7] - Large holders sold more than 50,000 BTC in the past two weeks, contributing to persistent selling pressure despite retail investors attempting to buy the dip [2] Mining Sector Impact - Bitcoin mining companies experienced severe losses, with stocks like Marathon Digital Holdings trading around $8.09 and Riot Platforms at approximately $13.52, both reflecting drops of over 10% in a single session [3] - Mining profitability has reached a 14-month low due to declining Bitcoin prices and increased network difficulty, leading to a decrease in the hashrate on the Bitcoin network [4][7] Broader Crypto Market Effects - Other companies exposed to cryptocurrency, such as Strategy (formerly MicroStrategy), also faced challenges, with MSTR stock hitting a 52-week low and unrealized gains on its Bitcoin treasury falling below 10% [5] - The decline in Bitcoin prices coincided with a broader selloff in tech stocks, particularly affecting software companies, which has historically correlated with Bitcoin's performance [6] Future Outlook - The ongoing pressure on Bitcoin prices and mining profits suggests that the mining sector will continue to face challenges until there is an adjustment in network difficulty or stabilization of prices above profitable levels for operators [7]

Core Insights - J.P. Morgan updated financial models for North American Bitcoin miners, adjusting price targets based on network difficulty and cryptocurrency price fluctuations [1] Group 1: Bitcoin Mining Revenue Projections - Analysts project a modest decline in bitcoin mining revenue for Q4 2025, with estimates for mined bitcoin increasing by a low single-digit percentage due to slower network hashrate growth, while lower realized bitcoin prices offset production gains [2] Group 2: Company Ratings and Price Targets - Cipher Mining (NASDAQ: CIFR) received an overweight rating with an $18 price target, reflecting its power pipeline and pivot toward AI/HPC, alongside a $2 billion debt offering and a 200-megawatt site acquisition in Ohio expected to come online in late 2027 [3] - CleanSpark (NASDAQ: CLSK) holds an overweight rating with a $14 price target, emphasizing its acquisition strategy, including two sites in Texas and ongoing negotiations for potential AI/HPC tenants [4] - Riot Platforms (NASDAQ: RIOT) maintains an overweight rating with a $20 price target, focusing on the capacity potential at its 1 GW Corsicana facility, assuming 600 megawatts of colocation deals by late 2026 [5] - Marathon Digital Holdings (NASDAQ: MARA) is rated overweight with a $13 price target, reflecting its revised year-end 2025 hashrate goal of 75 EH/s [5] - Iris Energy (NASDAQ: IREN) holds an underweight rating with a $39 price target, as the current valuation of approximately $54 is viewed as stretched, factoring in undeveloped site deals that have not materialized [6] Group 3: Regulatory Considerations - J.P. Morgan highlighted an ERCOT proposal that could impact bitcoin miners in Texas, with an interconnection backlog exceeding 250 gigawatts and proposed rules including a "use it or lose it" clause subject to annual reviews, to be presented to state regulators on February 20 [7] - Investors are advised to monitor management commentary from CleanSpark and IREN regarding the ERCOT rule during their earnings report on February 5 [7]

Group 1: Market Performance - Bitcoin mining stocks started 2026 positively, with a combined market capitalization of $60 billion, reflecting a 23% month-over-month increase, significantly outperforming the S&P 500's 1% gain [1] - Stock performance was generally favorable, with 12 out of 14 miners tracked outperforming Bitcoin's 4% decline in January, including IREN rising 42% and CANG falling 18 [7] Group 2: Industry Dynamics - The rally was supported by Riot Platforms signing a high-performance computing (HPC) agreement with AMD, indicating a shift for miners to diversify beyond Bitcoin and repurpose mining sites into AI-ready data centers [2] - Bitcoin miners are facing record-low margins post-2024 halving and are transitioning to digital infrastructure providers to seek more stable, long-term revenue [2] Group 3: Operational Metrics - January saw a 6% month-over-month decline in the average network hashrate to 981 exahashes per second (EH/s), with a brief dip to 700 EH/s, while mining difficulty decreased by 5% from December [4][5] - Miners earned approximately $42,350 per EH/s in daily block reward revenue in January, a slight increase from December, with gross profit rising 24% to around $21,200 per EH/s due to improved network efficiency [6] Group 4: Valuation Insights - Mining stocks are currently trading at about 150% of the four-year block reward opportunity at year-end, which is approximately three times the post-2022 average, indicating a disconnect between miner valuations and Bitcoin's price [3]