v3.26.3
Subsequent Events
6 Months Ended
Sep. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

29. Subsequent Events

Subsequent to the period ended September 30, 2026, BUZZ Alpha Cloud Inc., an indirect wholly owned subsidiary of the Company, entered into a Loan and Security Agreement with an institutional lender. The agreement provides a credit facility of approximately $128.9 million (the "Facility"). The Company will use the Facility to buy NVIDIA GB200 GPUs and related infrastructure for a three-year fixed-term customer contract.

The Facility has a fixed interest rate of 9.0% per year and a three-year term. Principal and interest are repaid over the life of the loan in equal monthly payments. At the end of the term, the Company will own the GPUs outright with no residual payment.

The Facility is secured by the GPUs and related assets of BUZZ Alpha Cloud Inc. BUZZ High Performance Computing Inc. (“BUZZ HPC”), the parent of BUZZ Alpha Cloud Inc., has given a limited recourse guarantee and has pledged its shares of BUZZ Alpha Cloud Inc. to the lender. BUZZ HPC is not otherwise liable under the Facility. The Facility includes customary terms and covenants, including a required debt-service coverage ratio.

After deducting a 1.5% agent fee and estimated escrow interest, the lender is depositing net proceeds of approximately $125.4 million into a third-party escrow account. The funds will be released to the equipment supplier when the equipment is accepted, and loan repayments will start at that time.

Subsequent to the period ended September 30, 2026, Buzz High Performance Computing Holdings AB (formerly Bikupa Holdings AB), a wholly owned subsidiary, completed a share purchase agreement with Bodens Utveckling AB.  Under the agreement, the Company purchased all shares of a newly formed Swedish Company that owns the Boden datacentre property and land.  The Company has leased and operated this data centre since 2018. The Company paid SEK 99.4 million (approximately US $10.1 million) in consideration for the acquisition.  With this acquisition, the Company now owns the Boden data centre, and the existing lease with Bodens Utvecklings AB has ended. The Company expects to account for the transaction as an asset acquisition.

Subsequent to the period ended September 30, 2026, the Company issued 125 common shares under the RSU plan upon the exercise of restricted share units.

Subsequent to the period ended September 30, 2026, the Company issued 751,937 November 2025 ATM Shares pursuant to the November 2025 ATM Equity Program for gross proceeds of $1.6 million.  The November 2025 ATM shares were sold at prevailing market prices for an average price per November 2025 ATM Share of $2.07 (C$2.91). Pursuant to the November 2025 Equity Distribution Agreement, a cash commission of $47 thousand on the aggregate gross proceeds raised was paid to the Agents in connection with its services under the November 2025 Equity Distribution Agreement.