Bitcoin miner HIVE Digital Technologies missed its Aug. 10 deadline to file quarterly results, blaming unresolved Swedish value-added tax accounting. Preliminary revenue rose to about $79 million, but the company still cannot size the potential loss from a related noncash tax charge.
HIVE Digital Technologies missed the Aug. 10 deadline for its Form 10-Q covering the quarter ended June 30, even as preliminary revenue climbed to approximately $79 million. In an Aug. 11 late-filing notice, the company said the delay relates exclusively to accounting and disclosures for contested Swedish VAT assessments, and it expects to file within the Rule 12b-25 extension period.
Revenue jumps, but the tax question stays open
Revenue is preliminarily expected to rise about 73% from $45.6 million a year earlier. HIVE attributed the increase mainly to more Bitcoin rewards from higher company hashrate and the start of revenue recognition under a previously announced high-performance computing contract.
HIVE said recent developments in the Swedish proceedings increased the probability that it would record a noncash accrual, and that it needs more time to decide the accounting amount and finish the related financial statements.
A charge that could erase last year's profit
The comparable quarter produced $35 million of GAAP net income and carried no such charge. HIVE now expects operating and net losses to increase significantly from that prior-year quarter, primarily due to a potential VAT-related charge, though it said it cannot yet provide reasonable estimates for either loss.
That dispute traces to HIVE's fiscal 2026 annual filing, which disclosed Swedish VAT assessments totaling SEK 765.6 million, then approximately $80.5 million, while management said at the time the amount claimed as owed was not probable. HIVE said an accrual would be noncash when recognized and would not by itself represent a current payment; its ultimate financial impact will depend on how the proceedings are resolved and may differ from the amount booked.
Until the completed 10-Q arrives, HIVE's $79 million revenue estimate remains preliminary and the size of the Swedish tax charge stays unpriced.
Source: CryptoSlate
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