Bitcoin miner HIVE’s $79M quarter runs into an $80M Swedish tax problem
HIVE Digital Technologies missed the Aug. 10 deadline for its quarter ended June 30 Form 10-Q because of unresolved accounting and disclosure issues tied to disputed Swedish VAT assessments. It expects to file within the Rule 12b-25 extension period. Preliminary revenue is about $79 million, up roughly 73% from $45.6 million a year earlier, driven by higher Bitcoin production from increased hashrate and initial revenue from a high-performance computing contract. However, HIVE has not yet determined the size of any noncash accrual related to the VAT case, so expected operating and net losses cannot yet be reasonably estimated. The company disclosed Swedish VAT assessments totaling SEK 765.6 million, but said that figure is not the same as any eventual accounting charge.
