HIVE’s $84.7 million Swedish tax provision eclipsed revenue even as Bitcoin output hit a record
HIVE Digital Technologies booked an $84.7 million non-cash Swedish tax provision after adverse court rulings forced it to reassess contested VAT exposure. The charge contributed to a $142.9 million GAAP net loss, alongside depreciation, share-based compensation and derivative revaluation losses. HIVE mined 1,004 BTC in the quarter and reported $72.1 million in crypto mining revenue, but the Swedish provision still exceeded quarterly revenue and equaled about 40.7% of its cash balance. The provision covers disputed input VAT, tax supplements and interest tied to Swedish Tax Agency decisions and later periods with the same facts. HIVE is appealing to Sweden’s Supreme Administrative Court, but its counsel sees the chance of success as remote. The filing does not show that an immediate payment is due or provide a payment timetable, so cash timing remains unclear while interest accrues.
