HIVE Books $84.7M Swedish Tax Provision Amid Ongoing Dispute

HIVE Digital Technologies booked an $84.7 million non-cash Swedish tax provision after adverse court rulings led to a change in its accounting assessment.

The company received 1,004 BTC during the quarter, but the provision helped drive a $142.9 million GAAP net loss.

The Swedish tax provision equaled about 40.7% of HIVE's $208 million cash balance and exceeded quarterly revenue of $79.1 million.

HIVE applied for leave to appeal to the Supreme Administrative Court, but its Swedish counsel assessed the prospect of a favorable outcome as remote.