HIVE Misses Quarterly Filing Deadline Over Swedish Tax Issues

HIVE Digital Technologies has missed its deadline for filing its quarter-ended-June 30 Form 10-Q, citing accounting and disclosure issues related to contested Swedish value-added tax (VAT) assessments.

The company expects to file within the Rule 12b-25 extension period and has attributed the delay to recent developments in the Swedish proceedings that have increased the probability of a noncash accrual. HIVE needs more time to determine the accounting amount and complete related financial statements and disclosures.

Preliminary revenue for the quarter is expected to reach approximately $79 million, up 73% from $45.6 million in the same period last year, mainly due to increased Bitcoin rewards and a new high-performance computing contract.

HIVE expects operating and net losses to increase significantly from the prior-year quarter, primarily due to a potential VAT-related charge, but has not yet provided reasonable estimates for either loss.