HIVE's $79M Quarter Delayed by Swedish Tax Woes
HIVE Digital Technologies, a prominent Bitcoin miner, has missed its deadline to file its Form 10-Q for the quarter-ended-June 30. The delay is due to accounting and disclosure issues related to contested Swedish value-added tax assessments.
The firm expects to file within the Rule 12b-25 extension period, citing recent developments in the Swedish proceedings that have increased the likelihood of a noncash accrual. HIVE's preliminary revenue for the quarter has climbed to approximately $79 million, up about 73% from $45.6 million in the same period last year.
The increase is mainly attributed to higher Bitcoin rewards from improved company hashrate and the start of revenue recognition under a previously announced high-performance computing contract. However, HIVE warns that its operating and net losses will likely increase significantly due to a potential VAT-related charge.