HIVE's Q2 Revenue Soars Amid Swedish Tax Dispute

Bitcoin miner HIVE Digital Technologies has missed the August 10 deadline for its quarter-ended-June 30 Form 10-Q, citing accounting and disclosure issues related to contested Swedish value-added tax assessments. The firm expects to file within the Rule 12b-25 extension period.

In a late-filing notice on August 11, HIVE said recent developments in the Swedish proceedings increased the probability that it would record a noncash accrual, but the accounting amount and related financial statements are still undetermined. The company attributed the increase in revenue mainly to more Bitcoin rewards from its higher hashrate and the start of revenue recognition under a high-performance computing contract.

As a result, investors have a preliminary top-line figure, but no quantified view of expected losses due to the unresolved Swedish VAT accruals. HIVE expects quarterly revenue near $79 million, up 73% from $45.6 million a year earlier, but warned that operating and net losses would increase significantly from the prior-year quarter.