Bitcoin miner HIVEโs $79M quarter runs into an $80M Swedish tax problem
Bitcoin miner HIVE Digital Technologies missed the Aug. 10 deadline for its quarter-ended-June 30 Form 10-Q even as preliminary revenue climbed to approximately $79 million.
In an Aug. 11 late-filing notice, the firm said the delay relates exclusively to the accounting and disclosures for contested Swedish value-added tax assessments, and that it expects to file within the Rule 12b-25 extension period.
HIVE said recent developments in the Swedish proceedings increased the probability that it would record a noncash accrual. It needs more time to decide the accounting amount and finish the related financial statements and disclosures.
Until that amount is set, investors have a preliminary top-line figure but no quantified view of expected losses.
Revenue for the quarter is preliminarily expected to rise about 73% from $45.6 million a year earlier. HIVE attributed the increase mainly to more Bitcoin rewards from higher company hashrate and the start of revenue recognition under a previously announced high-performance computing contract.
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