Bitcoin miner HIVE’s $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.

The figures remain management estimates and could change as the reporting process is completed.

That leaves three distinct financial markers: a $79 million revenue estimate, SEK 765.6 million of assessed exposure, and an accounting accrual that HIVE has not yet determined.