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. Related Reading
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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. HIVE expects quarterly revenue near $79 million, up 73%, while warning of higher losses and unresolved Swedish VAT accruals. The missing charge sits below the revenue line HIVE expects operating and net losses to increase significantly from the prior-year quarter, primarily due to a potential VAT-related charge, but said it cannot yet provide reasonable estimates for either loss. The comparable quarter produced $35 million of GAAP net income and carried no such charge, according to HIVE's prior-year results. Related Reading
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HIVE's fiscal 2026 annual filing disclosed Swedish VAT assessments totaling SEK 765.6 million, then approximately $80.5 million, while management said at the time that the amount claimed as owed was not probable. That assessed total is not a proxy for any potential accrual: the Aug. 11 notice says HIVE still cannot determine the accounting amount. HIVE said an accrual would be noncash when recognized and would not, by itself, represent a current payment. Its ultimate financial impact will depend on how the proceedings are resolved and may differ from the amount booked. Related Reading
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The completed 10-Q should therefore answer the question the revenue estimate cannot: how much the Swedish VAT accounting decision weighs on reported earnings. Until then, HIVE's $79 million top-line estimate remains preliminary, its expected operating and net losses remain unquantified, and the potential charge is still unpriced. The post Bitcoin miner HIVE’s $79M quarter runs into an $80M Swedish tax problem appeared first on CryptoSlate.