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HIVE misses 10-Q deadline as Swedish VAT cases cloud Bitcoin miner results
HIVE said it preliminarily expects about $79.0 million in quarterly revenue, but cannot yet quantify the noncash Swedish VAT accrual tied to assessed exposure of SEK 765.6 million.
Bitcoin miner HIVE Digital Technologies missed the Aug. 10 deadline for its quarter-ended June 30 Form 10-Q, and said the delay is tied to accounting and disclosures for contested Swedish value-added tax assessments, according to a late-filing notice covered by CryptoSlate.
HIVE indicated it will use the Rule 12b-25 extension period to complete the filing, after recent developments in the Swedish proceedings increased the probability it would record a noncash accrual. Until HIVE determines the accounting amount, investors have only a preliminary top-line revenue figure rather than quantified expected losses.
For the quarter, HIVE preliminarily expects revenue of approximately $79.0 million, up about 73% from $45.6 million a year earlier. The company attributed the increase to more Bitcoin rewards from higher company hashrate and the start of revenue recognition under a previously announced high-performance computing contract, and said the estimates could change as reporting is finalized.
HIVE said operating and net losses are expected to rise significantly from the prior-year quarter, primarily due to a potential VAT-related charge, but it cannot yet provide reasonable estimates for either loss. The company previously disclosed fiscal 2026 Swedish VAT assessments totaling SEK 765.6 million, then about $80.5 million, and noted that amount is not a direct proxy for any accrual because the accounting decision is still unresolved.
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