HIVE’s $79M quarter delayed by $80M Swedish VAT dispute

HIVE Digital Technologies reported preliminary revenue of about $79 million for the quarter ended June 30 but missed the Aug. 10 Form 10‑Q deadline as it addresses contested Swedish value‑added tax assessments. The company filed a late‑filing notice on Aug. 11 and expects to submit the report within the Rule 12b‑25 extension period.

The late‑filing notice identifies SEK 765.6 million of assessed VAT exposure in Sweden. Recent developments in the Swedish proceedings have increased the likelihood that HIVE will record a noncash accrual, but the company needs more time to determine the accounting amount and complete the related financial statements and disclosures.

At the time of HIVE’s fiscal 2026 annual filing, SEK 765.6 million equated to roughly $80.5 million. The company cautioned that the assessed amount is not a proxy for any potential accrual. Any accrual, if recorded, would be noncash and would not represent an immediate payment; the ultimate financial effect will depend on how the Swedish matter is resolved and could differ from the assessed figure.

The preliminary $79 million revenue estimate represents an increase of about 73% from $45.6 million in the same quarter a year earlier. Management attributed the rise mainly to higher bitcoin rewards from increased company hashrate and the start of revenue recognition under a previously announced high‑performance computing contract. HIVE noted these numbers are management estimates and remain subject to change as reporting is completed.

HIVE warned that operating and net losses are likely to increase significantly from the prior‑year quarter, primarily because of the potential VAT‑related charge. The comparable quarter a year earlier produced $35 million of GAAP net income and did not include any VAT charge. The company said it cannot provide reasonable estimates for operating or net losses until the accounting amount for the assessment is determined.

Until the Form 10‑Q is finalized, investors will have three outstanding items: the roughly $79 million preliminary revenue, the SEK 765.6 million assessed VAT exposure, and an undetermined accounting accrual. The completed filing is expected to disclose HIVE’s accounting decision and quantify how the contested Swedish VAT assessment affects reported earnings.