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.
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.
