HIVE books $84.7 million Swedish VAT provision, topping $79.1 million quarterly revenue as Bitcoin output reaches 1,004 BTC
HIVE Digital Technologies recorded an $84.7 million noncash tax provision in Sweden after unfavorable court rulings prompted a change in its accounting assessment tied to disputed VAT exposure. The provision exceeded the company’s $79.1 million quarterly revenue and amounted to about 40.7% of its $208 million cash balance. HIVE received 1,004 BTC during the quarter, but the charge contributed to a $142.9 million GAAP net loss.