HIVE’s $84.7 million Swedish tax provision eclipsed revenue even as Bitcoin output hit a record

HIVE Digital Technologies booked an $84.7 million non-cash Swedish tax provision tied to contested VAT exposure after adverse court rulings led it to change its accounting assessment.

Despite receiving 1,004 BTC during the quarter, the provision helped drive a $142.9 million GAAP net loss. The current-liability label does not establish that an immediate cash payment is due, and HIVE’s filings do not disclose a payment timetable.

The Swedish tax provision exceeded HIVE’s $79.1 million quarterly revenue and equaled about 40.7% of its $208 million cash balance. At Bitcoin's intraday high of $65,058.61 on Aug. 18, the amount was equivalent to roughly 1,215 BTC, or 21.5% more than HIVE produced during the quarter.

HIVE reported $72.1 million of crypto mining revenue and 1,004 BTC received, up 147% from 406 BTC a year earlier. Its loss also reflected $53.7 million of depreciation, $7.1 million of share-based compensation and a $7.1 million derivative valuation change, so the full $142.9 million cannot be attributed to Sweden.

… Continue reading the full article at the original source below.