HIVE misses 10-Q deadline as quarterly revenue estimate rises 73%

HIVE Digital Technologies missed the Aug. 10 deadline to file its Form 10-Q for the quarter ended June 30, saying the delay relates to accounting treatment and disclosures tied to contested Swedish value-added tax, or VAT, assessments in Sweden. In an Aug. 11 late-filing notice, the company said it expects to file within the SEC's Rule 12b-25 extension period. HIVE preliminarily estimated quarterly revenue at about $79 million, up roughly 73% from $45.6 million a year earlier, driven mainly by higher Bitcoin rewards from increased company hashrate and the start of revenue recognition under a previously announced high-performance computing contract. The company said recent developments in the Swedish proceedings increased the likelihood of a noncash accrual, but it still cannot reasonably estimate the amount or quantify expected operating and net losses, which it said should increase significantly from the prior-year quarter.

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