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.HIVE’s $84.7 million Swedish VAT provision equals 40.7% of quarterly cash, alongside $142.9 million in GAAP net losses.Swedish tax provision: What HIVE booked and what ...