HIVE Digital Technologies booked an $84.7 million non-cash tax provision tied to a contested Swedish VAT liability after adverse court rulings changed its accounting assessment. This provision exceeded quarterly revenue of $79.1 million and represented 40.7% of the company’s $208 million cash balance. Despite receiving 1,004 BTC during the quarter, HIVE posted a GAAP net loss of $142.9 million. The company filed for leave to appeal to the Supreme Administrative Court on July 20, although its Swedish counsel assessed the prospect of a favorable outcome as remote, while interest continues to accrue.
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