HIVE Filings — Hive Digital Technologies Ltd. - FilingSpy
HIVE
Hive Digital Technologies Ltd.
A digital infrastructure company that runs renewable-energy-powered data centers for Bitcoin mining and high-performance computing for AI and graphics rendering, with facilities in Canada, Sweden, and Paraguay. Founded in 2017 as HIVE Blockchain Technologies — the first crypto miner on the TSX Venture Exchange — it was launched by Fiore Group and Genesis Mining and rebranded to HIVE Digital Technologies in 2023. The name 'HIVE' nods to the beehive metaphor for a decentralized network of machines.
HIVE Digital recorded an $84.7M Swedish VAT provision, driving a $142.9M net loss for the quarter.
A Swedish tax dispute turned into a probable loss this quarter. rose 73% to $79.1M as Bitcoin mined rose 147%, but a non-cash $84.7M VAT provision pushed the net loss to $142.9M. The company is now winding down Swedish mining to focus on AI infrastructure, funded by $234.7M in new debt.
Key takeaways
A of $84.7M was recorded for a probable loss in a Swedish Tax Authority dispute over input VAT recovery, following adverse court rulings against the company's Bikupa subsidiaries.
rose 73% to $79.1M, driven by a 147% increase in Bitcoin mined to 1,004 BTC after the Paraguay expansion, partially offset by a lower average Bitcoin price.
Gross loss widened to $29.5M from $6.2M a year ago, as a $31.7M increase in from the expanded ASIC fleet more than offset the $8.4M improvement in .
Cash and equivalents rose to $208.0M from $23.1M at year-end, primarily from $234.7M in net proceeds from two exchangeable senior note offerings.
The company is winding down ASIC operations in Sweden to reallocate capital toward AI and HPC infrastructure, while advancing data center projects in Canada and a 100 MW expansion in Paraguay.
High-performance computing hosting grew 47% to $7.1M, driven by a new two-year contract for liquid-cooled Nvidia B200 GPUs that began revenue recognition.
What changed
The Swedish VAT assessment, previously flagged as a risk, materialized into a probable loss this quarter with an $84.7M provision after adverse Court of Appeal rulings.
The HPC 's annualized run-rate target of $35M, flagged last filing, is progressing with a new B200 GPU contract that helped drive HPC up 47% to $7.1M this quarter.
The impact of a 14% electricity tariff increase in Paraguay, flagged as a watch item, was not called out as a material driver of the quarter's results, though the company is now planning a further 100 MW expansion there.
What to watch
Progress of the Swedish ASIC wind-down and any further developments in the VAT appeal process.
Deployment and contribution from the Nvidia B200 GPUs against the HPC 's growth trajectory.
Use of the $234.7M in note proceeds and the terms of any new debt or equity financing.
Bitcoin production levels and average mining cost per BTC as the Paraguay 100 MW expansion advances.
Section summaries
Management's Discussion and Analysis
Revenue rose 73% to $79.1M driven by hashrate expansion, but a net loss of $142.9M resulted from an $84.7M Swedish VAT provision.
⌄
Total increased 73% to $79.1M, with digital currency mining revenue up 77% to $72.1M due to a 147% increase in Bitcoin mined (1,004 BTC) following the Paraguay expansion, partially offset by a lower average Bitcoin price.
Cash and equivalents rose to $208.0M from $23.1M, a complete reversal of the prior year-end liquidity position, funded by $234.7M in exchangeable note offerings rather than the at-the-market equity raises used previously.
High-performance computing (HPC) hosting grew 47% to $7.1M, driven by a new two-year contract for liquid-cooled Nvidia B200 GPUs that commenced revenue recognition.
A of $84.7M was recorded for a probable loss from an ongoing Swedish Tax Authority dispute over recovery, following adverse Court of Appeal rulings against the Company's Bikupa subsidiaries.
increased to $24.2M from $15.8M, but gross loss widened to $29.5M from $6.2M due to a $31.7M increase in from the expanded ASIC fleet.
Cash and equivalents surged to $208.0M from $23.1M, primarily from $234.7M in net proceeds from two exchangeable senior note offerings, funding HPC expansion and general corporate purposes.
The Company is winding down ASIC operations in Sweden to reallocate capital toward AI/HPC infrastructure, while advancing multiple Tier-III data center projects in Canada and a 100 MW expansion in Paraguay.
Quantitative and Qualitative Disclosures About Market Risk
The company faces market risk from Bitcoin price volatility, foreign exchange fluctuations, and interest rate changes, with no derivative hedges in place.
⌄
As of June 30, 2026, the company held 190 Bitcoin with an aggregate of approximately $10.6 million, based on a per-Bitcoin price of $58,237.
Declines in Bitcoin's market value directly reduce the cash realizable upon sale, negatively impacting the company's liquidity.
The company incurs costs principally in Canadian dollars and other foreign currencies while selling cryptocurrencies in U.S. dollars, creating exchange rate risk.
Appreciation of non-U.S. dollar currencies against the U.S. dollar could increase the company's U.S.-dollar-denominated cost of mining.
The company is exposed to interest rate risk on interest-paying investments and any floating-rate credit facilities, and has not used to manage this risk.
For a description of material legal proceedings in which we are involved, see Note 16 to our Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report, which is incorporated herein by reference. We are not presently a party to any other le…
⌄
For a description of material legal proceedings in which we are involved, see Note 16 to our Unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report, which is incorporated herein by reference.
We are not presently a party to any other legal or regulatory proceedings that in the opinion of our management, if determined adversely to us, would individually or taken together have a material adverse effect on our business, financial condition, or results of operations. However, we are subject to regulatory oversight by numerous federal, state, provincial, local, and other regulators and we are, and we may become, subject to various legal proceedings, inquiries, investigations, and demand letters that arise in the course of our business. See "Risk Factors—Risks Related to Taxation" in the Annual Report.
As of the date of this Quarterly Report, there have been no material changes from the risk factors set forth in Part I, Item 1.A of the Annual Report. We are subject to various risks and uncertainties that could materially adversely affect our business, financial condition, resu…
⌄
As of the date of this Quarterly Report, there have been no material changes from the risk factors set forth in Part I, Item 1.A of the Annual Report. We are subject to various risks and uncertainties that could materially adversely affect our business, financial condition, results of operations, and the trading price of our common stock. You should carefully read and consider the risks and uncertainties included in the Annual Report, together with all of the other information in the Annual Report and this Quarterly Report, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," the consolidated financial statements and related notes contained herein, and other documents that we file with the SEC. The risks and uncertainties described in these reports may not be the only ones we face. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business, financial condition, or results of operations. The factors discussed in these reports, among others, could cause our actual results to differ materially from historical results and those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors, and oral statements.