v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Revenues, net        
Bitcoin mining revenue, net $ 181,712 $ 111,799 $ 344,018 $ 185,585
Costs and expenses        
Cost of revenues (exclusive of depreciation and amortization shown below) 85,424 34,298 155,714 63,194
Professional fees 2,983 2,208 6,868 3,780
Payroll expenses 15,255 16,820 36,124 32,141
General and administrative expenses 11,736 6,819 21,790 11,822
(Gain) loss on disposal of assets (2,230) 1,652 (3,021) 2,329
Loss (gain) on fair value of bitcoin (see Note 2 and Note 4) 127,667 (119,702) (90,539) (155,743)
Impairment expense - other 0 396 0 396
Depreciation and amortization 78,901 32,187 145,130 62,034
Total costs and expenses 319,736 (25,322) 272,066 19,953
(Loss) income from operations (138,024) 137,121 71,952 165,632
Other (expense) income        
Gain on bitcoin collateral 0 0 42,493 0
Loss on derivative securities (4,741) (949) (1,119) (2,192)
Interest income 2,014 2,684 3,490 3,270
Interest expense (1,267) (526) (2,826) (1,072)
Other income 183 0 183 0
Total other (expense) income (3,811) 1,209 42,221 6
(Loss) income before income tax (benefit) expense (141,835) 138,330 114,173 165,638
Income tax (benefit) expense (3,043) 11,595 6,174 12,994
Net (loss) income (138,792) 126,735 107,999 152,644
Preferred stock dividends 0 2,842 5,141 3,421
Net (loss) income attributable to common shareholders (138,792) 123,893 102,858 149,223
Other comprehensive income 2,946 29 2,978 58
Total comprehensive (loss) income attributable to common shareholders $ (135,846) $ 123,922 $ 105,836 $ 149,281
(Loss) income from operations per common share - basic $ (0.49) $ 0.59 $ 0.36 $ 0.77
Weighted average common shares outstanding - basic 280,853,882 209,287,089 282,722,198 193,964,904
(Loss) income from operations per common share - diluted $ (0.49) $ 0.58 $ 0.34 $ 0.76
Weighted average common shares outstanding - diluted 280,853,882 212,099,068 308,336,536 196,903,594