v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Operating activities    
Net income $ 3,164 $ 178,517
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 34,357 23,003
Amortization of operating right-of-use assets 1,261 577
Non-cash lease expense 1,226 804
Stock-based compensation 11,433 11,484
Equity in earnings of unconsolidated joint venture (2,429) (6,962)
Distributions of earnings from unconsolidated joint venture   11,000
Compute revenue related to Bitcoin mining (42,656) (44,269)
Hosting revenue earned in Bitcoin   (3,231)
Gains on digital assets (105,246) (202,732)
Deferred tax assets and liabilities 7,086 2,046
Non-cash income   (2,236)
Foreign exchange (gain) loss (3,123) 1,679
Amortization of debt discount 225 2,795
Loss (gain) on sale of property and equipment 2,142 (190)
Gain on derivatives (2,459) (17,219)
Gain on other financial liability (958)  
Paid-in-kind interest expense 13,613 6,056
Loss on discontinued operations   9,364
Asset contribution costs 22,780  
Changes in assets and liabilities:    
Accounts receivable, net (1,169) 213
Deposits and prepaid expenses (19,580) (527)
Equipment held for sale   3,907
Income taxes receivable (1,354) (1,706)
Accounts payable and accrued expenses 1,612 (10,763)
Deferred revenue (52) (2,146)
Operating lease liabilities (2,509) (1,574)
Deposit liability   (583)
Net cash used in operating activities (82,636) (42,693)
Investing activities    
Proceeds from sale of digital assets 3,732 53,138
Purchases of property and equipment (108,699) (17,029)
Proceeds from sale of property and equipment 4,383 4,209
Additions to intangible assets (896)  
Cash paid to acquire investment in Ionic   (6,378)
Cash acquired on Far North JV acquisition   1,052
Net cash (used in) provided by investing activities (101,480) 34,992
Financing activities    
Proceeds from loans payable   14,849
Proceeds from notes payable   150,000
Net proceeds from covered call options premium 810 20,844
Repayments of loans payable 0 (32,347)
Debt issuance costs paid   (500)
Principal payments on finance lease (970) (359)
Payment of withholding tax on vesting of restricted stock units   (40)
Proceeds from the issuance of common stock - stock option exercises 138 415
Proceeds from the issuance of common stock - at-the-market offering, net of issuance costs 112,011  
Proceeds from the issuance of Class A common stock - American Bitcoin Corp., net of issuance costs 205,275  
Proceeds from other financial liability 3,500  
Net cash provided by financing activities 320,764 152,862
Effect of exchange rate changes on cash, and restricted cash 69 (21)
Net increase in cash 136,717 145,140
Cash, beginning of period 85,635 30,957
Cash, and restricted cash, end of period 222,352 176,097
Supplemental cash flow information:    
Cash paid for interest 3,768 3,743
Cash paid for income taxes 106 1,235
Non-cash transactions    
Right-of-use assets obtained in exchange for operating lease liabilities 197  
Mining revenue in accounts receivable, net   219
Property and equipment in accounts payable and accrued expenses 85,814 2,345
Net (loss) attributable to non-controlling interests (259) (493)
Assets acquired net of liabilities assumed on Far North JV acquisition, net of cash   7,691
Additional plant and equipment assumed after sale leaseback agreement   832
Issuance of common stock - restricted stock unit settlements 4 9
Cash injected into Far North JV from wholly-owned subsidiary   $ 2,700
Issuance of warrants by subsidiary as finance lease payments 1,803  
Digital assets received for the issuance of Class A common stock by American Bitcoin Corp $ 10,000