v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 62,704 $ 5,585
Prepaid expenses and other current assets 7,417 3,387
Bitcoin 112,089 92,651
Receivable for bitcoin collateral 0 32,248
Derivative asset 35,629 31,648
Total current assets 219,663 168,205
Restricted cash 14,392 14,392
Property and equipment, net 473,887 480,865
Deposits on equipment 183,028 38,872
Intangible assets, net 9,229 8,881
Investment in equity investees 45,901 53,908
Derivative asset 41,891 54,022
Operating lease right-of-use asset 12,288 12,561
Security deposits 13,794 19,782
Other noncurrent assets 4,686 3,958
Total assets 1,018,759 855,446
Current liabilities    
Accounts payable 14,871 22,699
Accrued expenses and other current liabilities 30,180 69,824
Finance lease liability, current portion 4,011 3,798
Operating lease liability, current portion 3,444 3,127
Short-term borrowings 0 32,330
Total current liabilities 52,506 131,778
Long-term borrowings, net 167,113 0
Asset retirement obligations 32,110 20,282
Finance lease liability 5,270 7,331
Operating lease liability 9,450 9,833
Deferred tax liability 3,406 4,269
Total liabilities 269,855 173,493
Commitments and contingencies (Note 13)
Stockholders’ equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2025, and December 31, 2024 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 388,123,588 and 361,432,449 shares issued as of June 30, 2025 and December 31, 2024, respectively, and 386,758,546 and 350,783,817 shares outstanding as of June 30, 2025, and December 31, 2024, respectively 388 361
Additional paid-in capital 1,014,686 863,015
Accumulated deficit (266,168) (181,412)
Treasury stock, at par, 1,365,042 and 10,648,632 shares at June 30, 2025 and December 31, 2024, respectively (2) (11)
Total stockholders’ equity 748,904 681,953
Total liabilities and stockholders’ equity 1,018,759 855,446
Nonrelated Party    
Current assets    
Accounts receivable 1,575 596
Related Party    
Current assets    
Accounts receivable $ 249 $ 2,090