v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue - bitcoin mining $ 43,565 $ 36,808 $ 92,524 $ 84,945
Costs and operating (expenses) income        
Cost of revenue (15,330) (14,281) (30,224) (29,101)
Compensation and benefits (15,659) (16,285) (29,962) (29,321)
General and administrative (9,078) (8,365) (18,029) (14,442)
Depreciation and amortization (44,086) (20,251) (87,553) (37,495)
Change in fair value of derivative asset (15,480) 21,980 (8,150) 29,339
Power sales 1,376 1,109 2,367 2,282
Equity in (losses) income of equity investees (1,701) (577) (6,993) 161
Unrealized gains (losses) on fair value of bitcoin 17,143 (21,178) (3,035) 19,378
Realized (losses) gains on sale of bitcoin (3,639) 4,869 8,557 4,869
Other operating losses (2,354) 0 (2,833) 0
Total costs and operating expenses (88,808) (52,979) (175,855) (54,330)
Operating (loss) income (45,243) (16,171) (83,331) 30,615
Other income (expense)        
Interest income 296 1,053 486 1,839
Interest expense (1,137) (372) (1,914) (772)
Change in fair value of warrant liability 0 0 0 250
Other income (expense) 1,220 727 1,064 (1,231)
Total other income (expense) 379 1,408 (364) 86
(Loss) income before taxes (44,864) (14,763) (83,695) 30,701
Current income tax expense (1,145) (335) (1,924) (721)
Deferred income tax benefit (expense) 228 (193) 863 (5,371)
Total income tax expense (917) (528) (1,061) (6,092)
Net (loss) income $ (45,781) $ (15,291) $ (84,756) $ 24,609
(Loss) income per share - basic (in dollars per share) $ (0.12) $ (0.05) $ (0.23) $ 0.08
(Loss) income per share - diluted (in dollars per share) $ (0.12) $ (0.05) $ (0.23) $ 0.08
Weighted average shares outstanding - basic (in shares) 375,052,248 314,353,742 367,823,593 305,497,621
Weighted average shares outstanding - diluted (in shares) 375,052,248 314,353,742 367,823,593 316,652,300