v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ (84,756) $ 24,609
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation 87,166 37,192
Amortization of intangible assets 388 303
Amortization of operating right-of-use asset 765 565
Share-based compensation 19,625 21,654
Equity in losses (gains) of equity investees 6,993 (161)
Loss on disposal of assets 633 0
Non-cash lease expense 570 762
Other operating activities 0 (1,839)
Income taxes (863) 5,371
Non-cash consideration received for services (91,544) (85,281)
Change in fair value of derivative asset 8,150 (29,339)
Change in fair value of warrant liability 0 (250)
Change in fair value of bitcoin collateral (5,731) 0
Change in fair value of bitcoin loan 782 0
Unrealized loss (gains) on fair value of bitcoin 3,035 (19,378)
Realized gains on sale of bitcoin (8,557) (4,869)
Changes in assets and liabilities:    
Accounts receivable (979) 336
Receivables, related party 1,841 69
Prepaid expenses and other current assets 4,791 71
Security deposits 5,988 1,609
Other non-current assets (728) (203)
Accounts payable (11,440) (47)
Accounts payable, related party 0 (2,745)
Accrued expenses and other liabilities (39,047) 0
Lease liabilities (537) (417)
Net cash used in operating activities (103,455) (51,988)
Cash flows from investing activities    
Proceeds from sale of bitcoin 121,352 10,334
Deposits on equipment (162,378) (35,748)
Purchases of property and equipment (55,867) (15,766)
Purchases and development of software (735) (698)
Investment in equity investees (12,842) (20,435)
Net cash used in provided by investing activities (110,470) (62,313)
Cash flows from financing activities    
Proceeds from treasury stock reissued for PIPE investment 50,000 0
Proceeds from the issuance of common stock 86,798 163,276
Offering costs paid for the issuance of common stock (1,133) (2,868)
Proceeds from issuance of convertible notes, net of issuance costs 167,113 0
Repurchase of common shares to pay employee withholding taxes (4,317) (7,237)
Principal payments on loan (25,000) 0
Principal payments on financing lease (2,417) (2,418)
Net cash provided by financing activities 271,044 150,753
Net increase in cash, cash equivalents, and restricted cash 57,119 36,452
Cash, cash equivalents, and restricted cash, beginning of the period 19,977 86,105
Cash and cash equivalents, and restricted cash, end of the period 77,096 122,557
Supplemental disclosure of noncash investing and financing activities    
Bitcoin transferred for rehypothecated collateral 31,720 0
Bitcoin loan payments 26,987 0
Bitcoin received as a loan 16,551 0
Bitcoin received from equity investees 13,857 5,907
Initial estimate of asset retirement obligation and related capitalized costs 10,743 0
Bitcoin purchase option 8,820 0
Reclassification of deposits on equipment to property and equipment 7,480 13,799
Property and equipment purchases in accounts payable and accrued expenses 3,676 0
Sales tax accrual on machines placed in service 2,132 0
Treasury stock reissued for PIPE investment 10 0
Settlement of related party payable related to master services and supply agreement 0 1,554
Right-of-use asset obtained in exchange for finance lease liability $ 0 $ 3,414