Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Financial Instruments [Abstract] |
|
| Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy |
The following table presents the fair values of
the Company’s financial instruments and their level within the fair value hierarchy:
| | |
| |
As of December 31, | | |
As of December 31, | |
| Measurement | |
2025 | | |
2024 | |
| | |
| |
| | |
| |
| Financial assets at amortized cost | |
| |
| | |
| |
| Cash | |
Level 1 | |
| 573,462 | | |
| 59,542 | |
| Restricted cash | |
Level 1 | |
| 57,500 | | |
| — | |
| Accounts receivable, net | |
Level 2 | |
| 5,471 | | |
| 1,259 | |
| Other receivables | |
Level 2 | |
| 1,405 | | |
| 1,177 | |
| Security deposits for energy | |
Level 2 | |
| 5,157 | | |
| 7,740 | |
| Refundable Hosting Deposits | |
Level 2 | |
| — | | |
| 14,216 | |
| Other refundable deposits | |
Level 3 | |
| 350 | | |
| — | |
| Financial assets at fair value through profit and loss | |
| |
| | | |
| | |
| Derivative assets | |
Level 2 | |
| 7,487 | | |
| 3,418 | |
| Total fair value of financial assets | |
| |
| 650,832 | | |
| 87,352 | |
| | |
| |
| | | |
| | |
| Financial liabilities at amortized cost | |
| |
| | | |
| | |
| Accounts payable and accrued expenses | |
Level 2 | |
| 34,974 | | |
| 22,056 | |
| Long-term debt* | |
Level 2 | |
| 699,657 | | |
| 1,576 | |
| | |
| |
| | | |
| | |
| Financial liabilities at fair value through profit and loss | |
| |
| | | |
| | |
| Derivative liabilities | |
Level 2 | |
| 2,922 | | |
| 128 | |
| Total fair value of financial liabilities | |
| |
| 737,553 | | |
| 23,760 | |
| | |
| |
| | | |
| | |
| Net fair value | |
| |
| (86,721 | ) | |
| 63,592 | |
|
| Schedule of Movement in the Refundable Deposits |
The following table details
the movement in the refundable deposits:
| | |
Panther Creek | | |
Scrubgrass | | |
Refundable Hosting Deposits | | |
Security deposits for energy | | |
Other | | |
Total | |
| Balance as of January 1, 2024 | |
| — | | |
| — | | |
| — | | |
| 277 | | |
| — | | |
| 277 | |
| Additions | |
| 7,800 | | |
| 7,800 | | |
| 15,600 | | |
| 9,034 | | |
| — | | |
| 24,634 | |
| Initial loss on recognition | |
| (675 | ) | |
| (258 | ) | |
| (933 | ) | |
| (1,571 | ) | |
| — | | |
| (2,504 | ) |
| Fair value at initial recognition | |
| 7,125 | | |
| 7,542 | | |
| 14,667 | | |
| 7,740 | | |
| — | | |
| 22,407 | |
| Interest income | |
| 261 | | |
| 103 | | |
| 364 | | |
| — | | |
| — | | |
| 364 | |
| CECLs | |
| (409 | ) | |
| (406 | ) | |
| (815 | ) | |
| — | | |
| — | | |
| (815 | ) |
| Balance as of December 31, 2024 before reclassification to assets “held for sale” | |
| 6,977 | | |
| 7,239 | | |
| 14,216 | | |
| 7,740 | | |
| — | | |
| 21,956 | |
| Balance as of December 31, 2024 presented as non-current assets “held for sale” | |
| — | | |
| — | | |
| — | | |
| (7,740 | ) | |
| — | | |
| (7,740 | ) |
| Balance as of December 31, 2024 | |
| 6,977 | | |
| 7,239 | | |
| 14,216 | | |
| — | | |
| — | | |
| 14,216 | |
| Addition from business combination | |
| — | | |
| — | | |
| — | | |
| — | | |
| 350 | | |
| 350 | |
| Interest Income | |
| 187 | | |
| 126 | | |
| 313 | | |
| 226 | | |
| — | | |
| 539 | |
| Gain on settlement | |
| 603 | | |
| 342 | | |
| 945 | | |
| — | | |
| — | | |
| 945 | |
| Derecognition | |
| (7,767 | ) | |
| (7,707 | ) | |
| (15,474 | ) | |
| (2,809 | ) | |
| — | | |
| (18,283 | ) |
| Balance as of December 31, 2025 before reclassification to assets “held for sale” | |
| — | | |
| — | | |
| — | | |
| 5,157 | | |
| 350 | | |
| 5,507 | |
| Balance as of December 31, 2025 presented as non-current assets “held for sale” | |
| — | | |
| — | | |
| — | | |
| (5,157 | ) | |
| — | | |
| (5,157 | ) |
| Balance as of December 31, 2025 | |
| — | | |
| — | | |
| — | | |
| — | | |
| 350 | | |
| 350 | |
|
| Schedule of Amounts Denominated in Consolidated Balance Sheets |
Amounts denominated in CAD and ARS included in
the consolidated balance sheets, presented in thousands of USD, are as follows:
| | |
As of December 31, | | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| | |
CAD | | |
ARS | | |
CAD | | |
ARS | |
| Cash | |
| 9,278 | | |
| 14,203 | | |
| 5,362 | | |
| 1,983 | |
| Accounts receivable, net | |
| 127 | | |
| — | | |
| 1,259 | | |
| — | |
| Accounts payable and accrued expenses | |
| — | | |
| — | | |
| (5,341 | ) | |
| (1,391 | ) |
| Long-term debt | |
| (1,704 | ) | |
| — | | |
| (1,576 | ) | |
| — | |
| | |
| 7,701 | | |
| 14,203 | | |
| (296 | ) | |
| 592 | |
|
| Schedule of Future Minimum Lease Payments Required under Non-Cancellable Leases |
The following table presents the future principal
capital payment of long-term debt and the future minimum lease payments required under non-cancellable leases as of December 31,
2025:
| | |
2026 | | |
2027 | | |
2028 | | |
2029 | | |
2030 + | | |
Total | |
| Long-term debt* | |
| 607 | | |
| 100,585 | | |
| 592 | | |
| 482 | | |
| 591,018 | | |
| 693,284 | |
| Lease liabilities | |
| 3,359 | | |
| 3,758 | | |
| 3,769 | | |
| 3,673 | | |
| 13,337 | | |
| 27,896 | |
| | |
| 3,966 | | |
| 104,343 | | |
| 4,361 | | |
| 4,155 | | |
| 604,355 | | |
| 721,180 | |
|