v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from (used in) operating activities      
Net loss $ (284,544) $ (28,365) $ (55,511)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 122,630 135,424 84,323
Impairment of long-lived assets and deposits 101,843 3,628 12,586
Total other expense (income) 58,969 (21,102) (8,846)
Digital assets earned and hosting revenue received in Bitcoin (262,931) (186,527) (141,306)
Stock-based compensation 14,984 12,681 10,915
Income tax expense (recovery) 833 (186) 2,232
Renewable energy credits earned (22,763)
(Gain) loss on disposition of assets and other (5,457) (691) 1,598
Digital assets exchanged for services 9,992 1,463
Realized gain on disposition of digital assets (28,219) (27,209) (7,713)
Asset retirement obligation accretion expense 222 270 214
Change in fair value of digital assets 50,522 (26,015) (7,558)
Interest income received 4,626 5,649 1,787
Interest expenses paid (1,259) (1,738) (13,923)
Income taxes (paid) received (427) (1,510) 11,590
Proceeds from disposition of renewable energy and waste tax credits 13,274
Changes in non-cash working capital components 1,111 (7,479) 2,725
Net change in cash related to operating activities (226,594) (141,707) (106,887)
Cash flows from (used in) investing activities      
Proceeds from sale of digital assets 171,091 152,135 129,309
Purchase of property, plant and equipment and intangible assets (100,297) (286,919) (48,436)
Proceeds from sale of property, plant and equipment and assets held for sale 34,565 5,460 3,111
Costs related to purchase and sale of assets held for sale (7,988)
Purchase of marketable securities (33,975) (22,375) (36,262)
Proceeds from disposition of marketable securities 33,962 24,688 48,507
Refundable Hosting Deposit (15,600)
Purchase of derivative assets and liabilities (154,443) (13,961)
Settlement of derivative assets and liabilities 172,915 31,120
Equipment and construction prepayments (20,164) (52,935) (22,869)
Proceeds from disposal of business 63,038
Acquisition of business (48,084)
Investment in equity securities (1,250)
Acquisition of assets (5,626) (2,394)
Net change in cash related to investing activities 103,744 (178,387) 70,966
Cash flows from (used in) financing activities      
Repayment of long-term debt (785) (4,141) (30,545)
Proceeds from long-term debt, net of transaction costs 666,469 1,695
Repayment of finance lease liabilities (820) (1,079) (2,458)
Lease incentive received 714
Issuance of common shares and warrants 72,747 289,534 109,074
Exercise of stock options and warrants 35,711 8,883 12,983
Purchase of capped calls (69,090)
Repurchase and cancellation of common shares (9,954)
Net change in cash related to financing activities 694,278 295,606 89,054
Net increase (decrease) in cash and restricted cash 571,428 (24,488) 53,133
Cash, beginning of the year 59,542 84,038 30,887
Exchange rates differences on currency translation (8) (8) 18
Cash and restricted cash, end of the year 630,962 59,542 84,038
Cash flows from (used in) discontinued operations $ 13,147 $ 2,131 $ (1,114)