v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from Operating Activities:    
Net (loss) income $ (347,188) $ 576,251
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 16,648 19,731
Loss on disposal of property, plant and equipment 13,638 6
Impairment of property, plant and equipment 266,488 0
Change in right-of-use assets 3,169 2,676
Stock-based compensation 17,761 16,185
Digital asset self-mining (30,119) (67,441)
Proceeds from sales of digital assets generated by self-mining revenues [1] 208,249 0
Decrease in fair value of digital assets 6,558 10,688
Change in fair value of contingent value rights (1,036) 12,816
Amortization of debt discount 1,675 1,732
Changes in operating assets and liabilities:    
Customer funding receivable and other current assets 10,107 (10,463)
Accounts payable 5,874 (14,295)
Accrued expenses (16,361) 2,712
Other noncurrent assets and liabilities, net (35,797) (4,098)
Net cash provided by (used in) operating activities 249,877 (45,041)
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (389,226) (83,980)
Proceeds from sales of property and equipment 2,629 0
Purchase of equity investments 0 (5,000)
Investments in intangible assets (55) (36)
Net cash used in investing activities (386,652) (89,016)
Cash flows from Financing Activities:    
Principal repayments of finance leases (1,095) (509)
Principal payments on debt 0 (3,955)
Taxes paid related to net share settlement of equity awards (21,722) 0
Proceeds from exercise of warrants 81 266
Proceeds from Debt, Net of Issuance Costs 995,000 0
Issuance costs for term loan facility (882) 0
Net cash provided by (used in) financing activities 971,382 (4,198)
Net increase (decrease) in cash, cash equivalents and restricted cash 834,607 (138,255)
Cash, cash equivalents and restricted cash—beginning of period 311,378 836,980
Cash, cash equivalents and restricted cash—end of period 1,145,985 698,725
Colocation revenue    
Changes in operating assets and liabilities:    
Deferred revenue from services 98,832 42,005
Digital asset hosted mining revenue from customers    
Changes in operating assets and liabilities:    
Deferred revenue from services (456) 734
Warrant liabilities    
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Change in fair value of warrant liabilities $ 31,835 $ (634,280)
[1] Proceeds from digital assets received as noncash revenue consideration liquidated upon management's discretion.