| ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS |
NOTE 18:
ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS
Disaggregated
revenues
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Cryptocurrency Mining | |
| 29,893 | | |
| 45,894 | |
| Cryptocurrency Hosting | |
| 691 | | |
| 343 | |
| Electrical services | |
| 537 | | |
| 1,094 | |
| Energy sales | |
| 5,871 | | |
| 320 | |
| | |
| 36,992 | | |
| 47,651 | |
Cost of
revenues
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Energy expenses | |
(21,114 | ) | |
(16,000 | ) |
| Depreciation and amortization | |
(27,694 | ) | |
(18,448 | ) |
| Hosting expenses | |
— | | |
(7,735 | ) |
| Infrastructure expenses | |
(13,942 | ) | |
(4,315 | ) |
| Electrical components and salaries | |
(547 | ) | |
(877 | ) |
| | |
(63,297 | ) | |
(47,375 | ) |
Inventories
During the three months ended March 31, 2026,
the cost of electrical component inventory and waste, limestone and fuel oil recognized as an expense and included in cost of revenues
was $11,206 (three months ended March 31, 2025: $678).
Energy costs are net of RECs and WTCs
During the three months ended March 31, 2026,
RECs amounted to $1,077, and the WTCs amounted to $804, (three months ended March 31, 2025: RECs and WTCs amounted to nil), all of
which offset energy expenses in the cost of revenues.
General and
administrative expenses
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Salaries and wages | |
(8,693 | ) | |
(5,397 | ) |
| Stock-based compensation | |
(2,706 | ) | |
(4,126 | ) |
| Professional services | |
(12,096 | ) | |
(5,339 | ) |
| Insurance, duties and other | |
(2,026 | ) | |
(2,135 | ) |
| Travel, motor vehicle and meals | |
(526 | ) | |
(332 | ) |
| Telecom hosting and telecommunications | |
(104 | ) | |
(174 | ) |
| Advertising and promotion | |
(686 | ) | |
(115 | ) |
| | |
(26,837 | ) | |
(17,618 | ) |
Other expenses
| | |
Three months ended March 31, | |
| | |
2026 | | |
2025 | |
| Credit loss expense on derivatives receivable | |
| (4,218 | ) | |
| — | |
| Amortization of transaction costs and debt discount | |
| (1,622 | ) | |
| — | |
| Loss on exchange rates | |
| (150 | ) | |
| (68 | ) |
| Other financial expenses | |
| (162 | ) | |
| (145 | ) |
| | |
| (6,152 | ) | |
| (213 | ) |
|