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DE 41-4266374 120 Broadway Suite 1375 New York NY 10004 (929) 264-5151 Common Stock, $0.001 par value per share KEEL NASDAQ Yes Yes Accelerated Filer false false false 603828651 357277000 573462000 5357000 5471000 168481000 174726000 5559000 2460000 2825000 10807000 18478000 14054000 28664000 6800000 6317000 10410000 8676000 2287000 575646000 826465000 41075000 57500000 954000 348604000 358333000 10623000 11103000 2043000 2127000 81381000 31033000 3025000 2983000 1760000 5200000 1600000 1600000 1066711000 1296344000 53909000 46443000 4242000 97022000 1491000 1490000 302000 235000 2922000 59944000 148112000 573203000 572447000 9996000 10606000 1736000 1978000 65000 65000 2632000 2761000 647576000 735969000 602851137 602851137 601579999 601579999 1066009000 1064572000 110960000 108284000 -757834000 -612481000 419135000 560375000 1066711000 1296344000 36992000 47651000 63297000 47375000 -26305000 276000 26837000 17618000 -41449000 -23033000 -1810000 4977000 -1000 557000 1986000 -98388000 -34841000 3723000 802000 3600000 185000 -1564000 -3714000 -21596000 -6152000 -213000 -29189000 -3310000 -127577000 -38151000 -3000 222000 -127574000 -38373000 -17779000 -17180000 -145353000 -55553000 -0.21 -0.21 -0.08 -0.08 -0.03 -0.03 -0.03 -0.03 -0.24 -0.24 -0.11 -0.11 602578453 602578453 500163441 500163441 601579999 1064572000 108284000 -612481000 560375000 -145353000 -145353000 3664000 3664000 932275 744000 -744000 338863 693000 -244000 449000 602851137 1066009000 110960000 -757834000 419135000 479332885 837764000 101319000 -327937000 611146000 -55553000 -55553000 4268000 4268000 232000 232000 74311252 89864000 89864000 11477000 11477000 553644137 927628000 117296000 -383490000 661434000 -145353000 -55553000 27694000 28364000 15603000 18824000 29083000 2975000 35708000 64418000 3664000 4268000 1881000 318000 5586000 5179000 -1810000 4977000 571000 835000 41449000 23033000 2726000 411000 3582000 646000 -7000 78000 8598000 -9050000 28528000 -64687000 -18841000 4373000 37263000 10325000 43337000 1543000 2139000 967000 6540000 989000 6931000 30055000 1396000 28472000 51847000 4481000 32038000 48084000 -54838000 -25654000 113466000 15000 109000 25000 23608000 449000 -113126000 23568000 -232651000 -20927000 630962000 59542000 41000 -69000 398352000 38546000 621000 -1864000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1: ORGANIZATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keel Infrastructure Corp. (“Keel” or the “Company”) is a North American digital and energy infrastructure company that develops data centers and energy infrastructure to lease for high-performance computing (“HPC”) and artificial intelligence (“AI”) workloads. The Company, founded in 2017 and previously known as Bitfarms Ltd., finalized its redomiciliation from Canada to the United States (the “U.S. Redomiciliation Transaction”) and adopted the name Keel Infrastructure Corp. on April 1, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keel currently maintains its legacy Bitcoin Mining operations in the United States and Canada. As part of these operations, the Company owns and operates data centers housing specialized computers (referred to as “Miners”) designed for validating transactions on the Bitcoin Blockchain (referred to as “Mining”). Keel generally operates its Miners 24 hours per day to produce computational power (measured in hashrate) used to perform hashing calculations. The Company sells this hashrate to Mining Pool operators under a formula-derived rate commonly known in the industry as Full Pay Per Share (“FPPS”). Under FPPS, Mining Pool operators compensate Mining companies for their hashrate based on the expected value of the revenue that would be generated by that hashrate over a given period, regardless of the Mining Pool’s actual results during that period. This compensation may be paid in cryptocurrency, U.S. dollar, or another currency. Keel receives payments from Mining Pool operators in Bitcoin (as defined herein) on a daily basis and accumulates the Bitcoin it receives or exchanges it for U.S. dollar through reputable and established cryptocurrency trading platforms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: left; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms and definitions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: left; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In these financial statements, the terms below have the following definitions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Term</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Definition</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; text-align: left">1</td><td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVVE</span></td><td style="width: 1%; text-align: left"> </td> <td style="width: 84%; text-align: left">Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MW</span></td><td style="text-align: left"> </td> <td style="text-align: left">Megawatt</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BTC</span></td><td style="text-align: left"> </td> <td style="text-align: left">Bitcoin</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">4</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAD</span></td><td style="text-align: left"> </td> <td style="text-align: left">Canadian dollars</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">5</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">United States dollars</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In these financial statements, the terms below have the following definitions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Term</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Definition</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; text-align: left">1</td><td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVVE</span></td><td style="width: 1%; text-align: left"> </td> <td style="width: 84%; text-align: left">Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MW</span></td><td style="text-align: left"> </td> <td style="text-align: left">Megawatt</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">3</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BTC</span></td><td style="text-align: left"> </td> <td style="text-align: left">Bitcoin</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">4</td><td style="text-align: left"> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAD</span></td><td style="text-align: left"> </td> <td style="text-align: left">Canadian dollars</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">5</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">United States dollars</td></tr> </table> BVVE MW BTC CAD USD <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2: SIGNIFICANT ACCOUNTING POLICIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of presentation and principles of consolidation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities (“VIEs”) for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited condensed consolidated balance sheet as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026, and 2025. The consolidated balance sheet as of December 31, 2025, was derived from 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the “Annual Report”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adopted accounting pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU 2025-05, <i>Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets</i> (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-04, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments</i> (“ASU 2024-04”). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently issued accounting pronouncements not yet adopted</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For recently issued accounting pronouncements not yet adopted, refer to the Company’s audited annual consolidated financial statements in the Annual Report.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of presentation and principles of consolidation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities (“VIEs”) for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited condensed consolidated balance sheet as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026, and 2025. The consolidated balance sheet as of December 31, 2025, was derived from 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the “Annual Report”).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adopted accounting pronouncements</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the FASB issued ASU 2025-05, <i>Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets</i> (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-04, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments</i> (“ASU 2024-04”). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently issued accounting pronouncements not yet adopted</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For recently issued accounting pronouncements not yet adopted, refer to the Company’s audited annual consolidated financial statements in the Annual Report.</span></p> <p style="text-align: left; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">NOTE 3: BUSINESS COMBINATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 14, 2025 (the “Acquisition Date”), the Company acquired 100% of the issued share capital of Stronghold Digital Mining, Inc. (“Stronghold”) in a stock-for-stock merger transaction. Under the terms of the merger agreement, each Stronghold shareholder received 2.52 shares of Bitfarms for each Stronghold share they owned. A total of 59,866,609 common shares and 12,893,650 warrants were issued. In addition, the Company paid $51,060 on closing to retire Stronghold’s outstanding loans and other closing costs. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, <i>Business Combinations</i>. The fair value of the 59,866,609 shares issued as part of the consideration paid for Stronghold was based on the published share price on March 14, 2025 of $1.11 per share. Issuance costs of $196, which were directly attributable to the issuance of the shares, were netted against the deemed proceeds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of the business combination, the pre-existing hosting agreements between the Company and Stronghold were effectively settled. A gain of $945 was recognized on the settlement of the Refundable Hosting Deposits. Refer to Note 15 for more details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stronghold is a vertically integrated power generation and data center company focused on environmental remediation and reclamation services in Pennsylvania, United States. The Stronghold transaction is aligned with the Company’s strategic objectives to diversify its operations and expand its presence in the United States through vertical integration of power generation and energy arbitrage capabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of<br/> March 14,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Purchase consideration</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash paid through repayment of debts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">44,982</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Reimbursement of Stronghold’s acquisition-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,078</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Fair value of shares issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,452</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Fair value of warrants issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Fair value of replacement stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Settlement of Refundable Hosting Deposits</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">15,474</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Fair value of consideration transferred</td><td style="border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">144,695</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,976</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,095</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Short-term prepaid deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,732</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Other assets (current)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Rights to renewable energy credits and waste tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,269</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Operating and finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Other non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,488</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Current portion of long-term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(420</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Current portion of operating and finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(800</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(460</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Non-current operating and finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(756</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other non-current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Total net identifiable assets acquired</td><td style="border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">144,695</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total acquisition-related costs that were not directly attributable to the issuance of shares amounted to $7,081, of which $1,571 were incurred during the first quarter of 2025, and $5,510 were expensed during the year ended December 31, 2024. These amounts were included in general and administrative expenses in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the supplemental cash flow information:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Year ended<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cash outflow, net of cash acquired</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash consideration</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">51,060</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: cash balances acquired</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,976</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Net cash outflow related to investing activities</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">48,084</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> 1 2.52 59866609 12893650 51060000 59866609 1.11 196000 945000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of<br/> March 14,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Purchase consideration</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash paid through repayment of debts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">44,982</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Reimbursement of Stronghold’s acquisition-related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,078</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Fair value of shares issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,452</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Fair value of warrants issued</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Fair value of replacement stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Settlement of Refundable Hosting Deposits</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">15,474</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Fair value of consideration transferred</td><td style="border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">144,695</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net identifiable assets acquired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,976</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,095</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Short-term prepaid deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,732</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Other assets (current)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">118</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Rights to renewable energy credits and waste tax credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,269</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152,264</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Operating and finance lease right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Other non-current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,488</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Current portion of long-term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(420</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Current portion of operating and finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(800</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(460</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Non-current operating and finance lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(756</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other non-current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,019</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Total net identifiable assets acquired</td><td style="border-top: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">144,695</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> 44982000 6078000 66452000 11477000 232000 15474000 144695000 2976000 1095000 1732000 118000 8989000 3269000 152264000 51000 1594000 1550000 23488000 420000 800000 460000 756000 3019000 144695000 7081000 1571000 5510000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the supplemental cash flow information:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Year ended<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cash outflow, net of cash acquired</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash consideration</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">51,060</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: cash balances acquired</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,976</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Net cash outflow related to investing activities</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">48,084</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> -51060000 2976000 48084000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4: RIGHTS TO RENEWABLE ENERGY CREDITS (“RECS”) AND WASTE TAX CREDITS</b></span><b> (“WTCS”)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">RECs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">WTCs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Total</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">RECs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">WTCs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Total</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-indent: -0.125in; padding-left: 0.125in">Balance as of January 1,</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,906</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">11,572</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">18,478</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additions related to business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additions during the period</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,077</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">804</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,881</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: sale of credits to third parties</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,307</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,291</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(8,598</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,274</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,274</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Balance as of period end</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,676</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,085</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">11,761</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,906</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,572</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,478</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: current portion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(3,676</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(7,131</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(10,807</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,906</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,572</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,478</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Non-current portion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">954</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">954</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">RECs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">WTCs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Total</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">RECs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">WTCs</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Total</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-indent: -0.125in; padding-left: 0.125in">Balance as of January 1,</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,906</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">11,572</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">18,478</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-37">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-38">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additions related to business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,989</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Additions during the period</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,077</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">804</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,881</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: sale of credits to third parties</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,307</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,291</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(8,598</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,274</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,274</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Balance as of period end</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,676</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,085</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">11,761</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,906</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,572</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,478</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Less: current portion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(3,676</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(7,131</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(10,807</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,906</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,572</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,478</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Non-current portion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">954</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">954</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 6906000 11572000 18478000 3104000 5885000 8989000 1077000 804000 1881000 17076000 5687000 22763000 4307000 4291000 8598000 13274000 13274000 3676000 8085000 11761000 6906000 11572000 18478000 3676000 7131000 10807000 6906000 11572000 18478000 954000 954000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE 5: DIGITAL ASSETS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Bitcoin transactions and the corresponding values for the three months ended March 31, 2026 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Quantity</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Value ($)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Quantity</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Value ($)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left; padding-bottom: 1.5pt">Balance of digital assets including restricted digital assets as of January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">2,060</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">180,285</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,285</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">120,124</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin earned*</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">388</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">29,426</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,332</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin earned from discontinued operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">78</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,082</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">201</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,743</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Hosting revenue received in Bitcoin</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">200</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in Bitcoin earned, not received</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">120</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(812</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin exchanged for cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(64</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,373</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(428</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,263</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin exchanged for goods and services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(55</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,179</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Realized gain (loss) on disposition of digital</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,810</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,977</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in fair value of digital assets</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(41,449</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,033</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Balance of digital assets excluding restricted digital assets as of March 31,</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,469</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">168,481</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Less: Restricted digital assets as of March 31,**</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(353</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,120</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance of digital assets excluding restricted digital assets as of March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">168,481</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,139</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">94,112</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement.</i></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>**</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>As of March 31, 2025, the restricted digital assets comprises of i) 293 Bitcoin for the Bitcoin payment (“Bitcoin Pledged”) to a third party as a deposit of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 60 Bitcoin held by a financial institution in connection with Bitcoin selling contracts.</i></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Bitcoin transactions and the corresponding values for the three months ended March 31, 2026 and 2025 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Quantity</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Value ($)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Quantity</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Value ($)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left; padding-bottom: 1.5pt">Balance of digital assets including restricted digital assets as of January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">2,060</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">180,285</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,285</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">120,124</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin earned*</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">388</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">29,426</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">45,332</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin earned from discontinued operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">78</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,082</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">201</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,743</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Hosting revenue received in Bitcoin</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">200</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Change in Bitcoin earned, not received</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">120</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(812</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin exchanged for cash</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(64</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,373</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(428</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(37,263</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bitcoin exchanged for goods and services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(55</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,179</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Realized gain (loss) on disposition of digital</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,810</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,977</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in fair value of digital assets</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(41,449</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(23,033</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Balance of digital assets excluding restricted digital assets as of March 31,</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,469</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">168,481</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Less: Restricted digital assets as of March 31,**</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(353</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,120</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Balance of digital assets excluding restricted digital assets as of March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">168,481</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,139</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">94,112</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement.</i></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>**</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>As of March 31, 2025, the restricted digital assets comprises of i) 293 Bitcoin for the Bitcoin payment (“Bitcoin Pledged”) to a third party as a deposit of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 60 Bitcoin held by a financial institution in connection with Bitcoin selling contracts.</i></span></td> </tr></table> 2060 180285000 1285 120124000 388 29426000 492 45332000 78 6082000 201 18743000 7 200000 6 343000 -120000 -9 812000 64 4373000 428 37263000 55 5179000 -1810000 4977000 -41449000 -23033000 2469 168481000 1492 123232000 353 29120000 2469 168481000 1139 94112000 293000 60000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE 6: DERIVATIVE ASSETS AND LIABILITIES</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bitcoin option and selling contracts</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company purchased Bitcoin option contracts that provide it with the right, but not the obligation, to sell digital assets at a fixed price. The Company also entered into contracts and earned premiums by agreeing to sell Bitcoin if the Bitcoin price reached specific targets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2026, Reliz Ltd., the operating entity of BlockFills, a Chicago-based cryptocurrency brokerage, trading platform, and liquidity provider, filed voluntary petitions for relief under Chapter 11 restructuring proceedings of the United States Bankruptcy Code. Prior to March 16, 2026, in connection with its Bitcoin option and selling contracts, the Company closed all outstanding contracts with BlockFills. During the three months ended March 31, 2026, the Company recorded a credit loss expense for the $4,218 receivable from BlockFills related to the closed contracts and was recorded in Other Expenses in the unaudited condensed consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bitcoin redemption options</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting in November 2024, the Company entered into purchase orders of Miners with a supplier which allows the Company to pay for the Miners in cash, Bitcoin or a combination of both. The right to redeem the Bitcoin (“Bitcoin Redemption Option”) meets the definition of an embedded derivative. As of December 31, 2025, the Company no longer held any Bitcoin Redemption Options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capped call transactions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2025, in connection with the Convertible Notes, the Company entered into capped call transactions, with a cap price of $11.88 per share (representing a 125% premium over the reference price). The capped call transactions do not meet the scope exception from derivative accounting, as they fail the equity classification requirements as the Company cannot settle these transactions by means other than cash and are therefore treated as a derivative asset, which are measured at fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td> </td> <td colspan="14" style="text-align: center">2025</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Capped call<br/> transactions</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Bitcoin option and selling contracts</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Capped call transactions</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Bitcoin redemption<br/> options</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Bitcoin option and selling contracts</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Liabilities</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Liabilities</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%">Balance as of January 1,</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">5,200</td><td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 0.5%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">2,287</td><td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 0.5%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">(2,922</td><td style="width: 0.5%; font-weight: bold; text-align: left">)</td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">—</div></td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right">3,418</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">—</div></td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right">(128</td><td style="width: 0.5%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Initial recognition</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Purchases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,122</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Settlement</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,363</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,659</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(99,256</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Remeasurement recognized in statement of operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,440</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,076</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,200</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,490</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,532</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,497</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Balance as of period end</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,760</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">5,200</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,287</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(2,922</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total derivative assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total long-term derivative assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,760</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total derivative liabilities</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,922</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following gain (loss) on derivatives is recognized in the unaudited condensed consolidated statements of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Gain (loss) on Bitcoin options and selling contracts</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Unrealized change in fair value of outstanding contracts</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(1,553</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(6,338</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Realized gain on settled contracts</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,429</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,789</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,876</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(1,549</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify">Gain (loss) on Bitcoin redemption options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unrealized change in fair value</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,180</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: justify; padding-bottom: 1.5pt">Realized gain on settled options</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,015</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,165</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss on Capped call transactions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Unrealized change in fair value</td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: right; border-bottom: Black 1.5pt solid">(3,440</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">)</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1.5pt solid"><div style="-sec-ix-hidden: hidden-fact-80">—</div></td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss on derivative assets and liabilities</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,564</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,714</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 15 for more details of derivative instruments.</span></p> 4218000 11.88 1.25 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="10" style="font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td> </td> <td colspan="14" style="text-align: center">2025</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Capped call<br/> transactions</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Bitcoin option and selling contracts</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Capped call transactions</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Bitcoin redemption<br/> options</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Bitcoin option and selling contracts</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Derivative Liabilities</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Derivative Liabilities</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 33%">Balance as of January 1,</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">5,200</td><td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 0.5%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">2,287</td><td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 0.5%; font-weight: bold"> </td> <td style="width: 0.5%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold; text-align: right">(2,922</td><td style="width: 0.5%; font-weight: bold; text-align: left">)</td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">—</div></td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right">3,418</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">—</div></td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td> <td style="width: 0.5%; text-align: left"> </td><td style="width: 8%; text-align: right">(128</td><td style="width: 0.5%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Initial recognition</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,072</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Purchases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,122</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">89,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">64,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Settlement</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,363</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(73,659</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(99,256</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Remeasurement recognized in statement of operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,440</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,076</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,200</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(63,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,490</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,532</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,497</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Balance as of period end</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,760</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">5,200</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">—</div></td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,287</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(2,922</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total derivative assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,287</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total long-term derivative assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,760</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total derivative liabilities</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,922</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 5200000 2287000 -2922000 3418000 -128000 69090000 1072000 4122000 89478000 64965000 -5363000 -73659000 -99256000 -3440000 3076000 -1200000 -63890000 -4490000 -13532000 31497000 1760000 5200000 2287000 -2922000 2287000 1760000 5200000 -2922000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following gain (loss) on derivatives is recognized in the unaudited condensed consolidated statements of operations:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Gain (loss) on Bitcoin options and selling contracts</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Unrealized change in fair value of outstanding contracts</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(1,553</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(6,338</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Realized gain on settled contracts</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,429</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,789</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,876</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(1,549</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify">Gain (loss) on Bitcoin redemption options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Unrealized change in fair value</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,180</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: justify; padding-bottom: 1.5pt">Realized gain on settled options</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,015</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,165</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss on Capped call transactions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Unrealized change in fair value</td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: right; border-bottom: Black 1.5pt solid">(3,440</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">)</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; text-align: right; border-bottom: Black 1.5pt solid"><div style="-sec-ix-hidden: hidden-fact-80">—</div></td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss on derivative assets and liabilities</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,564</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,714</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> -1553000 -6338000 3429000 4789000 1876000 -1549000 -3180000 1015000 -2165000 -3440000 -1564000 -3714000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 7: RESTRICTED CASH</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0in">Restricted cash as covenant for the Credit Facility</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">—</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">57,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Restricted cash as collateral for the letters of credit</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,500</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>  </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt">In February 2026, the Credit Facility was fully repaid and the cash balance of $57,500 is no longer restricted. Refer to Note 12 for more details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2026, the Company issued two letters of credit requiring a total of $41,075 of restricted cash pledged as collateral as of March 31, 2026. Refer to Note 20 for more details.</p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0in">Restricted cash as covenant for the Credit Facility</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">—</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">57,500</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Restricted cash as collateral for the letters of credit</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,500</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 57500000 41075000 41075000 57500000 57500000 41075000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Miners and Mining electrical components</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026 and December 31, 2025, the Company determined it had surplus Miners and Mining electrical equipment that met the criteria as “assets held for sale” under ASC 360-10-45 as of the respective balance sheet dates. These assets were measured at the lower of their carrying amount and fair value less costs to sell at the time of the classification. These surplus assets are not determined to be discontinued operations as their planned sale did not represent a strategic shift on the Company’s operations and financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of these assets were determined using the market approach, which is based on recent sales prices for similar Miners and equipment. Such fair value measurements are a non-recurring Level 3 measurement under the fair value hierarchy. The key assumption used by Management to determine fair value is the most recent amount contracted with a third party for a comparable Miner or equipment sold.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets of disposal group classified as held for sale</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to surplus Miners and equipment, the Company classified assets in Paraguay which met the criteria as “assets held for sale” during the year ended December 31, 2025, which have been classified as discontinued operations as detailed in this note. The Paraguay disposal group included the Paso Pe Bitcoin data center which met the “held for sale” criteria during the third quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides the components of the assets or disposal groups that either met the criteria of “assets held for sale” as of March 31, 2026 or December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of<br/> March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">As of<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Miners</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">70</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Mining electrical components</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,134</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,198</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Assets of disposal group classified as held for sale:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,431</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Inventories - electronic and networking components</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">426</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">426</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,503</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,168</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term deposits and equipment prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,333</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Refundable deposits - security deposits for energy</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,157</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,157</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,054</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">28,664</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Discontinued operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2025, the Company began a significant transformation of its corporate strategy, exiting its Latin American Bitcoin Mining operations in Paraguay and Argentina to fully concentrate on the U.S. and Canadian HPC infrastructure markets. As a result of these strategic decisions, the Company classified certain of its Latin American asset groups as “held for sale” and its operations as discontinued operations. As discussed below, the Argentina asset group was abandoned, and therefore its assets were not classified as “held for sale”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined results of the Company’s Argentina and Paraguay operations for the three months ended March 31, 2026 and 2025 are presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="font-weight: bold; text-align: right; border-bottom: Black 1.5pt solid">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="text-align: right; border-bottom: Black 1.5pt solid">2025</td><td style="border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Argentina</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paraguay</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentina</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paraguay</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; width: 28%; font-weight: bold; padding-left: 0.125in">Revenues*</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">—</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,082</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,082</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,014</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">18,969</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in">Cost of revenues</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(5,862</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(5,862</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,053</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,654</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(19,707</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Gross profit (loss)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">220</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">220</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,098</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">360</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(738</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">Operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">General and administrative expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,848</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(959</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,807</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,563</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(879</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,442</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Gain (loss) on disposition of property, plant and equipment and deposits</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">324</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">319</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Impairment of long-lived assets</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(811</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(12,806</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,617</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,824</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,824</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Operating (loss)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,335</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,550</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,885</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,681</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(519</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,200</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Interest income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Interest expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Other (expense) income</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">79</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">106</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">364</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">294</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Total other (expense) income</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">79</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">106</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">364</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">335</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss before income taxes</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,317</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(548</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,865</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Income tax (expense) recovery</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(458</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(540</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss after income tax</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,775</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(630</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,405</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Gain on disposition of Yguazu Bitcoin data center</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss from discontinued operations</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,775</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,595</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,180</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.</i></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net cash flows incurred by Argentina’s and Paraguay’s operations are, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net change in cash related to operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(1,060</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,189</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net change in cash related to investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,696</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,881</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Net change in cash related to financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(172</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Net change in cash generated by the discontinued operations</td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">621</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(1,864</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i. Argentina’s operations as discontinued operations</b></span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">During the second quarter of 2025, the Company’s energy supplier halted the supply of electricity to the Company’s Rio Cuarto, Argentina Bitcoin data center. Following this event, on August 11, 2025, the Company determined that it would discontinue and abandon its operations in Rio Cuarto, Argentina. The Company negotiated to eliminate its asset retirement obligation and reduced the reserved power to a minimum. As of September 30, 2025, the Company’s Argentina operations were abandoned and classified as a discontinued operation. As these operations represent an asset group that was abandoned, it is not classified as “held for sale” of a disposal group. Notwithstanding, commencing in the second quarter of 2025, the Company also identified certain electrical equipment and BVVE that could be sold separately and not abandoned.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment on Argentina asset group in the first quarter of 2025</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the first quarter of 2025, due to indicators of impairment that included the decline of the Company’s market capitalization and Bitcoin price, the Company performed recoverability tests for operating Bitcoin data centers in Canada, United States, Paraguay and Argentina. The Company also experienced an increase in gas prices which affected the Company’s cost of energy in Argentina.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In performing a recoverability test, the Company calculated the sum of the estimated undiscounted future cash flows from continued use and eventual disposition for the Argentina asset group, and determined it was lower than its carrying amount, therefore the Argentina asset group was not recoverable, and an impairment loss in the amount of $17,504 was recognized to write down the carrying amount of the asset group to its fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To measure the impairment loss, fair value was determined using an income approach under ASC 820 based on a discounted cash flow model incorporating management’s estimates of future cash flows, expected Bitcoin prices, projected operating expenses, and a market-based discount rate. Due to the use of significant unobservable inputs, the fair value measurement was classified within Level 3 of the fair value hierarchy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 8, 2026, the Company entered into a definitive share purchase agreement for the sale of its wholly-owned Argentina subsidiary, Backbone Hosting Solutions SAU (“Backbone Argentina”). Refer to Note 21 for more details.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ii. Paraguay’s operations as discontinued operations and assets held for sale</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the first quarter of 2025, the Company finalized the sale of its Yguazu Bitcoin data center in Paraguay. Subsequently, during the third quarter of 2025, the Company determined that the Paso Pe Bitcoin data center met the criteria to be classified as “held for sale”, and that all operations in Paraguay should be classified as discontinued operations as the Company makes a strategic shift towards HPC data center projects in North America.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale of the Yguazu Bitcoin Data Center</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 17, 2025, the Company completed the sale of its 200 MW Bitcoin data center under development in Yguazu, Paraguay to HIVE Digital Technologies Ltd. (“HIVE”) pursuant to a January 24, 2025 share purchase agreement. The transaction involved the sale of the Company’s 100% ownership stake in the Yguazu Bitcoin data center and resulted in the derecognition of the subsidiary’s assets and liabilities. The transaction details are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 17</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Consideration</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Advance received in January 2025 upon signing the LOI</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Cash received upon closing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Receivable over 6 equal monthly payments following the closing date*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Other costs assumed by HIVE</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">222</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total consideration received</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">63,260</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Net assets transferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,590</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,006</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Intangible asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Long-term deposits and equipment prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,321</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Security deposit for energy</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,809</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total net assets transferred</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">58,035</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Gain on disposal of subsidiary</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.</i></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale of the Paso Pe Bitcoin data center</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2026, a definitive purchase agreement was signed for the sale of the Paso Pe Bitcoin data center. The sale of the Paso Pe Bitcoin data center was completed on April 21, 2026 for total proceeds of approximately $13,000. Refer to Note 21 for more details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three months ended March 31, 2026, the Company used the most recent agreed upon selling price to estimate the fair value less costs to sell of the Paso Pe Bitcoin data center and recognized a further impairment loss of $12,806. This impairment loss is presented within loss from discontinued operations in the consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides the components of the assets or disposal groups that either met the criteria of “assets held for sale” as of March 31, 2026 or December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of<br/> March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">As of<br/> December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Miners</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">70</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">166</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Mining electrical components</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,134</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,198</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Assets of disposal group classified as held for sale:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,431</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Inventories - electronic and networking components</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">426</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">426</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,503</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,168</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term deposits and equipment prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,333</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,145</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Refundable deposits - security deposits for energy</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,157</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,157</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,054</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">28,664</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> 70000 166000 1134000 3198000 1431000 1404000 426000 426000 4503000 17168000 1333000 1145000 5157000 5157000 14054000 28664000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The combined results of the Company’s Argentina and Paraguay operations for the three months ended March 31, 2026 and 2025 are presented below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="font-weight: bold; text-align: right; border-bottom: Black 1.5pt solid">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="text-align: right; border-bottom: Black 1.5pt solid">2025</td><td style="border-bottom: Black 1.5pt solid"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: right; padding-left: 0.125in"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Argentina</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paraguay</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentina</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paraguay</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; width: 28%; font-weight: bold; padding-left: 0.125in">Revenues*</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">—</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,082</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">6,082</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6,955</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12,014</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">18,969</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; padding-left: 0.125in">Cost of revenues</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(5,862</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(5,862</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,053</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,654</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(19,707</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Gross profit (loss)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">220</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">220</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,098</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">360</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(738</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">Operating expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">General and administrative expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(3,848</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(959</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(4,807</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,563</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(879</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,442</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Gain (loss) on disposition of property, plant and equipment and deposits</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">324</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">319</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Impairment of long-lived assets</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(811</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(12,806</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,617</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,824</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,824</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Operating (loss)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,335</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,550</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,885</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,681</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(519</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,200</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Interest income</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Interest expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Other (expense) income</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">79</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">106</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">364</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(70</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">294</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Total other (expense) income</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">79</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">106</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">364</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">335</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss before income taxes</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,317</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(548</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,865</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0.125in">Income tax (expense) recovery</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(458</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(540</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss after income tax</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,775</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(630</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(22,405</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Gain on disposition of Yguazu Bitcoin data center</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-left: 0.125in">Loss from discontinued operations</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,256</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,523</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,775</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,595</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,180</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.</i></span></td> </tr></table> 6082000 6082000 6955000 12014000 18969000 5862000 5862000 8053000 11654000 19707000 220000 220000 -1098000 360000 -738000 3848000 959000 4807000 1563000 879000 2442000 324000 -5000 319000 -196000 -196000 811000 12806000 13617000 18824000 18824000 -4335000 -13550000 -17885000 -21681000 -519000 -22200000 74000 74000 33000 33000 -79000 -27000 -106000 -364000 70000 -294000 79000 27000 106000 364000 -29000 335000 -4256000 -13523000 -17779000 -21317000 -548000 -21865000 458000 82000 540000 -4256000 -13523000 -17779000 -21775000 -630000 -22405000 5225000 5225000 -4256000 -13523000 -17779000 -21775000 4595000 -17180000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net cash flows incurred by Argentina’s and Paraguay’s operations are, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Net change in cash related to operating activities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(1,060</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,189</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net change in cash related to investing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,696</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,881</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Net change in cash related to financing activities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(15</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(172</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid">Net change in cash generated by the discontinued operations</td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">621</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">(1,864</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid">)</td></tr> </table> -1060000 1189000 1696000 -2881000 -15000 -172000 621000 -1864000 17504000 1 The transaction details are as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 17</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Consideration</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Advance received in January 2025 upon signing the LOI</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Cash received upon closing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,038</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Receivable over 6 equal monthly payments following the closing date*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Other costs assumed by HIVE</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">222</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total consideration received</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">63,260</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Net assets transferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,590</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,006</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Intangible asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Long-term deposits and equipment prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,321</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Security deposit for energy</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,809</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total net assets transferred</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">58,035</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Gain on disposal of subsidiary</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,225</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.</i></span></td> </tr></table> 20000000 12038000 31000000 222000 63260000 2590000 34006000 309000 18321000 2809000 58035000 5225000 31000000 13000000 12806000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 9: PROPERTY, PLANT AND EQUIPMENT, NET</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026 and December 31, 2025, property, plant and equipment (“PPE”) consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">BVVE</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">365,512</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">354,011</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">51,869</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">48,119</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Buildings</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">20,026</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,769</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Energy Infrastructure</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">102,143</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">102,133</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and Equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">12,116</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,989</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Leasehold improvements</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">14,658</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,538</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Vehicles</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,533</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,544</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">567,857</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">548,103</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Accumulated Depreciation</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(219,253</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(189,770</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Carrying amount</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">348,604</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">358,333</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets not subject to depreciation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.3pt">As of March 31, 2026, property, plant and equipment that are not yet placed into service amounted to $27,810 (December 31, 2025: $12,169) and land was $51,869 (December 31, 2025: $48,119). These assets are not depreciated. Depreciation begins when assets are ready and available for their intended use; land is not depreciated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026 and December 31, 2025, property, plant and equipment (“PPE”) consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">BVVE</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">365,512</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">354,011</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Land</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">51,869</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">48,119</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Buildings</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">20,026</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,769</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Energy Infrastructure</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">102,143</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">102,133</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and Equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">12,116</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,989</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Leasehold improvements</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">14,658</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,538</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Vehicles</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,533</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1,544</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">567,857</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">548,103</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Accumulated Depreciation</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(219,253</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(189,770</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Carrying amount</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">348,604</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">358,333</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 365512000 354011000 51869000 48119000 20026000 15769000 102143000 102133000 12116000 11989000 14658000 14538000 1533000 1544000 567857000 548103000 219253000 189770000 348604000 358333000 27810000 12169000 51869 48119 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 10: LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left">Other BVVE and electrical components</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">17</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Cash deposits on construction work and materials*</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">71,994</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,146</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment and construction prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">72,011</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Insurance prepaids, security deposits for energy and rent</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">9,370</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,199</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deferred transaction fees - undrawn tranche of the credit facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,670</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">81,381</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">31,033</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deposits for construction work and materials mainly related to the HPC data centers development.</i></span></td> </tr></table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left">Other BVVE and electrical components</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">17</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">18</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Cash deposits on construction work and materials*</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">71,994</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,146</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equipment and construction prepayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">72,011</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Insurance prepaids, security deposits for energy and rent</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">9,370</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,199</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deferred transaction fees - undrawn tranche of the credit facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">—</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,670</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; font-weight: bold; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">81,381</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">31,033</td><td style="border-top: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left; border-bottom: Black 1.5pt solid"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Deposits for construction work and materials mainly related to the HPC data centers development.</i></span></td> </tr></table> 17000 18000 71994000 20146000 72011000 20164000 9370000 9199000 1670000 81381000 31033000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 11: ACCOUNTS PAYABLE AND ACCRUED EXPENSES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">17,912</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">27,189</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,703</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Government remittances payable</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,808</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">53,909</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,443</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">17,912</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,271</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Accrued expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">27,189</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,703</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Government remittances payable</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">8,808</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">53,909</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,443</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 17912000 16271000 27189000 18703000 8808000 11469000 53909000 46443000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 12: LONG-TERM DEBT</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s long-term debt is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Building financing</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">1,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,704</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment financing</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,530</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Credit Facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Unamortized transaction costs - Credit Facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,049</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">591,586</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Unamortized debt discount - Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,358</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,250</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total long-term debt, net of transaction cost and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">577,445</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,469</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Current portion of long-term debt</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,242</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(97,022</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Non-current portion of long-term debt</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">573,203</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">572,447</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement in long-term debt is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 76%; padding-bottom: 1.5pt">Balance as of January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">669,469</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,576</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Issuance of long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">689,306</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Addition from business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">880</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Repayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(117,023</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,930</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,548</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,841</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,447</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,622</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss on extinguishment of long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,858</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Foreign exchange</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(29</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">95</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Balance as of period end</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">577,445</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">669,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Facility</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2025, the Company signed a credit facility for up to $300,000 (the “Credit Facility”) with Macquarie.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An initial $50,000 was drawn (the “Initial Tranche”), bearing interest at 8% per annum, with monthly payments and a term of two years. Interest for the first three months was paid in kind and added to the loan. The payments shall be solely interest until the Initial Tranche maturity date, April 1, 2027, at which time the principal debt of $50,000 and interest paid in kind will be payable in full. In connection with the Initial Tranche, Macquarie received 5,330,946 equity warrants convertible for common shares of the Company with an initial fair value of $2,900. Refer to Note 13 for more details. The $50,000 proceeds from the Initial Tranche were allocated to the equity warrants and debt based on relative fair value. Therefore, a discount on debt of $2,711 is deducted from the carrying amount of the debt and is amortized over the term of the Initial Tranche.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An additional $250,000 (“Second Tranche”) was made available to the Company as it achieves specific development milestones at the Panther Creek, Pennsylvania, United States location.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2025, the Company converted the entirety of the loan into a $300,000 project debt facility for the development of the Panther Creek property and secured at the project level with a parent company guarantee, with the Initial Tranche rolled into the project debt facility. The Company drew an additional $50,000 from the converted facility, for a total of $100,000 drawn and issued an additional 2,197,127 equity warrants convertible for common shares of the Company with an initial fair value of $7,093. Refer to Note 13 for more details. The $50,000 proceeds from the Second Tranche were allocated to the equity warrants and debt based on relative fair values. Therefore, a discount on debt of $5,899 is deducted from the carrying amount of the debt and is amortized over the term of the Second tranche.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2026, the Credit Facility was fully repaid for a total of $116,855, including interest, principal and additional base return fees and the cash balance of $57,500 is no longer restricted. The Company recorded a total $21,596 loss related to the termination of the Credit Facility, which included $19,858 from the extinguishment itself and $1,738 in transaction costs recorded in long-term deposits and other related fees. These amounts are presented within Loss on extinguishment of long-term debt in the unaudited condensed consolidated statement of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible Senior Notes</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2025, the Company issued $588,000 aggregate principal amount of convertible senior notes (the “Convertible Notes”), which included the full exercise of the purchasers’ option to purchase up to an additional $88,000 principal amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum, payable semi-annually and mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The Company purchased capped calls to reduce the potential dilution to its common stock (or reduce the Company’s cash payment obligation if the Convertible Notes are settled in cash) if the trading price of the Company’s common stock price exceeds the conversion price of the Convertible Notes at the time of conversion. The capped calls are a legally separate derivative instrument which is accounted for separately from the Convertible Notes. Refer to Notes 6 and 15 for more details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events, including: (i) during specified periods when the market price of the Company’s common shares exceeds 130% of the applicable conversion price, (ii) during specified periods when the trading price of the Convertible Notes is less than 98% of the product of the last reported sale price of the Company’s common shares and the applicable conversion rate, (iii) following a notice of redemption by the Company, or (iv) upon the occurrence of specified corporate events. On or after October 15, 2030 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of these conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1 principal amount, which is equivalent to an initial conversion price of approximately $6.86 per share, representing a 30% premium over the $5.28 reference price. The $5.28 reference price is the last reported sale price of the Company’s common shares on Nasdaq on October 16, 2025. The conversion rate is subject to customary anti-dilution adjustments and, in certain circumstances, may be increased for conversions in connection with a make-whole fundamental change or following a notice of redemption.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The Convertible Notes are not redeemable prior to October 20, 2028, except upon the occurrence of certain changes in laws governing Canadian withholding taxes. On or after October 20, 2028, the Company may redeem the Convertible Notes, in whole or in part, for cash if the last reported sale price of its common shares has been at least 130% of the conversion price for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. In the event of a fundamental change, holders may require the Company to repurchase their Convertible Notes for cash at 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the repurchase date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">Transaction costs of $18,937 relating to agent fees and legal fees were capitalized and deducted from the carrying amount of the Convertible Notes. Net proceeds from the offering were $569,063.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">As of March 31, 2026, none of the conditions permitting the holders of the Convertible Notes to convert their notes early or to require the Company to repurchase the Convertible Notes for cash have been met. Accordingly, the Convertible Notes are classified as long-term debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s long-term debt is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Building financing</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">1,687</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,704</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment financing</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,530</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Credit Facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,857</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Unamortized transaction costs - Credit Facility</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,049</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible Notes</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">591,586</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,565</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Unamortized debt discount - Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,358</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,250</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Total long-term debt, net of transaction cost and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">577,445</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">669,469</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Current portion of long-term debt</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(4,242</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(97,022</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Non-current portion of long-term debt</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">573,203</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">572,447</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 1687000 1704000 1530000 1642000 104857000 -10049000 591586000 589565000 17358000 18250000 577445000 669469000 4242000 97022000 573203000 572447000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement in long-term debt is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 76%; padding-bottom: 1.5pt">Balance as of January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">669,469</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1,576</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Issuance of long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">689,306</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Addition from business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">880</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Repayments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(117,023</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,930</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,548</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,841</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,447</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,622</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Loss on extinguishment of long-term debt</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,858</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Foreign exchange</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(29</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">95</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">Balance as of period end</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">577,445</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">669,469</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 669469000 1576000 689306000 880000 -117023000 -1930000 3548000 7841000 -31447000 1622000 3148000 19858000 -29000 95000 577445000 669469000 300000000 50000000 0.08 P2Y 50000000 5330946 2900000 50000000 2711000 250000000 300000000 50000000 100000000 2197127 7093000 50000000 5899000 116855000 57500000 21596000 19858000 1738000 588000000 88000000 0.01375 2031-01-15 1.30 0.98 145.6876 1 6.86 0.30 5.28 5.28 1.30 20 30 1 18937000 569063000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 13: STOCKHOLDERS’ EQUITY</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify; text-indent: -0.3pt"><b>Common shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">Bitfarms’ authorized share capital consists of an unlimited number of common shares without par value and are fully paid. Each share entitles the holder to one vote per share and to receive equally any dividends declared by the Company and the remaining property and assets of the Company in the event Keel undergoes a liquidation, dissolution or winding up. As a result of the U.S. Redomiciliation Transaction, on April 1, 2026, the Company’s authorized share capital became the authorized share capital of Keel, which consists of 1,500,000,000 shares of Common Stock, with a par value of $0.001 per share, and 120,000,000 shares of Class A Preferred Stock, with a par value of $0.001 per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify; text-indent: -0.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following table details the movement in number of common shares:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 78%; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">601,579,999</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">479,332,885</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Issuance through at-the market equity offering program</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">14,444,643</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance through business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">59,866,609</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise of Options</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">338,863</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Settlement of restricted share units</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">932,275</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,851,137</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">553,644,137</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify; text-indent: -0.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Corporate Share Buyback Program</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span>On July 22, 2025, the Company announced that the TSX had approved a normal course issuer bid (“NCIB”), under which the Company may repurchase up to 49,943,031 of its common shares, representing approximately 10% of the Company’s public float as of July 14, 2025. Purchases under the NCIB commenced on July 28, 2025. All common shares purchased on the TSX or Nasdaq under the NCIB were cancelled. Following the U.S. Redomiciliation Transaction, Keel is continuing the NCIB under the same terms.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"><b>Equity warrants</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">Details of the outstanding number of Warrants are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> Warrants</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Exercise Price (USD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Number of<br/> Warrants</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Exercise Price (USD)</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">13,907,295</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.97</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">10,841,482</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1.17</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Granted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">12,893,650</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1.30</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,907,295</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.97</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">23,735,132</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1.24</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The weighted average contractual life of the warrants as of March 31, 2026, wa<span>s 2.1 years (December 31, 2025: 2.2 years).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">On March 14, 2025, the Company issued 12,893,650 warrants at an average exercise price of $1.30 as part of the consideration paid to acquire Stronghold. The total value was $11,477 using the Black-Scholes valuation model. Refer to Note 3 for more details. The warrants are convertible into a fixed number of common shares of the Company, which are classified as equity instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: 0.55pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: 0.55pt">The Company evaluates its warrants to determine whether they are within the scope of ASC 480-10 or ASC 815-40. The Company concluded that the warrants are not within the scope of ASC 480-10 and meet the criteria for equity classification under ASC 815-40 as they are indexed to the Company’s own stock and are exercisable for a fixed number of common shares. The warrants are settled on a gross physical basis, and the Company is not required to net cash settle the instruments under any circumstances. Accordingly, the warrants are classified in equity and are not subsequently remeasured.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: 0.55pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt">In April 2025, in connection with the Credit Facility, the Company granted Macquarie 5,330,946 warrants (the “2025 Warrants”) with an exercise price of $1.17. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt">In October 2025, in connection with the Credit Facility with Macquarie (see Note 12 for more details), the Company granted Macquarie 2,197,127 warrants with a strike price of $5.69 and a term of 5 years. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: 0.55pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield (%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">—</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%">Expected share price volatility (%)*</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">98</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate (%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.03</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected life of warrants (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share price (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair value of warrants (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.05</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Number of warrants issued</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,421,723</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.</i></td> </tr></table> one 1500000000 0.001 120000000 0.001 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The following table details the movement in number of common shares:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 78%; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">601,579,999</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">479,332,885</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Issuance through at-the market equity offering program</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">14,444,643</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance through business combination</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">59,866,609</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise of Options</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">338,863</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Settlement of restricted share units</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">932,275</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,851,137</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">553,644,137</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 601579999 479332885 14444643 59866609 338863 932275 602851137 553644137 49943031 0.10 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">Details of the outstanding number of Warrants are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.15pt; text-align: justify; text-indent: -0.3pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> Warrants</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Exercise Price (USD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Number of<br/> Warrants</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Exercise Price (USD)</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">13,907,295</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.97</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">10,841,482</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">1.17</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Granted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">12,893,650</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1.30</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">13,907,295</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.97</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">23,735,132</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">1.24</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 13907295 1.97 10841482 1.17 12893650 1.3 13907295 1.97 23735132 1.24 P2Y1M6D P2Y2M12D 12893650 1.3 11477000 5330946 1.17 2197127 5.69 P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify">The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield (%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">—</div></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 88%">Expected share price volatility (%)*</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">98</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate (%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.03</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected life of warrants (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.60</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share price (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercise price (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.74</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair value of warrants (USD)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.05</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Number of warrants issued</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,421,723</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.</i></td> </tr></table> 98 4.03 5.6 1.41 1.74 1.05 20421723 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>NOTE 14: STOCK-BASED COMPENSATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Stock-based compensation expense is recognized within general and administrative expenses in the unaudited condensed consolidated statements of operations. The stock-based compensation expense related to Stock Options (“Options”), Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”) for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Options</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">1,614</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">2,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">RSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">591</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,905</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">501</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Share awards</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">158</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,706</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,126</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Long-Term Incentive Plan (“2025 LTIP”)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify; text-indent: -0.3pt">The 2025 LTIP Plan was adopted in July 2025 and provides the Company the ability to grant various share-based compensation such as, but not limited to, Options, RSUs and PSUs. The 2025 LTIP is a 10% rolling plan, permitting the issuance of up to 10% of the Company’s outstanding shares in respect of the awards granted. In April 2026, the 2025 LTIP was amended to eliminate the rolling plan feature and fix the number of shares available for issuance under the 2025 LTIP as of the date of such amendment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Options</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Under 2025 LTIP</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the three months ended March 31, 2026, the Board approved Options grants to purchase 1,440,000 common shares in accordance with the 2025 LTIP (for March 31, 2025: <span style="-sec-ix-hidden: hidden-fact-129">nil</span> common shares). All Options issued according to the 2025 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Under 2021 LTIP</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the three months ended March 31, 2025, the Board approved Options grants to purchase 540,302 common shares in accordance with the 2021 Long-Term Incentive Plan (the “2021 LTIP “) adopted on May 18, 2021. All Options issued according to the 2021 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant. As part of the options granted during the three months ended March 31, 2025, the Company granted 302 Options to certain employees of Stronghold as part of the business combination described in Note 3.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the outstanding Options are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> Options</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Exercise Price <br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of<br/> Options</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Exercise Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">16,696,665</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">2.67</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">26,865,764</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2.64</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Granted</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,440,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3.71</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540,302</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(338,863</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1.83</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forfeited</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(28,125</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2.00</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Expired</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(86,200</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3.17</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,500</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.03</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,683,477</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2.77</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,336,066</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2.63</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Exercisable, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,624,689</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.92</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,113,900</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.54</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield (%)</td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 78%">Expected share price volatility (%)*</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">75</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate (%)</td><td> </td> <td style="text-align: right">3.66</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">4.46</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Expected life of Options (years)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>.0 years</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0 years</span></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.</i></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>RSUs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the RSUs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> RSUs</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Number of <br/> RSUs</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">4,847,575</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.56</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">897,666</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3.61</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,890,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">1.59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Settled</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(932,275</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">1.11</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Forfeited</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(27,688</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.11</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,887,612</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.67</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,787,666</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2.24</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Under the 2025 LTIP</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the three months ended March 31, 2026, no RSUs were granted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration:underline">Under the 2021 LTIP</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify; text-indent: -0.3pt">During the three months ended March 31, 2025, the Board approved the grant of 1,890,000 RSUs to certain employees and executive Management of Stronghold as part of the business combination described in Note 3. 1,631,700 RSUs were fully vested upon grant and 258,300 RSUs vest approximately 17% every 3 months. The fair value of the RSUs is based on the Company’s share price at the date of grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>PSUs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the PSUs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> PSUs</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 78%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">3,508,275</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.41</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,508,275</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.41</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">PSUs vest in a single tranche at the end of the performance cycle, contingent upon the attainment of certain corporate objectives. Upon vesting, each PSU converts into one common share of the Company, subject to a multiplier based on the level of achievement. The actual number of shares awarded may be 0%, 50%, 100% or 200% of the target award.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Share awards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the three months ended March 31, 2025, following the Stronghold transaction, the Company entered into a stock award agreement as well as a consulting agreement with a former executive of Stronghold and granted 1,543,320 share awards with a grant-date fair value of $1.11 per award. The share awards fully vested in September 2025, subject to continued provision of services through this date. Notwithstanding the foregoing, the share awards can be accelerated and fully vested if certain conditions are met. In April 2025, the conditions were met and the share awards were settled.</p> The stock-based compensation expense related to Stock Options (“Options”), Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”) for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Options</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">1,614</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">2,063</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">RSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">591</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,905</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">501</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Share awards</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">158</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,706</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,126</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 1614000 2063000 591000 1905000 501000 158000 2706000 4126000 0.10 0.10 1440000 P5Y 540302 P5Y 302 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the outstanding Options are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> Options</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Exercise Price <br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of<br/> Options</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Exercise Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 52%; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">16,696,665</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">2.67</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">26,865,764</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2.64</td><td style="border-bottom: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Granted</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,440,000</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3.71</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540,302</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(338,863</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1.83</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Forfeited</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(28,125</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2.00</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Expired</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(86,200</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3.17</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,500</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.03</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,683,477</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2.77</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,336,066</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2.63</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Exercisable, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">6,624,689</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.92</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,113,900</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.54</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 16696665 2.67 26865764 2.64 1440000 3.71 540302 2.27 338863 1.83 28125 2 57500 3.1 86200 3.17 12500 3.03 17683477 2.77 27336066 2.63 6624689 1.92 2113900 0.54 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividend yield (%)</td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 78%">Expected share price volatility (%)*</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">75</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">80</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate (%)</td><td> </td> <td style="text-align: right">3.66</td><td style="text-align: left">%</td><td> </td> <td style="text-align: right">4.46</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Expected life of Options (years)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>.0 years</b></span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0 years</span></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.</i></td> </tr></table> 0.75 0.80 0.0366 0.0446 P3Y P3Y <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the RSUs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> RSUs</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Number of <br/> RSUs</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 56%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">4,847,575</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.56</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">897,666</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3.61</td><td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Granted</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">—</div></td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,890,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">1.59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Settled</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(932,275</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">1.11</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Forfeited</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(27,688</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.11</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,887,612</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.67</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2,787,666</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2.24</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 4847575 1.56 897666 3.61 1890000 1.59 932275 1.11 27688 1.11 3887612 1.67 2787666 2.24 1890000 1631700 258300 0.17 P3M <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Details of the PSUs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Number of<br/> PSUs</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">Weighted<br/> Average<br/> Grant Price<br/> ($CAD)</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; width: 78%; font-weight: bold; text-align: left">Outstanding, January 1,</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">3,508,275</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">1.41</td><td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Outstanding, March 31,</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,508,275</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1.41</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> </table> 3508275 1.41 3508275 1.41 1 0 0.50 1 2 1543320 1.11 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">NOTE 15: FINANCIAL INSTRUMENTS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><b>a. Measurement categories and fair value</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span>The following table presents the fair values of the Company’s financial instruments and their level within the fair value hierarchy</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold">Measurement</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Financial assets at amortized cost</td><td> </td> <td style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 65%">Cash</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">357,277</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">573,462</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Restricted cash</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">41,075</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,357</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,471</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other receivables</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">131</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,405</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Security deposits for energy</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,157</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,157</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other refundable deposits</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">350</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets at fair value through profit and loss</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Derivative assets</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,760</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,487</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><b>Total fair value of financial assets</b></td><td style="border-bottom: Black 1.5pt solid"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><b> </b></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><b>411,107</b></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">650,832</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities at amortized cost</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">45,101</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,974</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term debt*</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">594,775</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699,657</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities at fair value through profit and loss</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Derivative liabilities</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,922</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total fair value of financial liabilities</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">639,876</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">737,553</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt">Net fair value</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(228,769</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(86,721</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>The Credit Facility and the Convertible Notes are recognized at amortized cost using the effective interest rate method. As of December 31, 2025, their carrying amounts amounted to $94,808 and $571,315, respectively, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively. <span>As of March 31, 2026, the carrying amount and the fair value of the Convertible Notes amo</span>unted to $574,228 and $591,559, respectively.</i></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There were no transfers between Level 1, 2 or 3 of the fair value hierarchy three months ended March 31, 2026 and 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s long-lived assets, including intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are measured at fair value only when an impairment loss is recognized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying amounts of cash, restricted cash, accounts receivable, net, other receivables, security deposits for energy, other refundable deposits, and accounts payable and accrued expenses presented in the table above are a reasonable approximation of their fair value due to their short-term maturity or they are valued using the income approach valuation technique.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Derivative assets and liabilities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The fair value of derivatives is categorized as Level 2 as applicable, in the fair value hierarchy and is presented under derivative assets and liabilities in the unaudited condensed consolidated balance sheets when there is an outstanding contract at period end. The derivatives are measured at fair values on a recurring basis. Refer to Note 6 for more details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"> <i>i. Bitcoin option and selling contracts (derivatives)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fair value of derivative financial instruments generally reflects the estimated amounts that the Company would receive or pay, taking into consideration the counterparty credit risk or the Company’s credit risk at each reporting date. The Company uses market data such as Bitcoin option futures to estimate the fair value of option contracts at each reporting date. Refer to Note 6 for more details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Bitcoin Redemption Options (embedded derivatives)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The purchase order agreements explained in Note 6 provide the Company with the option to redeem the Bitcoin Pledged at a market price determined when the Bitcoin was first pledged (“Agreed Bitcoin Price”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The right to redeem the Bitcoin Pledged meets the definition of an embedded derivative as the derivative that is embedded in the non-financial contract is not closely related to the economic characteristics and risks of the host non-financial contract. The fair value of the embedded derivative is determined using a combination of the Monte Carlo simulation model to simulate future Bitcoin prices based on probability factors and the Black-Scholes Model to estimate the value of each Bitcoin Redemption Option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At each reporting date, the fair value is determined by multiplying the number of redeemable Bitcoin pledged by the present value of the difference between the Agreed Bitcoin Price and the simulated spot price of Bitcoin while considering the likelihood of exercising the quarterly installments. Change in fair value is recognized in Other expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"> <i>ii. Capped call transactions (derivatives assets)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In October 2025, the Company entered into capped call transactions in connection with the issuance of Convertible Notes. The fair value of the capped call transactions is determined using an option pricing model that incorporates observable market inputs, including the Company’s share price, expected volatility, risk-free interest rate, expected term and contractual terms of the instruments. As the valuation primarily incorporates observable inputs, the fair value measurement is classified within Level 2 of the fair value hierarchy. The most significant input in the model is the Company’s share price and expected volatility. Due to the decline in the share price, there was a loss of $3,440 during three months ended March 31, 2026 presented within (loss) gain from derivative assets and liabilities in the unaudited condensed consolidated statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span>The following table presents the fair values of the Company’s financial instruments and their level within the fair value hierarchy</span>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-bottom: Black 1.5pt solid; font-weight: bold">Measurement</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Financial assets at amortized cost</td><td> </td> <td style="text-align: center"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 65%">Cash</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">357,277</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">573,462</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Restricted cash</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">41,075</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,357</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,471</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other receivables</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">131</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,405</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Security deposits for energy</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,157</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,157</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Other refundable deposits</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">350</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets at fair value through profit and loss</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Derivative assets</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,760</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,487</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><b>Total fair value of financial assets</b></td><td style="border-bottom: Black 1.5pt solid"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><b> </b></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><b>411,107</b></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">650,832</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities at amortized cost</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Accounts payable and accrued expenses</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">45,101</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,974</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Long-term debt*</td><td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">594,775</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699,657</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities at fair value through profit and loss</td><td> </td> <td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Derivative liabilities</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,922</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total fair value of financial liabilities</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">639,876</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">737,553</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt">Net fair value</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(228,769</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(86,721</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>The Credit Facility and the Convertible Notes are recognized at amortized cost using the effective interest rate method. As of December 31, 2025, their carrying amounts amounted to $94,808 and $571,315, respectively, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively. <span>As of March 31, 2026, the carrying amount and the fair value of the Convertible Notes amo</span>unted to $574,228 and $591,559, respectively.</i></td> </tr></table> 357277000 573462000 41075000 57500000 5357000 5471000 131000 1405000 5157000 5157000 350000 350000 1760000 7487000 411107000 650832000 45101000 34974000 594775000 699657000 2922000 639876000 737553000 -228769000 -86721000 94808000 571315000 106060000 590252000 574228000 591559000 3440000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>NOTE 16: LOSS PER SHARE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents the computation of basic and diluted loss per share from continuing operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><b style="font-style: normal; font-weight: normal">2025</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">From continuing operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Loss from continuing operations</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(127,574</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(38,373</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Effect of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Numerator for diluted loss per share</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(127,574</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(38,373</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Denominator for basic loss per share - weighted average shares outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">602,578,453</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">500,163,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Dilutive impact of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Denominator for diluted loss per share - weighted average shares outstanding</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,578,453</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">500,163,441</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Loss from continuing operations per common share attributable to common shareholders:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(0.21</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(0.08</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Diluted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.21</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(0.08</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents the computation of basic and diluted loss per share from discontinued operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">From discontinued operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Loss from discontinued operations</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(17,779</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(17,180</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Effect of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Numerator for diluted loss per share</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(17,180</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Denominator for basic loss per share - weighted average shares outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">602,578,453</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">500,163,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Dilutive impact of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Denominator for diluted loss per share - weighted average shares outstanding</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,578,453</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">500,163,441</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Loss from discontinued operations per common share attributable to common shareholders:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(0.03</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(0.03</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Diluted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.03</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(0.03</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Earnings per share</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For the three months ended March 31, 2026 and 2025 potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Options</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">3,866,972</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">1,703,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Warrants</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">5,825,069</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,381,644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>RSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">4,064,399</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,772,666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>PSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">3,508,275</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid">Convertible note shares</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">85,664,309</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">102,929,024</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,858,178</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents the computation of basic and diluted loss per share from continuing operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><b style="font-style: normal; font-weight: normal">2025</b></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">From continuing operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Loss from continuing operations</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(127,574</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(38,373</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Effect of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Numerator for diluted loss per share</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(127,574</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(38,373</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Denominator for basic loss per share - weighted average shares outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">602,578,453</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">500,163,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Dilutive impact of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Denominator for diluted loss per share - weighted average shares outstanding</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,578,453</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">500,163,441</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Loss from continuing operations per common share attributable to common shareholders:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(0.21</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(0.08</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Diluted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.21</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(0.08</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents the computation of basic and diluted loss per share from discontinued operations:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">From discontinued operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Loss from discontinued operations</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(17,779</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(17,180</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left">Effect of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Numerator for diluted loss per share</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,779</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(17,180</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Denominator for basic loss per share - weighted average shares outstanding</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">602,578,453</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">500,163,441</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Dilutive impact of Convertible Notes</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">—</div></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Denominator for diluted loss per share - weighted average shares outstanding</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">602,578,453</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">500,163,441</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Loss from discontinued operations per common share attributable to common shareholders:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(0.03</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(0.03</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid">Diluted</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(0.03</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(0.03</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> -127574000 -38373000 -127574000 -38373000 602578453 500163441 602578453 500163441 -0.21 -0.08 -0.21 -0.08 -17779000 -17180000 -17779000 -17180000 602578453 500163441 602578453 500163441 -0.03 -0.03 -0.03 -0.03 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Options</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">3,866,972</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">1,703,868</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Warrants</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">5,825,069</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,381,644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>RSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">4,064,399</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">1,772,666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>PSUs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">3,508,275</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid">Convertible note shares</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">85,664,309</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">—</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">102,929,024</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">4,858,178</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 3866972 1703868 5825069 1381644 4064399 1772666 3508275 85664309 102929024 4858178 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">NOTE 17: SEGMENT AND GEOGRAPHICAL INFORMATION</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Reportable segment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has aggregated all of its Cryptocurrency Mining operating segments into a <span style="-sec-ix-hidden: hidden-fact-141">single</span> operating segment, which is the Company’s only reportable segment, Cryptocurrency Mining. The Chief Operating Decision Maker (“CODM”) manages segment performance and resource allocation based upon net income (loss). The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company’s Bitcoin Mining Operations. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the unaudited condensed consolidated statements of operations and the more detailed component disclosed in Note 18.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Revenues</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Revenues by country are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">North America</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left; padding-left: 0.125in">United States</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">19,376</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">18,529</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in">Canada</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,616</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">29,122</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Total</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">36,992</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">47,651</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Property, Plant and Equipment and other non-current assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">PPE</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total non-current assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">PPE</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Other</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total non-current assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">North America</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 28%; text-align: left">United States</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">290,213</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">76,436</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">366,649</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">292,196</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,865</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">319,061</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; padding-bottom: 1.5pt">Canada</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">58,391</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,611</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">76,002</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">66,125</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,362</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">83,487</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">348,604</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">94,047</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">442,651</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">358,321</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,227</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">402,548</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company’s Bitcoin Mining Operations. <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Revenues by country are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">North America</td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left; padding-left: 0.125in">United States</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">19,376</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">18,529</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in">Canada</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,616</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">29,122</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Total</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">36,992</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">47,651</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> </table> 19376000 18529000 17616000 29122000 36992000 47651000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">As of March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">As of December 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">PPE</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Other</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total non-current assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">PPE</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Other</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total non-current assets</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">North America</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 28%; text-align: left">United States</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">290,213</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">76,436</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">366,649</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">292,196</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">26,865</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">319,061</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; padding-bottom: 1.5pt">Canada</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">58,391</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,611</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">76,002</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">66,125</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,362</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">83,487</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">348,604</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">94,047</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">442,651</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">358,321</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">44,227</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">402,548</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 290213000 76436000 366649000 292196000 26865000 319061000 58391000 17611000 76002000 66125000 17362000 83487000 348604000 94047000 442651000 358321000 44227000 402548000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">NOTE 18: ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Disaggregated revenues</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Cryptocurrency Mining</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">29,893</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45,894</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cryptocurrency Hosting</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">691</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electrical services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">537</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,094</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Energy sales</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,871</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">320</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">36,992</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,651</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cost of revenues</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Energy expenses</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(21,114</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(16,000</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Depreciation and amortization</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(27,694</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(18,448</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hosting expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">(7,735</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Infrastructure expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(13,942</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(4,315</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Electrical components and salaries</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(547</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(877</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(63,297</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(47,375</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Inventories</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Energy costs are net of RECs and WTCs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <span style="-sec-ix-hidden: hidden-fact-145"><span style="-sec-ix-hidden: hidden-fact-146">nil</span></span>), all of which offset energy expenses in the cost of revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>General and administrative expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: justify"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Salaries and wages</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(8,693</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(5,397</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Stock-based compensation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(2,706</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(4,126</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(12,096</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(5,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Insurance, duties and other</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(2,026</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(2,135</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Travel, motor vehicle and meals</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(526</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Telecom hosting and telecommunications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(104</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(174</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Advertising and promotion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(686</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(115</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(26,837</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(17,618</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i> </i></b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Other expenses</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Credit loss expense on derivatives receivable</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(4,218</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization of transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,622</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on exchange rates</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(150</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Other financial expenses</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(162</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(145</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(6,152</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(213</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Disaggregated revenues</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Cryptocurrency Mining</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">29,893</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45,894</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cryptocurrency Hosting</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">691</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Electrical services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">537</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,094</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Energy sales</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,871</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">320</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">36,992</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,651</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 29893000 45894000 691000 343000 537000 1094000 5871000 320000 36992000 47651000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cost of revenues</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Energy expenses</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(21,114</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(16,000</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Depreciation and amortization</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(27,694</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(18,448</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Hosting expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">—</div></td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: right">(7,735</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Infrastructure expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(13,942</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(4,315</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Electrical components and salaries</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(547</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(877</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(63,297</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(47,375</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> 21114000 16000000 27694000 18448000 7735000 13942000 4315000 547000 877000 63297000 47375000 11206000 678000 1077000 804000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>General and administrative expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="4" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: justify"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Salaries and wages</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(8,693</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: right">(5,397</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Stock-based compensation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(2,706</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(4,126</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional services</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(12,096</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(5,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Insurance, duties and other</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(2,026</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(2,135</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Travel, motor vehicle and meals</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(526</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Telecom hosting and telecommunications</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right">(104</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: right">(174</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Advertising and promotion</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(686</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(115</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(26,837</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">(17,618</td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td></tr> </table> 8693000 5397000 2706000 4126000 12096000 5339000 2026000 2135000 526000 332000 104000 174000 686000 115000 26837000 17618000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Other expenses</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Credit loss expense on derivatives receivable</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">(4,218</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">—</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Amortization of transaction costs and debt discount</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,622</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on exchange rates</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(150</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(68</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Other financial expenses</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(162</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(145</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(6,152</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(213</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> -4218000 1622000 150000 68000 162000 145000 6152000 213000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">NOTE 19: ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Changes in non-cash working capital components:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">(Increase) decrease in accounts receivable, net</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(3,382</td> <td style="width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">702</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Increase) decrease in other current assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(111</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,608</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Increase in inventories</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(1,734</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(429</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Increase) Decrease in deposits</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(271</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,234</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Decrease in assets held for sale</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(261</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">—</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Decrease) increase in accounts payable and accrued expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(2,652</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,719</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Decrease) increase in operating lease liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(490</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">743</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Decrease in taxes payable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(4</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(188</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">(Decrease) increase in other non-current liabilities</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(145</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">139</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(9,050</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28,528</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Significant non-cash transactions:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">—</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">78,161</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment prepayments realized as additions to PPE</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">100</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">40,357</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Addition of ROU assets and related lease liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">—</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">134</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Purchase of PPE financed by short-term credit</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">9,474</td> <td style="font-weight: bold; text-align: left"></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,416</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Computational power revenue and its related service expense</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">467</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">788</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Depreciation and amortization*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">27,498</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,928</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">112</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">254</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Intangible assets, net</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">84</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">182</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27,694</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28,364</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.</i></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table provides a reconciliation of cash and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Cash</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">357,277</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">38,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Restricted cash</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total cash and restricted cash</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">398,352</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38,546</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, restricted cash represents letters of credit contractually required by an electric service arrangement. Refer to Note 20 for more details.</p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three months ended March 31,</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Changes in non-cash working capital components:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">(Increase) decrease in accounts receivable, net</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 9%; font-weight: bold; text-align: right">(3,382</td> <td style="width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">702</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Increase) decrease in other current assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(111</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,608</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Increase in inventories</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(1,734</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(429</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Increase) Decrease in deposits</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(271</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,234</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Decrease in assets held for sale</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(261</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">—</div></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">(Decrease) increase in accounts payable and accrued expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(2,652</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,719</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Decrease) increase in operating lease liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(490</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">743</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Decrease in taxes payable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">(4</td> <td style="font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(188</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">(Decrease) increase in other non-current liabilities</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(145</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">139</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(9,050</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28,528</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Significant non-cash transactions:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">—</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">78,161</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Equipment prepayments realized as additions to PPE</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">100</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">40,357</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Addition of ROU assets and related lease liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">—</div></td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">134</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Purchase of PPE financed by short-term credit</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">9,474</td> <td style="font-weight: bold; text-align: left"></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,416</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Computational power revenue and its related service expense</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">467</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">788</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Depreciation and amortization*</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Property, plant and equipment, net</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">27,498</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,928</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance lease right-of-use assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">112</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">254</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Intangible assets, net</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">84</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">182</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">27,694</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right">28,364</td> <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><i>*</i></td><td style="text-align: justify"><i>Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.</i></td> </tr></table> -3382000 702000 -111000 3608000 -1734000 -429000 -271000 11234000 -261000 2652000 -12719000 490000 -743000 4000 188000 145000 -139000 -9050000 28528000 78161000 100000 40357000 134000 9474000 2416000 467000 788000 27498000 27928000 112000 254000 84000 182000 27694000 28364000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table provides a reconciliation of cash and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended March 31,</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">2025</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Cash</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">357,277</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">38,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Restricted cash</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">41,075</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">—</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 1.5pt">Total cash and restricted cash</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">398,352</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38,546</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> 357277000 38546000 41075000 398352000 38546000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>NOTE 20: COMMITMENTS AND CONTINGENCIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Contingent Liability</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt"><span style="font-weight: normal">As the Company continues to periodically import products into the United States, it is subject to review by the CBP regarding the classification and origin of such imports. Refer to Note 25 of the consolidated financial statements in the Annual Report for more details regarding the Company’s Miners imported in 2021. There were no Miners imported into the United States in 2022, 2023 or during the three months ended March 31, 2026; and for 2024 and 2025, the Company has not received any assessment or communication of a potential assessment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">Furthermore, the Company took several steps to ensure compliance with CBP rules and regulations by sourcing non-Chinese origin equipment including, but not limited to, the specifications of which non-Chinese production facilities could be supplied under our purchase agreements with Bitmain Development PTE. Ltd., in person factory inspections by the Company’s employees to verify production, and the collection of various importation documents that confer non-Chinese origin. While the Company has addressed certain concerns related to previous importations, additional assessments may be made by the CBP in connection with other importations. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">The Company imported 34,179 Miners in the United States during 2025 (2024: 9,399) and had delivered asset values of $130,698 (2024: $25,782). Importation tariffs from China fluctuated between 22.4% and 150.5% in 2025 (2024: 22.4%). Any assessments made on previous importations by the CBP could also include penalties and interest. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">In March 2026, the U.S. Supreme Court IEEPA Tariff Ruling determined that certain tariffs previously imposed under the International Emergency Economic Powers Act were not lawful. Based on currently available guidance, the tariff rate for imports of Chinese origin is expected to be approximately 27.6%. However, the timing, scope, and implementation of such changes remain subject to regulatory interpretation and potential further governmental action.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">At this time, while the Company believes it has taken the appropriate steps to reduce the risk of potential exposure, the Company is unable to predict the outcome of any future assessments or to reasonably estimate the amount, if any, that may be payable in connection with these matters. The facts surrounding each importation may vary and the Company reserves the right and may challenge any assessments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55pt; text-align: justify; text-indent: -0.55pt">Letters of Credit</p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In March 2026, the Company entered into an agreement with a utility provider to supply high-voltage electricity to a large-scale, energy-intensive facility to its Panther Creek property in Pennsylvania, United States. The utility provider is responsible for providing electrical power and, if necessary, designing and constructing essential infrastructure such as transmission links and substations. As part of the arrangement, the Company issued a letter of credit in the amount of $40,000 to the utility provider, which is secured by an amount of $40,200 of restricted cash pledged as collateral as of March 31, 2026. In addition, the Company is required to provide a letter of credit in the amount of $60,800 by January 31, 2027, contingent upon the utility provider’s completion of specified transmission infrastructure upgrades.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">The Company entered into an agreement for the sale and delivery of electricity to its Sharon property in Pennsylvania, United States, over a four-year term. As part of the arrangement, the Company issued a letter of credit in the amount of $875 to the utility provider, which is secured by an equivalent amount of restricted cash pledged as collateral as of March 31, 2026.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <b>Lawsuits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Class Action Lawsuit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On May 9, 2025, and as amended on October 21, 2025, a purported shareholder filed a putative class action complaint in the United States District Court for the Eastern District of New York, in a case now titled In re: Bitfarms Securities Litigation, case no 1:25-cv-02630. Co-Lead Plaintiffs Zhao Jun, Gong Lanfang, Michael Pearl, Kazim Khan, and Michael Lawarre sued Bitfarms Ltd., Benjamin Gagnon, Jeffrey Lucas and Geoffrey Morphy alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder. The lawsuit alleges that the Company, its current CEO, its former CFO and its former CEO made materially false and/or misleading statements regarding the Company’s business, operations and internal controls over financial reporting. The Plaintiff seeks class certification, unspecified damages plus interest and attorney and expert witness fees and other costs on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired Company common stock from March 21, 2023 and December 9, 2024. The lawsuit was filed by Pomerantz Law Firm. The Company cannot predict the duration or outcome of this lawsuit at this time. As a result, the Company is unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this lawsuit and no provision was recognized as of March 31, 2026. The Company intends to vigorously defend itself in this matter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Commitments</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is committed to purchase the following property, plant and equipment as of March 31, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2027</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">HPC data center projects</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">121,384</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">48,864</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Commitment for HPC Data Center Projects</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of March 31, 2026, the Company has entered into agreements with suppliers for the purchase and construction of property, plant and equipment related to its HPC infrastructure projects. These agreements encompass a range of services, including but not limited to engineering, project management support, procurement and manufacturing, site management, and factory acceptance testing. The aggregate future payment commitments under these arrangements amount to approximately $121,384 in 2026 and $48,864 in 2027. These commitments are primarily related to the expansion of the Company’s HPC infrastructure across its operating sites in the United States and Canada.</p> 34179 9399 130698000 25782000 0.224 1.505 0.224 0.276 40000000 40200000 60800000 P4Y 875000 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is committed to purchase the following property, plant and equipment as of March 31, 2026:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2026</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2027</td><td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">HPC data center projects</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">121,384</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 9%; font-weight: bold; text-align: right">48,864</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 121384000 48864000 121384000 48864000 <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">NOTE 21: SUBSEQUENT EVENTS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Redomiciliation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 1, 2026, the Company completed the U.S. Redomiciliation Transaction from Canada to the United States pursuant to a statutory plan of arrangement (the “Arrangement”). Upon completion of the U.S. Redomiciliation Transaction, the ultimate parent company of Bitfarms is a new corporation formed under the laws of the State of Delaware that is operating under the name Keel Infrastructure Corp. (“Keel”). To effect the U.S. Redomiciliation Transaction, each outstanding common share of Bitfarms was exchanged for one share of common stock of Keel, pursuant to the Arrangement. Following completion of the U.S. Redomiciliation Transaction, Bitfarms became an indirect wholly owned subsidiary of Keel, which together with Bitfarms and its other subsidiaries will carry on the business previously conducted by Bitfarms and its subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Sale of Paso Pe Bitcoin data center</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2026, the Company completed the sale of Paso Pe Bitcoin data center pursuant to a January 2026 definitive share purchase agreement. The transaction involved the sale of the Company’s 100% ownership stake in the Company’s subsidiary, D&amp;N Ingeniería S.A. The total agreed purchase price was approximately $13,000, which was fully received as of April 21, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Purchase Commitment for HPC Data Center Projects</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 3 2026, the Company entered into a purchase commitment totaling $32,640 to be paid over an estimated 14-month period, contingent upon the achievement of specified milestones. The commitment supports the development and expansion of a fully integrated 18 MW hybrid-built data center in Washington State, United States. The provider is responsible for a comprehensive scope of services, including the procurement, manufacturing, installation, commissioning, and startup of generators and related equipment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale of Argentina Subsidiary</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2026, the Company entered into a definitive share purchase agreement for the sale of Backbone Argentina.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The agreement includes the transfer of all assets and liabilities of Backbone Argentina, which previously operated the Company’s Bitcoin mining data center in Rio Cuarto, Argentina. The total cash consideration to be received at closing is $400. Closing remains subject to the satisfaction of conditions precedent and is expected during the second quarter of 2026<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, Backbone Argentina asset group subject to the proposed sale agreement had a carrying value of $1,671 in total assets (excluding cash) and $2,006 in total liabilities recorded on the Company’s consolidated balance sheet. The impact of this transaction will be determined and recognized in the Company’s consolidated financial statements for the quarter ending June 30, 2026.</p> 1 1 13000000 32640000 400000 1671000 2006000 false false false false false false Unlimited Unlimited 1 0001812477 false Q1 --12-31 Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement. As of March 31, 2025, the restricted digital assets comprises of i) 293 Bitcoin for the Bitcoin payment (“Bitcoin Pledged”) to a third party as a deposit of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 60 Bitcoin held by a financial institution in connection with Bitcoin selling contracts. Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers. The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025. Deposits for construction work and materials mainly related to the HPC data centers development. Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data. Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data. The Credit Facility and the Convertible Notes are recognized at amortized cost using the effective interest rate method. As of December 31, 2025, their carrying amounts amounted to $94,808 and $571,315, respectively, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively. As of March 31, 2026, the carrying amount and the fair value of the Convertible Notes amounted to $574,228 and $591,559, respectively. Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.