v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net (loss) income $ (757,054) $ 107,999
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Bitcoin mining revenue, net (317,588) (344,018)
Loss (gain) on fair value of bitcoin, net 470,939 (90,539)
Bitcoin issued for services 1,322 904
Impairment expense - fixed assets 1,398 0
Impairment expense - other 4,008 0
(Gain) loss on derivative securities, net (6,955) 1,119
Loss (gain) on bitcoin collateral 142,458 (42,493)
Stock based compensation 24,186 6,122
Depreciation and amortization 222,192 145,130
Deferred income taxes, net (41,306) 6,173
Loss (gain) on disposal of assets 3,767 (3,021)
Other 4,460 1,418
Changes in operating assets and liabilities    
Decrease in operating lease liabilities (881) (341)
Decrease in accounts payable and accrued liabilities (24,821) (8,354)
Increase in prepaid expenses and other current assets 3,924 (1,627)
Increase in other long-term assets (27,011) (10,207)
Net cash used in operating activities (296,962) (231,735)
Cash Flows from Investing Activities    
Payments on miners and mining equipment, including deposits (14,808) (253,754)
Purchase of fixed assets (74,522) (91,451)
Purchase of bitcoin and bitcoin receivables (162,772) 0
Proceeds from sale of bitcoin and option settlement 342,815 0
Proceeds from sale of miners 3,361 41,512
Purchase of derivative contracts (16,897) 0
Proceeds from sale of derivative contracts 33,952 0
Asset acquisition - Austin County, TX Location (20,189) 0
Asset acquisition - Brazoria County, TX Location (28,652) 0
Asset acquisition - Other Locations (13,293) 0
Acquisition of GRIID Infrastructure 0 1,411
Asset acquisition - Twin City, GA Location 0 (5,490)
Asset acquisition - Tennessee Locations 0 (8,105)
Net cash provided by (used in) investing activities 48,995 (315,877)
Cash Flows from Financing Activities    
Purchase of treasury stock (460,000) (145,000)
Payments for capped call 0 (90,350)
Payments on debt (1,257) (54,423)
Payments on lines of credit (250,500) 0
Proceeds from lines of credit 76,000 0
Payments of debt issuance costs (2,429) (2,007)
Payments on preferred dividends (30,396) (5,141)
Payments on finance leases (43) (42)
Proceeds from debt, net of issuance fees 1,133,086 635,695
Payments of taxes on shares withheld for net settlement of restricted stock units (425) (1,943)
Proceeds from exercise of options and warrants 1,046 154
Proceeds from equity offerings, net 0 186,808
Equity issuance costs (71) 0
Net cash provided by financing activities 465,011 523,751
Net increase in cash, cash equivalents and restricted cash 217,044 (23,861)
Cash, cash equivalents and restricted cash, beginning of the period 46,456 124,278
Cash and cash equivalents, and restricted cash, end of the period 263,500 100,417
Supplemental disclosure of cash flow information    
Cash paid for interest 2,748 1,889
Non-cash investing and financing transactions    
Fixed asset and miner purchases accrued not paid 1,488 4,026
Fixed assets purchased through finance transactions 2,749 1,000
Miners and derivatives purchased with bitcoin 47,050 0
Bitcoin transferred to collateral account 611,333 8,860
Bitcoin transferred from collateral account 448,051 129,180
Excise tax accrued on treasury stock purchases 3,190 0
Software purchased with bitcoin 0 6,000
Unrealized gain on investment in available-for-sale debt security 0 2,978
Shares issued in connection with GRIID Acquisition 0 60,677
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 260,287 96,982
Restricted cash 3,213 3,435
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 263,500 $ 100,417