v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (46,391) $ (145)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 253 275
Staking fees paid in AVAX tokens 11
Impairment of liquid staking tokens 1,127
Realized loss on digital assets 5,297
Unrealized losses on digital assets 36,302 36
Share-based compensation 253 127
Amortization of debt issuance costs 1,818 946
Amortization of power purchase agreement 58 89
Change in fair value of derivative liabilities (2,977)
Gain on debt conversion (87)
Loss on debt extinguishment 115
Loss on disposal of fixed assets 259
Changes in operating assets and liabilities:    
Revenue from digital asset production (2,511) (272)
Other receivables 2 (27)
Prepaid expenses and other current assets 2,013 (458)
Deposit receivable 16
Accounts payable and accrued liabilities 158 189
Other current liabilities 2
Net cash used in operating activities (1,349) (2,173)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions (4,765)
Purchase of digital assets (25)
Purchase of equipment (2,523)
Net cash used in investing activities (2,548) (4,765)
CASH FLOWS FROM FINANCING ACTIVITIES    
Shares repurchased in the open market, including costs (3,044)
Proceeds from debenture and warrant issuance, net of discount 6,716 8,188
Repayment of convertible debentures (110)
Repayment of loan payable (10)
Financing costs of debentures (145)
Net cash provided by financing activities 3,662 7,933
Effect of exchange rate changes on cash, cash equivalents and restricted cash (133)
Change in cash, cash equivalents and restricted cash (235) 862
Cash, cash equivalents and restricted cash, beginning of period 22,135 490
Cash, cash equivalents and restricted cash, end of period 21,900 1,352
Supplemental cash flow information:    
Cash paid during the period for interest 6 53
Supplemental disclosure of non-cash investing and financing transactions:    
Shares issued for conversion of convertible debt 28 404
Exchange listing fees for registration statement 276
Purchase of liquid staking tokens with digital assets 8,466
Release of AVAX tokens from subscriptions receivable 3,224
Escrow receivable obtained in connection with issuance of convertible debt and warrants 5,014
Warrants issued with convertible debt and classified as equity 2,016
Initial fair value of debenture warrants initially classified as derivatives 4,151
Initial fair value of conversion feature of debentures initially classified as derivatives $ 1,183