v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Revenue and Segment Gross Profit Reviewed by the CODM

The following tables present segment revenue and segment gross profit reviewed by the CODM:

   Digital asset
mining		   Cloud
services		   Colocation
services		   ETH
staking		   Total 
Revenue from external customers  $3,704,796   $16,766,543   $4,773,550   $2,296,509   $27,541,398 
Intersegment revenue   -    -    8,679    -    8,679 
Segment revenue   3,704,796    16,766,543    4,782,229    2,296,509    27,550,077 
                          
Reconciliation of revenue                         
Other revenue (a)             383,358         383,358 
Elimination of intersegment revenue                       (8,679)
Total consolidated revenue                       27,924,756 
                          
Less:                         
Electricity costs   2,205,139    905,552    831,189    -    3,941,880 
Profit sharing fees   616,905    -    -    -    616,905 
Datacenter lease expense   -    1,395,148    467,177    -    1,862,325 
GPU lease expense   -    3,715,232    -    -    3,715,232 
Wage expense   -    -    204,911    -    204,911 
Service costs - ETH staking   -    -    -    121,334    121,334 
Third-party customer support fees   -    147,753    -    -    147,753 
Other segment items (b)   429,455    615,598    449,506    -    1,494,559 
Intersegment cost of revenue   -    8,679    -    -    8,679 
Segment cost of revenue   3,251,499    6,787,962    1,952,783    121,334    12,113,578 
                          
Reconciliation of cost of revenue                         
Elimination of intersegment cost of revenue                       (8,679)
Total consolidated cost of revenue                       12,104,899 
                          
Segment gross profit  $453,297   $9,978,581   $2,829,446   $2,175,175   $15,436,499 

 

(a)Other revenue is primarily attributable to equipment leasing revenue and is therefore not included in the total for segment gross profit.

 

(b)All amounts included within other segment items are individually insignificant.

Three Months Ended March 31, 2025

 

   Digital asset
mining		   Cloud
services		   Colocation
services		   ETH
staking		   Total 
Revenue from external customers  $7,776,963   $14,842,286   $1,644,663   $560,641   $24,824,553 
                          
Reconciliation of revenue                         
Other revenue (a)                       280,567 
Total consolidated revenue                       25,105,120 
                          
Less:                         
Electricity costs   4,233,082    569,937    223,058    -    5,026,077 
Profit sharing fees   1,190,300    -    -    -    1,190,300 
Datacenter lease expense   -    1,274,054    -    -    1,274,054 
GPU lease expense   -    3,747,386    -    -    3,747,386 
Datacenter rent expense   -    -    150,537    -    150,537 
Service costs - ETH staking   -    -    -    32,568    32,568 
Other segment items (b)   700,507    496,623    172,241    -    1,369,371 
                          
Segment gross profit  $1,653,074   $8,754,286   $1,098,827   $528,073   $12,034,260 

 

(a)Other revenue is primarily attributable to equipment leasing revenue and is therefore not included in the total for segment gross profit.

 

(b)All amounts included within other segment items are individually insignificant.

 

The following table presents the reconciliation of segment gross profit to net (loss) income before taxes:

 

   For the Three Months Ended
March 31,		 
   2026   2025 
         
Segment gross profit  $15,436,499   $12,034,260 
           
Reconciling Items:          
Other profit (a)   383,358    280,567 
Depreciation and amortization expenses   (10,035,581)   (7,241,989)
General and administrative expenses   (27,627,296)   (8,235,923)
Losses on digital assets   (121,070,273)   (49,205,227)
Net gain (loss) from disposal of property, plant and equipment   1,821,729    (333,620)
Other expense, net   (3,681,246)   (4,337,997)
Interest expense   (5,084,978)   - 
Net loss before taxes   (149,857,788)   (57,039,929)

 

(a)Other profit is primarily attributable to equipment leasing and is therefore not included in the total for segment gross profit.