v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Total revenue $ 164,201 $ 78,628 $ 279,445 $ 158,153
Total cost of revenue 94,157 73,603 179,295 144,915
Gross profit 70,044 5,025 100,150 13,238
Loss (gain) on fair value of digital assets 9,368 (29,797) 15,926 (19,109)
Loss on disposal of property, plant and equipment 1,273 4,166 14,911 4,172
Loss on remeasurement of assets held for sale 19,495 0 19,495 0
Impairment of property, plant and equipment 0 0 266,488 0
Loss on contract termination 41,948 0 41,948 0
Colocation organizational and site startup costs 27,039 11,655 35,704 23,322
Selling, general and administrative 49,389 45,285 94,568 78,175
Operating loss (78,468) (26,284) (388,890) (73,322)
Non-operating expenses (income), net:        
Loss on debt extinguishment 5,435 1,377 5,435 1,377
Interest expense (income), net 23,833 (1,185) 28,690 (3,372)
Change in fair value of warrants and contingent value rights 1,045,515 909,958 1,076,314 288,494
Other non-operating expense, net 152 207 662 364
Total non-operating expense, net 1,074,935 910,357 1,111,101 286,863
Loss before income taxes (1,153,403) (936,641) (1,499,991) (360,185)
Income tax expense 1,907 158 2,507 363
Net loss $ (1,155,310) $ (936,799) $ (1,502,498) $ (360,548)
Net loss per share, basic (in dollars per share) $ (3.32) $ (0.04) $ (4.39) $ (0.23)
Net loss per share, diluted (in dollars per share) $ (3.32) $ (0.04) $ (4.39) $ (0.23)
Weighted average shares outstanding, basic (in shares) 325,329 317,985 324,128 316,593
Weighted average shares outstanding, diluted (in shares) 325,329 317,985 324,128 316,593
Colocation revenue        
Revenue:        
Revenue from customers $ 136,669 $ 10,560 $ 214,208 $ 19,133
Total cost of revenue 56,686 9,430 90,304 17,536
Digital asset self-mining revenue        
Revenue:        
Digital asset self-mining revenue 21,535 62,424 51,640 129,603
Total cost of revenue 33,700 59,589 80,889 120,759
Digital asset hosted mining revenue from customers        
Revenue:        
Revenue from customers 5,997 5,644 13,597 9,417
Total cost of revenue $ 3,771 $ 4,584 $ 8,102 $ 6,620