v3.26.1
Condensed Consolidated and Combined Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash $ 18,354 $ 3,822
Deposits and prepaid expenses 1,771 2,163
Accounts and other receivables 40 2,127
Digital assets receivable 581 812
Derivative assets 4,994  
Total current assets 25,740 8,924
Non-current assets    
Property and equipment, net 313,057 341,724
Operating lease right-of-use-asset 161,292 166,684
Derivative assets 175,019 101,179
Indefinite-lived intangible asset 998 998
Goodwill 154,426 154,426
Total non-current assets 1,283,683 1,237,588
Total assets 1,309,423 1,246,512
Current liabilities    
Accounts payable and accrued expenses 15,063 5,808
Due to Hut 8 42,342 53,490
Income taxes payable 3,064 701
Operating lease liability, current portion 76,205 51,595
Total current liabilities 136,674 111,594
Non-current liabilities    
Miner purchase liability 371,687 332,153
Operating lease liability, less current portion 128,935 136,800
Warrant liability 55 146
Total non-current liabilities 500,677 469,099
Total liabilities 637,351 580,693
Commitments and Contingencies
Stockholders' equity    
Additional paid-in capital 863,556 718,361
Accumulated deficit (191,491) (52,548)
Total stockholders' equity 672,072 665,819
Total liabilities and stockholders' equity 1,309,423 1,246,512
Held in Custody [Member]    
Non-current assets    
Digital assets 293,949 229,641
Pledged for Miner Purchase [Member]    
Non-current assets    
Digital assets 184,942 242,936
Class A Common Stock [Member]    
Stockholders' equity    
Common stock value [1] 2 1
Class B Common Stock [Member]    
Stockholders' equity    
Common stock value $ 5 $ 5
[1] The number of shares of common stock outstanding has been adjusted for the periods presented to reflect the 1-for-15 reverse stock split effected on July 2, 2026. See Note 2. Significant accounting policies and recent accounting pronouncements for more information.