v3.26.1
Condensed Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities        
Net loss $ (57,151) $ 3,431 $ (138,943) $ (97,192)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     54,857 16,375
Non-cash lease expense     22,138 140
Stock-based compensation     1,108 2,145
Bitcoin mining revenue     (129,133) (42,623)
Loss on digital assets     188,366 109,357
Deferred tax assets and liabilities       (18,928)
Gain on derivatives (18,315) 0 (55,607) (20,862)
Gain on warrant liability (22) 0 (91) 0
Loss on sale of property and equipment 0 0 0 2,454
Changes in assets and liabilities:        
Deposits and prepaid expenses     837  
Accounts and other receivables     2,087  
Income taxes payable     2,363 (889)
Accounts payable and accrued expenses     (629) (13,468)
Due to Hut 8     (11,148) 19,488
Net cash used in operating activities     (63,795) (44,003)
Investing activities        
Proceeds from sale of digital assets       3,429
Purchases of digital assets     (65,316)  
Deposit paid to purchase miners and mining equipment     (445)  
Proceeds from sale of property and equipment       2,563
Net cash (used in) provided by investing activities     (65,761) 5,992
Financing activities        
Proceeds from the issuance of common stock - private placement, net of issuance costs       205,274
Proceeds from the issuance of common stock - at-the-market offering, net of issuance costs     144,088  
Net transfer from Hut 8 - non-cash       38,662
Net cash provided by financing activities     144,088 243,936
Net increase in cash     14,532 205,925
Cash, beginning of period     3,822  
Cash, end of period $ 18,354 $ 205,925 18,354 205,925
Non-cash transactions        
Right-of-use assets obtained in exchange for operating lease liabilities     11,398  
Property and equipment acquired under accounts payable and accrued expenses     9,883  
Property and equipment acquired under miner purchase liability     16,306  
Bitcoin redemption and put options acquired under miner purchase liability     $ 23,227  
Digital assets received for the issuance of Class A common stock       $ 10,000