EQUITY AND MEZZANINE EQUITY |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY AND MEZZANINE EQUITY | EQUITY AND MEZZANINE EQUITY Equity Common Stock As of June 30, 2026, the Company had 800,000,000 authorized shares of common stock with a par value of $0.0001 per share. At-the-Market Offering Agreements On March 28, 2025, the Company commenced a new at-the-market (“ATM”) offering program pursuant to an ATM agreement, under which the Company may offer and sell shares of its common stock from time to time through the Agents having an aggregate offering price of up to $2.0 billion. For the three and six months ended June 30, 2026, the Company has not sold any shares of common stock under the ATM. Accumulated Other Comprehensive Loss For the three and six months ended June 30, 2026, accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments related to our foreign subsidiaries. There were no reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2026. There was no accumulated other comprehensive loss for the three and six months ended June 30, 2025. Noncontrolling Interests As of June 30, 2026, noncontrolling interests in stockholders’ equity totaled $16.4 million. This amount represents the non-redeemable portion of third-party ownership interests in consolidated subsidiaries. During the three and six months ended June 30, 2026, noncontrolling interests in stockholders’ equity increased primarily as a result of the issuance of a noncontrolling interests in MARA France made in connection with the acquisition of Exaion, among other activity across our consolidated subsidiaries with noncontrolling ownership. Changes in noncontrolling interests in stockholders’ equity are presented in the Condensed Consolidated Statements of Equity. Refer to Note 3 – Acquisitions and Strategic Partnerships, for further information on MARA France. Mezzanine Equity Redeemable Noncontrolling Interest In connection with the Exaion acquisition, the Minority Shareholders hold a put option that entitles them to require the Company to repurchase 100% of their shares in Exaion for cash. The put option is embedded in, and inseparable from, the Minority Shareholders’ equity interest and exercisable solely at their option, outside the Company’s control. Accordingly, the redeemable noncontrolling interest is classified as mezzanine equity on the Company’s Condensed Consolidated Balance Sheets. Refer to Note 3 – Acquisitions and Strategic Partnerships, for further information. Redeemable noncontrolling interests are initially recorded at fair value at the date of issuance. Subsequently, the carrying amount is adjusted to the redemption value at each reporting period, if the redeemable noncontrolling interest is currently redeemable, or probable of becoming redeemable, with any changes recognized as an adjustment to retained earnings. As of June 30, 2026, the carrying value of the redeemable noncontrolling interest had not been adjusted to the redemption value as redemption was not considered probable. The following table presents changes in redeemable noncontrolling interest as of June 30, 2026:
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