v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenues $ 174,881 $ 238,485 $ 349,495 $ 452,369
Costs and operating expenses (income)        
Purchased energy costs 48,750 41,730 93,482 85,211
Operating and maintenance costs 26,905 22,362 57,537 42,156
Third-party hosting and other energy costs 69,156 69,029 139,204 137,212
General and administrative 114,701 92,948 201,558 178,813
Depreciation and amortization 174,664 161,741 366,220 319,638
Change in fair value of digital assets 249,559 (846,027) 964,236 (451,865)
Change in fair value of derivative instrument 1,769 (20,311) 42,814 (47,139)
Impairment of goodwill and other assets 0 26,253 0 26,253
Taxes other than on income 1,521 2,437 3,951 5,532
Research and development 7,173 8,546 15,421 17,844
Restructuring costs 1,753 0 47,638 0
Total costs and operating expenses (income) 695,951 (441,292) 1,932,061 313,655
Operating income (loss) (521,070) 679,777 (1,582,566) 138,714
Other income (loss)        
Change in fair value of digital assets - receivable, net (93,456) 346,547 (397,368) 230,480
Net gain from extinguishment of debt 0 0 70,557 0
Interest income 10,263 9,631 20,795 21,626
Interest expense (6,264) (12,835) (16,984) (22,776)
Equity in net earnings of unconsolidated affiliate (2,856) (902) (5,027) (915)
Other 2,646 (5,509) 6,527 (3,035)
Total other income (loss) (89,667) 336,932 (321,500) 225,380
Income (loss) before income taxes (610,737) 1,016,709 (1,904,066) 364,094
Income tax benefit (expense) (580) (208,504) 30,352 (89,332)
Net income (loss) (611,317) 808,205 (1,873,714) 274,762
Less: Net loss attributable to noncontrolling interests, including redeemable noncontrolling interest 1,632 30 4,410 274
Net income (loss) available to common stockholders, basic $ (609,685) $ 808,235 $ (1,869,304) $ 275,036
Net income (loss) per share of common stock - basic (in dollars per share) $ (1.60) $ 2.29 $ (4.91) $ 0.79
Weighted average shares of common stock - basic (in shares) 381,565,856 352,901,683 380,865,345 348,524,166
Net income (loss) per share of common stock - diluted (in dollars per share) $ (1.60) $ 1.84 $ (4.91) $ 0.64
Weighted average shares of common stock, diluted (in shares) 381,565,856 440,912,159 380,865,345 436,271,805