Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Information

Schedule of segment revenue and segment gross profit (loss)

Three Months Ended June 30, 2026


		Bitcoin Mining			Data Center			Engineering			Total
Revenue from external customers		$	113,736		$	23,213		$	37,286		$	174,235
Intersegment revenue			—			—			8,884			8,884
Segment revenue			113,736			23,213			46,170			183,119

Reconciliation of revenue
Other revenue^(a)												—
Elimination of intersegment revenue												(8,884)
Total consolidated revenue												174,235

Less:
Power			73,499			354			—			73,853
Compensation			5,299			390			—			5,689
Insurance on miners			1,076			—			—			1,076
Water and property tax			6,652			8			—			6,660
Tenant fit-out costs			—			15,925			—			15,925
Materials			—			—			16,572			16,572
Labor			—			—			3,002			3,002
Other segment items^(b)			2,738			23			14,122			16,883
Segment gross profit (loss)		$	24,472		$	6,513		$	12,474		$	43,459

Three Months Ended June 30, 2025 ^(c)


					Bitcoin Mining			Engineering			Total
Revenue from external customers					$	140,889		$	10,576		$	151,465
Intersegment revenue						—			5,010			5,010
Segment revenue						140,889			15,586			156,475

Reconciliation of revenue
Other revenue^(a)												1,523
Elimination of intersegment revenue												(5,010)
Total consolidated revenue												152,988

Less:
Power						62,170			—			62,170
Compensation						4,686			—			4,686
Insurance on miners						1,462			—			1,462
Ground rent and related water and property tax						5,719			—			5,719
Materials						—			2,165			2,165
Labor						—			805			805
Other segment items^(b)						4,139			6,888			11,026
Segment gross profit (loss)					$	62,714		$	5,728		$	68,442

Six Months Ended June 30, 2026


		Bitcoin Mining			Data Center			Engineering			Total
Revenue from external customers		$	225,631		$	56,363		$	59,460		$	341,454
Intersegment revenue			—			—			26,622			26,622
Segment revenue			225,631			56,363			86,082			368,076

Reconciliation of revenue
Other revenue^(a)												—
Elimination of intersegment revenue												(26,622)
Total consolidated revenue												341,454

Less:
Power			145,816			381			—			146,197
Compensation			10,344			448			—			10,792
Insurance on miners			2,538			—			—			2,538
Water and property tax			12,308			8			—			12,316
Tenant fit-out costs			—			46,613			—			46,613
Materials			—			—			38,097			38,097
Labor			—			—			5,767			5,767
Other segment items^(b)			5,020			23			22,297			27,340
Segment gross profit (loss)		$	49,605		$	8,890		$	19,921		$	78,416

Six Months Ended June 30, 2025 ^(c)


					Bitcoin Mining			Engineering			Total
Revenue from external customers					$	283,748		$	24,496		$	308,244
Intersegment revenue						—			11,334			11,334
Segment revenue						283,748			35,830			319,578

Reconciliation of revenue
Other revenue^(a)												6,131
Elimination of intersegment revenue												(11,334)
Total consolidated revenue												314,375

Less:
Power						123,999			—			123,999
Compensation						9,131			—			9,131
Insurance on miners						2,924			—			2,924
Ground rent and related water and property tax						7,862			—			7,862
Materials						—			5,811			5,811
Labor						—			1,967			1,967
Other segment items^(b)						9,077			13,886			22,963
Segment gross profit (loss)					$	130,755		$	14,166		$	144,921

(a)

Other revenue is primarily attributable to legacy Data Center Hosting bitcoin mining revenue and is therefore not included in the total for segment gross profit (loss).

(b)

For each reportable segment, the other segment items category primarily consists of:

Bitcoin Mining: Bitcoin miner and network repair and maintenance costs.

Engineering: Manufacturing overhead costs.

(c)

The Company recognized its new Data Center operations as a reportable segment for the three and six months ended June 30, 2026. Accordingly, for the three and six months ended June 30, 2025, the Data Center segment is omitted from the table because there was no segment revenue or segment gross profit (loss).

Schedule of reconciliation of segment gross profit (loss) to Net income (loss) before taxes


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Segment gross profit (loss)		$	43,459		$	68,442		$	78,416		$	144,921

Reconciling items:
Other profit (loss) ^(a)			—			(1,483)			—			(5,840)
Elimination of intersegment profits			(2,218)			(5,010)			(5,632)			(11,334)
Acquisition-related costs			—			(111)			—			(187)
Selling, general, and administrative			(81,999)			(75,902)			(158,179)			(147,350)
Depreciation and amortization			(97,784)			(83,197)			(195,518)			(161,123)
Change in fair value of bitcoin			(74,607)			470,812			(401,276)			262,772
Change in fair value of derivatives			(8,362)			(42,747)			(60,214)			(853)
Power curtailment credits			10,054			8,313			31,077			16,114
Change in fair value of contingent consideration			—			9,390			—			17,642
(Loss) gain on sale/exchange of equipment			—			(350)			—			(479)
Casualty-related (charges) recoveries, net			(3)			119			(3)			119
Interest income			3,623			3,334			5,936			6,731
Interest expense			(2,687)			(6,093)			(5,305)			(8,401)
Loss on equity method investment - marketable securities			—			6,143			—			(57,095)
Loss on contract settlement			—			(158,137)			—			(158,137)
Gain on acquisition post-close dispute settlement			—			26,007			—			26,007
Impairment of property and equipment			(27,972)			—			(27,972)			—
Other income (expense)			1,221			244			1,209			337
Net income (loss) before taxes		$	(237,275)		$	219,774		$	(737,461)		$	(76,156)

(a)

Other profit (loss) is primarily attributable to legacy Data Center Hosting bitcoin mining activity for the three and six months ended June 30, 2025, and is therefore not included in the total for segment gross profit (loss).