v3.26.1
Condensed Consolidated 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 income (loss) $ (237,170) $ 219,454 $ (737,647) $ (76,913)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Stock-based compensation     74,748 59,696
Depreciation and amortization 97,784 83,197 195,518 161,123
Amortization of license fee revenue       (24)
Noncash lease expense     4,694 2,651
Amortization of debt issuance costs     2,231 1,876
Change in fair value of bitcoin 74,607 (470,812) 401,276 (262,772)
Change in fair value of derivatives     60,214 853
Change in fair value of contingent consideration       (17,642)
Loss on contract settlement       35,518
Gain on acquisition post-close dispute settlement   (26,007)   (26,007)
Impairment of property and equipment 27,972   27,972  
(Gain) loss on equity method investment - marketable securities       57,095
Loss (gain) on sale of equipment   350   479
Revenue recognized from bitcoin mined     (225,631) (283,748)
Changes in assets and liabilities:        
(Increase)/decrease in operating assets     (69,632) (11,401)
Increase/(decrease) in operating liabilities     (6,530) 5,831
Net cash provided by (used in) operating activities     (272,787) (353,385)
Investing activities        
Acquisition of assets from Rhodium       (7,250)
Deposits on equipment     (41,376) (86,403)
Proceeds from sale of bitcoin     732,461 131,802
Security deposits     (129) 286
Proceeds from the sale of equity method investment - marketable securities       14,662
Purchases of property and equipment, including construction in progress     (176,196) (93,235)
Casualty-related recoveries (charges)     (3) 119
Net cash provided by (used in) investing activities     514,757 (40,019)
Financing activities        
Proceeds from the issuance of common stock / At-the-market offering       123,903
Offering costs for the issuance of common stock / At-the-market offering     (372) (2,841)
Repayments of revolving credit facilities       (6,728)
Debt issuance costs       (2,396)
Repurchase of common shares to pay employee withholding taxes     (2,519) (587)
Net cash provided by (used in) financing activities     (2,891) 372,351
Net increase (decrease) in cash and cash equivalents and restricted cash     239,079 (21,053)
Cash and cash equivalents and restricted cash at beginning of period     309,789 351,301
Cash and cash equivalents and restricted cash at end of period 548,868 330,248 548,868 330,248
Supplemental information:        
Cash paid for interest, net of amounts capitalized     3,616 1,918
Cash paid for taxes     60 871
Non-cash transactions        
Reclassification of deposits to property and equipment     86,460 27,573
Construction in progress included in accrued expenses and other current liabilities     35,597 415
Bitcoin exchanged for employee compensation 1,618 3,334 1,618 3,334
Right-of-use assets exchanged for new operating lease liabilities 13,564 5,962 13,564 5,962
The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above:        
Cash and cash equivalents     233,517 277,860
Restricted cash     76,272 73,441
Cash and cash equivalents and restricted cash at beginning of period     309,789 351,301
Cash and cash equivalents 471,383 255,371 471,383 255,371
Restricted cash 77,485 74,877 77,485 74,877
Cash and cash equivalents and restricted cash at end of period $ 548,868 $ 330,248 $ 548,868 330,248
Revolving credit facility        
Financing activities        
Proceeds from revolving credit facilities       61,000
$200 Million Credit Facility        
Financing activities        
Proceeds from revolving credit facilities       $ 200,000