v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net loss $ (261,943) $ (42,838)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expenses 20,124 15,466
Impairment of capitalized software assets 5,006
(Gain) Loss from disposal of property, plant, and equipment (1,822) 334
Amortization of discount on debts issued 4,215
Losses on digital assets 149,911 22,051
Share-based compensation expenses 19,625 7,143
Changes in fair value of investment security 21,228 876
Changes in fair value of derivative liability 4,715
Current expected credit losses 2,212
Digital assets mined (6,076) (14,409)
Digital assets earned from staking (3,200) (926)
Impairment of digital intangible assets 46,035
Gain on digital intangible assets (11,324)
Changes in operating assets and liabilities:    
Digital assets and stable coins (20,169) 53,985
Right-of-use assets 2,926 2,440
Deferred revenue 63,608 (19,040)
Lease liabilities (3,286) (2,288)
Other current assets 925 3,930
Other non-current assets (894) 1,576
Accounts receivable (1,561) (1,187)
Accounts payable 5,912 (258)
Other payables and accrued liabilities 4,154 5,266
Net investment in lease 1,965 1,342
Other long-term liabilities 6,279 (393)
Income tax payable (1,180) 341
Deferred tax liabilities (615) 1,687
Net Cash Provided by Operating Activities 46,770 35,098
Cash Flows from Investing Activities:    
Purchases of and deposits made for property, plant and equipment (344,712) (147,145)
Investment in equity securities (2,002)
Proceeds from disposal of property, plant and equipment 26,483 906
Proceeds from disposal of digital assets 5,772
Net Cash Used in Investing Activities (312,457) (148,241)
Cash Flows from Financing Activities:    
Net proceeds from issuance of ordinary shares for public offering 141,625
Net proceeds from issuance of ordinary shares/At-the-market offering 38,583 58,489
Net proceeds from issuance of convertible debts 222,118
Net proceeds from issuance of debts 103,431
Purchase of zero-strike call option (120,000)
Payment of dividends (800) (800)
Repayment of finance lease liabilities (12,599)
Net Cash Provided by Financing Activities 230,733 199,314
Net (decrease) increase in cash, cash equivalents and restricted cash (34,954) 86,171
Effect of exchange rate changes on cash, cash equivalents and restricted cash 609 (204)
Cash, cash equivalents and restricted cash, beginning of period 122,213 98,934
Cash, cash equivalents and restricted cash, end of period 87,868 184,901
Supplemental Cash Flow Information    
Cash paid for interest expense 3,107
Cash paid for income taxes, net of (refunds) 1,221 225
Non-cash Transactions of Investing and Financing Activities    
Right of use assets exchanged for operating lease liabilities 8,305 31,193
Reclassification of deposits to property, plant and equipment 57,765 97,296
Issuance of subsidiary shares to employees in settlement of RSUs 5,051
Net investment in sales-type lease of equipment 1,051
Construction in progress included in other payables and accrued liabilities (21,486)
Digital assets, pledged as collateral 105,616
ETH exchanged for LsETH 167,928
Extinguishment of financing lease by acquiring underlying building $ 12,472