v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (81,520) $ (8,206)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 537 594
Staking fees paid in AVAX tokens 30
Impairment of liquid staking tokens 3,740
Realized loss on digital assets 5,317
Unrealized losses (gains) on digital assets 66,057 (80)
Share-based compensation 556 208
Amortization of debt issuance costs 3,546 1,912
Amortization of power purchase agreement 115 115
Change in fair value of derivative liabilities (2,977)
Gain on debt conversion (87)
Loss on debt extinguishment 21 4,731
Loss on disposal of business 904
Loss on disposal of fixed assets 259
Changes in operating assets and liabilities:    
Revenue from digital asset production (5,329) (725)
Other receivables (227) (76)
Prepaid expenses and other current assets 1,419 192
Deposit receivable 16
Accounts payable and accrued liabilities 405 422
Other current liabilities 3
Net cash used in operating activities (5,071) (3,057)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions (4,765)
Purchase of digital assets (25)
Purchase of equipment (2,523) (1,024)
Sale of digital assets 106
Net cash used in investing activities (2,548) (5,683)
CASH FLOWS FROM FINANCING ACTIVITIES    
Shares repurchased in the open market, including costs (3,850)
Proceeds from debenture and warrant issuance, net of discount 6,716 8,550
Repayment of convertible debentures (557) (110)
Proceeds from loan payable 200
Repayment of loan payable (17)
Financing costs of debentures (157)
Proceeds from warrants exercised 59
Net cash provided by financing activities 2,292 8,542
Effect of exchange rate changes on cash, cash equivalents and restricted cash (107)
Change in cash, cash equivalents and restricted cash (5,327) (305)
Cash, cash equivalents and restricted cash, beginning of period 22,135 490
Cash, cash equivalents and restricted cash, end of period 16,808 185
Supplemental cash flow information:    
Cash paid during the period for interest 13
Supplemental disclosure of non-cash investing and financing transactions:    
Shares issued for conversion of convertible debt 79 2,922
Exchange listing fees for registration statement 276
Purchase of liquid staking tokens with digital assets 8,466
Release of AVAX tokens from subscriptions receivable 4,294
Escrow receivable obtained in connection with issuance of convertible debt and warrants 4,345
Warrants issued with convertible debt and classified as equity 2,016
Non-cash repayment of convertible debentures 655  
Initial fair value of debenture warrants initially classified as derivatives 4,192
Initial fair value of conversion feature of debentures initially classified as derivatives 1,183
Reclassification of derivative liability to equity $ 2,772