v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for three months ended June 30, 2026 and 2025, and reconciles to net loss on the consolidated statements of operations:
For the three months ended June 30, 2026
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingWind Energy GenerationHigh- Performance Computing ServicesTotal
Segment Revenue: Revenue from external customers$1,720 $12,653 $366 $— $14,739 
Intersegment revenue (b)— — 2,153 — 2,153 
Total revenue from reportable segments1,720 12,653 2,519 — 16,892 
Briscoe Wind PPA elimination (b)(2,153)
Demand response service revenue (a)321 
Total consolidated revenue$15,060 
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(b)    Intersegment eliminations primarily reflect the elimination of revenue recognized by Briscoe Wind Farm, LLC on electricity sales that are delivered, through regulated cooperative intermediaries acting as pass-through agents, to the Company's Dorothy data centers, and the corresponding elimination of the related power cost recognized by the data center operations, as these transfers represent intra-entity transactions following the Company's acquisition of Briscoe on April 1, 2026.
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingWind Energy GenerationHigh- Performance Computing ServicesTotal
Total revenue from reportable segments$1,720 $12,653 $2,519 $— $16,892 
Less: Segment cost of revenue
Utility costs1,042 7,236 — — 8,278 
Wages, benefits, and employee related costs180 1,014 — — 1,194 
Facilities and Equipment costs130 912 1,889 — 2,931 
Cost of revenue- depreciation and accretion expense992 1,366 1,053 — 3,411 
Other cost of revenue*76 572 364 — 1,012 
Total segment cost of revenue2,420 11,100 3,306 — 16,826 
General and administrative expenses39 1,238 53 1,330 
Segment operating (loss) income$(739)$315 $(840)$— $(1,264)
*Other cost of revenue includes insurance, outside service costs and margins, and general costs.
For the three months ended June 30, 2025
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingHigh- Performance Computing ServicesTotal
Segment Revenue: Revenue from external customers$2,861 $3,136 $— $5,997 
Total revenue from reportable segments2,861 3,136 — 5,997 
Demand response service revenue (a)161 
Total consolidated revenue$6,158 
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingHigh- Performance
Computing Services		Total
Total revenue from reportable segments$2,861 3,136 $— $5,997 
Less: Segment cost of revenue
Utility costs1,278 471 — 1,749 
Wages, benefits, and employee related costs203 531 — 734 
Facilities and Equipment costs250 521 — 771 
Cost of revenue- depreciation1,074 512 — 1,586 
Other cost of revenue*148 364 — 512 
Total segment cost of revenue2,953 2,399 — 5,352 
General and administrative expenses40 94 110 244 
Impairment on fixed assets— 12 — 12 
Segment operating (loss) income$(132)$631 $(110)$389 
*Other cost of revenue includes insurance, outside service costs and margins, and general costs.
The following table presents the reconciliation of segment operating income to net loss before taxes:
(Dollars in thousands)For the three months ended June 30,
20262025
Segment operating (loss) income $(1,264)$389 
Reconciling Items:
Elimination of intercompany costs379 382 
Other revenue (a)321 161 
General and administrative, exclusive of depreciation and amortization (b)(13,909)(5,153)
General and administrative, depreciation and amortization(2,400)(2,403)
Impairment on intangibles(70)— 
Interest expense(3,167)(1,196)
Loss on debt extinguishment and revaluation, net(4,197)— 
Other financing expense(5)(255)
Loss on sale of fixed assets and deposits on equipment, net(585)(22)
Fair value adjustment gain246 — 
Other income (loss), net1,480 (291)
Loss before income taxes$(23,171)$(8,388)
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(b)The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the three months ended June 30, 2026 and 2025.
The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for six months ended June 30, 2026 and 2025, and reconciles to net income (loss) on the consolidated statements of operations:
For the six months ended June 30, 2026
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingWind Energy GenerationHigh- Performance Computing ServicesTotal
Segment Revenue: Revenue from external customers$3,889 $19,341 $366 $- $23,596 
Intersegment revenue (b)- - 2,153 - 2,153 
Total revenue from reportable segments3,889 19,341 2,519 - 25,749 
Briscoe Wind PPA elimination (b)(2,153)
Demand response service revenue (a)858 
Total consolidated revenue$24,454 
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(b)    Intersegment eliminations primarily reflect the elimination of revenue recognized by Briscoe Wind Farm, LLC on electricity sales that are delivered, through regulated cooperative intermediaries acting as pass-through agents, to the Company's Dorothy data centers, and the corresponding elimination of the related power cost recognized by the data center operations, as these transfers represent intra-entity transactions following the Company's acquisition of Briscoe on April 1, 2026.
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingWind Energy GenerationHigh-
Performance
Computing
Services		Total
Total revenue from reportable segments$3,889 $19,341 $2,519 $— $25,749 
Less: Segment cost of revenue
Utility costs2,173 9,028 — — 11,201 
Wages, benefits, and employee related costs423 1,976 — — 2,399 
Facilities and Equipment costs352 1,591 1,889 — 3,832 
Cost of revenue- depreciation and accretion expense2,047 2,513 1,053 — 5,613 
Other cost of revenue*197 1,080 364 — 1,641 
Total segment cost of revenue5,192 16,188 3,306 — 24,686 
General and administrative expenses83 1,935 333 — 2,351 
Segment operating income (loss)$(1,386)$1,218 $(1,120)$— $(1,288)
*Other cost of revenue includes insurance, outside service costs and margins, and general costs.
For the six months ended June 30, 2025
(Dollars in thousands)Cryptocurrency
Mining		Data Center HostingHigh- Performance Computing ServicesTotal
Segment Revenue: Revenue from external customers$5,860 $5,538 $28 $11,426 
Total revenue from reportable segments5,860 5,538 28 11,426 
Demand response service revenue (a)668 
Total consolidated revenue$12,094 
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(Dollars in thousands)Cryptocurrency MiningData Center HostingHigh-
Performance
Computing
Services		Total
Total revenue from reportable segments$5,860 $5,538 $28 $11,426 
Less: Segment cost of revenue
Utility costs2,690 861 — 3,551 
Wages, benefits, and employee related costs421 1,001 7 1,429 
Facilities and Equipment costs457 886 — 1,343 
Cost of revenue- depreciation2,147 913 — 3,060 
Other cost of revenue*288 508 — 796 
Total segment cost of revenue6,003 4,169 7 10,179 
General and administrative expenses55 175 269 499 
Impairment on fixed assets— 12 — 12 
Segment operating income (loss)$(198)$1,182 $(248)$736 
*Other cost of revenue includes insurance, outside service costs and margins, and general costs.
The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes:
(Dollars in thousands)For the six months ended June 30,
20262025
Segment operating (loss) income$(1,288)$736 
Reconciling Items:
Elimination of intercompany costs760 446 
Other revenue (a)858 668 
General and administrative, exclusive of depreciation and amortization (b)(29,028)(10,845)
General and administrative, depreciation and amortization(4,801)(4,807)
Impairment on intangibles(70)— 
Interest expense(4,648)(2,034)
(Loss) gain on debt extinguishment and revaluation, net(4,197)551 
Loss on sale of fixed assets and deposits on equipment(553)(22)
Fair value adjustment gain (loss)246 (118)
Other financing expense(569)(456)
Other income (expense), net1,593 (286)
Loss before income taxes$(41,697)$(16,167)
(a)Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.
(b)The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the six months ended June 30, 2026 and 2025.