| Segment information |
Note 3. Segment information The Group’s significant expense categories and amounts that are regularly provided to, and used by, the CODM in assessing performance and allocating resources and that are included in each reported measure of segment profit or loss are presented by reportable segments in Note 5. Cost of revenue. The following table presents revenue and cost of revenue for the Group’s reportable segments, reconciled to the Consolidated Statements of Operations and Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | Year Ended, | | (in USD thousands) | 2026 | | 2025 | | 2024 | | Reportable segment revenue | | | | | | | AI Cloud Services revenue | $ | 128,795 | | | $ | 16,394 | | | $ | 3,105 | | | Bitcoin mining revenue | 578,212 | | 484,629 | | 184,087 | | Total segment and consolidated revenue | 707,007 | | 501,023 | | 187,192 | | | | | | | | Reportable segment cost of revenue (exclusive of depreciation and amortization shown below): | | | | | | | AI Cloud Services | (16,932) | | (1,319) | | (379) | | Bitcoin mining | (202,774) | | (157,673) | | (86,688) | | Total segment and consolidated cost of revenue | (219,706) | | (158,992) | | (87,067) | | | | | | | | Total segment gross profit (loss) | 487,301 | | 342,031 | | 100,125 | | | | | | | | Reconciling items: | | | | | | | Selling, general and administrative expenses | (449,115) | | (136,458) | | (70,424) | | Depreciation and amortization | (417,729) | | (181,136) | | (50,470) | | Impairment of assets | (638,805) | | (7,223) | | — | | Gain (loss) on disposal of property, plant and equipment | (24,908) | | 4,002 | | 43 | | Other operating expenses | (15,157) | | (13,302) | | (8,074) | | Other operating income | 11,699 | | 9,413 | | 1,566 | | Finance expense | (59,251) | | (11,045) | | (98) | | Interest income | 80,631 | | 7,504 | | 5,831 | | Increase (decrease) in fair value of assets held for sale | (110,622) | | (2,160) | | — | | Realized gain (loss) on financial instruments | (9,269) | | (4,215) | | 4,121 | | Unrealized gain (loss) on financial instruments | 558,541 | | 77,518 | | (3,448) | | Gain on partial extinguishment of financial liabilities | — | | 9,093 | | — | | Debt conversion inducement expense | (111,799) | | — | | — | | Foreign exchange gain (loss) | (10,273) | | (1,339) | | (4,747) | | Other non-operating income | 72 | | 817 | | 108 | | Other non-operating expense | — | | — | | — | | Income tax (expense) benefit | 6,062 | | (6,560) | | (3,453) | | Net income (loss) | $ | (702,621) | | | $ | 86,941 | | | $ | (28,920) | | | | | | | |
Entity-wide disclosures Disaggregated revenue data by geographical region based on the location of the contracting entity is as follows: | | | | | | | | | | | | | | | | | | | Years ended June 30, | | (in USD thousands) | 2026 | | 2025 | | 2024 | | Australia | $ | 578,212 | | | $ | 484,629 | | | $ | 184,087 | | | United States | — | | | — | | | — | | | Canada | 128,795 | | | 16,394 | | | 3,105 | | | Total revenue | $ | 707,007 | | | $ | 501,023 | | | $ | 187,192 | |
Long-lived assets, excluding deferred tax assets, are located in the following geographical locations: | | | | | | | | | | | | | (in USD thousands) | June 30, 2026 | | June 30, 2025 | | Australia | $ | 68,185 | | | $ | 1,748 | | | United States | 5,339,815 | | | 1,626,521 | | | Canada | 1,807,601 | | | 337,162 | | | Spain | 218,937 | | | — | | | Total long-lived assets | $ | 7,434,538 | | | $ | 1,965,431 | |
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