v3.26.3
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
SEGMENT INFORMATION
21. SEGMENT INFORMATION

 

The Group primarily operates through its mining datacenters in the United States, Bhutan, Norway and other applicable geographic locations, refer to the geographic information presented. The gross profit by reporting segments is regularly provided to CODM for the purpose of allocating operating and capital resources and assessing performance of each reporting segment by comparing actual gross profit results to historical results and previously forecasted financial information. The CODM is not regularly provided with asset information by reporting segments, and therefore the Group does not report asset information by reporting segments.

 

For the six months ended June 30, 2026, the Group identified seven operating segments and seven reportable segments, including 1) Self-mining; 2) Co-mining; 3) AI Cloud; 4) General hosting; 5) Membership hosting; 6) Cloud hash rate; and 7) Sale of mining rigs and accessories. For the six months ended June 30, 2025, the Group identified six operating segments and six reportable segments, including 1) Self-mining; 2) AI Cloud; 3) General hosting; 4) Membership hosting; 5) Cloud hash rate; and 6) Sale of mining rigs and accessories.

 

AI Cloud was not previously presented as a separate reportable segment. Following a change in the Group’s internal reporting structure during the six months ended June 30, 2026, AI Cloud is reported separately and segment information for the six months ended June 30, 2025 has been recast to conform to the current period presentation. The recast had no effect on total consolidated net revenues, gross profit or loss before income tax.

 

The segment financial information was as follows:

 

    Six months ended June 30, 2026  
In thousands of USD   Self-mining     Co-mining     AI Cloud     General
hosting		     Membership
hosting		     Cloud
hash
rate		     Sale of
mining
rigs and
accessories		     Total  
Net revenues     315,226       34,002       17,689       8,226       26,529       7,425       4,087       413,184  
Cost of revenues:                                                                
Electricity cost in operating mining rigs     (180,191 )     (17,521 )     -       (6,831 )     (19,591 )     (3,594 )     -       (227,728 )
Depreciation expense     (155,183 )     (17,050 )     (7,036 )     (653 )     (2,124 )     (3,385 )     -       (185,431 )
Share-based compensation expenses     (930 )     (100 )     -       (24 )     (78 )     (22 )     -       (1,154 )
Cost of products sold     -       -       -       -       -       -       (3,822 )     (3,822 )
Other     (16,013 )     (4,114 )     (17,952 )     (561 )     (1,850 )     (519 )     -       (41,009 )
Total segment cost of revenues     (352,317 )     (38,785 )     (24,988 )     (8,069 )     (23,643 )     (7,520 )     (3,822 )     (459,144 )
Total segment gross (loss)/profit     (37,091 )     (4,783 )     (7,299 )     157       2,886       (95 )     265       (45,960 )

 

Segment information for the comparative period was as follows:

 

    Six months ended June 30, 2025  
In thousands of USD   Self-mining     AI Cloud     General
hosting		     Membership
hosting		     Cloud
hash rate		     Sale of
mining
rigs and accessories		     Total  
Net revenues     96,538       2,691       18,960       30,868       51       73,554       222,662  
Cost of revenues:                                                        
Electricity cost in operating mining rigs     (57,343 )     -       (13,611 )     (22,418 )     (7 )     -       (93,379 )
Depreciation expense     (23,293 )     (2,242 )     (1,987 )     (3,238 )     (54 )     -       (30,814 )
Share-based compensation expenses     (791 )     -       (183 )     (306 )     (1 )     -       (1,281 )
Cost of products sold     -       -       -       -       -       (63,215 )     (63,215 )
Other     (15,292 )     (2,717 )     (2,618 )     (4,264 )     (8 )     (641 )     (25,540 )
Total segment cost of revenues     (96,719 )     (4,959 )     (18,399 )     (30,226 )     (70 )     (63,856 )     (214,229 )
Total segment gross (loss)/profit     (181 )     (2,268 )     561       642       (19 )     9,698       8,433  

 

Reconciliation of segment results to (loss)/profit before income tax:

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Total segment gross (loss)/profit     (45,960 )     8,433  
Other net revenues     4,530       3,048  
Other net cost of revenues     (6,137 )     (3,470 )
Unallocated net operating (expenses)/income     (155,252 )     48,187  
Interest income     2,220       4,187  
Interest expense     (62,810 )     (19,063 )
Total consolidated (loss)/profit before income tax     (263,409 )     41,322  

 

Reconciliation of segment revenues to total revenues:

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Total segment net revenues     413,184       222,662  
Other net revenues     4,530       3,048  
Total consolidated net revenues     417,714       225,710  

 

Disaggregated revenue data by geographical region in terms of the location where services are provided or where the customers are based within the operating segment is as follows:

 

    Six months ended
June 30,		  
In thousands of USD   2026     2025  
Singapore     22,798       4,768  
United States     180,783       118,126  
Bhutan     171,443       34,222  
Norway     36,553       33,052  
Finland     -       21,966  
Ethiopia     4,829       7,409  
Others     1,308       6,167  
Total     417,714       225,710  

 

Selected assets of property, plant and equipment and right-of-use assets by geographical region within the operating segment is as follows:

 

    At
June 30,		     At
December 31,		  
In thousands of USD   2026     2025  
Singapore     678,930       66,310  
United States     845,346       456,708  
Bhutan     440,292       443,780  
Norway     144,920       143,220  
Malaysia     48,861       52,682  
Canada     15,813       8,404  
Ethiopia     14,984       19,881  
Others     13,205       15  
Total     2,202,351       1,191,000