v3.26.3
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Net revenues    
Total net revenues $ 417,714 $ 225,710
Cost of revenues    
Total cost of revenues (465,281) (217,699)
Gross (loss) profit (47,567) 8,011
Operating expenses    
Selling expenses (5,136) (3,015)
General and administrative expenses (58,906) (35,240)
Research and development expenses (56,250) (79,572)
Change in fair value of digital assets held for operations (28,628) 19,398
Other operating expenses, net (11,806) (3,409)
Total operating expenses (160,726) (101,838)
Loss from operations (208,293) (93,827)
Interest income 2,220 4,187
Interest expense (62,810) (19,063)
Change in fair value of digital assets receivables (16,307)
Change in fair value of digital assets loan 23,809
Change in fair value of derivative instruments 12,988 165,352
Foreign exchange (losses) gains (2,367) 3,449
Other losses, net (12,649) (18,776)
(Loss) Income before income taxes (263,409) 41,322
Income tax benefits 15,121 3,523
Share of losses from equity method investments (3,517) (2,467)
Net (loss) income $ (251,805) $ 42,378
Net (loss) income per share    
Basic $ (1.05) $ 0.22
Diluted $ (1.05) $ (0.57)
Weighted average number of shares outstanding    
Basic 239,886 192,095
Diluted 239,886 204,683
Other comprehensive (loss) income for the period    
- Foreign currency translation adjustments $ (48) $ 149
Other comprehensive (loss) income for the period, net of tax (48) 149
Total comprehensive (loss) income for the period (251,853) 42,527
Service Revenues    
Net revenues    
Total net revenues 412,040 152,013
Cost of revenues    
Cost of service revenues (460,164) (153,664)
Product Revenues    
Net revenues    
Total net revenues 5,674 73,697
Cost of revenues    
Cost of product revenues $ (5,117) $ (64,035)