v3.26.3
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) income $ (251,805) $ 42,378
Adjustments to reconcile net income to net cash used in operating activities:    
Revenues recognized on acceptance of digital assets (354,246) (200,639)
Noncash lease expense 6,294 5,835
Depreciation and amortization 202,596 44,952
Share-based compensation 13,527 20,574
Amortization of debt issuance cost 2,514 3,617
Losses on disposal of property, plant and equipment and intangible assets 17,870 68
Change in fair value of derivative instruments (12,988) (165,352)
Change in fair value of digital asset receivables from a related party 16,307
Change in fair value of digital assets loan (23,809)
Change in fair value of digital asset-settled receivables and payables (6,468) 3,190
Impairment charges 778
Foreign exchange losses (gains) 2,367 (3,449)
Loss on extinguishment of convertible senior notes 5,379 16,194
Deferred income tax (15,037) (4,939)
Realized loss (gain) on disposal of digital assets held for operations 19,237 (187)
Unrealized loss (gain) on digital assets held for operations 9,391 (19,211)
Share of losses from equity method investments 3,517 2,467
Others (23) 45
Changes in operating assets and liabilities:    
Accounts receivables (3,977) 1,174
Prepayments and other assets 371,794 (101,354)
Inventories (544,931) (290,683)
Amounts due from related parties (5) (56)
Accounts payables 54,076 30,791
Deferred revenue (9,947) (1,000)
Tax payable (1,429) 288
Amounts due to a related party 885 1,117
Accrued expenses and other liabilities (1,120) (5,070)
Operating lease liabilities (5,386) (3,553)
Net cash used in operating activities (505,417) (622,025)
Cash flows from investing activities    
Purchase of property, plant and equipment and intangible assets (359,740) (157,205)
Purchase of short-term investments (1,000)
Purchase of long-term investments (400) (332)
Proceeds from disposal of short-term investments 900
Proceeds from disposal of property, plant and equipment 1,688
Purchase of digital assets (18,159)
Proceeds from disposal of digital assets 402,392 112,351
Cash paid for the site and gas-fired power project in Alberta, Canada (21,881)
Net cash provided by (used in) investing activities 44,840 (86,226)
Cash flows from financing activities    
Proceeds from borrowings 26,594 17,472
Repayment of borrowings (26,008) (4)
Borrowings from a related party 210,000 180,000
Repayment of borrowings to a related party (149,000) (7,083)
Proceeds from exercise of share-based awards 2,501 1,665
Proceeds from issuance of shares for exercise of share warrant 50,000
Proceeds from issuance of ordinary shares 491,934 121,837
Transaction costs for the issuance of ordinary shares (7,433) (3,434)
Repurchase of ordinary shares (4,000) (30,010)
Proceeds from convertible senior notes, net of transaction costs 363,625 363,192
Repayments made in connection with the extinguishment of convertible senior notes (93,046) (33,783)
Purchase of capped call or zero-strike call option in connection with convertible senior notes (33,713) (129,607)
Net cash provided by financing activities 781,454 530,245
Effect of exchange rates changes on cash, cash equivalents, and restricted cash (2,466) 3,281
Net increase (decrease) in cash, cash equivalents, and restricted cash 318,411 (174,725)
Cash, and cash equivalents, and restricted cash at beginning of period 177,877 493,626
Cash, and cash equivalents, and restricted cash at end of period 496,288 318,901
Supplemental disclosure of cash flow information:    
Income taxes paid [1] (2,273) (1,130)
Interest paid on borrowings (52,856) (19,801)
Supplemental disclosures of non-cash investing and financing activities:    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 5,625 17,165
Payment for purchase of property, plant and equipment in form of digital assets 940 3,443
Borrowing costs capitalized as additional to property, plant and equipment 2,697 3,751
Prepayments realized as additions to property, plant and equipment and intangible assets 208,893 5,846
Liabilities assumed in connection with acquisition of property, plant and equipment and intangible assets 13,280 15,753
Transfer of inventory to property, plant and equipment 796,930 146,788
Cancellation of repurchased treasury shares 39,965 29,967
Issuance of Class A ordinary shares in connection with settlement of convertible senior notes 43,804 112,951
Transaction cost-related liabilities assumed in connection with the issuance of the convertible senior notes 714
Borrowings from a related party in digital assets 316,553
Repayment of borrowings from a related party in digital assets 242,444
Digital assets placed as collateral for borrowings from a related party 357,600
Return of digital assets placed as collateral for borrowings from a related party 314,680
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 456,838 299,792
Restricted cash, current 33,214 12,965
Restricted cash, noncurrent 6,236 6,144
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 496,288 $ 318,901
[1] For the six months ended June 30, 2026 and 2025, net income taxes paid amounted to approximately US$0.4 million and US$54k in Singapore, and approximately US$1.8 million and US$1.1 million in jurisdictions outside Singapore, respectively. Income taxes paid in jurisdictions outside Singapore comprised approximately US$0.7 million and US$1.0 million in Norway, and US$1.1 million and US$22k in Bhutan, for the six months ended June 30, 2026 and 2025, respectively.