v3.26.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue:        
Total revenue $ 181,426 $ 180,229 $ 522,880 $ 494,604
Costs and expenses:        
Acquisition-related costs       187
Selling, general, and administrative 68,036 69,832 226,215 217,182
Depreciation and amortization 123,921 82,929 319,439 244,052
Change in fair value of bitcoin (171,907) (133,120) 229,369 (395,892)
Change in fair value of derivatives 26,323 (10,792) 86,537 (9,939)
Power curtailment credits (24,664) (30,634) (55,741) (46,748)
Change in fair value of contingent consideration   1   (17,641)
Loss on contract settlement       158,137
Gain on acquisition post-close dispute settlement       (26,007)
Loss (gain) on sale/exchange of equipment (32) (2,742) (32) (2,263)
Casualty-related charges (recoveries), net   (47) 3 (166)
Impairment of property and equipment 18,453 15,279 46,425 15,279
Total costs and expenses 180,202 100,178 1,260,957 432,281
Operating income (loss) 1,224 80,051 (738,077) 62,323
Other income (expense):        
Interest income 5,622 3,919 11,558 10,650
Interest expense (2,748) (8,052) (8,053) (16,453)
Gain (loss) on equity method investment - marketable securities   28,903   (28,192)
Other income (expense) 9 1,344 1,218 1,681
Total other income (expense) 2,883 26,114 4,723 (32,314)
Net income (loss) before taxes 4,107 106,165 (733,354) 30,009
Current income tax benefit (expense) (73) (1,685) (259) (2,442)
Net income (loss) $ 4,034 $ 104,480 $ (733,613) $ 27,567
Basic net income (loss) per share (in Dollars per share) $ 0.01 $ 0.3 $ (2.09) $ 0.08
Diluted net income (loss) per share (in Dollars per share) $ 0.01 $ 0.26 $ (2.09) $ 0.08
Basic weighted average number of shares outstanding (in Shares) 357,289,543 347,085,375 350,905,328 337,688,455
Diluted weighted average number of shares outstanding (in Shares) 376,211,495 403,179,486 350,905,328 389,070,336
Bitcoin Mining        
Revenue:        
Total revenue $ 115,990 $ 160,792 $ 341,621 $ 444,540
Costs and expenses:        
Cost of revenue (excludes depreciation and amortization presented below): 88,940 95,765 264,966 248,758
Data Center        
Revenue:        
Total revenue 18,429   74,792  
Costs and expenses:        
Cost of revenue (excludes depreciation and amortization presented below): 11,181   58,654  
Engineering        
Revenue:        
Total revenue 47,007 19,097 106,467 43,593
Costs and expenses:        
Cost of revenue (excludes depreciation and amortization presented below): $ 39,951 13,707 $ 85,122 35,371
Other        
Revenue:        
Total revenue   $ 340   6,471
Costs and expenses:        
Cost of revenue (excludes depreciation and amortization presented below):       $ 11,971