Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Information

Schedule of segment revenue and segment gross profit (loss)

Three Months Ended September 30, 2026


		Bitcoin Mining			Data Center			Engineering			Total
Revenue from external customers		$	115,990		$	18,429		$	47,007		$	181,426
Intersegment revenue			152			—			9,819			9,971
Segment revenue			116,142			18,429			56,826			191,397

Reconciliation of revenue
Elimination of intersegment revenue												(9,971)
Total consolidated revenue												181,426

Less:
Power			74,849			526			—			75,375
Compensation			5,258			959			—			6,217
Insurance on miners			882			—			—			882
Water and property tax			5,887			—			—			5,887
Tenant fit-out costs			—			9,534			—			9,534
Materials			—			—			32,088			32,088
Labor			—			—			3,009			3,009
Other segment items^(a)			2,728			162			11,587			14,477
Segment gross profit (loss)		$	26,538		$	7,248		$	10,142		$	43,928

Three Months Ended September 30, 2025 ^(b)


					Bitcoin Mining			Engineering			Total
Revenue from external customers					$	160,792		$	19,097		$	179,889
Intersegment revenue						—			6,818			6,818
Segment revenue						160,792			25,915			186,707

Reconciliation of revenue
Other revenue^(c)												340
Elimination of intersegment revenue												(6,818)
Total consolidated revenue												180,229

Less:
Power						82,370			—			82,370
Compensation						4,801			—			4,801
Insurance on miners						1,462			—			1,462
Ground rent and related water and property tax						3,604			—			3,604
Materials						—			6,862			6,862
Labor						—			940			940
Other segment items^(a)						3,528			5,905			9,433
Segment gross profit (loss)					$	65,027		$	12,208		$	77,235

Nine Months Ended September 30, 2026


		Bitcoin Mining			Data Center			Engineering			Total
Revenue from external customers		$	341,621		$	74,792		$	106,467		$	522,880
Intersegment revenue			152			—			36,441			36,593
Segment revenue			341,773			74,792			142,908			559,473

Reconciliation of revenue
Elimination of intersegment revenue												(36,593)
Total consolidated revenue												522,880

Less:
Power			220,665			907			—			221,572
Compensation			15,602			1,407			—			17,009
Insurance on miners			3,420			—			—			3,420
Water and property tax			18,195			8			—			18,203
Tenant fit-out costs			—			56,147			—			56,147
Materials			—			—			70,185			70,185
Labor			—			—			8,776			8,776
Other segment items^(a)			7,748			185			33,884			41,817
Segment gross profit (loss)		$	76,143		$	16,138		$	30,063		$	122,344

Nine Months Ended September 30, 2025 ^(b)


					Bitcoin Mining			Engineering			Total
Revenue from external customers					$	444,540		$	43,593		$	488,133
Intersegment revenue						—			18,152			18,152
Segment revenue						444,540			61,745			506,285

Reconciliation of revenue
Other revenue^(c)												6,471
Elimination of intersegment revenue												(18,152)
Total consolidated revenue												494,604

Less:
Power						206,369			—			206,369
Compensation						13,932			—			13,932
Insurance on miners						4,386			—			4,386
Ground rent and related water and property tax						11,466			—			11,466
Materials						—			12,673			12,673
Labor						—			2,907			2,907
Other segment items^(a)						12,605			19,791			32,396
Segment gross profit (loss)					$	195,782		$	26,374		$	222,156

(a)

For each reportable segment, the other segment items category primarily consists of:

Bitcoin Mining: Bitcoin miner and network repair and maintenance costs.

Engineering: Manufacturing overhead costs.

(b)

The Company recognized its new Data Center operations as a reportable segment for the three and nine months ended September 30, 2026. Accordingly, for the three and nine months ended September 30, 2025, the Data Center segment is omitted from the table because there was no segment revenue or segment gross profit (loss).

(c)

Other revenue is primarily attributable to legacy Data Center Hosting bitcoin mining revenue and is therefore not included in the total for segment gross profit (loss).

Schedule of reconciliation of segment gross profit (loss) to Net income (loss) before taxes


		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Segment gross profit (loss)		$	43,928		$	77,235		$	122,344		$	222,156

Reconciling items:
Other profit (loss) ^(a)			—			340			—			(5,500)
Elimination of intersegment profits			(2,574)			(6,818)			(8,206)			(18,152)
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) gain on sale/exchange of equipment			32			2,742			32			2,263
Casualty-related (charges) recoveries, net			—			47			(3)			166
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)
Loss on contract settlement			—			—			—			(158,137)
Gain on acquisition post-close dispute settlement			—			—			—			26,007
Impairment of property and equipment			(18,453)			(15,279)			(46,425)			(15,279)
Other income (expense)			9			1,344			1,218			1,681
Net income (loss) before taxes		$	4,107		$	106,165		$	(733,354)		$	30,009

(a)

Other profit (loss) is primarily attributable to legacy Data Center Hosting bitcoin mining activity for the three and nine months ended September 30, 2025, and is therefore not included in the total for segment gross profit (loss).