v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Operating activities          
Net income (loss) $ 4,034 $ 104,480 $ (733,613) $ 27,567  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Stock-based compensation     95,823 92,554  
Depreciation and amortization 123,921 82,929 319,439 244,052  
Amortization of license fee revenue       (388)  
Noncash lease expense     7,192 4,265  
Amortization of debt issuance costs     2,982 3,243  
Change in fair value of bitcoin (171,907) (133,120) 229,369 (395,892)  
Change in fair value of derivatives     86,537 (9,939)  
Change in fair value of contingent consideration       (17,641)  
Loss on contract settlement       35,518  
Gain on acquisition post-close dispute settlement       (26,007)  
Impairment of property and equipment 18,453 15,279 46,425 15,279  
(Gain) loss on equity method investment - marketable securities       28,192  
Loss (gain) on sale of equipment (32) (2,742) (32) (2,263)  
Revenue recognized from bitcoin mined     (341,621) (444,540)  
Changes in assets and liabilities:          
(Increase)/decrease in operating assets     (188,489) (7,963)  
Increase/(decrease) in operating liabilities     (11,131) (13,437)  
Net cash provided by (used in) operating activities     (487,119) (467,400)  
Investing activities          
Acquisition of assets from Rhodium       (7,250)  
Acquisition of land       (50,858)  
Deposits on equipment     (48,217) (138,071)  
Proceeds from sale of bitcoin     1,483,958 290,953  
Security deposits     (82) 140  
Proceeds from the sale of equity method investment - marketable securities       106,073  
Purchases of property and equipment, including construction in progress     (225,950) (118,923)  
Purchases of right-of-use assets       (3,595)  
Casualty-related recoveries (charges)     (3) 166  
Net cash provided by (used in) investing activities     1,209,706 78,635  
Financing activities          
Proceeds from the issuance of common stock / At-the-market offering       199,641  
Offering costs for the issuance of common stock / At-the-market offering     (372) (4,460)  
Payment of contingent consideration     (6,185)    
Repayments of credit facilities       (6,728)  
Debt issuance costs     (12,261) (2,396)  
Repurchase of common shares to pay employee withholding taxes     (86,184) (3,236)  
Net cash provided by (used in) financing activities     (284,154) 443,821  
Net increase (decrease) in cash and cash equivalents and restricted cash     438,433 55,056  
Cash and cash equivalents and restricted cash at beginning of period     309,789 351,301 $ 351,301
Cash and cash equivalents and restricted cash at end of period 748,222 406,357 748,222 406,357 309,789
Supplemental information:          
Cash paid for interest, net of amounts capitalized     7,962 9,885  
Cash paid for taxes     580 1,023  
Non-cash transactions          
Reclassification of deposits to property and equipment     96,661 102,848  
Construction in progress included in accrued expenses and other current liabilities     71,033 1,903  
Bitcoin exchanged for employee compensation 1,618 3,745 1,618 3,745  
Right-of-use assets exchanged for new operating lease liabilities 13,564 7,730 13,564 7,730  
The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above:          
Cash and cash equivalents     233,517 277,860 277,860
Restricted cash     76,272 73,441 73,441
Cash and cash equivalents and restricted cash at beginning of period     309,789 351,301 351,301
Cash and cash equivalents 669,052 330,745 669,052 330,745 233,517
Restricted cash 79,170 75,612 79,170 75,612 76,272
Cash and cash equivalents and restricted cash at end of period 748,222 $ 406,357 748,222 406,357 309,789
Revolving credit facility          
Financing activities          
Proceeds from revolving credit facilities       61,000  
$200 Million Credit Facility          
Financing activities          
Proceeds from revolving credit facilities     20,848 $ 200,000 $ 200,000
Repayments of credit facilities     $ (200,000)    
Block Mining Inc.          
Financing activities          
Payment of contingent consideration $ (6,200)