v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net (loss) income $ (261,343) $ 103,887
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization expenses 31,191 25,102
Impairment of capitalized software assets 5,006
(Gain) loss from disposal of property, plant, and equipment (1,915) 873
Gain on net investment in lease (679)
Amortization of discount on debts issued 6,820
Induced conversion expense 80,767
Losses (gains) on digital assets 65,871 (145,990)
Share-based compensation expenses 25,807 22,380
Changes in fair value of investment security 4,204 (6,246)
Changes in fair value of derivative liability (6,021)
Current expected credit losses 2,677 111
Digital assets mined (8,098) (21,825)
Digital assets earned from staking (4,228) (3,795)
Impairment of digital intangible assets 49,254 1,836
Gain on digital intangible assets (16,705)
Changes in operating assets and liabilities:    
Digital assets and stable coins (20,169) (141,868)
Digital intangible assets (19,093)
Right-of-use assets 6,664 3,876
Deferred revenue 226,524 (23,002)
Lease liabilities (4,962) (3,544)
Other current assets (2,337) 3,394
Other non-current assets (11,967) 3,397
Accounts receivable (18,595) (12,160)
Accounts payable 478 4,159
Other payables and accrued liabilities 6,312 (788)
Net investment in lease 3,550 2,292
Other long-term liabilities 6,279 (589)
Income tax payable (1,564) (200)
Deferred tax liabilities 418 2,928
Net Cash Provided by (Used in) Operating Activities 163,239 (204,865)
Cash Flows from Investing Activities:    
Purchases of and deposits made for property, plant and equipment (549,804) (164,018)
Investment in equity securities (15,750) (2,002)
Proceeds from disposal of property, plant and equipment 26,576 1,959
Proceeds from disposal of digital assets 11,927
Net Cash Used in Investing Activities (527,051) (164,061)
Cash Flows from Financing Activities:    
Net proceeds from issuance of ordinary shares for public offering 162,630
Net proceeds from IPO over-allotment option exercise 22,189
Net proceeds from subsidiary IPO 147,370
Net proceeds from issuance of ordinary shares/registered direct offering 62,817
Net proceeds from issuance of ordinary shares/At-the-market offering 50,157 58,489
Net proceeds from issuance of convertible debts 522,715
Net proceeds from issuance of debts 124,275
Purchase of zero-strike call option (120,000)
Payment of dividends (800) (800)
Repayment of debt (52,250)
Repayment of convertible notes in induced conversion (118,034)
Repayment of finance lease liabilities (12,599)
Net Cash Provided by Financing Activities 393,464 452,695
Net increase in cash, cash equivalents and restricted cash 29,652 83,769
Effect of exchange rate changes on cash, cash equivalents and restricted cash 617 147
Cash, cash equivalents and restricted cash, beginning of period 122,213 98,934
Cash, cash equivalents and restricted cash, end of period 152,482 182,850
Supplemental Cash Flow Information    
Cash paid for interest expense 12,311
Cash paid for income taxes, net of (refunds) 2,968 225
Non-cash Transactions of Investing and Financing Activities    
Right of use assets exchanged for operating lease liabilities 63,330 31,572
Reclassification of deposits to property, plant and equipment 80,237 121,096
Issuance of subsidiary ordinary shares in connection with non-cash equity transactions 62,618 5,877
Net transfer from net investment in sales-type leases to property and equipment 760 7,940
Construction in progress included in other payables and accrued liabilities 6,319
Debt issuance costs included in other payables and accrued liabilities 1,531
Unamortized issuance costs on repurchase notes included in additional paid-in capital 6,230
Ordinary shares issued in induced conversion of convertible notes 169,770
Digital assets, pledged as collateral 37,103
ETH exchanged for LsETH 167,928
Extinguishment of financing lease by acquiring underlying assets $ 12,472