v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from Operating Activities:    
Net loss $ (502,766) $ (1,049,464)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 54,816 87,164
Losses on exchange or disposal of property, plant and equipment 7,105 4,061
Amortization of operating lease right-of-use assets 8,248 3,802
Stock-based compensation 70,301 27,957
Digital asset self-mining revenue (187,396) (328,840)
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues [1] 0 330,900
(Increase) decrease in fair value of digital assets (30,066) 247
Decrease in fair value of energy derivatives 0 (2,262)
Decrease in fair value of contingent value rights (1,683) (79,334)
Loss on debt extinguishment 1,377 487
Amortization of debt discount 4,676 2,362
Non-cash reorganization items 0 (143,791)
Non-cash PIK interest expense 0 3,946
Changes in operating assets and liabilities:    
Customer funding receivable and other current assets 19,128 (1,875)
Accounts payable (17,618) (11,640)
Accrued expenses 24,939 (44,873)
Other noncurrent assets and liabilities, net (16,874) 6,354
Net cash provided by operating activities 125,182 29,091
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (454,194) (66,203)
Proceeds from sales of property and equipment 1,929 0
Purchase of equity investments (5,000) 0
Investments in intangible assets (10,160) (191)
Net cash used in investing activities (467,425) (66,394)
Cash flows from Financing Activities:    
Principal repayments of finance leases (1,672) (5,328)
Principal payments on debt (8,613) (291,888)
Debt extinguishment payments (26,862) 0
Proceeds from exercise of warrants 1,746 1,913
Taxes paid related to net share settlement of equity awards (5,893) 0
Proceeds from issuance of new common stock 0 55,000
Proceeds from draw from exit facility 0 20,000
Restricted stock tax holding obligations 0 (3,390)
Proceeds from exercise of stock options 0 9
Net cash (used in) provided by financing activities (41,294) 221,396
Net (decrease) increase in cash, cash equivalents and restricted cash (383,537) 184,093
Cash, cash equivalents and restricted cash—beginning of period 836,980 69,709
Cash, cash equivalents and restricted cash—end of period 453,443 253,802
2029 Convertible Notes    
Cash flows from Financing Activities:    
Proceeds from the issuance of 3.00% convertible senior notes, net 0 447,609
Issuance costs for 3.00% convertible senior notes 0 (2,529)
Cost of Colocation services    
Changes in operating assets and liabilities:    
Deferred revenue from services 323,796 0
Cost of digital asset hosted mining services    
Changes in operating assets and liabilities:    
Deferred revenue from services 2,158 115
Warrant Liability    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Increase in fair value of warrant liabilities $ 365,041 $ 1,223,775
[1] Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.

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