v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from Operating Activities:    
Net income $ 580,693 $ 210,691
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 19,731 28,996
Losses on exchange or disposal of property, plant and equipment 6 3,820
Amortization of operating lease right-of-use assets 2,676 770
Stock-based compensation 16,185 (1,060)
Digital asset self-mining and shared hosting revenue (67,441) (149,959)
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues [1] 0 152,810
Change in fair value of digital assets 10,688 0
Gain from sale of digital assets 0 (543)
Change in fair value of energy derivatives 0 (797)
Change in fair value of contingent value rights 12,816 (41,724)
Loss on debt extinguishment 0 50
Amortization of debt discount 1,732 660
Non-cash reorganization items 0 (143,791)
Changes in operating assets and liabilities:    
Accounts receivable, net 6 (106)
Prepaid expenses and other current assets (10,469) (5,989)
Accounts payable (14,295) (9,735)
Accrued expenses and other 2,712 (10,351)
Other noncurrent assets and liabilities, net (4,098) 7,402
Net cash (used in) provided by operating activities (40,599) 22,174
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (88,422) (31,894)
Purchase of equity investments (5,000) 0
Investments in internally developed software (36) (76)
Net cash used in investing activities (93,458) (31,970)
Cash flows from Financing Activities:    
Principal repayments of finance leases (509) (3,554)
Principal payments on debt (3,955) (13,702)
Proceeds from exercise of warrants 266 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 (4,198) 54,363
Net (decrease) increase in cash, cash equivalents and restricted cash (138,255) 44,567
Cash, cash equivalents and restricted cash—beginning of period 836,980 69,709
Cash, cash equivalents and restricted cash—end of period 698,725 114,276
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:    
Cash and cash equivalents 697,942 98,125
Restricted cash 783 16,151
Total cash, cash equivalents and restricted cash 698,725 114,276
Cost of Colocation services    
Changes in operating assets and liabilities:    
Deferred revenue from services 42,005 0
Cost of digital asset hosted mining services    
Changes in operating assets and liabilities:    
Deferred revenue from services 734 (580)
Warrant Liability    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Change in fair value of warrant liabilities $ (634,280) $ (18,390)
[1] Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.

Source

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