v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from Operating Activities:    
Net loss $ (356,106) $ (594,205)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 38,487 58,473
Losses on exchange or disposal of property, plant and equipment 4,172 3,552
Amortization of operating lease right-of-use assets 5,404 2,752
Stock-based compensation 40,355 7,434
Digital asset self-mining revenue (129,769) (260,701)
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues [1] 0 262,968
(Increase) decrease in fair value of digital assets (19,109) 41
Decrease in fair value of energy derivatives 0 (2,262)
Decrease in fair value of contingent value rights (906) (73,379)
Loss on debt extinguishment 1,377 170
Amortization of debt discount 3,365 1,125
Non-cash reorganization items 0 (143,791)
Non-cash PIK interest expense 0 2,339
Changes in operating assets and liabilities:    
Customer funding receivable and other current assets 22,978 1,979
Accounts payable (16,379) (11,480)
Accrued expenses (9,792) (46,257)
Other noncurrent assets and liabilities, net (12,069) 7,217
Net cash (used in) provided by operating activities (6,599) 23,378
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (209,701) (35,029)
Proceeds from sales of property and equipment 1,671 0
Purchase of equity investments (5,000) 0
Investments in internally developed software (36) (125)
Net cash used in investing activities (213,066) (35,154)
Cash flows from Financing Activities:    
Principal repayments of finance leases (1,125) (4,466)
Principal payments on debt (8,613) (28,348)
Debt extinguishment payments (26,862) 0
Proceeds from exercise of warrants 630 367
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 (35,970) 39,172
Net (decrease) increase in cash, cash equivalents and restricted cash (255,635) 27,396
Cash, cash equivalents and restricted cash—beginning of period 836,980 69,709
Cash, cash equivalents and restricted cash—end of period 581,345 97,105
Cost of Colocation services    
Changes in operating assets and liabilities:    
Deferred revenue from services 131,293 0
Cost of digital asset hosted mining services    
Changes in operating assets and liabilities:    
Deferred revenue from services 700 (1,917)
Warrant Liability    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Increase in fair value of warrant liabilities $ 289,400 $ 809,320
[1] Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.

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