v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from Operating Activities:    
Net income (loss) $ (594,205) $ (9,648)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 58,473 40,567
Amortization of operating lease right-of-use assets 2,752 469
Stock-based compensation 7,434 26,553
Digital asset self-mining revenue (260,701) (195,108)
Loss (gain) on debt extinguishment 170 (20,761)
Change in fair value of energy derivatives (2,262) 0
Change in fair value of warrant liabilities 809,320 0
Change in fair value of contingent value rights (73,379) 0
Amortization of debt discount 1,125 0
Losses on disposal of property, plant and equipment 3,552 174
Impairment of digital assets 0 2,183
Gain on sale of digital assets 0 (1,995)
Non-cash reorganization items (143,791) 0
Non-cash PIK interest expense 2,339 0
Changes in operating assets and liabilities:    
Accounts receivable, net (3,675) (1,025)
Accounts receivable from related parties 0 23
Digital assets 262,968 195,322
Prepaid expenses and other current assets 5,654 (976)
Accounts payable (11,480) 23,282
Accrued expenses and other (46,257) (6,499)
Deferred revenue (1,917) (14,175)
Other noncurrent assets and liabilities, net 7,217 (409)
Net cash provided by operating activities 23,378 37,977
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (35,029) (1,774)
Investments in internally developed software 0 (714)
Other (125) 0
Net cash used in investing activities (35,154) (2,488)
Cash flows from Financing Activities:    
Proceeds from issuance of new common stock 55,000 0
Proceeds from draw from exit facility 20,000 0
Principal repayments of finance leases (4,466) (2,260)
Principal payments on debt (28,348) (8,709)
Restricted stock tax holding obligations (3,390) 0
Proceeds from exercise of stock options 9 0
Proceeds from exercise of warrants 367 0
Net cash provided by provided by (used in) financing activities 39,172 (10,969)
Net increase in cash, cash equivalents and restricted cash 27,396 24,520
Cash, cash equivalents and restricted cash—beginning of period 69,709 52,240
Cash, cash equivalents and restricted cash—end of period 97,105 76,760
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:    
Cash and cash equivalents 96,122 57,593
Restricted cash 983 19,167
Total cash, cash equivalents and restricted cash 97,105 76,760
Supplemental disclosure of other cash flow information:    
Cash paid for interest 18,074 742
Income tax refunds (1,288) (336)
Cash paid for reorganization items 53,835 0
Supplemental disclosure of noncash investing and financing activities:    
Change in accrued capital expenditures (10,997) (26,330)
Decrease in equipment related to debt extinguishment 0 17,849
Decrease in notes payable in exchange for equipment 0 (38,610)
Reduction in plant, property, and equipment basis related to Bitmain purchase (26,101) 0
Reclass of other current and non-current assets to plant, property, and equipment 8,187 0
Decrease in right-of-use assets due to lease termination (6,560) 0
Increase in right-of-use assets due to lease commencement 70,690 0
Increase in lease liability due to lease commencement 69,577 0
Extinguishment of convertible notes upon emergence (559,902) 0
Extinguishment of accounts payable, accrued expenses, finance lease liability, and notes payable upon emergence (321,773) 0
Cancellation of common stock in connection with emergence (37) 0
Issuance of warrants 345,856 0
Cumulative effect of adoption of ASU 2023-08, Accounting for and Disclosure of Crypto Assets 24 0
Issuance of new common stock for convertible notes conversion 26,545  
Issuance of new common stock for PIK interest 3,677  
Change in fair value of digital assets 41 0
Additional
Paid-In Capital    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock for convertible notes conversion 26,545  
Issuance of new common stock for PIK interest 3,677  
Issuance of New Secured Convertible Notes    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 260,000 0
Issuance of Secured Notes, net of discount    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 149,520 0
Exit Credit Agreement    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 41,200 0
Issuance of miner equipment lender facility loans    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 52,947 0
Issuance of notes related to settlement    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 9,092 0
Issuance of new common stock for convertible notes conversion    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 26,390 0
Issuance of new common stock in connection with emergence    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 296,891 0
Issuance of new common stock for Bitmain obligation    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 27,839 0
Issuance of new common stock for the Equity Rights Offering backstop commitment    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 5,475 0
Issuance of contingent value rights    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 86,325 0
Issuance of new common stock for PIK interest    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock $ 3,676 $ 0

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