v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from Operating Activities:      
Net loss $ (1,315,005) $ (246,487) $ (2,146,318)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 113,205 96,003 225,259
Losses on disposal of property, plant and equipment 4,210 1,956 28,025
Amortization of operating lease right-of-use assets 6,916 442 834
Stock-based compensation 51,924 58,892 182,894
Digital asset self-mining and shared hosting revenue (425,253) (407,082) (397,796)
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues [1] 402,461 404,686 444,353
Change in fair value of digital assets 1,052 0 0
Impairment of digital assets 0 4,406 231,315
Gain from sale of digital assets 0 (3,886) (44,298)
Change in fair value of energy derivatives (2,262) 0 0
Change in fair value of contingent value rights (82,053) 0 0
Change in fair value of convertible notes 0 0 186,853
Change in fair value of other liabilities 0 0 9,498
Loss (gain) on debt extinguishment 487 (20,065) 287
Loss on issuance of notes payable through settlements 0 8,515 0
Amortization of debt discount 3,756 752 7,135
Non-cash reorganization items (143,791) 0 (199,707)
Non-cash PIK interest expense 3,676 0 0
Impairment of goodwill, other intangibles and property, plant and equipment 0 0 1,649,938
Provision for doubtful accounts 0 0 9,004
Equity line of credit expenses 0 0 1,668
Gain on sale of intangible assets 0 0 (5,904)
Deferred income taxes 0 0 (18,521)
Changes in operating assets and liabilities:      
Accounts receivable, net 659 (767) (7,856)
Accounts receivable from related parties 0 23 277
Deposits for equipment for sales to customers 0 (2,403) 50,174
Prepaid expenses and other current assets (20,393) (18,351) 51,818
Accounts payable (12,272) 118,911 26,713
Accrued expenses and other 1,880 130,382 17,229
Deferred revenue from related parties 0 0 (72,449)
Other noncurrent assets and liabilities, net (5,815) (13,006) (3,784)
Net cash provided by operating activities 42,896 65,114 205,187
Cash flows from Investing Activities:      
Purchases of property, plant and equipment (94,961) (16,161) (383,980)
Proceeds from sale of Cedarvale 0 13,998 0
Deposits for self-mining equipment 0 0 (217,677)
Proceeds from the sale of coupons 0 0 10,850
Investments in internally developed software (231) (833) 0
Other 0 0 29
Net cash used in investing activities (95,192) (2,996) (590,778)
Cash flows from Financing Activities:      
Principal repayments of finance leases (6,038) (3,658) (30,319)
Principal payments on debt (304,819) (40,991) (113,290)
Proceeds from issuance of new common stock 55,000 0 0
Proceeds from draw from exit facility 20,000 0 0
Restricted stock tax holding obligations (3,393) 0 0
Proceeds from exercise of warrants 4,885 0
Proceeds from exercise of stock options 9 0 25,049
Repurchase of common shares to pay employee withholding taxes 0 0 (31,646)
Proceeds from the XPDI merger, net of transaction costs 0 0 195,010
Proceeds from debt, net of issuance costs 0 0 261,349
Net cash provided by (used in) financing activities 819,567 (44,649) 306,153
Net increase (decrease) in cash, cash equivalents and restricted cash 767,271 17,469 (79,438)
Cash, cash equivalents and restricted cash—beginning of period 69,709 52,240 131,678
Cash, cash equivalents and restricted cash—end of period 836,980 69,709 52,240
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 836,197 50,409 15,884
Restricted cash 783 19,300 36,356
Total cash, cash equivalents and restricted cash 836,980 69,709 52,240
Supplemental disclosure of other cash flow information:      
Cash paid for interest 28,798 4,708 86,010
Income tax (refunds) payments (159) (370) 5,756
Cash paid for reorganization items 53,835 86,539 0
Supplemental disclosure of noncash investing and financing activities:      
Change in accrued capital expenditures 13,411 2,731 69,286
Reduction in plant, property, and equipment basis related to Bitmain purchase (26,101) 0 0
Reclass of other current and non-current assets to plant, property, and equipment 6,867 0 0
Increase in right-of-use assets due to lease commencement 111,736 0 0
Extinguishment of convertible notes upon emergence (559,902) 0 0
Extinguishment of accounts payable, accrued expenses, finance lease liability, and notes payable upon emergence (473,244) 0 0
Cancellation of common stock in connection with emergence (36) 0 0
Issuance of warrants 345,856 0 0
Cumulative effect of adoption of ASU 2023-08, Accounting for and Disclosure of Crypto Assets 24 0 0
Payment-in-kind interest on Secured and Other Convertible Notes 0 0 31,382
Increase in lease liability and right-of-use assets due to lease modification 695 0 0
Noncash exercise of warrants 39,828 0 3,001
Property, plant and equipment disposed of through settlements 0 6,301 0
Purchase of insurance policies financed by short-term note payable 0 5,011 0
Decrease in equipment related to debt extinguishment 0 17,849 0
Decrease in notes payable in exchange for equipment 0 (38,610) 0
Property, plant, and equipment obtained in exchange transaction 0 0 62,338
3.00% Convertible Senior Notes      
Cash flows from Financing Activities:      
Proceeds for the issuance of senior convertible notes, net 447,609 0 0
Issuance costs for senior convertible notes (2,529) 0
0% Convertible Senior Notes      
Cash flows from Financing Activities:      
Proceeds for the issuance of senior convertible notes, net 610,156 0 0
Issuance costs for senior convertible notes (1,313) 0 0
Issuance of New Secured Convertible Notes      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of debt 260,000 0 0
Issuance of Secured Notes, net of discount      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of debt 149,520 0 0
Exit Credit Agreement      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of debt 41,200 0 0
Issuance of miner equipment lender facility loans      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of debt 52,947 0 0
Issuance of notes related to settlement      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of debt 9,092 38,547 0
Issuance of new common stock in connection with emergence      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of new common stock 296,893 0 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 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 0
Issuance of contingent value rights      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of new common stock 86,325 0 0
Issuance of new common stock for PIK interest on New Secured Convertible Notes      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of new common stock 3,677 0 0
Issuance of new common stock for New Secured Convertible Notes conversion      
Supplemental disclosure of noncash investing and financing activities:      
Issuance of new common stock 261,772 0 0
HPC hosting      
Changes in operating assets and liabilities:      
Deferred revenue from services 17,785 0 0
Cost of digital asset hosted mining services      
Changes in operating assets and liabilities:      
Deferred revenue from services (9,481) (47,807) 16,483
Warrant Liability      
Adjustments to reconcile net loss to net cash provided by operating activities:      
Change in fair value of warrant liabilities $ 1,451,210 $ 0 $ (37,937)
[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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