v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from Operating Activities:    
Net loss $ (1,049,464) $ (50,794)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 87,164 64,800
Amortization of operating lease right-of-use assets 3,802 703
Stock-based compensation 27,957 41,414
Digital asset self-mining revenue (328,840) (278,164)
Loss (gain) on debt extinguishment 487 (21,135)
Change in fair value of energy derivatives (2,262) 0
Change in fair value of contingent value rights (79,334) 0
Change in fair value of digital assets 247 0
Amortization of debt discount 2,362 0
Losses on disposal of property, plant and equipment 4,061 514
Impairment of digital assets 0 2,864
Gain on sale of digital assets 0 (2,358)
Non-cash reorganization items (143,791) 0
Non-cash PIK interest expense 3,946 0
Changes in operating assets and liabilities:    
Accounts receivable, net (4,562) (875)
Accounts receivable from related parties 0 23
Digital assets 330,900 277,823
Deposits for equipment 0 (600)
Prepaid expenses and other current assets 2,687 (10,650)
Accounts payable (11,640) 32,771
Accrued expenses and other (44,873) 13,001
Deferred revenue 115 (15,015)
Other noncurrent assets and liabilities, net 6,354 (10,911)
Net cash provided by operating activities 29,091 43,411
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (66,203) (4,516)
Investments in internally developed software 0 (840)
Other (191) 0
Net cash used in investing activities (66,394) (5,356)
Cash flows from Financing Activities:    
Proceeds from issuance of new common stock 55,000 0
Proceeds for the issuance of 3% senior convertible notes, net 447,609 0
Issuance costs for 3% senior convertible notes (2,529) 0
Proceeds from draw from exit facility 20,000 0
Principal repayments of finance leases (5,328) (3,411)
Principal payments on debt (291,888) (22,941)
Restricted stock tax holding obligations (3,390) 0
Proceeds from exercise of stock options 9 0
Proceeds from exercise of warrants 1,913 0
Net cash provided by (used in) financing activities 221,396 (26,352)
Net increase in cash, cash equivalents and restricted cash 184,093 11,703
Cash, cash equivalents and restricted cash—beginning of period 69,709 52,240
Cash, cash equivalents and restricted cash—end of period 253,802 63,943
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 253,019 42,146
Restricted cash 783 21,797
Total cash, cash equivalents and restricted cash 253,802 63,943
Supplemental disclosure of other cash flow information:    
Cash paid for interest 26,175 1,508
Income tax refunds (1,288) (336)
Cash paid for reorganization items 53,835 62,590
Supplemental disclosure of noncash investing and financing activities:    
Change in accrued capital expenditures 9,028 (39,660)
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 9,268 0
Increase in right-of-use assets due to lease commencement 70,690 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 (36) 0
Issuance of warrants 345,856 0
Cumulative effect of adoption of ASU 2023-08, Accounting for and Disclosure of Crypto Assets 24 0
Noncash exercise of warrants 37,924 0
Property, plant and equipment disposed of through settlements 0 6,301
Purchase of insurance policies financed by short-term note payable 0 5,011
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 notes payable through settlements    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of debt 0 21,035
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
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 New Secured Convertible Notes conversion    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 261,772 0
Issuance of new common stock for PIK interest    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 3,677 0
Warrant liability    
Adjustments to reconcile net loss to net cash provided by operating activities:    
Change in fair value of warrant liabilities $ 1,223,775 $ 0

Source

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