v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from Operating Activities:      
Net loss $ (288,616) $ (1,437,874) $ (246,487)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 68,913 113,205 96,003
Loss on disposal of property, plant and equipment 9,680 4,210 1,956
Impairment of property, plant and equipment 11,359 122,869 0
Change in right-of-use assets 11,266 6,916 442
Stock-based compensation 98,236 51,924 58,892
Digital asset self-mining (229,710) (425,253) (407,082)
Proceeds from sale of digital assets generated by self-mining and shared hosting revenues [1] 0 402,461 404,686
Decrease in fair value of digital assets 31,603 1,052 0
Impairment of digital assets 0 0 4,406
Gain from sale of digital assets 0 0 (3,886)
Change in fair value of energy derivatives 0 (2,262) 0
Decrease in fair value of contingent value rights (906) (82,053) 0
Loss (gain) on debt extinguishment 1,933 487 (20,065)
Loss on issuance of notes payable through settlements 0 0 8,515
Amortization of debt discount 5,994 3,756 752
Non-cash reorganization items 0 (143,791) 0
Non-cash PIK interest expense 0 3,676 0
Changes in operating assets and liabilities:      
Accounts receivable, net 0 659 (767)
Accounts receivable from related parties 0 0 23
Deposits for equipment for sales to customers 0 0 (2,403)
Customer funding receivable and other current assets 16,223 (20,393) (18,351)
Accounts payable 10,782 (12,272) 118,911
Accrued expenses (17,400) 1,880 130,382
Other noncurrent assets and liabilities, net (22,789) (5,815) (13,006)
Net cash provided by operating activities 278,250 42,896 65,114
Cash flows from Investing Activities:      
Purchases of property, plant and equipment (729,000) (94,961) (16,161)
Proceeds from sales of property and equipment 3,461 0 0
Proceeds from sale of Cedarvale 0 0 13,998
Purchase of equity investments (5,000) 0 0
Investments in intangible assets (10,211) (231) (833)
Net cash used in investing activities (740,750) (95,192) (2,996)
Cash flows from Financing Activities:      
Principal repayments of finance leases (1,672) (6,038) (3,658)
Principal payments on debt (8,613) (304,819) (40,991)
Debt extinguishment payments (27,512) 0 0
Taxes paid related to net share settlement of equity awards (32,216) 0 0
Proceeds from issuance of new common stock 0 55,000 0
Proceeds from draw from exit facility 0 20,000 0
Restricted stock tax holding obligations 0 (3,393) 0
Proceeds from exercise of warrants 6,911 4,885 0
Proceeds from exercise of stock options 0 9 0
Net cash (used in) provided by financing activities (63,102) 819,567 (44,649)
Net (decrease) increase in cash, cash equivalents and restricted cash (525,602) 767,271 17,469
Cash, cash equivalents and restricted cash—beginning of period 836,980 69,709 52,240
Cash, cash equivalents and restricted cash—end of period 311,378 836,980 69,709
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 311,378 836,197 50,409
Restricted cash 0 783 19,300
Total cash, cash equivalents and restricted cash 311,378 836,980 69,709
3.00% Convertible Senior Notes      
Cash flows from Financing Activities:      
Proceeds for the issuance of senior convertible notes, net 0 447,609 0
Issuance costs for senior convertible notes 0 (2,529) 0
0% Convertible Senior Notes      
Cash flows from Financing Activities:      
Proceeds for the issuance of senior convertible notes, net 0 610,156 0
Issuance costs for senior convertible notes 0 (1,313) 0
Colocation service      
Changes in operating assets and liabilities:      
Deferred revenue from services 536,093 17,785 0
Digital asset hosted mining service      
Changes in operating assets and liabilities:      
Deferred revenue from services 1,624 (9,481) (47,807)
Warrant Liability      
Adjustments to reconcile net loss to net cash provided by operating activities:      
Increase in fair value of warrant liabilities $ 33,965 $ 1,451,210 $ 0
[1] Proceeds from digital assets received as noncash revenue consideration liquidated nearly immediately after receipt as a routine operating activity.

Source

10-K XBRL Zip