v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from Operating Activities:    
Net income (loss) $ 210,691 $ (388)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 28,996 20,094
Amortization of operating lease right-of-use assets 770 195
Stock-based compensation (1,060) 12,273
Digital asset mining revenue (149,959) (98,026)
Loss (gain) on debt extinguishment 50 (20,761)
Change in fair value of energy derivatives (797) 0
Change in fair value of warrant liabilities (18,390) 0
Change in fair value of contingent value rights (41,724) 0
Amortization of debt discount 660 0
Losses on disposal of property, plant and equipment 3,820 0
Impairment of digital assets 0 1,056
Gain on sale of digital assets (543) (1,064)
Non-cash reorganization items (143,791) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (106) 61
Accounts receivable from related parties 0 21
Digital assets 152,810 98,758
Deposits for equipment 0 0
Prepaid expenses and other current assets (5,989) 1,152
Accounts payable (9,735) 16,408
Accrued expenses and other (10,351) (906)
Deferred revenue (580) (8,629)
Other noncurrent assets and liabilities, net 7,402 (302)
Net cash provided by operating activities 22,174 19,942
Cash flows from Investing Activities:    
Purchases of property, plant and equipment (31,894) (1,539)
Other (76) (330)
Net cash used in investing activities (31,970) (1,869)
Cash flows from Financing Activities:    
Proceeds from issuance of common stock 55,000 0
Proceeds from draw from exit facility 20,000 0
Principal repayments of finance leases (3,554) 0
Principal payments on debt (13,702) (1,021)
Restricted stock tax holding obligations (3,390) 0
Proceeds from exercise of stock options 9 0
Net cash provided by provided by (used in) financing activities 54,363 (1,021)
Net increase in cash, cash equivalents and restricted cash 44,567 17,052
Cash, cash equivalents and restricted cash—beginning of period 69,709 52,240
Cash, cash equivalents and restricted cash—end of period 114,276 69,292
Supplemental disclosure of other cash flow information:    
Cash paid for interest 2,811 317
Income tax refunds (1) (300)
Cash paid for reorganization items 53,835 0
Supplemental disclosure of noncash investing and financing activities:    
Change in accrued capital expenditures (8,484) 45,721
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 8,890 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 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 (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 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 in connection with emergence    
Supplemental disclosure of noncash investing and financing activities:    
Issuance of new common stock 296,494 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

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