v3.24.2.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Digital asset self-mining revenue     $ 260,701 $ 195,108
Total revenue $ 141,102 $ 126,912 320,393 247,567
Cost of revenue 102,285 89,953 203,930 178,827
Gross profit 38,817 36,959 116,463 68,740
Change in fair value of digital assets (584) 0 (41) 0
Gain from sale of digital assets 0 931 0 1,995
Impairment of digital assets 0 (1,127) 0 (2,183)
Change in fair value of energy derivatives (539) 0 (2,757) 0
Gain (loss) on disposal of property, plant and equipment 268 (174) (3,552) (174)
Operating expenses:        
Research and development 2,174 1,640 3,973 3,055
Sales and marketing 2,966 1,084 3,948 2,092
General and administrative 26,243 24,396 40,386 46,160
Total operating expenses 31,383 27,120 48,307 51,307
Operating income 6,579 9,469 61,806 17,071
Non-operating (income) expenses, net:        
Loss (gain) on debt extinguishment 120 0 170 (20,761)
Interest expense (income), net 14,775 (36) 28,862 121
Reorganization items, net 0 18,455 (111,439) 50,014
Change in fair value of warrant and contingent value rights 796,035 0 735,921 0
Other non-operating expense (income), net 401 181 2,147 (2,888)
Total non-operating expenses, net 811,331 18,600 655,661 26,486
Loss before income taxes (804,752) (9,131) (593,855) (9,415)
Income tax expense 144 129 350 233
Net loss $ (804,896) $ (9,260) $ (594,205) $ (9,648)
Net loss per share (Note 12):        
Basic (in dollars per share) $ (4.51) $ (0.02) $ (2.87) $ (0.03)
Diluted (in dollars per share) $ (4.51) $ (0.02) $ (2.87) $ (0.03)
Weighted average shares outstanding:        
Weighted average shares outstanding – basic (in shares) 178,505 375,779 207,092 375,875
Weighted average shares outstanding – diluted (in shares) 178,505 375,779 207,092 375,875
Digital asset self-mining        
Revenue:        
Cost of revenue $ 80,001 $ 66,846 $ 161,565 $ 139,522
Digital asset self-mining | Nonrelated Party        
Revenue:        
Digital asset self-mining revenue 110,743 97,082 260,702 195,108
Digital asset hosted mining revenue        
Revenue:        
Cost of revenue 17,393 23,107 37,474 39,305
Digital asset hosted mining revenue | Nonrelated Party        
Revenue:        
Revenue from customers and related parties 24,840 26,316 54,172 45,225
Digital asset hosted mining revenue | Related Party        
Revenue:        
Revenue from customers and related parties 0 3,514 0 7,234
HPC hosting revenue        
Revenue:        
Cost of revenue 4,891 0 4,891 0
HPC hosting revenue | Nonrelated Party        
Revenue:        
Revenue from customers and related parties $ 5,519 $ 0 $ 5,519 $ 0

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