v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Digital asset self-mining revenue     $ 328,840 $ 278,164
Total revenue $ 95,354 $ 112,904 415,747 360,471
Total cost of revenue 95,510 97,485 299,440 276,312
Gross (loss) profit (156) 15,419 116,307 84,159
Change in fair value of digital assets (206) 0 (247) 0
Gain from sale of digital assets 0 363 0 2,358
Impairment of digital assets 0 (681) 0 (2,864)
Change in fair value of energy derivatives 0 0 (2,757) 0
Loss on disposal of property, plant and equipment (509) (340) (4,061) (514)
Operating expenses:        
Research and development 2,841 2,253 6,814 5,308
Sales and marketing 3,151 1,041 7,099 3,133
General and administrative 34,356 23,511 74,742 69,671
Total operating expenses 40,348 26,805 88,655 78,112
Operating (loss) income (41,219) (12,044) 20,587 5,027
Non-operating (income) expenses, net:        
Loss (gain) on debt extinguishment 317 (374) 487 (21,135)
Interest expense, net 7,072 2,196 35,934 2,317
Reorganization items, net 0 28,256 (111,439) 78,270
Change in fair value of warrant and contingent value rights 408,520 0 1,144,441 0
Other non-operating (income) expense, net (2,003) (1,090) 144 (3,978)
Total non-operating expenses, net 413,906 28,988 1,069,567 55,474
Loss before income taxes (455,125) (41,032) (1,048,980) (50,447)
Income tax expense 134 114 484 347
Net loss $ (455,259) $ (41,146) $ (1,049,464) $ (50,794)
Net loss per share (Note 12):        
Basic (in dollars per share) $ (1.17) $ (0.11) $ (3.71) $ (0.13)
Diluted (in dollars per share) $ (1.17) $ (0.11) $ (3.71) $ (0.13)
Weighted average shares outstanding:        
Weighted average shares outstanding – basic (in shares) 292,486 382,483 253,058 378,107
Weighted average shares outstanding – diluted (in shares) 292,486 382,483 253,058 378,107
Digital asset self-mining        
Revenue:        
Total cost of revenue $ 74,555 $ 72,603 $ 236,120 $ 212,125
Digital asset self-mining | Nonrelated Party        
Revenue:        
Digital asset self-mining revenue 68,138 83,056 328,840 278,164
Digital asset hosted mining revenue        
Revenue:        
Total cost of revenue 11,914 24,882 49,388 64,187
Digital asset hosted mining revenue | Nonrelated Party        
Revenue:        
Revenue from customers and related parties 16,878 27,020 71,050 72,245
Digital asset hosted mining revenue | Related Party        
Revenue:        
Revenue from customers and related parties 0 2,828 0 10,062
HPC hosting revenue        
Revenue:        
Total cost of revenue 9,041 0 13,932 0
HPC hosting revenue | Nonrelated Party        
Revenue:        
Revenue from customers and related parties $ 10,338 $ 0 $ 15,857 $ 0

Source