v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue $ 319,019 $ 510,672 $ 502,400
Total cost of revenue 281,121 389,602 378,941
Gross profit 37,898 121,070 123,459
Decrease in fair value of digital assets 31,603 1,052 0
Gain from sale of digital assets 0 0 (3,893)
Impairment of digital assets 0 0 4,406
Decrease in fair value of energy derivatives 0 2,757 3,918
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
Colocation organizational and site startup costs 48,249 13,734 0
Advisor fees 23,372 4,822 0
Selling, general and administrative 159,224 113,691 108,111
Operating (loss) income (245,589) (142,065) 8,961
Non-operating expenses (income), net:      
Loss (gain) on debt extinguishment 1,933 487 (20,065)
Interest (income) expense, net (3,277) 37,070 86,238
Change in fair value of warrants and contingent value rights 33,059 1,369,157 0
Reorganization items, net 0 (111,439) 191,122
Loss on legal settlements 10,690 2,070 0
Other non-operating expense (income), net 39 (2,395) (2,530)
Total non-operating expense, net 42,444 1,294,950 254,765
Loss before income taxes (288,033) (1,437,015) (245,804)
Income tax expense 583 859 683
Net loss $ (288,616) $ (1,437,874) $ (246,487)
Net loss per share, basic (in dollars per share) $ (0.88) $ (4.87) $ (0.65)
Net loss per share, diluted (in dollars per share) $ (0.88) $ (4.87) $ (0.65)
Weighted average shares outstanding, basic (in shares) 318,068 255,832 379,863
Weighted average shares outstanding, diluted (in shares) 318,068 255,832 379,863
Colocation service      
Revenue:      
Total cost of revenue $ 45,679 $ 21,709 $ 0
Colocation service | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 65,424 24,378 0
Digital asset self-mining      
Revenue:      
Total cost of revenue 218,868 314,335 291,696
Digital asset self-mining | Nonrelated Party      
Revenue:      
Digital asset self-mining revenue 229,207 408,740 390,333
Digital asset hosted mining service      
Revenue:      
Total cost of revenue 16,574 53,558 87,245
Digital asset hosted mining service | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 24,388 77,554 102,005
Digital asset hosted mining service | Related Party      
Revenue:      
Revenue from customers and related parties $ 0 $ 0 $ 10,062

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