v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Total revenue $ 81,103 $ 95,354 $ 239,256 $ 415,747
Total cost of revenue 77,198 95,510 222,113 299,440
Gross profit (loss) 3,905 (156) 17,143 116,307
(Increase) decrease in fair value of digital assets (10,957) 206 (30,066) 247
Decrease in fair value of energy derivatives 0 0 0 2,757
Loss on exchange or disposal of property, plant and equipment 2,933 509 7,105 4,061
Selling, general and administrative 69,354 40,348 166,409 88,655
Operating (loss) income (57,425) (41,219) (126,305) 20,587
Non-operating expense (income), net:        
Loss on debt extinguishment 0 317 1,377 487
Interest (income) expense, net (821) 7,072 (4,193) 35,934
Change in fair value of warrants and contingent value rights 74,864 408,520 363,358 1,144,441
Reorganization items, net 0 0 0 (111,439)
Loss on legal settlements 15,075 356 15,504 2,070
Other non-operating income, net (8) (2,359) (73) (1,926)
Total non-operating expense, net 89,110 413,906 375,973 1,069,567
Loss before income taxes (146,535) (455,125) (502,278) (1,048,980)
Income tax expense 125 134 488 484
Net loss $ (146,660) $ (455,259) $ (502,766) $ (1,049,464)
Net loss per share - basic (in dollars per share) $ (0.46) $ (1.17) $ (1.48) $ (3.71)
Net loss per share - diluted (in dollars per share) $ (0.46) $ (1.17) $ (1.48) $ (3.71)
Weighted average shares outstanding - basic (in shares) 318,562 292,486 317,363 253,058
Weighted average shares outstanding - diluted (in shares) 318,562 292,486 317,363 253,058
Digital asset self-mining revenue        
Revenue:        
Digital asset self-mining revenue $ 57,438 $ 68,138 $ 187,041 $ 328,840
Total cost of revenue 59,438 74,555 180,197 236,120
Cost of digital asset hosted mining services        
Revenue:        
Revenue from customers and related parties 8,714 16,878 18,131 71,050
Total cost of revenue 6,694 11,914 13,314 49,388
Colocation revenue        
Revenue:        
Revenue from customers and related parties 14,951 10,338 34,084 15,857
Total cost of revenue $ 11,066 $ 9,041 $ 28,602 $ 13,932

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