v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Total revenue $ 115,244 $ 79,525
Total cost of revenue 85,138 71,312
Gross profit 30,106 8,213
Decrease in fair value of digital assets 6,558 10,688
Loss on disposal of property, plant and equipment 13,638 6
Impairment of property, plant and equipment 266,488 0
Colocation organizational and site startup costs 8,665 11,667
Advisor fees 333 603
Selling, general and administrative 44,846 32,287
Operating loss (310,422) (47,038)
Non-operating expenses (income), net:    
Interest expense (income), net 4,857 (2,187)
Change in fair value of warrants and contingent value rights 30,799 (621,464)
Loss on legal settlements 500 0
Other non-operating expense, net 10 157
Total non-operating expense (income), net 36,166 (623,494)
(Loss) income before income taxes (346,588) 576,456
Income tax expense 600 205
Net (loss) income $ (347,188) $ 576,251
Net (loss) income per share    
Basic (in dollars per share) $ (1.06) $ 1.42
Diluted (in dollars per share) $ (1.06) $ 1.24
Weighted average shares outstanding    
Basic (in shares) 322,911 315,186
Diluted (in shares) 322,911 363,314
Colocation revenue    
Revenue:    
Revenue from customers $ 77,539 $ 8,573
Total cost of revenue 33,618 8,106
Digital asset self-mining revenue    
Revenue:    
Digital asset self-mining revenue 30,105 67,179
Total cost of revenue 47,189 61,170
Digital asset hosted mining revenue from customers    
Revenue:    
Revenue from customers 7,600 3,773
Total cost of revenue $ 4,331 $ 2,036

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