v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue $ 78,628 $ 141,102 $ 158,153 $ 320,393
Total cost of revenue 73,603 102,285 144,915 203,930
Gross profit 5,025 38,817 13,238 116,463
(Increase) decrease in fair value of digital assets (29,797) 584 (19,109) 41
Decrease in fair value of energy derivatives 0 539 0 2,757
Loss (gain) on exchange or disposal of property, plant and equipment 4,166 (268) 4,172 3,552
Selling, general and administrative 56,940 31,383 97,055 48,307
Operating (loss) income (26,284) 6,579 (68,880) 61,806
Non-operating expense (income), net:        
Loss on debt extinguishment 1,377 120 1,377 170
Interest (income) expense, net (1,185) 14,775 (3,372) 28,862
Change in fair value of warrants and contingent value rights 909,958 796,035 288,494 735,921
Reorganization items, net 0 0 0 (111,439)
Other non-operating expense, net 207 401 364 2,147
Total non-operating expense, net 910,357 811,331 286,863 655,661
Loss before income taxes (936,641) (804,752) (355,743) (593,855)
Income tax expense 158 144 363 350
Net loss $ (936,799) $ (804,896) $ (356,106) $ (594,205)
Net loss per share - basic (in dollars per share) $ (0.04) $ (4.51) $ (0.21) $ (2.87)
Net loss per share - diluted (in dollars per share) $ (0.04) $ (4.51) $ (0.21) $ (2.87)
Weighted average shares outstanding - basic (in shares) 317,985 178,505 316,593 207,092
Weighted average shares outstanding - diluted (in shares) 317,985 178,505 316,593 207,092
Digital asset self-mining revenue        
Revenue:        
Digital asset self-mining revenue $ 62,424 $ 110,743 $ 129,603 $ 260,702
Total cost of revenue 59,589 80,001 120,759 161,565
Cost of digital asset hosted mining services        
Revenue:        
Revenue from customers and related parties 5,644 24,840 9,417 54,172
Total cost of revenue 4,584 17,393 6,620 37,474
Colocation revenue        
Revenue:        
Revenue from customers and related parties 10,560 5,519 19,133 5,519
Total cost of revenue $ 9,430 $ 4,891 $ 17,536 $ 4,891

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