v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (534,838,000) $ (43,222,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Amortization of debt issuance costs, commitment fees and accretion of debt discount 7,112,000 10,931,000
Related party expense settled with respect to common stock 2,375,000 0
Stock-based compensation expense 44,323,000 14,181,000
Depreciation 60,862,000 44,864,000
Amortization of right-of-use asset 2,602,000 755,000
Revenue recognized from digital assets mined and hosting services (125,416,000) (104,461,000)
Gain on fair value of digital assets, net (355,000) (1,580,000)
Proceeds from sale of digital assets 0 97,559,000
Digital assets paid as consideration for services 0 278,000
Change in fair value of contingent consideration 10,397,000 0
Impairment of property, plant, and equipment 0 355,000
Loss on disposals of property, plant, and equipment, net 5,818,000 0
Change in fair value of warrant and derivative liabilities 424,642,000 0
Loss on extinguishment of debt 0 6,300,000
Equity in net income of investee, net of tax 0 (3,363,000)
Changes in operating assets and liabilities:    
Increase in accounts receivable (3,052,000) 0
(Increase) decrease in prepaid expenses (3,275,000) 1,449,000
Increase in other receivables (4,555,000) (3,382,000)
(Increase) decrease in other current assets (107,000) 336,000
Increase in deferred charges (57,462,000) 0
Increase in other assets (200,000) (148,000)
(Decrease) increase in accounts payable (5,651,000) 499,000
Increase in accrued lessor costs 42,813,000 0
Increase (decrease) in accrued compensation, accrued interest and other accrued liabilities 4,144,000 (2,499,000)
Decrease in other amounts due to related parties (620,000) (515,000)
Increase in deferred rent liability 86,157,000 0
Decrease in operating lease liability (299,000) (35,000)
Increase in other liabilities 9,576,000 0
Net cash (used in) provided by operating activities (35,009,000) 18,302,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of and deposits on plant and equipment (445,199,000) (114,307,000)
Proceeds from sales of plant and equipment 8,828,000 0
Acquisition of a business, net of cash acquired (21,731,000) 0
Proceeds from sale of digital assets 125,775,000 31,911,000
Net cash used in investing activities (332,327,000) (82,396,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt 0 (139,401,000)
Payments of prepayment fees associated with early extinguishment of long-term debt 0 (1,261,000)
Proceeds from issuance of convertible notes, net of issuance costs paid of $24,671 and $0 975,329,000 0
Payments of debt issuance costs (1,098,000) 0
Principal payments on finance lease (9,158,000) 0
Proceeds from insurance premium and property, plant and equipment financing 0 211,000
Principal payments on insurance premium and property, plant and equipment financing 0 (2,103,000)
Payment for settlement of preferred stock conversion (12,000) 0
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $663 0 188,715,000
Proceeds from exercise of warrants 3,129,000 4,193,000
Purchase of capped calls (100,600,000) 0
Purchase of treasury stock (33,292,000) 0
Payments of tax withholding related to net share settlements of stock-based compensation awards (28,273,000) (16,761,000)
Net cash provided by financing activities 806,025,000 33,593,000
Net change in cash and cash equivalents 438,689,000 (30,501,000)
Cash, cash equivalents and restricted cash at beginning of period 274,065,000 54,439,000
Cash, cash equivalents and restricted cash at end of period 712,754,000 23,938,000
Cash paid during the period for:    
Interest 7,119,000 6,955,000
Income taxes $ 0 $ 0

Source

HTML PDF
ZIP