v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (427,703,000) $ (61,418,000)
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 13,224,000 607,000
Stock-based compensation expense 101,418,000 38,674,000
Depreciation 28,477,000 15,574,000
Accretion of asset retirement obligations 168,000 0
Amortization of right-of-use asset 1,871,000 685,000
Revenue recognized from digital assets mined and hosting services (12,990,000) (34,417,000)
Loss on fair value of digital assets, net 653,000 870,000
Impairment of property, plant, and equipment 25,697,000 0
Change in fair value of warrants 216,325,000 0
Deferred income tax provision 28,000 0
Equity in net loss of investee, net of tax 11,548,000 0
Changes in operating assets and liabilities:    
Increase in accounts receivable (4,503,000) 0
Increase in prepaid expenses (14,301,000) (2,306,000)
Increase in other current assets (9,134,000) (1,289,000)
Decrease in deferred charges 114,000 0
Increase in other assets 5,807,000 (7,700,000)
Increase in accounts payable 4,315,000 13,844,000
Increase in accrued interest and other current liabilities 52,548,000 4,359,000
Increase (decrease) in other amounts due to related parties 259,000 (990,000)
(Decrease) increase in deferred rent liability (10,751,000) 90,000,000
Decrease in operating lease liability (499,000) (6,000)
Decrease in other liabilities (162,000) 0
Net cash (used in) provided by operating activities (17,591,000) 56,487,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of and deposits on plant and equipment (522,954,000) (93,687,000)
Cash paid for asset acquisition (201,350,000) 0
Proceeds from sale of digital assets 11,481,000 32,623,000
Net cash used in investing activities (712,823,000) (61,064,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0 92,750,000 0
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0 8,956,000 0
Proceeds from exercise of warrants 3,983,000 0
Purchase of treasury stock 0 (33,292,000)
Payments of tax withholding related to net share settlements of stock-based compensation awards (5,307,000) (18,034,000)
Net cash provided by (used in) financing activities 100,382,000 (51,326,000)
Net change in cash and cash equivalents (630,032,000) (55,903,000)
Cash, cash equivalents and restricted cash at beginning of period 3,722,775,000 274,065,000
Cash, cash equivalents and restricted cash at end of period 3,092,743,000 218,162,000
Cash paid during the period for:    
Interest 5,310,000 5,000
Income taxes $ 0 $ 0

Source

10-Q XBRL Zip