v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (661,416) $ (72,418) $ (73,421)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Amortization of debt issuance costs, commitment fees and accretion of debt discount 22,181 11,382 19,515
Related party expense to be settled with respect to common stock 2,375 0 2,917
Common stock issued for interest expense 0 0 26
Stock-based compensation expense 50,909 30,927 5,859
Depreciation 88,597 59,808 28,350
Amortization of right-of-use asset 4,456 1,373 1,001
Revenue recognized from digital asset mining and hosting services (151,556) (139,278) (63,877)
Loss (gain) on fair value of digital assets, net 612 (2,200) 0
Realized gain on sale of digital assets 0 0 (3,174)
Impairment of digital assets 0 0 3,043
Proceeds from sale of digital assets 0 97,559 83,902
Digital assets paid as consideration for services 0 370 0
Change in fair value of contingent consideration 10,397 0 0
Loss on disposals of property, plant, and equipment, net 4,895 17,824 1,209
Change in fair value of warrants and derivatives 429,793 0 0
Loss on extinguishment of debt 0 6,300 0
Deferred income tax provision 76 0 0
Equity in net loss (income) of investee, net of tax 4,130 (3,363) 9,290
Gain on sale of equity interest in investee 0 (22,602) 0
Loss from discontinued operations, net of tax 0 0 129
Changes in operating assets and liabilities:      
Increase in accounts receivable (914) 0 0
(Increase) decrease in prepaid expenses (6,592) 2,047 555
Decrease (increase) in other receivables 459 (2,774) (1,001)
(Increase) decrease in other current assets (10,672) 288 (215)
Increase in deferred charges (57,407) 0 0
(Increase) decrease in other assets (832) (466) 310
(Decrease) increase in accounts payable (3,238) 740 (7,272)
Increase in accrued lessor costs 27,625 0 0
Increase (decrease) in accrued compensation and other accrued liabilities 43,217 694 (931)
(Decrease) increase in other amounts due to related parties (565) 480 (2,013)
Increase in deferred rent liability 81,469 0 0
Decrease in operating lease liability (781) (11,113) (42)
Decrease in other liabilities (398) 0 0
Net cash (used in) provided by operating activities from continuing operations (123,180) (24,422) 4,160
Net cash provided by operating activities from discontinued operations 0 0 103
Net cash (used in) provided by operating activities (123,180) (24,422) 4,263
CASH FLOWS FROM INVESTING ACTIVITIES:      
Investments in joint venture, including direct payments made on behalf of joint venture (450,000) 0 (2,845)
Proceeds from sale of equity interest in investee 0 86,086 0
Purchase of and deposits on plant and equipment (1,060,189) (267,940) (75,168)
Proceeds from sales of property, plant and equipment 11,648 23,324 0
Acquisitions, net of cash acquired (21,731) 0 0
Proceeds from sale of digital assets 151,327 67,371 0
Net cash used in investing activities (1,368,945) (91,159) (78,013)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of long-term debt, net of issuance costs paid of $67,062, $0 and $0 3,132,938 0 0
Principal payments on long-term debt 0 (139,401) (6,599)
Payments of prepayment fees associated with early extinguishment of long-term debt 0 (1,261) 0
Principal payments on finance lease (9,159) (941) 0
Proceeds from insurance premium and property, plant and equipment financing 0 211 2,513
Principal payments on insurance premium and property, plant and equipment financing 0 (2,103) (2,738)
Payment for settlement of preferred stock conversion (12) 0 0
Proceeds from issuance of common stock, net of issuance costs paid of $0, $663 and $1,051 0 188,715 135,917
Proceeds from exercise of warrants 5,686 4,808 2,500
Purchase of capped call (100,600) (60,000) 0
Purchase of treasury stock (33,292) (118,217) 0
Payments of tax withholding related to net share settlements of stock-based compensation awards (28,481) (23,654) (2,013)
Proceeds from issuance of convertible notes, net of issuance costs paid of $51,246, $12,950, and $0 1,973,755 487,050 0
Proceeds from issuance of convertible promissory note 0 0 1,250
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale 0 0 (10,964)
Net cash provided by financing activities 4,940,835 335,207 119,866
Net change in cash, cash equivalents and restricted cash 3,448,710 219,626 46,116
Cash, cash equivalents and restricted cash at beginning of year 274,065 54,439 8,323
Cash, cash equivalents and restricted cash at end of year 3,722,775 274,065 54,439
Cash paid during the year for:      
Interest 13,999 6,957 19,572
Income taxes $ 0 $ 0 $ 0

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