v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (61,418) $ (9,613)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of debt issuance costs, commitment fees and accretion of debt discount 607 7,593
Stock-based compensation expense 38,674 6,931
Depreciation 15,574 15,088
Amortization of right-of-use asset 685 252
Revenue recognized from digital currency mined and hosting services (34,417) (41,537)
Loss (gain) on fair value of digital currency, net 870 (1,329)
Proceeds from sale of digital currency 0 54,391
Loss on extinguishment of debt 0 2,027
Equity in net income of investee, net of tax 0 (5,275)
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses (2,306) 567
Increase in other receivables (1,302) (667)
Decrease (increase) in other current assets 13 (67)
(Increase) decrease in other assets (7,700) 22
Increase (decrease) in accounts payable 13,844 (1,686)
Increase (decrease) in other accrued liabilities 4,359 (3,906)
(Decrease) increase in other amounts due to related parties (990) 67
Increase in deferred rent liability 90,000 0
Decrease in operating lease liability (6) (12)
Net cash provided by operating activities 56,487 22,846
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of and deposits on plant and equipment (93,687) (46,979)
Proceeds from sale of digital currency 32,623 0
Net cash used in investing activities (61,064) (46,979)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt 0 (33,412)
Payments of prepayment fees associated with early extinguishment of long-term debt 0 (314)
Principal payments on insurance premium and property, plant and equipment financing 0 (827)
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0 0 50,722
Purchase of treasury stock (33,292) 0
Payments of tax withholding related to net share settlements of stock-based compensation awards (18,034) (651)
Net cash (used in) provided by financing activities (51,326) 15,518
Net change in cash and cash equivalents (55,903) (8,615)
Cash and cash equivalents at beginning of period 274,065 54,439
Cash and cash equivalents at end of period 218,162 45,824
Cash paid during the period for:    
Interest 5 3,726
Income taxes $ 0 $ 0

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