v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (79,788) $ (20,489)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization of debt issuance costs, commitment fees and accretion of debt discount 1,215 10,691
Related party expense settled with respect to common stock 2,375 0
Stock-based compensation expense 39,978 11,773
Depreciation 34,360 29,221
Amortization of right-of-use asset 1,435 503
Revenue recognized from digital currency mined and hosting services (82,041) (77,477)
Gain on fair value of digital currency, net (17) (629)
Proceeds from sale of digital currency 0 97,559
Digital currency paid as consideration for services 0 210
Change in fair value of contingent consideration 1,600 0
Loss on disposals of property, plant, and equipment 3,831 0
Loss on extinguishment of debt 0 2,027
Equity in net income of investee, net of tax 0 (6,042)
Changes in operating assets and liabilities:    
Increase in accounts receivable (544) 0
(Increase) decrease in prepaid expenses (3,259) 1,690
Increase in other receivables (670) (1,553)
(Increase) decrease in other current assets (357) 301
(Increase) decrease in other assets (7,700) 22
Increase (decrease) in accounts payable 355 (6,267)
Increase (decrease) in accrued compensation, accrued interest and other accrued liabilities 1,083 (1,946)
Decrease in other amounts due to related parties (750) (344)
Increase in deferred revenue 687 0
Increase in deferred rent liability 90,000 0
Decrease in operating lease liability (43) (23)
Decrease in other liabilities (73) 0
Net cash provided by operating activities 1,677 39,227
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of and deposits on plant and equipment (213,629) (93,579)
Proceeds from sales of property, plant and equipment 1,882 0
Acquisition of a business, net of cash acquired (2,731) 0
Proceeds from sale of digital currency 82,382 0
Net cash used in investing activities (132,096) (93,579)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt 0 (63,568)
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 (1,570)
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $615 0 173,237
Proceeds from exercise of warrants 0 1,901
Purchase of treasury stock (33,292) 0
Payments of tax withholding related to net share settlements of stock-based compensation awards (18,936) (5,664)
Net cash (used in) provided by financing activities (52,228) 104,022
Net change in cash and cash equivalents (182,647) 49,670
Cash, cash equivalents and restricted cash at beginning of period 274,065 54,439
Cash, cash equivalents and restricted cash at end of period 91,418 104,109
Cash paid during the period for:    
Interest 7,114 6,214
Income taxes $ 0 $ 0

Source