v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,368,530) $ (79,788)
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 23,000 1,215
Related party expense settled with respect to common stock 0 2,375
Stock-based compensation expense 185,357 39,978
Stock-based charitable contribution 14,390 0
Depreciation 49,718 34,360
Accretion of asset retirement obligations 435 0
Change in asset retirement obligations estimate 15 0
Amortization of right-of-use asset 3,745 1,435
Revenue recognized from digital assets mined and hosting services (25,825) (82,041)
Loss (gain) on fair value of digital assets, net 1,452 (17)
Change in fair value of contingent consideration 0 1,600
Impairment of property, plant, and equipment 25,697 0
Loss on disposals of property, plant, and equipment 399 3,831
Change in fair value of warrants 971,992 0
Loss on extinguishment of debt 7,116 0
Deferred income tax provision 56 0
Other income (43) 0
Equity in net loss of investee, net of tax 22,611 0
Changes in operating assets and liabilities:    
Increase in accounts receivable (12,123) (544)
Increase in prepaid expenses (12,042) (3,259)
Increase in other current assets (7,416) (1,027)
Decrease in deferred charges 289 0
Decrease (increase) in other assets 5,348 (7,700)
Increase in accounts payable 5,584 355
(Decrease) increase in accrued interest and other current liabilities (12,394) 1,770
Increase (decrease) in other amounts due to related parties 464 (750)
(Decrease) increase in deferred rent liability (30,843) 90,000
Decrease in operating lease liability (1,003) (43)
Decrease in other liabilities (1,749) (73)
Net cash (used in) provided by operating activities (154,300) 1,677
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of and deposits on plant and equipment (1,378,514) (213,629)
Proceeds from sales of property, plant and equipment 68 1,882
Cash paid for asset acquisition (231,350) 0
Acquisition of a business, net of cash acquired 0 (2,731)
Purchase of securities (20,563) 0
Proceeds from sale of digital assets 24,643 82,382
Net cash used in investing activities (1,605,716) (132,096)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0 92,750 0
Repayment of short-term debt (100,075) 0
Payment of debt issuance costs for revolving credit facility (2,145) 0
Proceeds from issuance of common stock, net of issuance costs paid of $35,864 and $0 1,199,820 0
Proceeds from exercise of warrants 7,038 0
Purchase of treasury stock 0 (33,292)
Payments of tax withholding related to net share settlements of stock-based compensation awards (131,539) (18,936)
Net cash provided by (used in) financing activities 1,065,849 (52,228)
Net change in cash, cash equivalents and restricted cash (694,167) (182,647)
Cash, cash equivalents and restricted cash at beginning of period 3,722,775 274,065
Cash, cash equivalents and restricted cash at end of period 3,028,608 91,418
Cash paid during the period for:    
Interest 131,072 7,114
Income taxes $ 0 $ 0

Source

10-Q XBRL Zip