v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2025 |
Sep. 30, 2024 |
Sep. 30, 2025 |
Sep. 30, 2024 |
|
| Digital asset revenue | $ 43,375,000 | $ 27,059,000 | $ 125,416,000 | $ 105,066,000 |
| HPC lease revenue | 7,203,000 | 0 | 7,203,000 | 0 |
| Total revenue | 50,578,000 | 27,059,000 | 132,619,000 | 105,066,000 |
| Costs and expenses: | ||||
| Cost of revenue (exclusive of depreciation shown below) | 17,123,000 | 14,660,000 | 63,770,000 | 42,986,000 |
| Depreciation | 26,502,000 | 15,643,000 | 60,862,000 | 44,864,000 |
| Gain on fair value of digital assets, net | (338,000) | (951,000) | (355,000) | (1,580,000) |
| Change in fair value of contingent consideration | 8,797,000 | 0 | 10,397,000 | 0 |
| Impairment of property, plant, and equipment | 0 | 355,000 | 0 | 355,000 |
| Loss on disposals of property, plant, and equipment, net | 1,987,000 | 0 | 5,818,000 | 0 |
| Total costs and expenses | 75,250,000 | 42,770,000 | 232,509,000 | 129,858,000 |
| Operating loss | (24,672,000) | (15,711,000) | (99,890,000) | (24,792,000) |
| Interest expense | (9,830,000) | (409,000) | (17,891,000) | (16,779,000) |
| Change in fair value of warrant and derivative liabilities | (424,642,000) | 0 | (424,642,000) | 0 |
| Loss on extinguishment of debt | 0 | (4,273,000) | 0 | (6,300,000) |
| Interest income | 4,094,000 | 339,000 | 7,585,000 | 1,286,000 |
| Loss before income tax and equity in net income of investee | (455,050,000) | (20,054,000) | (534,838,000) | (46,585,000) |
| Income tax benefit | 0 | 0 | 0 | 0 |
| Equity in net (loss) income of investee, net of tax | 0 | (2,679,000) | 0 | 3,363,000 |
| Net loss | $ (455,050,000) | $ (22,733,000) | $ (534,838,000) | $ (43,222,000) |
| Loss per common share: | ||||
| Basic (in dollars per share) | $ (1.13) | $ (0.06) | $ (1.37) | $ (0.13) |
| Diluted (in dollars per share) | $ (1.13) | $ (0.06) | $ (1.37) | $ (0.13) |
| Weighted average common shares outstanding: | ||||
| Basic (in shares) | 401,559,291 | 382,086,768 | 390,602,067 | 337,999,865 |
| Diluted (in shares) | 401,559,291 | 382,086,768 | 390,602,067 | 337,999,865 |
| Nonrelated Party | ||||
| Costs and expenses: | ||||
| Operating expenses | $ 2,921,000 | $ 729,000 | $ 6,104,000 | $ 2,311,000 |
| Selling, general and administrative expenses | 16,550,000 | 8,502,000 | 73,119,000 | 29,904,000 |
| Related Party | ||||
| Costs and expenses: | ||||
| Operating expenses | 1,582,000 | 856,000 | 4,805,000 | 2,619,000 |
| Selling, general and administrative expenses | $ 126,000 | $ 2,976,000 | $ 7,989,000 | $ 8,399,000 |
| X | ||||||||||
- Definition Amount of increase (decrease) in value of liability in contingent consideration arrangement in business combination, including, but not limited to, difference arising upon settlement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized gain (loss) from remeasurement of crypto asset, classified as operating. Excludes crypto asset held for platform user. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Change In Fair Value Of Warrant And Derivative Liabilities No definition available.
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