v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 213,884 $ 165,198
Costs and operating expenses (income)    
Purchased energy costs 43,481 6,088
Third party hosting and other energy costs 68,183 69,566
Operating and maintenance costs 19,794 15,814
General and administrative 85,865 68,906
Depreciation and amortization 157,897 81,602
Change in fair value of digital assets 394,162 (488,807)
Change in fair value of derivative instrument (26,828) 15,252
Taxes other than on income 3,095 2,510
Early termination expenses 0 22,097
Research and development costs 9,298 2,466
Total costs and operating expenses (income) 754,947 (204,506)
Operating income (loss) (541,063) 369,704
Other income (loss)    
Change in fair value of digital assets - receivable, net (116,067) 0
Interest income 11,995 2,573
Interest expense (9,941) (1,256)
Equity in net earnings of unconsolidated affiliate (13) 1,259
Other 2,474 2,944
Total other income (loss) (111,552) 5,520
Income (loss) before income taxes (652,615) 375,224
Income tax benefit (expense) 119,172 (38,051)
Net income (loss) (533,443) 337,173
Less: net loss attributable to noncontrolling interest 244 0
Net income (loss) attributable to common stockholders $ (533,199) $ 337,173
Net income (loss) per share of common stock - basic (in dollars per share) $ (1.55) $ 1.30
Weighted average shares of common stock - basic (in shares) 344,098,009 259,098,664
Net income (loss) per share of common stock - diluted (in dollars per share) $ (1.55) $ 1.26
Weighted average shares of common stock - diluted (in shares) 344,098,009 267,912,443

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