v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 238,485 $ 145,139 $ 452,369 $ 310,337
Costs and operating expenses (income)        
Purchased energy costs 41,730 26,113 85,211 32,201
Third-party hosting and other energy costs 69,029 54,020 137,212 123,586
Operating and maintenance costs 22,362 15,595 42,156 31,409
General and administrative 92,948 53,492 178,813 122,398
Depreciation and amortization 161,741 107,508 319,638 189,110
Change in fair value of digital assets (846,027) 147,999 (451,865) (340,808)
Change in fair value of derivative instrument (20,311) (38,251) (47,139) (22,999)
Impairment of assets 26,253 0 26,253 0
Taxes other than on income 2,437 1,555 5,532 4,065
Early termination expenses 0 5,660 0 27,757
Research and development 8,546 3,845 17,844 6,311
Total costs and operating expenses (income) (441,292) 377,536 313,655 173,030
Operating income (loss) 679,777 (232,397) 138,714 137,307
Other income        
Change in fair value of digital assets - receivable, net 346,547 0 230,480 0
Interest income 9,631 2,308 21,626 4,881
Interest expense (12,835) (1,369) (22,776) (2,625)
Equity in net earnings of unconsolidated affiliate (902) 49 (915) 1,308
Other (5,509) 93 (3,035) 3,037
Total other income 336,932 1,081 225,380 6,601
Income (loss) before income taxes 1,016,709 (231,316) 364,094 143,908
Income tax benefit (expense) (208,504) 31,657 (89,332) (6,394)
Net income (loss) 808,205 (199,659) 274,762 137,514
Less: net loss attributable to noncontrolling interest 30 0 274 0
Net income (loss) attributable to common stockholders $ 808,235 $ (199,659) $ 275,036 $ 137,514
Net income (loss) per share of common stock - basic (in dollars per share) $ 2.29 $ (0.72) $ 0.79 $ 0.51
Weighted average shares of common stock - basic (in shares) 352,901,683 278,674,506 348,524,166 268,899,932
Net income (loss) per share of common stock - diluted (in dollars per share) $ 1.84 $ (0.72) $ 0.64 $ 0.50
Weighted average shares of common stock - diluted (in shares) 440,912,159 278,674,506 436,271,805 277,959,660

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