v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Total revenues $ 145,139 $ 81,759 $ 310,337 $ 132,891
Cost of revenues        
Mining and hosting services (93,887) (55,222) (184,098) (88,599)
Depreciation and amortization (87,808) (37,275) (165,803) (55,008)
Total cost of revenues (181,695) (92,497) (349,901) (143,607)
Operating expenses        
General and administrative expenses (57,118) (19,840) (130,429) (34,976)
Change in fair value of digital assets (147,999) 25,162 340,808 162,560
Change in fair value of derivative 38,251 0 22,999 0
Research and development (3,845) (651) (6,311) (860)
Early termination expenses (5,660) 0 (27,757) 0
Amortization of intangible assets (19,470) 0 (22,439) 0
Total operating expenses (195,841) 4,671 176,871 126,724
Operating income (loss) (232,397) (6,067) 137,307 116,008
Gain on investments 0 0 5,236 0
Loss on hedge instruments 0 0 (2,292) 0
Equity in net earnings of unconsolidated affiliate 49 0 1,308 0
Net loss from extinguishment of debt 0 0 0 (333)
Interest income 2,188 118 4,761 910
Interest expense (1,369) (2,840) (2,625) (6,600)
Other non-operating income 213 30 213 30
Income (loss) before income taxes (231,316) (8,759) 143,908 110,015
Income tax benefit (expense) 31,657 (203) (6,394) (278)
Net income (loss) (199,659) (8,962) 137,514 109,737
Series A preferred stock accretion to redemption value 0 (2,121) 0 (2,121)
Net income (loss) attributable to common stockholders - basic $ (199,659) $ (11,083) $ 137,514 $ 107,616
Net income (loss) per share of common stock - basic (in dollars per share) $ (0.72) $ (0.07) $ 0.51 $ 0.66
Weighted average shares of common stock - basic (in shares) 278,674,506 168,474,882 268,899,932 163,856,352
Net income (loss) per share of common stock - diluted (in dollars per share) $ (0.72) $ (0.07) $ 0.50 $ 0.66
Weighted average shares of common stock - diluted (in shares) 278,674,506 168,474,882 277,959,660 173,740,064

Source