v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues $ 252,410 $ 131,647 $ 704,779 $ 441,984
Costs and operating expenses        
Purchased energy costs 43,080 26,988 128,291 59,189
Operating and maintenance costs 26,310 9,365 68,466 40,774
Third-party hosting and other energy costs 75,664 63,694 212,876 187,280
General and administrative 85,296 58,744 264,109 181,142
Depreciation and amortization 167,312 101,859 486,950 290,969
Change in fair value of digital assets (234,240) (30,088) (686,105) (370,896)
Change in fair value of derivative instrument 4,422 58,234 (42,717) 35,235
Impairment of assets 0 0 26,253 0
Taxes other than on income 2,354 1,957 7,886 6,022
Early termination expenses 5,000 10,304 5,000 38,061
Research and development 8,716 2,813 26,560 9,124
Restructuring costs 20,905 0 20,905 0
Total costs and operating expenses 204,819 303,870 518,474 476,900
Operating income (loss) 47,591 (172,223) 186,305 (34,916)
Other income (loss)        
Change in fair value of digital assets - receivable, net 108,859 0 339,339 0
Interest income 17,689 3,894 39,315 8,775
Interest expense (12,760) (2,342) (35,536) (4,967)
Equity in net earnings of unconsolidated affiliate (1,711) (2,133) (2,626) (825)
Other 1,144 (1,146) (1,891) 1,891
Total other income (loss) 113,221 (1,727) 338,601 4,874
Income (loss) before income taxes 160,812 (173,950) 524,906 (30,042)
Income tax benefit (expense) (37,678) 49,161 (127,010) 42,767
Net income (loss) 123,134 (124,789) 397,896 12,725
Less: net (income) loss attributable to noncontrolling interest (6) 0 268 0
Net income (loss) attributable to common stockholders $ 123,128 $ (124,789) $ 398,164 $ 12,725
Net income (loss) per share of common stock - basic (in dollars per share) $ 0.33 $ (0.42) $ 1.13 $ 0.05
Weighted average shares of common stock - basic (in shares) 372,073,173 294,942,685 352,315,857 277,643,666
Net income (loss) per share of common stock - diluted (in dollars per share) $ 0.27 $ (0.42) $ 0.90 $ 0.05
Weighted average shares of common stock - diluted (in shares) 470,126,290 294,942,685 450,081,096 282,651,034

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