v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Total revenues $ 656,378 $ 387,508 $ 117,753
Cost of revenues      
Mining and hosting services (412,045) (223,338) (72,715)
Depreciation and amortization (403,706) (179,513) (78,709)
Total cost of revenues (815,751) (402,851) (151,424)
Operating expenses      
General and administrative expenses (272,078) (92,418) (56,641)
Change in fair value of digital assets 813,814 331,484 (14,460)
Change in fair value of derivative instrument (2,043) 0 0
Research and development (13,229) (2,812) (98)
Early termination expenses (38,061) 0 0
Amortization of intangible assets (22,919) 0 0
Legal reserves 0 0 (26,131)
Impairment of deposits due to vendor bankruptcy filing 0 0 (24,661)
Impairment of digital assets 0 0 (182,891)
Impairment of patents 0 0 (919)
Impairment of mining equipment and advances to vendors 0 0 (332,933)
Gain on sale of equipment, net of disposals 0 0 83,879
Losses on digital assets held within investment fund 0 0 (85,017)
Total operating expenses 465,484 236,254 (639,872)
Operating income (loss) 306,111 220,911 (673,543)
Change in fair value of digital assets - receivable, net 299,796 0 0
Gain on investments 4,236 0 0
Loss on hedge instruments (580) (17,421) 0
Equity in net earnings of unconsolidated affiliate (1,505) (617) 0
Impairment of loan and investment due to vendor bankruptcy filing 0 0 (31,013)
Net gain from extinguishment of debt 13,121 82,267 0
Interest income 16,711 2,809 1,021
Interest expense (12,996) (10,350) (14,981)
Other non-operating income (loss) (8,391) 0 262
Income (loss) before income taxes 616,503 277,599 (718,254)
Income tax benefit (expense) (75,495) (16,426) 24,232
Net income (loss) 541,008 261,173 (694,022)
Net loss attributable to noncontrolling interest 245 0 0
Net income (loss) 541,253 261,173 (694,022)
Series A preferred stock accretion to redemption value 0 (2,121) 0
Net income (loss) attributable to common stockholders $ 541,253 $ 259,052 $ (694,022)
Net income (loss) per share of common stock - basic (in dollars per share) $ 1.87 $ 1.41 $ (6.12)
Weighted average shares of common stock - basic (in shares) 289,961,989 183,855,570 113,467,837
Net income (loss) per share of common stock - diluted (in dollars per share) $ 1.72 $ 1.06 $ (6.12)
Weighted average shares of common stock - diluted (in shares) 311,841,347 192,293,277 113,467,837

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