SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Revenue and Segment Profit (Loss) by Reportable Segment

The following table presents revenue and segment profit (loss) by reportable segment for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
Digital Asset Mining Segment
Digital asset mining revenue	$	151,556	$	140,051	$	69,229
Cost of revenue (exclusive of depreciation)	80,199		62,608		27,315
Operating expenses (including related party)	12,394		7,583		4,889
Digital asset mining segment profit	$	58,963	$	69,860	$	37,025

HPC Leasing Segment
HPC lease revenue	$	16,899	$	—	$	—
Cost of revenue (exclusive of depreciation)	2,464		—		—
Operating expenses (including related party)	7,353		66		—
HPC leasing segment profit (loss)	$	7,082	$	(66)	$	—

The following table presents a reconciliation of the reportable segment profit (loss) to loss before income taxes and equity in net income of investee included in the Company’s consolidated statements of operations for the year ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023

Reportable segment profit	$	66,045	$	69,794	$	37,025

Selling, general and administrative expenses	139,465		57,883		23,693
Selling, general and administrative expenses — related party	8,292		12,695		13,325
Depreciation	88,597		59,808		28,350
Loss (gain) on fair value of digital assets, net	612		(2,200)		—
Realized gain on sale of digital assets	—		—		(3,174)
Impairment of digital assets	—		—		3,043
Change in fair value of contingent consideration	10,397		—		—
Loss on disposals of property, plant, and equipment, net	4,895		17,824		1,209
Operating loss	(186,213)		(76,216)		(29,421)
Interest expense	(80,248)		(19,794)		(34,812)
Change in fair value of warrants and derivatives	(429,793)		—		—
Loss on extinguishment of debt	—		(6,300)		—
Other income	39,044		3,927		231
Loss before income tax and equity in net (loss) income of investee	$	(657,210)	$	(98,383)	$	(64,002)