Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Measurements

The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued liabilities are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial instruments include cash equivalents, Bitcoin, accounts receivable, accounts payable, and accrued liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision.

The following tables provide a summary of the assets that are measured at fair value on a recurring basis (in thousands):

	June 30, 2026
	Fair Value		Level 1		Level 2		Level 3
Bitcoin	$	1,197	$	1,197	$	—	$	—

	December 31, 2025
	Fair Value		Level 1		Level 2		Level 3
Bitcoin	$	3,263	$	3,263	$	—	$	—

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

Non-financial assets such as property and equipment, goodwill, operating lease right-of-use assets, and intangible assets are recorded at fair value when an impairment is recognized or at the time acquired in an asset acquisition or business combination measured using significant unobservable inputs (Level 3). For the three and six months ended June 30, 2026, there were impairment charges associated with property and equipment, and intangibles recorded and it reduced the carrying amount of such assets subject to the impairment to their estimated fair value, as discussed in Note 7 Certain Balance Sheet Items and Note 8 Intangible Assets.