Leases, Codification Topic 840

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Lessee, Operating Leases

Leases

On June 1, 2026, the Company assumed operating leases in its acquisition of Cathedra. As of June 30, 2026, the Company had operating leases primarily for land and buildings used for mining and hosting operations. Rent expense is recognized on a straight‑line basis over the respective lease terms within operating expenses. For both the three and six months ended June 30, 2026, rent expense related to operating leases was $22,000.

Additional information regarding leasing activities is as follows (in thousands, unless otherwise noted):

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Operating cash flows from operating leases	$35	n/a	$35	n/a
Weighted-average remaining lease term (in years)	7.9	n/a	7.9	n/a
Weighted-average discount rate	9.6%	n/a	9.6%	n/a

The following table presents future minimum lease payments (in thousands):

Year	Operating Leases
2026 (remaining)	$	126
2027	267
2028	267
2029	263
2030	256
Thereafter	870
Total	2,049
Less: Imputed interest	(615)
Present value of lease liability	$	1,434