XML 32 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Cumulus Digital Holdings
[6]
TeraWulf
[7]
Common stock shares
Additional paid-in capital
Accumulated earnings (deficit)
Accumulated other comprehensive income (loss)
Treasury Stock
Member's Equity
Non controlling Interest
Non controlling Interest
Cumulus Digital Holdings
[6]
Non controlling Interest
TeraWulf
[7]
Beginning balance at Dec. 31, 2021             $ (152)          
Member's Equity, Beginning balance at Dec. 31, 2021 $ 733               $ 733 $ 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (1,293)               (1,289) (4)    
Other comprehensive income (loss) (15)           (15)   (15)      
Non-cash consolidation of affiliate subsidiary 71                 71    
Cancellation of equity at Emergence             0          
Cash contribution 7                 7    
Non-cash distribution to member (2)               (2)      
Non-cash contribution from member 17                 17    
Ending balance at Dec. 31, 2022             (167)          
Member's Equity, Ending balance at Dec. 31, 2022 (482)               (573) 91    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 465               479 (14)    
Other comprehensive income (loss) 6           6   6      
Cancellation of equity at Emergence 88 [1]           161   88 [1]      
Issuance of member’s equity [1] 2,313               2,313      
Issuance of warrants [1] 8               8      
Common equity from member's equity exchange (in shares) [2]       59,029,000                
Common equity from member's equity exchange 0       $ 2,321       $ (2,321)      
Non-cash distribution to member [3] (5)                 (5)    
Non-cash contribution from member [4] 38                 38    
Ending balance at May. 17, 2023 $ 2,431       2,321 $ 0 0 $ 0   110    
Ending balance (in shares) at May. 17, 2023 59,028,843     59,029,000 [2]                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) $ 143         134       9    
Other comprehensive income (loss) (23)           (23)          
Cancellation of equity at Emergence             0          
Purchase of noncontrolling interest [5] (19)       5         (24)    
Non-cash distribution to member [3] (20)                 (20)    
Cash contribution 1                 1    
Stock-based compensation expense 19       19              
Other 2       1         1    
Ending balance at Dec. 31, 2023 $ 2,534       2,346 134 (23) 0   77    
Ending balance (in shares) at Dec. 31, 2023 59,028,843     59,029,000 [2]                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) $ 1,013         998       15    
Other comprehensive income (loss) $ 11           11          
Cancellation of equity at Emergence             0          
Share repurchase (in shares) (13,227,222)     (13,227,000) [2]                
Share repurchases $ (1,977)             (1,977)        
Purchase of noncontrolling interest [5] (125)       (87)         (38)    
Retirement of treasury stock 0       (519) (1,458)   1,977        
Cash settlement of restricted stock units (32)       (32)              
Exercise of warrants (in shares) [2]       160,000                
Exercise of warrants (16)       (16)              
Non-cash distribution to member   $ (2) $ (52)               $ (2) $ (52)
Stock-based compensation expense 33       33              
Ending balance at Dec. 31, 2024 $ 1,387       $ 1,725 $ (326) $ (12) $ 0   $ 0    
Ending balance (in shares) at Dec. 31, 2024 45,961,910     45,962,000 [2]                
[1] Pursuant to the Plan of Reorganization: (i) existing equity interests were canceled; and (ii) new equity interests and equity-classified warrants were issued.
[2] Shares in thousands.
[3] Related primarily to distributions of Bitcoin to TeraWulf.
[4] Related to contributions of cryptocurrency miners by TeraWulf to Nautilus.
[5] TES acquisition of remaining noncontrolling interests in Cumulus Digital and Nautilus. See Note 18 for additional information.
[6] Distributions to noncontrolling interest owners of Cumulus Digital and Nautilus.
[7] Related primarily to distribution of Bitcoin and cryptocurrency miners to TeraWulf.