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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 39,900 $ (4,553)
Adjustments to reconcile net income (loss) to net cash provided by used in operating activities:    
Depreciation 17,097 11,655
Amortization of intangible assets 147 0
Amortization of operating right-of-use asset 254 222
Share-based compensation 8,317 8,810
Equity in (gains) losses of equity investees (738) 750
Non-cash lease expense 392 401
Other operating activities 1,958  
Income taxes 5,564 53
Bitcoin received as payment for services (48,079) (21,717)
Change in fair value of derivative asset (7,359) (5,328)
Change in fair value of warrant liability (250) 37
Gains on fair value of bitcoin (40,556) (4,264)
Changes in assets and liabilities:    
Accounts receivable (58) (183)
Receivables, related party (185) (189)
Prepaid expenses and other current assets 760 2,975
Security deposits   (12)
Accounts payable 2,540 2,913
Accounts payable, related party   (1,529)
Accrued expenses and other current liabilities (6,123) 65
Lease liabilities (217) (248)
Net cash used in operating activities (26,636) (10,142)
Cash flows from investing activities    
Proceeds from sale of bitcoin   20,958
Deposits on equipment (4,536) (1,106)
Purchases of property and equipment (7,902) (17,947)
Purchases and development of software (200)  
Capital distributions from equity investees   3,807
Investment in equity investees (18,319) (3,094)
Net cash (used in) provided by investing activities (30,957) 2,618
Cash flows from financing activities    
Proceeds from the issuance of common stock 66,171  
Offering costs paid for the issuance of common stock (1,623)  
Repurchase of common shares to pay employee withholding taxes (3,177) (481)
Principal payments on financing lease (1,208)  
Net cash provided by (used in) financing activities 60,163 (481)
Net increase (decrease) in cash and cash equivalents 2,570 (8,005)
Cash and cash equivalents, beginning of the period 86,105 11,927
Cash and cash equivalents, end of the period 88,675 3,922
Supplemental disclosure of noncash investing and financing activities    
Reclassification of deposits on equipment to property and equipment 5,161 71,533
Bitcoin received from equity investees 1,694 317
Settlement of related party payable related to master services and supply agreement $ 1,554  
Equity method investment acquired for non-cash consideration   1,925
Property and equipment purchases in accounts payable, accounts payable, related party and accrued expenses   5,940
Deposits on equipment in accounts payable, accounts payable, related party and accrued expenses   691
Finance lease cost in accrued expenses   $ 1,017