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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 24,609 $ (17,751)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 37,192 26,067
Amortization of intangible assets 303 0
Amortization of operating right-of-use asset 565 452
Share-based compensation 21,654 17,988
Equity in (gains) losses of equity investees (161) 2,181
Non-cash lease expense 762 878
Other operating activities (1,839)  
Income taxes 5,371 637
Bitcoin received as payment for services (85,281) (52,836)
Change in fair value of derivative asset (29,339) (8,550)
Change in fair value of warrant liability (250) 59
Gains on fair value of bitcoin (24,247) (5,124)
Changes in assets and liabilities:    
Accounts receivable 336 (282)
Receivables, related party 69 (512)
Prepaid expenses and other current assets 71 4,994
Security deposits 1,609 (12)
Other non-current assets (203)  
Accounts payable (47) (185)
Accounts payable, related party   (1,529)
Accrued expenses and other current liabilities (2,745) 6,323
Lease liabilities (417) (594)
Net cash used in operating activities (51,988) (27,796)
Cash flows from investing activities    
Proceeds from sale of bitcoin 10,334 52,475
Deposits on equipment (35,748) (2,932)
Purchases of property and equipment (15,766) (28,541)
Purchases and development of software (698)  
Prepayments on financing leases   (3,676)
Capital distributions from equity investees   3,807
Investment in equity investees (20,435) (3,095)
Net cash (used in) provided by investing activities (62,313) 18,038
Cash flows from financing activities    
Proceeds from the issuance of common stock 163,276 2,821
Offering costs paid for the issuance of common stock (2,868) (76)
Repurchase of common shares to pay employee withholding taxes (7,237) (1,114)
Principal payments on financing lease (2,418) (2,059)
Net cash provided by (used in) financing activities 150,753 (428)
Net increase (decrease) in cash and cash equivalents 36,452 (10,186)
Cash and cash equivalents, beginning of the period 86,105 11,927
Cash and cash equivalents, end of the period 122,557 1,741
Supplemental disclosure of noncash investing and financing activities    
Reclassification of deposits on equipment to property and equipment 13,799 72,130
Bitcoin received from equity investees 5,907 317
Settlement of related party payable related to master services and supply agreement 1,554  
Right-of-use asset obtained in exchange for finance lease liability $ 3,414 14,212
Equity method investment acquired for non-cash consideration   1,926
Sales tax accrual on machine purchases   1,837
Finance lease cost in accrued expenses   $ 2,034