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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Digital asset mining revenue $ 80,500   $ 323,337 $ 77,511
Total revenue 162,572 $ 113,139 519,063 242,688
Cost of revenue 189,648 54,715 463,419 145,193
Gross (loss) profit (27,076) 58,424 55,644 97,495
Loss on legal settlement 0 (2,603) 0 (2,603)
Gain from sales of digital assets 11,036 391 25,007 405
Impairment of digital assets (7,986) (12,552) (212,184) (12,552)
Impairment of goodwill and other intangibles (268,512) 0 (1,059,265) 0
Impairment of property, plant and equipment (59,259) 0 (59,259) 0
Losses on exchange or disposal of property, plant and equipment 0 0 (13,057) (17)
Operating expenses:        
Research and development 6,192 1,586 24,305 4,231
Sales and marketing 39 932 11,675 2,186
General and administrative 43,346 36,358 174,380 46,975
Total operating expenses 49,577 38,876 210,360 53,392
Operating (loss) income (401,374) 4,784 (1,473,474) 29,336
Non-operating expenses, net:        
Loss on debt extinguishment 0 0 0 8,016
Interest expense, net 25,942 13,569 74,734 26,550
Fair value adjustment on convertible notes (4,123) 8,663 186,853 8,663
Fair value adjustment on derivative warrant liabilities (521) 0 (32,985) 0
Other non-operating expenses (income), net 1,478 (4) 4,997 (2)
Total non-operating expenses, net 22,776 22,228 233,599 43,227
Loss before income taxes (424,150) (17,444) (1,707,073) (13,891)
Income tax expense (benefit) 10,642 (815) 4,398 (697)
Net loss $ (434,792) $ (16,629) $ (1,711,471) $ (13,194)
Net loss per share (Note 14):        
Net loss per share – basic (in dollars per share) $ (1.23) $ (0.07) $ (5.38) $ (0.07)
Net loss per share – diluted (in dollars per share) $ (1.23) $ (0.07) $ (5.38) $ (0.07)
Weighted average shares outstanding:        
Weighted average shares outstanding - basic (in shares) 354,195 236,951 318,169 184,790
Weighted average shares outstanding - diluted (in shares) 354,195 236,951 318,169 184,790
Hosting Service        
Revenue:        
Cost of revenue $ 44,975 $ 19,577 $ 119,850 $ 48,956
Hosting Service, Customers        
Revenue:        
Revenue from customers and related parties 35,731 17,585 94,407 37,836
Hosting Service, Related Parties        
Revenue:        
Revenue from customers and related parties 9,185 2,903 22,659 13,906
Equipment Sales        
Revenue:        
Cost of revenue 27,917 24,997 63,993 82,328
Equipment Sales, Customers        
Revenue:        
Revenue from customers and related parties 7,468 23,879 11,391 84,378
Equipment Sales, Related Parties        
Revenue:        
Revenue from customers and related parties 29,693 11,654 67,269 29,057
Digital asset mining        
Revenue:        
Digital asset mining revenue 80,495 57,118 323,337 77,511
Cost of revenue $ 116,756 $ 10,141 $ 279,576 $ 13,909