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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Total revenue:      
Digital asset mining income $ 397,796 $ 216,925 $ 6,127
Total revenue 640,313 544,483 60,320
Total cost of revenue 631,913 305,621 50,928
Gross profit 8,400 238,862 9,392
(Loss) gain on legal settlement 0 (2,636) 5,814
Gain from sales of digital assets 44,298 4,814 69
Impairment of digital assets (231,315) (37,206) (4)
Impairment of goodwill and other intangibles (1,059,265) 0 0
Impairment of property, plant and equipment (590,673) 0 0
Losses on exchange or disposal of property, plant and equipment (28,025) (118) (2)
Operating expenses:      
Research and development 26,962 7,674 5,271
Sales and marketing 12,731 4,062 1,771
General and administrative 213,280 60,486 14,554
Total operating expenses 252,973 72,222 21,596
Operating (loss) income (2,109,553) 131,494 (6,327)
Non-operating expenses, net:      
Loss on debt extinguishment 287 8,016 1,333
Interest expense, net 96,826 44,354 4,436
Fair value adjustment on convertible notes 186,853 16,047 0
Fair value adjustment on derivative warrant liabilities (37,937) 0 0
Reorganization items, net (197,405) 0 0
Other non-operating expenses, net 5,232 2 110
Total non-operating expense, net 53,856 68,419 5,879
(Loss) income before income taxes (2,163,409) 63,075 (12,206)
Income tax (benefit) expense (17,091) 15,763 0
Net (loss) income (2,146,318) 47,312 (12,206)
Deemed dividend from common to preferred exchange 0 0 (10,478)
Net (loss) income attributable to common stockholders, basic (2,146,318) 47,312 (22,684)
Net (loss) income attributable to common stockholders, diluted $ (2,146,318) $ 47,312 $ (22,684)
Net (loss) income per share (Note 18):      
Net income (loss) per share – basic (in dollars per share) $ (6.30) $ 0.23 $ (0.14)
Net income (loss) per share – diluted (in dollars per share) $ (6.30) $ 0.20 $ (0.14)
Weighted average shares outstanding:      
Weighted average common shares outstanding - basic (in shares) 340,647 207,263 157,602
Weighted average common shares outstanding - diluted (in shares) 340,647 233,305 157,602
Hosting revenue      
Total revenue:      
Total cost of revenue $ 169,717 $ 77,678 $ 36,934
Hosting revenue from customers      
Total revenue:      
Revenue from customers and related parties 130,234 62,350 34,615
Hosting revenue from related parties      
Total revenue:      
Revenue from customers and related parties 29,454 16,973 6,983
Equipment sales      
Total revenue:      
Total cost of revenue 67,114 177,785 11,017
Equipment sales to customers      
Total revenue:      
Revenue from customers and related parties 11,391 138,376 11,193
Equipment sales to related parties      
Total revenue:      
Revenue from customers and related parties 71,438 109,859 1,402
Digital asset mining income      
Total revenue:      
Digital asset mining income 397,796 216,925 6,127
Total cost of revenue $ 395,082 $ 50,158 $ 2,977