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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Digital asset mining revenue     $ 195,108 $ 242,842
Total revenue $ 126,912 $ 163,972 247,567 356,491
Cost of revenue 89,953 151,255 178,827 273,771
Gross profit 36,959 12,717 68,740 82,720
Loss on legal settlement (85) 0 (85) 0
Gain from sales of digital assets 931 11,808 1,995 13,971
Impairment of digital assets (1,127) (150,213) (2,183) (204,198)
Impairment of goodwill and other intangibles 0 (790,753) 0 (790,753)
Losses on exchange or disposal of property, plant and equipment (174) (13,057) (174) (13,057)
Operating expenses:        
Research and development 1,640 14,773 3,055 18,113
Sales and marketing 1,084 10,238 2,092 11,636
General and administrative 24,396 90,874 46,160 131,034
Total operating expenses 27,120 115,885 51,307 160,783
Operating income (loss) 9,384 (1,045,383) 16,986 (1,072,100)
Non-operating expenses (income), net:        
Gain on debt extinguishment 0 0 (20,761) 0
Interest (income) expense, net (36) 27,116 121 48,792
Fair value adjustment on convertible notes 0 (195,061) 0 190,976
Fair value adjustment on derivative warrant liabilities 0 (22,189) 0 (32,464)
Reorganization items, net 18,370 0 49,929 0
Other non-operating expenses (income), net 181 3,876 (2,888) 3,519
Total non-operating expenses (income), net 18,515 (186,258) 26,401 210,823
Loss before income taxes (9,131) (859,125) (9,415) (1,282,923)
Income tax expense (benefit) 129 (48,650) 233 (6,244)
Net loss $ (9,260) $ (810,475) $ (9,648) $ (1,276,679)
Net loss per share (Note 11):        
Basic (in dollars per share) $ (0.02) $ (2.49) $ (0.03) $ (4.04)
Diluted (in dollars per share) $ (0.02) $ (2.49) $ (0.03) $ (4.04)
Weighted average shares outstanding:        
Weighted average shares outstanding – basic (in shares) 375,779,000 324,967,000 375,875,000 316,269,000
Weighted average shares outstanding – diluted (in shares) 375,779,000 324,967,000 375,875,000 316,269,000
Hosting Service        
Revenue:        
Cost of revenue $ 23,107 $ 43,644 $ 39,305 $ 74,875
Hosting Service | Nonrelated Party        
Revenue:        
Revenue from customers and related parties 26,316 31,338 45,225 58,676
Hosting Service | Related Party        
Revenue:        
Revenue from customers and related parties 3,514 7,598 7,234 13,474
Equipment Sales        
Revenue:        
Cost of revenue 0 13,541 0 36,076
Equipment Sales | Nonrelated Party        
Revenue:        
Revenue from customers and related parties 0 3,507 0 3,923
Equipment Sales | Related Party        
Revenue:        
Revenue from customers and related parties 0 11,687 0 37,576
Digital asset mining        
Revenue:        
Digital asset mining revenue 97,082 109,842 195,108 242,842
Cost of revenue $ 66,846 $ 94,070 $ 139,522 $ 162,820