INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense and effective income tax rate for the years ended December 31, 2024, 2023 and 2022 were as follows:

	Year Ended December 31,
	2024		2023		2022
Current tax:
Federal	$	—	$	—	$	74
State	859		683		1,356
Total current tax	859		683		1,430
Deferred tax:
Federal	—		—		(18,532)
State	—		—		11
Total deferred tax	—		—		(18,521)
Total income tax expense (benefit)	$	859	$	683	$	(17,091)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. statutory tax rate and the Company’s effective tax is presented as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory income tax benefit applied to loss before income taxes	$	(275,971)	$	(51,619)	$	(454,316)
State income taxes, net of federal benefit	6,673		12,325		(31,667)
Stock compensation	14,319		16,578		4,789
Non-deductible interest	2,875		11,659		11,366
Fair value adjustment - convertible notes	287,523		—		(10,942)
Reorganization costs	1,508		40,572		—
Non-deductible expenses	—		—		288
Valuation allowance	(36,230)		(29,195)		241,892
Goodwill impairment	—		—		221,499
Other permanent items	162		363		—
Total income tax expense (benefit)	$	859	$	683	$	(17,091)

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities are detailed as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Deferred tax assets:
Net operating loss carryforward	$	70,530	$	73,272	$	79,729
Capital loss carryforward	48,007		50,313		52,765
Deferred interest carryforward	23,858		18,438		11,289
Research tax credit carryforward	1,005		483		404
Reserves and accruals	4,773		2,440		4,248
Stock-based compensation	6,705		17,614		16,917
Derivatives	228		—		—
Property, plant and equipment, net	21,857		53,334		75,349
Digital asset impairment loss	—		6		—
Debt extinguishment loss	—		2,446		2,561
Intangibles (other than goodwill)	2,266		2,660		2,301
Leases	23,455		2,099		7,062
Capitalized research and development expenses	4,872		4,226		801
Other	470		6		169
Gross deferred tax assets	208,026		227,337		253,595
Valuation allowance	(183,123)		(219,515)		(248,710)
Deferred tax assets, net of valuation allowance	24,903		7,822		4,885
Deferred tax liabilities:
Deferred settlement	—		(6,031)		—
Operating lease ROU assets	(24,903)		(1,791)		(4,885)
Deferred tax liabilities, net	(24,903)		(7,822)		(4,885)
Total net deferred tax assets (liabilities)	$	—	$	—	$	—

Summary of Valuation Allowance

The changes in the Company’s valuation allowance were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Beginning Balance	$	219,515	$	248,710	$	6,781
Change related to current net operating losses and impairments	16,612		(561)		241,892
Change related to deferred tax adjustments	(29,217)		(37,485)		37
Change related to prior period adjustments	6,409		8,851		—
Change related to restructuring	(30,196)		—		—
Ending Balance	$	183,123	$	219,515	$	248,710