LEASES (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Assets and Liabilities

The components of operating and finance leases are presented on the Company’s Condensed Consolidated Balance Sheets as follows (in thousands):

	Financial statement line item	June 30, 2025		December 31, 2024
Assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	108,584	114,472
Finance lease right-of-use assets	Property, plant and equipment, net	$	5,019	5,873
Liabilities:
Operating lease liabilities,    current portion	Other current liabilities	$	10,438	9,974
Operating lease liabilities, net    of current portion	Other noncurrent liabilities	$	92,229	97,843
Finance lease liabilities, current portion	Other current liabilities	$	547	1,669

Schedule of Lease Cost

The components of lease expense were as follows (in thousands):

		Three Months Ended June 30,
	Financial statement line item	2025		2024
Operating lease expense	Cost of Colocation services	$	3,402	$	3,096
Operating lease expense	Cost of digital asset self-mining	76		99
Operating lease expense	Cost of digital asset hosted mining services	8		27
Operating lease expense	Selling, general and administrative expenses	1,218		1,265
Short-term lease expense	Cost of digital asset self-mining	339		75
Variable lease expense	Cost of Colocation services	304		—
Finance lease expense:
Amortization of right-of-use assets	Cost of digital asset self-mining	170		315
Interest on lease liabilities	Interest expense, net	30		119
Total finance lease expense		200		434
Total lease expense		$	5,547	$	4,996

		Six Months Ended June 30,
	Financial statement line item	2025		2024
Operating lease expense	Cost of Colocation services	$	6,809	$	3,096
Operating lease expense	Cost of digital asset self-mining	160		197
Operating lease expense	Cost of digital asset hosted mining services	14		56
Operating lease expense	Selling, general and administrative expenses	2,425		2,540
Short-term lease expense	Cost of digital asset self-mining	625		193
Variable lease expense	Cost of Colocation services	573		—
Finance lease expense:
Amortization of right-of-use assets	Cost of digital asset self-mining	396		649
Interest on lease liabilities	Interest expense, net	79		1,040
Total finance lease expense		475		1,689
Total lease expense		$	11,081	$	7,771

Information relating to the lease term and discount rate is as follows:

	June 30, 2025		June 30, 2024
Weighted Average Remaining Lease Term (Years)
Operating leases	8.1		6.9
Finance leases	0.2		1.1
Weighted Average Discount Rate
Operating leases	8.5	%	9.3	%
Finance leases	12.7	%	12.4	%

Schedule of Supplemental Cash Flow Information

Information relating to lease payments is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Lease Payments
Operating cash flows from operating leases	$	4,495	$	1,651	$	7,547	$	1,720
Operating cash flows from finance leases	$	31	$	119	$	71	$	1,729
Financing cash flows from finance leases	$	615	$	912	$	1,125	$	4,466
Supplemental Noncash Information
Operating lease right-of-use assets obtained in exchange for lease obligations	$	109	$	—	$	109	$	—
Decrease in operating right-of-use assets due to lease modification	$	—	$	—	$	(593)	$	—

Schedule of Operating Lease Liability, Maturity

The Company’s minimum payments under noncancelable operating and finance leases having initial terms and bargain renewal periods in excess of one year are as follows at June 30, 2025, and thereafter (in thousands):

	Operating Leases		Finance Leases
Remaining 2025	$	9,168	$	558
2026	19,031		—
2027	19,454		—
2028	19,890		—
2029	20,369		—
Thereafter	54,309		—
Total lease payments	142,221		558
Less: imputed interest	39,553		11
Total	$	102,668	$	547

Schedule of Finance Lease Liability, Maturity

The Company’s minimum payments under noncancelable operating and finance leases having initial terms and bargain renewal periods in excess of one year are as follows at June 30, 2025, and thereafter (in thousands):

	Operating Leases		Finance Leases
Remaining 2025	$	9,168	$	558
2026	19,031		—
2027	19,454		—
2028	19,890		—
2029	20,369		—
Thereafter	54,309		—
Total lease payments	142,221		558
Less: imputed interest	39,553		11
Total	$	102,668	$	547

Schedule of Components of Lease Revenue

The components of lease revenue were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Lease Revenue
Operating lease revenue	$	7,010	$	3,818	$	13,005	$	3,818
Variable lease revenue	3,550		1,701		6,128		1,701
Total lease revenue	$	10,560	$	5,519	$	19,133	$	5,519

Schedule of Payments to be Received, Maturity

The following table represents the maturity analysis of commenced minimum operating lease payments expected to be received at June 30, 2025, and thereafter (in thousands):

	Operating Leases(1)
Remaining 2025	$	12,109
2026	28,836
2027	30,013
2028	35,874
2029	37,003
Thereafter	125,947
Total	$	269,782

(1) Operating lease payments expected to be received excludes $9.83 billion in total future noncancellable minimum lease payments for operating leases that have not yet commenced at June 30, 2025, which have initial lease terms of 12 years from commencement.