XML 16 R5.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Changes in Stockholders’ Deficit - USD ($)
shares in Thousands, $ in Thousands
Total
Issuance of new common stock in connection with emergence
Issuance of new common stock under the Equity Rights Offering
Issuance of new common stock for the Equity Rights Offering backstop commitment
Issuance of new common stock for Bitmain obligation
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Issuance of new common stock in connection with emergence
Common Stock
Issuance of new common stock under the Equity Rights Offering
Common Stock
Issuance of new common stock for the Equity Rights Offering backstop commitment
Common Stock
Issuance of new common stock for Bitmain obligation
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional
Paid-In Capital
Additional
Paid-In Capital
Issuance of new common stock in connection with emergence
Additional
Paid-In Capital
Issuance of new common stock under the Equity Rights Offering
Additional
Paid-In Capital
Issuance of new common stock for the Equity Rights Offering backstop commitment
Additional
Paid-In Capital
Issuance of new common stock for Bitmain obligation
Additional
Paid-In Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated
Deficit
Accumulated
Deficit
Cumulative Effect, Period of Adoption, Adjustment
Accumulated
Deficit
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2023               386,883         386,883                  
Beginning balance at Dec. 31, 2023 $ (596,941)         $ 24 $ (596,917) $ 36         $ 36 $ 1,823,260         $ 1,823,260 $ (2,420,237) $ 24 $ (2,420,213)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (594,205)                                     (594,205)    
Stock-based compensation 7,434                         7,434                
Cancellation of common stock in connection with emergence (in shares)               (386,883)                            
Cancellation of common stock in connection with emergence 0             $ (36)           36                
Issuance of new common stock (in shares)                 152,576 15,649 2,111 10,735                    
Issuance of new common stock   $ 296,895 $ 55,000 $ 5,475 $ 27,839       $ 2           $ 296,893 $ 55,000 $ 5,475 $ 27,839        
Conversion premium on the issuance of the New Secured Convertible Notes 33,202                         33,202                
Issuance of warrants (345,856)                         (345,856)                
Exercise of stock options 9                         9                
Restricted stock awards issued, net of tax withholding obligations (in shares)               1,400                            
Restricted stock awards issued, net of tax withholding obligations (3,392)                         (3,392)                
Restricted stock awards forfeited (in shares)               (40)                            
Exercise of warrants (in shares)               54                            
Exercise of warrants 420                         420                
Issuance of new common stock for New Secured Convertible Notes conversion (in shares)               4,525                            
Issuance of new common stock for New Secured Convertible Notes conversion 26,545                         26,545                
Issuance of new common stock for PIK interest (in shares)               882                            
Issuance of new common stock for PIK interest 3,677                         3,677                
Ending balance (in shares) at Jun. 30, 2024               187,892                            
Ending balance at Jun. 30, 2024 (1,083,874)             $ 2           1,930,542           (3,014,418)    
Beginning balance (in shares) at Mar. 31, 2024               182,237                            
Beginning balance at Mar. 31, 2024 (318,509)             $ 2           1,891,011           (2,209,522)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (804,896)                                     (804,896)    
Stock-based compensation 8,494                         8,494                
Issuance of new common stock (in shares)               79                            
Issuance of new common stock 399                         399                
Restricted stock awards issued, net of tax withholding obligations (in shares)               115                            
Restricted stock awards issued, net of tax withholding obligations (4)                         (4)                
Exercise of warrants (in shares)               54                            
Exercise of warrants 420                         420                
Issuance of new common stock for New Secured Convertible Notes conversion (in shares)               4,525                            
Issuance of new common stock for New Secured Convertible Notes conversion 26,545                         26,545                
Issuance of new common stock for PIK interest (in shares)               882                            
Issuance of new common stock for PIK interest 3,677                         3,677                
Ending balance (in shares) at Jun. 30, 2024               187,892                            
Ending balance at Jun. 30, 2024 $ (1,083,874)             $ 2           1,930,542           (3,014,418)    
Beginning balance (in shares) at Dec. 31, 2024 292,606             292,606                            
Beginning balance at Dec. 31, 2024 $ (820,180)             $ 3           2,915,035           (3,735,218)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (356,106)                                     (356,106)    
Stock-based compensation 40,751                         40,751                
Restricted stock awards issued, net of tax withholding obligations (in shares)               4,479                            
Restricted stock awards issued, net of tax withholding obligations (50)                         (50)                
Equity issuance costs (21)                         (21)                
Exercise of warrants (in shares)               6,061                            
Exercise of warrants $ 70,930                         70,930                
Ending balance (in shares) at Jun. 30, 2025 303,146             303,146                            
Ending balance at Jun. 30, 2025 $ (1,064,676)             $ 3           3,026,645           (4,091,324)    
Beginning balance (in shares) at Mar. 31, 2025               299,087                            
Beginning balance at Mar. 31, 2025 (181,507)             $ 3           2,973,015           (3,154,525)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                            
Net loss (936,799)                                     (936,799)    
Stock-based compensation 24,346                         24,346                
Restricted stock awards issued, net of tax withholding obligations (in shares)               1,499                            
Restricted stock awards issued, net of tax withholding obligations 0                         0                
Equity issuance costs (21)                         (21)                
Exercise of warrants (in shares)               2,560                            
Exercise of warrants $ 29,305                         29,305                
Ending balance (in shares) at Jun. 30, 2025 303,146             303,146                            
Ending balance at Jun. 30, 2025 $ (1,064,676)             $ 3           $ 3,026,645           $ (4,091,324)