XML 17 R5.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenue $ 510,672 $ 502,400 $ 640,313
Total cost of revenue 389,602 378,941 631,913
Gross profit 121,070 123,459 8,400
Change in fair value of digital assets (1,052) 0 0
Gain from sale of digital assets 0 3,893 44,298
Impairment of digital assets 0 (4,406) (231,315)
Change in fair value of energy derivatives (2,757) (3,918) 0
Impairment of goodwill and other intangibles 0 0 (1,059,265)
Impairment of property, plant and equipment (122,869) 0 (590,673)
Losses on exchange or disposal of property, plant and equipment (4,210) (1,956) (28,025)
Operating expenses:      
Research and development 11,830 7,184 26,962
Sales and marketing 9,969 7,019 12,731
General and administrative 110,448 93,908 213,280
Total operating expenses 132,247 108,111 252,973
Operating (loss) income (142,065) 8,961 (2,109,553)
Non-operating expenses (income), net:      
Loss (gain) on debt extinguishment 487 (20,065) 287
Interest expense, net 37,070 86,238 96,826
Change in fair value of convertible notes 0 0 186,853
Change in fair value of warrants and contingent value rights 1,369,157 0 (37,937)
Reorganization items, net (111,439) 191,122 (197,405)
Other non-operating (income) expense, net (325) (2,530) 5,232
Total non-operating expenses, net 1,294,950 254,765 53,856
Loss before income taxes (1,437,015) (245,804) (2,163,409)
Income tax expense (benefit) 859 683 (17,091)
Net loss $ (1,437,874) $ (246,487) $ (2,146,318)
Net loss per share, basic (in dollars per share) $ (4.87) $ (0.65) $ (6.30)
Net loss per share, diluted (in dollars per share) $ (4.87) $ (0.65) $ (6.30)
Weighted average shares outstanding, basic (in shares) 255,832 379,863 340,647
Weighted average shares outstanding, diluted (in shares) 255,832 379,863 340,647
Digital asset self-mining      
Revenue:      
Total cost of revenue $ 314,335 $ 291,696 $ 395,082
Digital asset self-mining | Nonrelated Party      
Revenue:      
Digital asset self-mining revenue 408,740 390,333 397,796
Cost of digital asset hosted mining services      
Revenue:      
Total cost of revenue 53,558 87,245 169,717
Cost of digital asset hosted mining services | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 77,554 102,005 130,234
Cost of digital asset hosted mining services | Related Party      
Revenue:      
Revenue from customers and related parties 0 10,062 29,454
Equipment sales      
Revenue:      
Total cost of revenue 0 0 67,114
Equipment sales | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 0 0 11,391
Equipment sales | Related Party      
Revenue:      
Revenue from customers and related parties 0 0 71,438
HPC hosting      
Revenue:      
Total cost of revenue 21,709 0 0
HPC hosting | Nonrelated Party      
Revenue:      
Revenue from customers and related parties $ 24,378 $ 0 $ 0