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Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Total revenue $ 79,525 $ 179,291
Total cost of revenue 71,312 101,645
Gross profit 8,213 77,646
Change in fair value of digital assets 10,688 0
Gain from sales of digital assets 0 (543)
Change in fair value of energy derivatives 0 2,218
Losses on disposal of property, plant and equipment 6 3,820
Selling, general and administrative 44,557 16,924
Operating (loss) income (47,038) 55,227
Non-operating expenses (income), net:    
Loss on debt extinguishment 0 50
Interest (income) expense, net (2,187) 14,087
Change in fair value of warrants and contingent value rights (621,464) (60,114)
Reorganization items, net 0 (111,439)
Other non-operating expense, net 157 1,746
Total non-operating income, net (623,494) (155,670)
Income before income taxes 576,456 210,897
Income tax expense 205 206
Net income $ 576,251 $ 210,691
Net income per share (Note 12)    
Basic (in dollars per share) $ 1.42 $ 0.91
Diluted (in dollars per share) $ 1.24 $ 0.78
Weighted average shares outstanding    
Weighted average shares outstanding – basic (in shares) 315,186 230,954
Weighted average shares outstanding – diluted (in shares) 363,314 282,531
Digital asset self-mining    
Revenue:    
Digital asset self-mining revenue $ 67,179 $ 149,959
Total cost of revenue 61,170 81,564
Cost of digital asset hosted mining services    
Revenue:    
Revenue from customers and related parties 3,773 29,332
Total cost of revenue 2,036 20,081
Colocation revenue    
Revenue:    
Revenue from customers and related parties 8,573 0
Total cost of revenue $ 8,106 $ 0