SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

The Company’s digital assets have active markets with observable prices and their fair value measurements are considered

Level 1. The following table presents a roll-forward of total digital assets for the years ended December 31, 2025 and 2024 (in

thousands):


	December 31, 2025	December 31, 2024
Digital assets, beginning of period	$23,893	$2,284
Cumulative effect of ASU 2023-08, adopted January 1, 20241	—	24
Digital assets, beginning of period, as adjusted	23,893	2,308
Digital asset self-mining revenue, net of receivables2	229,710	409,560
Mining revenue from shared hosting	—	15,693
Proceeds from sales of digital assets and shared hosting	—	(402,461)
Decrease in fair value of digital assets	(31,603)	(1,052)
Payment of board fee	—	(89)
Other	—	(66)
Digital assets, end of period	$222,000	$23,893

1 Reflects the impact of the Company’s early adoption of Accounting Standards Update (“ASU”) 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic

350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”) effective January 1, 2024 on a modified retrospective basis.

2 As of December 31, 2025, and December 31, 2024, there was $0.4 million and $0.9 million, respectively, of digital asset receivable included in Customer funding

receivable and other current assets on the Company’s consolidated balance sheets.

Schedule of Bitcoin Holdings

The following table presents the Company’s bitcoin holdings (in thousands, except for quantity):


	Quantity	Cost Basis	Fair Value
December 31, 2025	2,537	$254,694	$222,000
December 31, 2024	256	$24,991	$23,893

Schedule of Deferred Revenue

The following table presents a rollforward of deferred revenue for the years ended December 31, 2025 and 2024 (in thousands):


	Deferred Revenue From Colocation Services	Deferred Revenue From Hosted Mining Services	Total Deferred Revenue
Balance at December 31, 2023	$—	$9,830	$9,830
Revenue recognized that was included in the deferred revenue balance as of the beginning of the year	—	6,651	6,651
Additional customer funding received (reduced)	17,785	(16,132)	1,653
Balance at December 31, 2024	$17,785	$349	$18,134
Revenue recognized that was included in the deferred revenue balance as of the beginning of the year	(5,124)	(329)	(5,453)
Base license fee earned, not yet due	(13,633)	—	(13,633)
Additional customer funding received	554,850	1,953	556,803
Balance at December 31, 2025	$553,878	$1,973	$555,851

Current portion at December 31, 2025			$127,561
Non-current portion at December 31, 2025			$428,290