SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company has one reportable segment. The Datacenter Operations segment primarily derives revenue through datacenter hosting, crypto-currency self-mining, and power and capacity sales. The Company's chief operating decision maker is collectively the Chief Executive Officer and the President. They assess the performance of the segment and decide how to allocate resources based on segment gross profit and net income. The metrics are used to evaluate the investment in the expansion of new datacenters or other uses such as the continued deleveraging of the Company. Gross profit and net income is used to monitor budget versus actual results.

	Years Ended December 31,
$ in thousands	2024		2023
Segment revenue	$	59,533	$	70,388
Less:
Natural Gas Expense	16,168		14,469
Electricity for Mining Expense	3,044		10,756
Emissions Expense	8,676		6,480
Hosting Fee Expense	3,428		7,374
Other Cost of Revenue (a)	9,792		11,926
Segment gross profit	$	18,425	$	19,383
Depreciation	13,471		13,602
Selling, general and administrative	17,294		26,167
Impairment of equity securities	869		—
Loss (gain) on sale of assets	641		(9,903)
Impairment of long-lived assets	169		4,000
Remeasurement of environmental liability	453		2,409
Interest expense, net	7,082		12,659
Change in fair value of warrant asset	477		—
Gain on digital assets	(2,154)		—
Gain on sale of digital assets	—		(512)
Other income, net	(23)		—
Benefit from income taxes	(69)		—
Segment net loss	$	(19,785)	$	(29,039)
Reconciliation of consolidated net loss
Loss from discontinued operations, net of tax	—		(471)
Net loss	$	(19,785)	$	(29,510)

(a) Other cost of revenue primarily consists of labor and repairs and maintenance expenses