SEGMENT REPORTING

3 Months Ended

Mar. 31, 2025

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 are used to monitor budget versus actual results.

	Three Months Ended March 31,
$ in thousands	2025		2024
Segment revenue	$	19,242	$	19,333
Less:
Natural gas expense	8,817		5,814
Electricity for mining expense	1,245		—
Emissions expense	2,465		1,736
Hosting fee expense	148		1,936
Other cost of revenue (a)	2,323		2,832
Segment gross profit	$	4,244	$	7,015
Selling, general and administrative	2,776		5,393
Depreciation	3,131		3,234
Impairment of long-lived assets	—		169
Loss (gain) on digital assets	988		(59)
Loss on sale of assets	137		—
Gain on insurance proceeds	(399)		—
Interest expense, net	2,855		1,802
Change in fair value of warrant asset	—		420
Loss on liquidation of subsidiary	348		—
Other income, net	(18)		—
Benefit from income taxes	(10)		—
Segment net loss	$	(5,564)	$	(3,944)

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