SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025


	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