SEGMENT REPORTING

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
$ in thousands	2025		2024		2025		2024
Segment revenue	$	12,861	$	13,057	$	32,103	$	32,390
Less:
Natural gas expense	4,434		2,632		13,251		8,446
Electricity for mining expense	1,250		727		2,495		727
Emissions expense	2,389		1,752		4,854		3,488
Hosting fee expense	147		951		295		2,887
Other cost of revenue (a)	3,631		3,254		5,954		6,086
Segment gross profit	$	1,010	$	3,741	$	5,254	$	10,756
Selling, general and administrative	3,106		4,240		5,882		9,633
Depreciation	3,179		3,285		6,310		6,519
Impairment of long-lived assets	—		—		—		169
Loss (gain) on digital assets	(2,098)		11		(1,110)		(48)
Loss (gain) on sale of assets	218		(32)		355		(32)
Gain on insurance proceeds	—		—		(399)		—
Interest expense, net	758		1,805		3,613		3,607
Change in fair value of warrant asset	—		—		—		420
Loss on liquidation of subsidiary	—		—		348		—
Other income, net	(1)		—		(19)		—
Benefit from income taxes	(34)		—		(44)		—
Segment net loss	$	(4,118)	$	(5,568)	$	(9,682)	$	(9,512)

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