SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company has one reportable segment. The Datacenter Operations segment primarily derives revenue through datacenter hosting, cryptocurrency 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	2026		2025
Segment revenue	$	20,834	$	19,242
Less:
Natural gas expense	10,406		8,817
Electricity for mining expense	782		1,245
Emissions expense	1,968		2,465
Hosting fee expense	137		148
Other cost of revenue (a)	3,835		2,323
Segment gross profit	$	3,706	$	4,244
Selling, general and administrative	3,913		2,776
Depreciation and amortization	2,661		3,131
Loss on digital assets	1,621		988
Loss on sale of assets	62		137
Gain on insurance proceeds	—		(399)
Interest expense, net	167		2,855
Gain on settlement of related party liability	(37)		—
Loss on liquidation of subsidiary	—		348
Other income, net	(97)		(18)
Benefit from income taxes	—		(10)
Segment net loss	$	(4,584)	$	(5,564)

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