Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table represents total debt outstanding by agreement as of December 31, 2025:

(Dollars in thousands):	Current portion of debt		Long term debt		Total
Generate loan	$	3,713	$	10,213	$	13,926
Galaxy loan	784		3,499		4,283
Equipment loan	-		1,075		1,075
Green Cloud secured note	4,361		3,112		7,473
Total Debt	$	8,858	$	17,899	$	26,757

The following table represents total debt outstanding by agreement as of December 31, 2024:

(Dollars in thousands):	Current portion of debt		Long term debt		Total
Convertible Notes	$	—	$	—	$	—
NYDIG financing	9,183		—		9,183
Navitas term loan	137		—		137
Green Cloud secured note	3,922		7,061		10,983
July 2024 additional secured note	1,202		—		1,202
Total Debt	$	14,444	$	7,061	$	21,505

Schedule of Maturities of Long-Term Debt

The following table represents the future minimum principal payments, which excludes potential cash sweeps, due on debt as of December 31, 2025:

(Dollars in thousands):
Year ending December 31,
2026	$	7,194
2027	7,191
2028	3,278
2029	3,635
2030	8,395
Total	$	29,693

Schedule of Financing Debt

NYDIG financing

(Dollars in thousands)	Maturity Dates	Interest Rate	January 1, 2025 - December 31, 2025		January 1, 2024 - December 31, 2024
NYDIG Loans #1-11	April 25, 2023 thru January 25, 2027*	14% thru 16%	$	9,183	$	9,183
Gain on extinguishment on debt			(9,183)		—
Less: repossession of collateralized assets			—		—
Total outstanding debt			$	—	$	9,183

*Due to event of default- the entire NYDIG Financing became current, see note below.

Schedule of Secured Note Financing

Green Cloud secured note

(Dollars in thousands)	Maturity Date	Interest Rate		January 1, 2025-  December 31, 2025		June 20, 2024-  December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	June 20, 2027	9	%	$	11,748	$	12,784
Less: principal and capitalized interest payments				(3,945)		(1,036)
Less: debt discount				(99)		(230)
Less: debt issuance costs				(231)		(535)
Total outstanding note				7,473		10,983
(Less) Current note outstanding				(4,361)		(3,922)
Long-term note outstanding				$	3,112	$	7,061

Schedule of Additional Secured Note Financing

July 2024 Additional Secured Note

(Dollars in thousands)	Maturity Date	Interest Rate		January 1, 2025-  December 31, 2025		June 20, 2024-  December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	July 12, 2027*	9	%	$	1,209	$	1,278
Less: principal and capitalized interest payments				(658)		(69)
Less: debt discount				—		(7)
Gain on extinguishment				(551)		—
Total outstanding debt				$	—	$	1,202

* On March 14, 2025, the Company satisfied the assignment and assumption agreement, as such a gain on extinguishment was recorded.

Schedule of Galaxy Loan

Galaxy Loan

(Dollars in thousands)	Maturity Date	Interest Rate		March 12, 2025- December 31, 2025
Term Loan	March 13, 2030	15	%	$	5,000
Less: principal payments				(375)
Less: debt issuance costs				(342)
Total outstanding note				4,283
(Less) Current note outstanding				(784)
Long-term note outstanding				$	3,499

Schedule of Credit Agreement

Generate Credit Agreement

(Dollars in thousands)	Maturity Date	Interest Rate	September 12, 2025- December 31, 2025
Tranche A-1	September 12, 2030	13.93% thru 14.17%	$	5,500
Tranche A-3			11,500
Total drawn loan			17,000
Less: principal payments			(810)
Less: debt discount and issuance costs			(2,264)
Total outstanding note			13,926
(Less) Current note outstanding			(3,713)
Long-term note outstanding			$	10,213

Schedule of Navitas Term Loan

Navitas term loan

(Dollars in thousands)	Maturity Date	Interest Rate		January 1, 2025- December 31, 2025		January 1, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost)	May 9, 2025	15	%	$	137	$	1,707
Less: principal and capitalized interest payments				(137)		(1,570)
Less: debt issuance costs				—		—
Total outstanding debt				$	—	$	137

See below for rollforward of the fair value of the convertible debt:

(Dollars in thousands)	January 1, 2024- December 31, 2024
Beginning fair value balance of convertible notes	$	8,474
Conversions of debt	(9,001)
Revaluation losses and extinguishment of debt, net	202
Extension fee	325
Ending fair value of convertible notes	$	—