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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues, net        
Bitcoin mining revenue, net $ 198,644 $ 104,108 $ 542,662 $ 289,693
Costs and expenses        
Cost of revenues (exclusive of depreciation and amortization shown below) 90,128 45,180 245,842 108,374
Professional fees 3,004 4,368 9,872 8,149
Payroll expenses 16,398 17,150 52,522 49,291
General and administrative expenses 16,566 8,235 38,356 20,058
Loss (gain) on disposal of assets 156 (47) (2,865) 2,281
Loss (gain) on fair value of bitcoin (see Note 2 and Note 4) (268,651) 48,338 (359,190) (107,406)
Impairment expense - fixed assets 0 189,235 0 189,235
Impairment expense - other 0 0 0 396
Depreciation and amortization 94,880 40,727 240,010 102,761
Total costs and expenses (47,519) 353,186 224,547 373,139
(Loss) income from operations 246,163 (249,078) 318,115 (83,446)
Other (expense) income        
Gain on bitcoin collateral 31,354 0 73,847 0
(Loss) gain on derivative securities (430) 1,188 (1,549) (1,005)
Interest income 355 2,638 3,845 5,909
Interest expense (3,454) (485) (6,280) (1,557)
Other income 1,509 0 1,692 0
Total other income 29,334 3,341 71,555 3,347
(Loss) income before income tax (benefit) expense 275,497 (245,737) 389,670 (80,099)
Income tax (benefit) expense 18,107 (9,495) 24,281 3,499
Net (loss) income 257,390 (236,242) 365,389 (83,598)
Preferred stock dividends 5,603 0 10,744 3,421
Net (loss) income attributable to common shareholders 251,787 (236,242) 354,645 (87,019)
Other comprehensive (loss) income, net of tax (223) 28 2,755 86
Total comprehensive (loss) income attributable to common shareholders $ 251,564 $ (236,214) $ 357,400 $ (86,933)
(Loss) income from operations per common share - basic $ 0.9 $ (1.03) $ 1.26 $ (0.42)
Weighted average common shares outstanding - basic 280,997,649 228,642,939 282,147,349 205,482,062
(Loss) income from operations per common share - diluted $ 0.78 $ (1.03) $ 1.13 $ (0.42)
Weighted average common shares outstanding - diluted 325,594,451 228,642,939 314,152,325 205,482,062