v3.24.3
JOINT VENTURE (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Interest in Variable Interest Entity and Maximum Exposure The table below summarizes the Company’s interest in Nautilus and the Company’s maximum exposure to loss as a result of its involvement with the VIE as of September 30, 2024 (in thousands, except for percentages):
Entity% OwnershipInitial
Investment		Additional
Investment, Net		Net loss
Inception
to Date		Company’s
Variable
Interest in
Entity
Commitment to
Future
Additional
Contributions
Company’s
Maximum
Exposure to Loss
in Entity (1)
Nautilus25.0 %$18,000 $84,671 $23,177 $79,494 $— $79,494 
(1)The maximum exposure at September 30, 2024 is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support. The amount represents the contractually required capital contributions of the Company which were required for the initial phase of the Nautilus Cryptomine Facility buildout.
Schedule of Equity Method Investments
The condensed results of operations for the three and nine months ended September 30, 2024 and 2023 and the condensed financial position as of September 30, 2024 and December 31, 2023 of Nautilus are summarized below (in thousands):
Three Months Ended
September 30, (1)		Nine Months Ended
September 30, (1)
2024202320242023
Condensed statement of operations information:  
Revenue$19,321 $29,106 $90,530 $70,929 
Operating expense25,711 27,619 78,461 67,646 
Net income (loss)
$(6,390)$1,487 $12,069 $3,283 
September 30, 2024 (1) December 31, 2023 (1)
Condensed balance sheet information:  
Current assets$11,124 $12,406 
Noncurrent assets134,217 171,245 
Total assets$145,341 $183,651 
Current liabilities$12,816 $13,149 
Noncurrent liabilities29,434 29,493 
Equity103,091 141,009 
Total liabilities and equity$145,341 $183,651 
(1)The condensed statements of operations information for the three and nine months ended September 30, 2024 and 2023 and the condensed balance sheet information as of September 30, 2024 and December 31, 2023 reflect the impact of the Talen-estimated fair value measurements of Nautilus which, resulting from the application of ASC 805, Business Combinations, have been pushed down to the books and records of Nautilus by Talen, as discussed above. The Company’s basis in the assets and liabilities of Nautilus continued to be recorded at historical value on the accompanying condensed consolidated balance sheets.