v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company currently has one operating segment, Bitcoin Mining, which through operations produce bitcoin to generate revenue. The Chief Operating Decision Maker (“CODM”) for the Company consists of the CEO and CFO. The CODM reviews the performance of its segment primarily based on operating income when deciding on allocating resources between reinvesting in Bitcoin Mining or exploring alternative deployment of resources. Asset information is not regularly provided to the CODM for resource allocation as a large portion of assets are property and equipment that cannot be repurposed for other revenue streams.
The Company’s revenues, significant expenses, operating income, and net income by segment for the nine months ended September 30, 2025 and 2024 are summarized in the following table (in thousands):
Three Months Ended September 30, 2025
Bitcoin MiningConsolidated
Revenue - bitcoin mining$71,707 $71,707 
Costs and operating (expenses) income
Cost of revenue(26,733)
Depreciation and amortization(59,549)
Change in fair value of power purchase agreement(9,030)
Unrealized gains on fair value of bitcoin108 
Realized gains on sale of bitcoin7,535 
Equity in losses of equity method investees(1,479)
Other segment items(1)
2,436 
Segment operating loss
(15,005)(15,005)
Adjustments(2)
(22,612)
Operating loss(37,617)
Interest income457 
Interest expense(1,286)
Other non-operating items(3)
34,860 
Loss before taxes$(3,586)
Three Months Ended September 30, 2024Bitcoin MiningConsolidated
Revenue - bitcoin mining$24,102 $24,102 
Costs and operating (expenses) income
Cost of revenue(15,063)
Depreciation and amortization(28,636)
Change in fair value of power purchase agreement(48,520)
Unrealized gains on fair value of bitcoin(22,156)
Realized gains on sale of bitcoin20,245 
Equity in losses of equity method investees847 
Other segment items(1)
1,444 
Segment operating income(67,737)(67,737)
Adjustments(2)
(23,657)
Operating loss(91,394)
Interest income1,188 
Interest expense(346)
Other non-operating items(3)
(4)
Loss before taxes$(90,556)
(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.
(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.
(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.
The Company’s revenues, significant expenses, operating income, and net income by segment for the nine months ended September 30, 2025 and 2024 are summarized in the following table (in thousands):
Nine Months Ended September 30, 2025
Bitcoin MiningConsolidated
Revenue - bitcoin mining$164,231 $164,231 
Costs and operating (expenses) income
Cost of revenue(56,957)
Depreciation and amortization(147,102)
Change in fair value of power purchase agreement(17,180)
Unrealized gains on fair value of bitcoin(2,927)
Realized gains on sale of bitcoin16,092 
Equity in losses of equity method investees(8,472)
Other segment items(1)
1,970 
Segment operating income(50,345)(50,345)
Adjustments(2)
(70,603)
Operating loss(120,948)
Interest income943 
Interest expense(3,200)
Other non-operating items(3)
35,924 
Loss before taxes$(87,281)
Nine Months Ended September 30, 2024
Bitcoin MiningConsolidated
Revenue - bitcoin mining$109,047 $109,047 
Costs and operating (expenses) income
Cost of revenue(44,164)
Depreciation and amortization(66,131)
Change in fair value of power purchase agreement(19,181)
Unrealized gains on fair value of bitcoin(2,778)
Realized gains on sale of bitcoin25,114 
Equity in losses of equity method investees1,008 
Other segment items(1)
3,726 
Segment operating income6,641 6,641 
Adjustments(2)
(67,420)
Operating loss(60,779)
Interest income3,027 
Interest expense(1,118)
Other non-operating items(3)
(985)
Income before taxes$(59,855)
(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.
(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.
(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.