v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 205,666 $ 233,517
Restricted cash 76,873 76,272
Accounts receivable, net 66,569 29,788
Contract assets 14,100 8,308
Prepaid expenses and other current assets 76,053 59,447
Derivative assets, current portion 23,404 41,378
Total current assets 462,665 448,710
Property and equipment, net 1,585,891 1,528,716
Bitcoin 673,885 1,227,462
Restricted bitcoin 395,810 347,979
Deposits 38,740 76,511
Finite-lived intangible assets, net 29,246 30,187
Derivative assets, less current portion 73,714 106,670
Right-of-use assets 38,896 30,171
Goodwill 122,499 122,499
Other long-term assets 16,674 17,862
Total assets 3,438,020 3,936,767
Current liabilities    
Accounts payable 10,686 23,420
Contract liabilities 64,707 37,117
Accrued expenses and other current liabilities 82,171 142,852
Contingent consideration liabilities, current portion 8,195 6,185
Current portion of debt 254,502 253,887
Operating lease liability, current portion 9,058 6,314
Total current liabilities 429,319 469,775
Operating lease liability, less current portion 25,964 19,648
Contingent consideration liabilities, less current portion   2,010
Debt, less current portion 587,661 586,909
Other long-term liabilities 373 19
Total liabilities 1,043,317 1,078,361
Commitments and contingencies - Note 16
Stockholders' equity    
Preferred stock, no par value, 15,000,000 shares authorized:
2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025
Common stock, no par value; 680,000,000 shares authorized; 378,987,341 and 371,575,652 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 4,248,780 4,212,006
Accumulated deficit (1,854,077) (1,353,600)
Total stockholders' equity 2,394,703 2,858,406
Total liabilities and stockholders' equity $ 3,438,020 $ 3,936,767