Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Information

Schedule of segment revenue and segment gross profit (loss)

The following tables present segment revenue and segment gross profit (loss), including the significant expense items reviewed by the CODM:

Three Months Ended March 31, 2026


		Bitcoin Mining			Data Center			Engineering			Total
Revenue from external customers		$	111,895		$	33,150		$	22,174		$	167,219
Intersegment revenue			—			—			17,738			17,738
Segment revenue			111,895			33,150			39,912			184,957

Reconciliation of revenue
Elimination of intersegment revenue												(17,738)
Total consolidated revenue												167,219

Less:
Power			72,317			27			—			72,344
Compensation			5,045			58			—			5,103
Insurance on miners			1,462			—			—			1,462
Water and property tax			5,656			—			—			5,656
Tenant fit-out costs			—			30,688			—			30,688
Materials			—			—			21,525			21,525
Labor			—			—			2,765			2,765
Other segment items^(a)			2,282			—			8,175			10,457
Segment gross profit (loss)		$	25,133		$	2,377		$	7,447		$	34,957

Three Months Ended March 31, 2025 ^(b)


					Bitcoin Mining			Engineering			Total
Revenue from external customers					$	142,859		$	13,920		$	156,779
Intersegment revenue						—			6,324			6,324
Segment revenue						142,859			20,244			163,103

Reconciliation of revenue
Other revenue^(c)												4,608
Elimination of intersegment revenue												(6,324)
Total consolidated revenue												161,387

Less:
Power						61,830			—			61,830
Compensation						4,445			—			4,445
Insurance on miners						1,462			—			1,462
Ground rent and related water and property tax						2,143			—			2,143
Materials						—			3,646			3,646
Labor						—			1,162			1,162
Other segment items^(a)						4,939			6,998			11,937
Segment gross profit (loss)					$	68,041		$	8,438		$	76,479

(a)

For each reportable segment, the other segment items category primarily consists of:

Bitcoin Mining: Bitcoin miner and network repair and maintenance costs.

Engineering: Manufacturing overhead costs.

(b)

The Company recognized its new Data Center operations as a reportable segment in the three months ended March 31, 2026. Accordingly, the Data Center segment is omitted from the table because there was no segment revenue or segment gross profit (loss) for the three months ended March 31, 2025.

(c)

Other revenue is primarily attributable to legacy Data Center Hosting bitcoin mining revenue and is therefore not included in the total for segment gross profit (loss).

Schedule of reconciliation of segment gross profit (loss) to Net income (loss) before taxes


		Three Months Ended March 31,
		2026			2025
Segment gross profit (loss)		$	34,957		$	76,479

Reconciling items:
Other profit (loss) ^(a)			—			(4,357)
Elimination of intersegment profits			(3,414)			(10,681)
Acquisition-related costs			—			(76)
Selling, general, and administrative			(76,180)			(71,448)
Depreciation and amortization			(97,734)			(77,926)
Change in fair value of bitcoin			(326,669)			(208,040)
Change in fair value of derivatives			(51,852)			41,894
Power curtailment credits			21,023			7,801
Change in fair value of contingent consideration			—			8,252
(Loss) gain on sale/exchange of equipment			—			(129)
Interest income			2,313			3,397
Interest expense			(2,618)			(2,308)
Loss on equity method investment - marketable securities			—			(63,238)
Other income (expense)			(12)			93
Net income (loss) before taxes		$	(500,186)		$	(295,930)

(a)

Other profit (loss) is primarily attributable to legacy Data Center Hosting bitcoin mining activity for the three months ended March 31, 2025, and is therefore not included in the total for segment gross profit (loss).