v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income (loss) $ (500,477) $ (296,367)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation 39,166 29,576
Depreciation and amortization 97,734 77,926
Amortization of license fee revenue   (24)
Noncash lease expense 2,158 1,261
Amortization of debt issuance costs 1,367 752
Change in fair value of bitcoin 326,669 208,040
Change in fair value of derivatives 51,852 (41,894)
Change in fair value of contingent consideration   (8,252)
(Gain) loss on equity method investment - marketable securities   63,238
Loss (gain) on sale of equipment   129
Revenue recognized from bitcoin mined (111,895) (142,859)
Changes in assets and liabilities:    
(Increase)/decrease in operating assets (58,121) 39
Increase/(decrease) in operating liabilities (31,104) (13,625)
Net cash provided by (used in) operating activities (182,651) (122,060)
Investing activities    
Deposits on equipment (16,184) (26,655)
Proceeds from sale of bitcoin 289,484  
Security deposits (42) 286
Purchases of property and equipment, including construction in progress (115,465) (32,858)
Net cash provided by (used in) investing activities 157,793 (59,227)
Financing activities    
Proceeds from the issuance of common stock / At-the-market offering   70,035
Offering costs for the issuance of common stock / At-the-market offering (372) (1,630)
Debt issuance costs   (64)
Repurchase of common shares to pay employee withholding taxes (2,020) (484)
Net cash provided by (used in) financing activities (2,392) 67,857
Net increase (decrease) in cash and cash equivalents and restricted cash (27,250) (113,430)
Cash and cash equivalents and restricted cash at beginning of period 309,789 351,301
Cash and cash equivalents and restricted cash at end of period 282,539 237,871
Supplemental information:    
Cash paid for interest 7,008  
Cash paid for taxes 30 31
Non-cash transactions    
Reclassification of deposits to property and equipment 53,997 11,252
Construction in progress included in accrued expenses and other current liabilities 35,678 6,961
Bitcoin exchanged for employee compensation 1,618 2,950
Right-of-use assets exchanged for new operating lease liabilities 10,999 5,962
The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above:    
Cash and cash equivalents 233,517 277,860
Restricted cash 76,272 73,441
Cash and cash equivalents and restricted cash at beginning of period 309,789 351,301
Cash and cash equivalents 205,666 163,719
Restricted cash 76,873 74,152
Cash and cash equivalents and restricted cash at end of period $ 282,539 $ 237,871