Investor Relations

Cash Flow

Consolidated Statements of Cash Flows
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 109,401 $ (49,472) $ (509,553)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Stock-based compensation 125,204 32,170 24,555
Issuance of common stock to a third-party advisor 1,912    
Depreciation and amortization 212,053 252,354 107,950
Amortization of license fee revenue (97) (97) (97)
Noncash lease expense 3,908 2,509 12,181
Amortization of debt issuance costs 250    
Deferred income tax expense (benefit)   (5,045) (11,749)
Impairment of Bitcoin     147,365
Impairment of goodwill     335,648
Impairment of miners     55,544
Change in fair value of Bitcoin (457,409) (184,734)  
Change in fair value of derivative asset (45,277) (6,721) (71,418)
Change in fair value of contingent consideration (2,459)   (159)
Unrealized (gain) loss on equity method investment - marketable securities 69,489   8,996
Realized gain on sale of Bitcoin     (30,346)
Loss (gain) on sale/exchange of equipment 17,429 5,336 (16,281)
Casualty-related charges 310 1,526 9,688
Revenue recognized from Bitcoin mined (321,002) (188,996) (156,870)
Proceeds from sale of Bitcoin 9,518 176,219 79,529
Changes in assets and liabilities:      
(Increase)/decrease in operating assets 7,839 6,352 12,058
Increase/(decrease) in operating liabilities 13,879 (8,316) 3,489
Net cash provided by (used in) operating activities (255,052) 33,085 530
Investing activities      
Proceeds from the sale of marketable equity securities     1,808
Acquisition of Bitcoin (577,500)    
Deposits on equipment (442,473) (230,397) (194,923)
Security deposits (4,095)   (3,809)
Investment in equity method investment - marketable securities (203,754)    
Investment in convertible debt   (4,500)  
Purchases of property and equipment, including construction in progress (240,340) (193,704) (148,412)
Casualty-related recoveries 3,105 7,500  
Proceeds from the sale of equipment 14,316 6,369  
Patent costs incurred   (34) (9,527)
Net cash provided by (used in) investing activities (1,508,805) (414,766) (354,863)
Financing activities      
Proceeds from the issuance of common stock / At-the-market offering 977,030 778,430 304,849
Offering costs for the issuance of common stock / At-the-market offering (20,393) (16,657) (6,640)
Proceeds from issuance of convertible notes 594,383    
Payments on contingent consideration liability - future power credits     (15,725)
Proceeds from Credit and Security Facility   6,920  
Repayments of Credit and Security Facility (866) (6,059)  
Debt issuance costs (15,249) (77)  
Repayment of debt assumed in Block Mining Acquisition (5,002)    
Repayment of note payable (352)    
Repurchase of common shares to pay employee withholding taxes (11,562) (14,035) (10,138)
Net cash provided by (used in) financing activities 1,517,989 748,522 272,346
Net increase (decrease) in cash and cash equivalents and restricted cash (245,868) 366,841 (81,987)
Cash and cash equivalents and restricted cash at beginning of period 597,169 230,328 312,315
Cash and cash equivalents and restricted cash at end of period 351,301 597,169 230,328
Supplemental information:      
Cash paid for interest 45 84  
Cash paid for taxes 107 680  
Non-cash transactions      
Issuance of common stock for the Block Mining Acquisition 73,999    
Reclassification of deposits to property and equipment 623,316 78,376 422,865
Construction in progress included in accrued expenses 15,146 23,451 16,621
Bitcoin exchanged for employee compensation 2,478 869 1,495
Conversion of preferred stock to common stock     11
Cumulative effect upon adoption of ASU 2023-08   5,994  
Right of use assets exchanged for new operating lease liabilities 10,987 1,249 10,333
Property and equipment obtained in exchange transaction     10,409
The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above:      
Cash and cash equivalents 597,169 230,328 312,315
Cash and cash equivalents and restricted cash at beginning of period 597,169 230,328 312,315
Cash and cash equivalents 277,860 597,169 230,328
Restricted cash 73,441    
Cash and cash equivalents and restricted cash at end of period 351,301 $ 597,169 $ 230,328
Block Mining Inc.      
Investing activities      
Acquisition, net of cash acquired (7,203)    
Non-cash transactions      
Contingent liability entered into for the Acquisition 26,085    
E4A Solutions      
Investing activities      
Acquisition, net of cash acquired (50,861)    
Non-cash transactions      
Contingent liability entered into for the Acquisition $ 2,640