Investor Relations

Income Statement

Consolidated Statements of Operations
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenue $ 376,658 $ 280,678 $ 259,171
Costs and expenses:      
Acquisition-related costs 5,541   78
Selling, general, and administrative 266,915 100,346 67,452
Depreciation and amortization 212,053 252,354 107,950
Change in fair value of Bitcoin (457,409) (184,734)  
Change in fair value of derivative asset (45,277) (6,721) (71,418)
Power curtailment credits (33,685) (71,215) (27,345)
Change in fair value of contingent consideration (2,459)   (159)
Realized gain on sale of Bitcoin     (30,346)
Loss (gain) on sale/exchange of equipment 17,429 5,336 (16,281)
Casualty-related charges (recoveries), net (2,795) (5,974) 9,688
Impairment of Bitcoin     147,365
Impairment of goodwill     335,648
Impairment of miners     55,544
Total costs and expenses 223,068 343,725 771,872
Operating income (loss) 153,590 (63,047) (512,701)
Other income (expense):      
Interest income 27,166 11,076 1,763
Interest expense (1,985) (2,854) (1,309)
Unrealized gain (loss) on equity method investment - marketable securities (69,489)   (8,996)
Other income (expense) 863 260 (59)
Total other income (expense) (43,445) 8,482 (8,601)
Net income (loss) before taxes 110,145 (54,565) (521,302)
Current income tax benefit (expense) (744) 48 (789)
Deferred income tax benefit (expense)   5,045 12,538
Total income tax benefit (expense) (744) 5,093 11,749
Net income (loss) $ 109,401 $ (49,472) $ (509,553)
Basic net income (loss) per share (in Dollars per share) $ 0.4 $ (0.28) $ (3.65)
Diluted net income (loss) per share (in Dollars per share) $ 0.34 $ (0.28) $ (3.65)
Basic weighted average number of shares outstanding (in Shares) 275,980,010 175,026,051 139,433,901
Diluted weighted average number of shares outstanding (in Shares) 318,925,961 175,026,051 139,433,901
Bitcoin Mining      
Revenue:      
Total revenue $ 321,002 $ 188,996 $ 156,870
Costs and expenses:      
Cost of revenue (excludes depreciation and amortization presented below): 189,224 96,597 74,335
Engineering      
Revenue:      
Total revenue 38,491 64,303 65,342
Costs and expenses:      
Cost of revenue (excludes depreciation and amortization presented below): 41,731 60,614 57,455
Other      
Revenue:      
Total revenue 17,165 27,379 36,959
Costs and expenses:      
Cost of revenue (excludes depreciation and amortization presented below): $ 31,800 $ 97,122 $ 61,906
Consolidated Statements of Comprehensive Income (Loss)
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statements of Comprehensive Income (Loss)      
Net income (loss) $ 109,401 $ (49,472) $ (509,553)
Other comprehensive income (loss):      
Unrealized holding gains (losses) on convertible note 72 150  
Comprehensive income (loss) $ 109,473 $ (49,322) $ (509,553)