The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Operating lease costs were $1.5 million and $1.5 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Variable lease costs, which are included in operating lease costs, were not material for the three months ended March 31, 2025 and March 31, 2024, respectively.

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:


(in thousands)	March 31, 2025		March 31, 2024
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	1,483	$	1,466

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	March 31, 2025			December 31, 2024
Operating lease right-of-use assets	$	7,283		$	8,223
Operating lease liabilities	9,221			10,229
Weighted average remaining lease term	3.5 years			3.6 years
Weighted average discount rate(1)	10		%	10		%

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of March 31, 2025:


(in thousands)	Lease liability
Year ending December 31,

2025	$	3,530
2026	2,818
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	11,921
Less: Interest	2,700
Total lease liability	$	9,221

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Operating lease costs were $5.8 million, $7.8 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease costs, which are included in operating lease costs, were not material for the years ended December 31, 2024, 2023 and 2022.

Supplemental disclosures for the Company’s consolidated statements of cash flows:


(in thousands)	December 31, 2024		December 31, 2023		December 31, 2022
Net cash provided by / (used in) operating activities
Cash paid in the measurement of operating lease liabilities	$	5,973	$	7,838	$	4,216

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:


(in thousands, except lease term and discount rate)	December 31, 2024			December 31, 2023
Operating lease right-of-use assets	$	8,223		$	12,055
Operating lease liabilities	$	10,229		$	14,096
Weighted average remaining lease term	3.6 years			4.2 years
Weighted average discount rate(1)	10		%	10		%

(1)The weighted average discount rate represents the Company’s incremental borrowing rate

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of December 31, 2024:


(in thousands)	Lease liability
Year ending December 31,


2025	$	4,151
2026	2,557
2027	2,572
2028	2,572
2029	429
Total future minimum lease payments	$	12,281
Less: Interest	2,052
Total lease liability	$	10,229

The Company previously entered into agreements to lease mining equipment to third parties. These leases were accounted for as sales-type finance leases due to the existence of bargain purchase options through June 2023 when the last of these agreements expired. The Company received both fixed and variable payments in relation to these

leases. Revenue associated with mining leases was recognized within Revenues in the Company’s consolidated statements of operations. Expenses associated with mining leases were recognized within Transaction expenses in the Company’s consolidated statements of operations.


(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023		Year ended December 31, 2022
Revenues
Lease	$	—	$	456	$	1,202
Financed sales of mining equipment	—		—		2,965
Loss on disposal	—				(2,046)
Cost of sales
Associated mining equipment sales costs	$	—	—		2,453