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Property, plant and equipment, net
 3 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net
Note 9. Property, plant and equipment, net
The components of property, plant and equipment were as follows:
(in USD thousands)September 30,
2025		June 30,
2025
Mining hardware$1,134,032 $1,135,584 
HPC hardware106,047 76,001 
Buildings671,382 639,750 
Plant and equipment7,485 10,002 
Land13,043 13,086 
Leasehold improvements38 43 
Construction in progress464,832 237,734 
Property, plant and equipment, gross2,396,859 2,112,200 
Less: Accumulated depreciation(265,246)(181,246)
Less: Impairment(16,177)(385)
Property, plant and equipment, net
$2,115,436 $1,930,567 
Depreciation and amortization expense related to property, plant and equipment was $85,226,000 and $33,931,000, for the three months ended September 30, 2025 and 2024, respectively. Of the $28,917,000 depreciation expense for mining hardware recognized during the three months ended September 30, 2024, $15,330,000 relates to mining hardware that was either sold or classified as held for sale during the period.
During the three months ended September 30, 2025, the Group entered into lease financing arrangements for the acquisition of approximately 3,300 GPUs, together with related ancillary equipment. The arrangements provide financing for 100% of the purchase price and are structured as 36-month and 24-month leases, respectively. Total lease payments under these agreements are expected to approximate $198,000,000 over the respective lease terms. The lease
commencement dates are expected to occur subsequent to September 30, 2025, at which time the corresponding right-of-use assets and lease liabilities will be recognized.
Impairment
Impairment charges on property and equipment totaled $16,257,000 for the three months ended September 30, 2025, primarily related to S21 Pro and non-functioning T21 miners. The S21 Pro miners are expected to be displaced from the Group’s data center at Prince George as part of the Group’s strategic focus on expanding its AI Cloud Services. Management performed an impairment assessment as of September 30, 2025, resulting in a charge to reduce their carrying amount to estimated fair value. The estimated fair value was lower than the net carrying amount and was determined using Level 3 inputs, based on prices for similar assets.
Impairment of property, plant and equipment for the three months ended September 30, 2024, was primarily related to the initial classification of the S19jPro miners as held for sale, as discussed under ‘Assets held for sale’ below.
Change in estimated useful life
On September 30, 2025, the Group reassessed the estimated useful life of its T21 miners in connection with its strategic focus on expanding AI Cloud Services and consistent with the impairment charges discussed above. Based on this assessment, the functioning T21 miners are now expected to remain in operation through June 2026, at which point they are expected to be sold. As a result, the estimated remaining useful life of the T21 miners has been reduced with effect from October 1, 2025, and the estimated residual value has been revised to approximately $5.8 million, reflecting the expected secondary market price at the anticipated disposal date. The estimated fair value was determined using Level 3 inputs.
The impact of these changes on the actual and expected depreciation expense, is as follows:
Years ended June 30,
(in USD thousands)
2026202720282029
Increase/(decrease) in depreciation$5,271 $(5,255)$(5,068)$(780)
Construction in progress
The increase in construction in progress is primarily related to accumulated costs related to the development of data center infrastructure at Childress, Texas and the Sweetwater development projects in Texas, U.S., along with other early-stage development costs. Depreciation will commence on the development assets as each phase of the underlying infrastructure becomes available for use.
Assets held for sale
On September 1, 2024, as part of the Group’s Bitcoin mining hardware fleet upgrade, the Group classified the majority of its S19jPro mining hardware as held for sale in accordance with ASC 360-10-45-9, as the miners were no longer in use, were actively marketed for sale, and their sale was deemed highly probable. Upon classification as held for sale, the Group recognized an impairment loss of $6,836,000.
Assets classified as held for sale must be measured at the lower of their carrying value and fair value less costs to sell. Consequently, a loss on change in fair value of $2,582,000 was recognized to adjust the carrying value of the miners to their estimated fair value less costs to sell as at September 30, 2024.
As of September 30, 2025, the Group had no assets classified as held for sale.