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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Information |
Schedule of segment revenue and segment gross profit (loss) | Three Months Ended June 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Bitcoin Mining | ​ | Engineering | ​ | Total
Revenue from external customers | ​ | $ | 140,889 | ​ | $ | 10,576 | ​ | $ | 151,465
Intersegment revenue | ​ | ​ | — | ​ | ​ | 5,010 | ​ | ​ | 5,010
Segment revenue | ​ | ​ | 140,889 | ​ | ​ | 15,586 | ​ | ​ | 156,475
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenue(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,523
Elimination of intersegment revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,010)
Total consolidated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 152,988
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment cost of revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Power | ​ | ​ | 62,170 | ​ | ​ | — | ​ | ​ | 62,170
Compensation | ​ | ​ | 4,686 | ​ | ​ | — | ​ | ​ | 4,686
Insurance on miners | ​ | ​ | 1,462 | ​ | ​ | — | ​ | ​ | 1,462
Ground rent and related water and property tax | ​ | ​ | 5,719 | ​ | ​ | — | ​ | ​ | 5,719
Materials | ​ | ​ | — | ​ | ​ | 2,165 | ​ | ​ | 2,165
Labor | ​ | ​ | — | ​ | ​ | 805 | ​ | ​ | 805
Other segment items(b) | ​ | ​ | 4,139 | ​ | ​ | 6,888 | ​ | ​ | 11,026
Segment gross profit (loss) | ​ | $ | 62,714 | ​ | $ | 5,728 | ​ | $ | 68,442
​ ​ Three Months Ended June 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Bitcoin Mining | ​ | Engineering | ​ | Total
Revenue from external customers | ​ | $ | 55,764 | ​ | $ | 9,627 | ​ | $ | 65,391
Intersegment revenue | ​ | ​ | — | ​ | ​ | 2,755 | ​ | ​ | 2,755
Segment revenue | ​ | ​ | 55,764 | ​ | ​ | 12,382 | ​ | ​ | 68,146
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenue(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,627
Elimination of intersegment revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2,755)
Total consolidated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 70,018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment cost of revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Power | ​ | ​ | 26,465 | ​ | ​ | — | ​ | ​ | 26,465
Compensation | ​ | ​ | 2,821 | ​ | ​ | — | ​ | ​ | 2,821
Insurance on miners | ​ | ​ | 1,639 | ​ | ​ | — | ​ | ​ | 1,639
Ground rent and related water and property tax | ​ | ​ | 1,274 | ​ | ​ | — | ​ | ​ | 1,274
Materials | ​ | ​ | — | ​ | ​ | 5,233 | ​ | ​ | 5,233
Labor | ​ | ​ | — | ​ | ​ | 1,476 | ​ | ​ | 1,476
Other segment items(b) | ​ | ​ | 3,076 | ​ | ​ | 1,552 | ​ | ​ | 4,628
Segment gross profit (loss) | ​ | $ | 20,489 | ​ | $ | 4,121 | ​ | $ | 24,610
​ Six Months Ended June 30, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Bitcoin Mining | ​ | Engineering | ​ | Total
Revenue from external customers | ​ | $ | 283,748 | ​ | $ | 24,496 | ​ | $ | 308,244
Intersegment revenue | ​ | ​ | — | ​ | ​ | 11,334 | ​ | ​ | 11,334
Segment revenue | ​ | ​ | 283,748 | ​ | ​ | 35,830 | ​ | ​ | 319,578
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenue(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,131
Elimination of intersegment revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (11,334)
Total consolidated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 314,375
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Power | ​ | ​ | 123,999 | ​ | ​ | — | ​ | ​ | 123,999
Compensation | ​ | ​ | 9,131 | ​ | ​ | — | ​ | ​ | 9,131
Insurance on miners | ​ | ​ | 2,924 | ​ | ​ | — | ​ | ​ | 2,924
Ground rent and related water and property tax | ​ | ​ | 7,862 | ​ | ​ | — | ​ | ​ | 7,862
Materials | ​ | ​ | — | ​ | ​ | 5,811 | ​ | ​ | 5,811
Labor | ​ | ​ | — | ​ | ​ | 1,967 | ​ | ​ | 1,967
Other segment items(b) | ​ | ​ | 9,077 | ​ | ​ | 13,886 | ​ | ​ | 22,963
Segment gross profit (loss) | ​ | $ | 130,755 | ​ | $ | 14,166 | ​ | $ | 144,921
​ ​ Six Months Ended June 30, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Bitcoin Mining | ​ | Engineering | ​ | Total
Revenue from external customers | ​ | $ | 127,160 | ​ | $ | 14,302 | ​ | $ | 141,462
Intersegment revenue | ​ | ​ | — | ​ | ​ | 3,440 | ​ | ​ | 3,440
Segment revenue | ​ | ​ | 127,160 | ​ | ​ | 17,742 | ​ | ​ | 144,902
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenue(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7,852
Elimination of intersegment revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,440)
Total consolidated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 149,314
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment cost of revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Power | ​ | ​ | 54,463 | ​ | ​ | — | ​ | ​ | 54,463
Compensation | ​ | ​ | 5,465 | ​ | ​ | — | ​ | ​ | 5,465
Insurance on miners | ​ | ​ | 3,375 | ​ | ​ | — | ​ | ​ | 3,375
Ground rent and related water and property tax | ​ | ​ | 2,606 | ​ | ​ | — | ​ | ​ | 2,606
Materials | ​ | ​ | — | ​ | ​ | 6,557 | ​ | ​ | 6,557
Labor | ​ | ​ | — | ​ | ​ | 2,365 | ​ | ​ | 2,365
Other segment items(b) | ​ | ​ | 5,916 | ​ | ​ | 5,357 | ​ | ​ | 11,272
Segment gross profit (loss) | ​ | $ | 55,336 | ​ | $ | 3,463 | ​ | $ | 58,799
​
| (a) | Other revenue is primarily attributable to Data Center Hosting revenue and is therefore not included in the total for segment gross profit (loss).
| (b) | For each reportable segment, the other segment items category primarily consists of:
Bitcoin Mining: Bitcoin miner and network repair and maintenance costs. Engineering: Manufacturing overhead costs.
Schedule of segment reporting information net income (loss) before taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment gross profit (loss) | ​ | $ | 68,442 | ​ | $ | 24,610 | ​ | $ | 144,921 | ​ | $ | 58,799
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciling Items: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Other profit (loss)(a) | ​ | ​ | (1,483) | ​ | ​ | (5,478) | ​ | ​ | (5,840) | ​ | ​ | (6,788)
Elimination of intersegment profits | ​ |  | (5,010) | ​ |  | (2,755) | ​ |  | (11,334) | ​ |  | (3,440)
Acquisition-related costs | ​ |  | (111) | ​ |  | — | ​ |  | (187) | ​ |  | —
Selling, general, and administrative | ​ |  | (75,902) | ​ |  | (61,189) | ​ |  | (147,350) | ​ |  | (118,841)
Depreciation and amortization | ​ |  | (83,197) | ​ |  | (37,326) | ​ |  | (161,123) | ​ |  | (69,669)
Change in fair value of bitcoin | ​ | ​ | 470,812 | ​ | ​ | (76,403) | ​ | ​ | 262,772 | ​ | ​ | 157,677
Change in fair value of derivative asset | ​ |  | (42,747) | ​ |  | 27,484 | ​ |  | (853) | ​ |  | 47,716
Power curtailment credits | ​ | ​ | 8,313 | ​ | ​ | 13,897 | ​ | ​ | 16,114 | ​ | ​ | 19,028
Change in fair value of contingent consideration | ​ |  | 9,390 | ​ |  | — | ​ |  | 17,642 | ​ |  | —
(Loss) gain on sale/exchange of equipment | ​ | ​ | (350) | ​ | ​ | (68) | ​ | ​ | (479) | ​ | ​ | (68)
Casualty-related (charges) recoveries, net | ​ |  | 119 | ​ |  | 187 | ​ |  | 119 | ​ |  | 2,487
Interest income | ​ |  | 3,334 | ​ |  | 8,466 | ​ |  | 6,731 | ​ |  | 16,655
Interest expense | ​ | ​ | (6,093) | ​ |  | (314) | ​ | ​ | (8,401) | ​ | ​ | (698)
Unrealized gain (loss) on equity method investment - marketable securities | ​ |  | 6,143 | ​ |  | 24,462 | ​ |  | (57,095) | ​ |  | 24,462
Loss on contract settlement | ​ | ​ | (158,137) | ​ |  | — | ​ |  | (158,137) | ​ |  | —
Gain on acquisition post-close dispute settlement | ​ | ​ | 26,007 | ​ |  | — | ​ |  | 26,007 | ​ |  | —
Other income (expense) | ​ |  | 244 | ​ |  | 33 | ​ |  | 337 | ​ |  | 41
Net income (loss) before taxes | ​ | $ | 219,774 | ​ | $ | (84,394) | ​ | $ | (76,156) | ​ | $ | 127,361
​ ​
| (a) | Other profit (loss) is primarily attributable to Data Center Hosting activity and is therefore not included in the total for segment gross profit (loss).

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