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Segment Information (Tables)

6 Months Ended

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

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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).

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Publisher FASB
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