v3.25.4

7. PROPERTY AND EQUIPMENT | 3 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT Property and equipment consist of the following:
|  | As of |
($ in thousands) |  | December 31, 2025 |  |  | September 30, 2025 |
Land |  | $ | 98,764 |  |  | $ | 39,299 |
Land improvements |  |  | 10,317 |  |  |  | 9,937 |
Building and improvements |  |  | 96,872 |  |  |  | 96,400 |
Leasehold improvements |  |  | 2,941 |  |  |  | 2,941 |
Miners |  |  | 1,390,534 |  |  |  | 1,422,011 |
Mining equipment |  |  | 24,843 |  |  |  | 24,807 |
Infrastructure |  |  | 318,910 |  |  |  | 295,837 |
Machinery and equipment |  |  | 19,707 |  |  |  | 16,978 |
Furniture and fixtures |  |  | 3,021 |  |  |  | 2,626 |
Construction in progress |  |  | 32,008 |  |  |  | 12,788 |
Property and equipment, gross |  | $ | 1,997,917 |  |  | $ | 1,923,624 |
Less: Accumulated depreciation |  |  | (639,440 | ) |  |  | (559,943 | )
Property and equipment, net |  | $ | 1,358,477 |  |  | $ | 1,363,681 |
D epreciation expense for the three months ended December 31, 2025 and 2024 was $105,368 and $65,125, respectively. Depreciation expense attributable to miners for the three months ended December 31, 2025 and 2024 was 95,060 and 58,053, respectively. The Company had additions to property and equipment of $42,626 during the three months ended December 31, 2025, which included $579 in miners acquired. Assets acquired through acquisition transactions (see Note 3 - Acquisitions) resulted in an additional $59,465 in total assets placed in service. During the three months ended December 31, 2025, the Company had disposals of property with a net book value of $2,914 for approximately $3,137, recognizing a gain on disposal of assets of $223. Construction in progress: The Company continues to expand its data center operations through investments in infrastructure, building, and land improvements. Deposits on miners and mining equipment: As of December 31, 2025 and September 30, 2025, the Company has outstanding deposits for miners and mining equipment totaling $130,159 and $112,037, respectively. Such deposits are recorded as long-term assets on the Condensed Consolidated Balance Sheets.

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