2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Summarizes the Composition of the Company Accrued Liabilities |
The following table summarizes the composition of the Company’s accrued liabilities on the Condensed Consolidated Balance Sheets indicated:
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
December 31,
2025 |
|
|
September 30,
2025 |
|
Indirect tax contingencies |
|
$ |
64,772 |
|
|
$ |
64,481 |
|
Accrued operating expenses |
|
|
24,433 |
|
|
|
30,562 |
|
Accrued payroll expenses |
|
|
8,103 |
|
|
|
15,530 |
|
Indirect tax accruals |
|
|
872 |
|
|
|
6,017 |
|
Other accrued liabilities |
|
|
5,509 |
|
|
|
954 |
|
Accrued liabilities |
|
$ |
103,689 |
|
|
$ |
117,544 |
|
|
| Schedule of Earnings Per Share Basic and Diluted |
Provided below is the (Loss) income per share calculation for the three months ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
($ in thousands, except share and per share amounts) |
|
2025 |
|
|
2024 |
|
Numerator |
|
|
|
|
|
|
Net (loss) income attributable to common shareholders - Basic |
|
$ |
(378,711 |
) |
|
$ |
241,650 |
|
Non-cash interest expense on convertible notes |
|
|
— |
|
|
|
119 |
|
Net (loss) income attributable to common shareholders - Dilutive |
|
|
(378,711 |
) |
|
|
241,769 |
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
Weighted-average common shares outstanding - Basic |
|
|
281,474,949 |
|
|
|
284,549,900 |
|
Dilutive impact of stock options and other share-based awards |
|
|
— |
|
|
|
652,120 |
|
Dilutive impact of convertible notes |
|
|
— |
|
|
|
6,685,121 |
|
Weighted-average common shares outstanding - Dilutive |
|
|
281,474,949 |
|
|
|
291,887,141 |
|
|
|
|
|
|
|
|
(Loss) income per common share attributable to common shareholders |
|
|
|
|
|
|
Basic |
|
$ |
(1.35 |
) |
|
$ |
0.85 |
|
Diluted |
|
$ |
(1.35 |
) |
|
$ |
0.83 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The number of shares excluded from diluted earnings per share for the three months ended December 31, 2025 and 2024 are noted in the table below. Such shares were excluded as their assumed conversion would have been antidilutive or, for preferred stock, because the change-in-control conversion contingency was not satisfied.
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Convertible notes |
|
|
103,941,450 |
|
|
|
— |
|
Series A preferred stock conversion |
|
|
5,250,000 |
|
|
|
5,250,000 |
|
Anti-dilutive warrants |
|
|
1,604,559 |
|
|
|
1,586,999 |
|
Anti-dilutive stock options |
|
|
2,062,489 |
|
|
|
1,676,431 |
|
Anti-dilutive restricted stock awards |
|
|
13,634,730 |
|
|
|
— |
|
Total anti-dilutive securities |
|
|
126,493,228 |
|
|
|
8,513,430 |
|
|
| Schedule of Financial Instruments |
The following table presents the Company’s assets and liabilities that are measured and recorded at fair value on the Company’s Condensed Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2025 and September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Amount |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents(1) |
|
$ |
27,154 |
|
|
$ |
27,154 |
|
|
$ |
— |
|
|
$ |
— |
|
Receivable from bitcoin collateral(2) |
|
|
144,163 |
|
|
|
— |
|
|
|
144,163 |
|
|
|
— |
|
Bitcoin |
|
|
1,001,997 |
|
|
|
1,001,997 |
|
|
|
— |
|
|
|
— |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
DAM derivative liabilities |
|
|
663 |
|
|
|
— |
|
|
|
— |
|
|
|
663 |
|
Interest rate swap derivative |
|
|
86 |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
Warrant liabilities |
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
Amount |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents(1) |
|
$ |
32,992 |
|
|
$ |
32,992 |
|
|
$ |
— |
|
|
$ |
— |
|
Receivable from bitcoin collateral(2) |
|
|
294,648 |
|
|
|
— |
|
|
|
294,648 |
|
|
|
— |
|
Bitcoin |
|
|
1,189,443 |
|
|
|
1,189,443 |
|
|
|
— |
|
|
|
— |
|
Bitcoin derivative - Bitmain contracts |
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
233 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap derivative |
|
|
93 |
|
|
|
— |
|
|
|
93 |
|
|
|
— |
|
Warrant liabilities |
|
|
115 |
|
|
|
— |
|
|
|
115 |
|
|
|
— |
|
(1) Represents money market funds. (2) See Note 4 - Bitcoin for more information. |