v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues, net    
Bitcoin mining revenue, net $ 181,180 $ 162,306
Costs and expenses    
Cost of revenues (exclusive of depreciation and amortization) 95,621 70,290
Professional fees 5,406 3,885
Payroll expenses 23,785 20,869
General and administrative expenses 15,442 10,054
Gain on disposal of assets (223) (791)
Loss (gain) on fair value of bitcoin, net 246,832 (218,206)
Depreciation and amortization 106,311 66,229
Indirect tax contingency expenses 3,162 0
Impairment expense - fixed assets 1,398 0
Total costs and expenses 497,734 (47,670)
(Loss) income from operations (316,554) 209,976
Other (expense) income    
(Loss) gain on bitcoin collateral (103,620) 42,493
Gain on derivative securities, net 11,795 3,622
Interest income 2,185 1,476
Interest expense (3,696) (1,559)
Other expense (236) 0
Total other (expense) income (93,572) 46,032
(Loss) income before income tax (benefit) expense (410,126) 256,008
Income tax (benefit) expense (31,415) 9,217
(Loss) income from operations (378,711) 246,791
Net (loss) income (378,711) 246,791
Preferred stock dividends 0 5,141
Net (loss) income attributable to common shareholders (378,711) 241,650
Other comprehensive income, net of tax 0 32
Total comprehensive (loss) income attributable to common shareholders $ (378,711) $ 241,682
(Loss) income from operations per common share - basic $ (1.35) $ 0.85
Weighted average common shares outstanding - basic 281,474,949 284,549,900
(Loss) income from operations per common share - diluted $ (1.35) $ 0.83
Weighted average common shares outstanding - diluted 281,474,949 291,887,141