v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net (loss) income $ (378,711) $ 246,791
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Bitcoin mining revenue, net (181,180) (162,306)
Loss (gain) on fair value of bitcoin, net 246,832 (218,206)
Bitcoin issued for services 712 414
Impairment expense - fixed assets 1,398 0
Gain on derivative securities, net (11,795) (3,622)
Loss (gain) on bitcoin collateral 103,620 (42,493)
Stock based compensation 12,132 3,021
Depreciation and amortization 106,311 66,229
Deferred income taxes, net (31,415) 9,217
Gain on disposal of assets (223) (791)
Other 2,089 373
Changes in operating assets and liabilities    
Decrease in operating lease liabilities (425) (148)
Decrease in accounts payable and accrued liabilities (16,547) (4,654)
Increase in prepaid expenses and other current assets 1,278 (800)
Increase in other long-term assets (15,211) (12,477)
Net cash used in operating activities (161,135) (119,452)
Cash Flows from Investing Activities    
Payments on miners and mining equipment, including deposits (18,497) (222,028)
Purchase of fixed assets (36,928) (57,359)
Payments for deposits and other long-term assets (8,849) 0
Purchase of bitcoin and bitcoin receivables (26,193) 0
Proceeds from sale of bitcoin and option settlement 175,341 0
Proceeds from sale of miners 3,136 30,134
Purchase of derivative contracts (872) 0
Proceeds from sale of derivative contracts 14,059 0
Acquisition of GRIID Infrastructure 0 1,411
Asset acquisition - Sealy, TX Location (20,189) 0
Asset acquisition - Other Locations (1,418) 0
Asset acquisition - Tennessee Locations 0 (8,105)
Net cash provided by (used in) investing activities 79,590 (255,947)
Cash Flows from Financing Activities    
Purchase of treasury stock (460,000) (145,000)
Payments for capped call 0 (90,350)
Payments on debt (580) (52,158)
Payments on lines of credit (250,500) 0
Proceeds from lines of credit 76,000 0
Payments of debt issuance costs (2,429) (2,007)
Payments on preferred dividends (396) 0
Payments on finance leases (51) (26)
Proceeds from debt, net of issuance fees 1,133,086 635,695
Payments of taxes on shares withheld for net settlement of restricted stock units 387 (1,943)
Proceeds from exercise of options and warrants 932 110
Proceeds from equity offerings, net 0 186,807
Equity issuance costs (71) 0
Net cash provided by financing activities 496,378 531,128
Net increase in cash, cash equivalents and restricted cash 414,833 155,729
Cash, cash equivalents and restricted cash, beginning of the period 46,456 124,278
Cash and cash equivalents, and restricted cash, end of the period 461,289 280,007
Supplemental disclosure of cash flow information    
Cash paid for interest 2,396 1,399
Non-cash investing and financing transactions    
Fixed asset and miner purchases accrued not paid 2,710 3,335
Fixed assets purchased through finance transactions 2,384 1,000
Software purchased with bitcoin 0 4,000
Bitcoin transferred to collateral account 524,299 8,860
Bitcoin transferred from collateral account 431,363 129,180
Excise tax accrued on treasury stock purchases 3,270 0
Unrealized gain on investment in available-for-sale debt security 32
Preferred shares dividends accrued 0 5,141
Shares issued in connection with GRIID Acquisition 0 60,677
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 458,097 276,599
Restricted cash 3,192 3,408
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 461,289 $ 280,007