Revenue: As of FY2025, the actual value is USD 319.02 M.

EPS: As of FY2025, the actual value is USD -0.88.

EBIT: As of FY2025, the actual value is USD -248.87 M.

Overall Financial Performance

• Total revenue decreased to $319.0 million in 2025 from $510.7 million in 2024, primarily due to lower digital asset self-mining and hosted mining revenue, partially offset by higher colocation revenue .
• The company reported an operating loss of -$245.6 million in 2025, an increase from -$142.1 million in 2024 .
• Net loss was -$288.6 million in 2025, significantly improving from -$1,437.9 million in 2024 .
• Adjusted EBITDA decreased to -$29.7 million in 2025 from $157.4 million in 2024 .

Segment Revenue

• Colocation Revenue: Increased to $65.424 million in 2025 from $24.378 million in 2024, driven by incremental billable customer power capacity and new lease operations .
• Digital Asset Self-Mining Revenue: Decreased to $229.207 million in 2025 from $408.740 million in 2024, mainly due to lower Bitcoin production .
• Digital Asset Hosted Mining Revenue: Decreased to $24.388 million in 2025 from $77.554 million in 2024, primarily due to a shift towards colocation operations .

Segment Cost of Revenue

• Cost of Colocation Services: Increased to $45.679 million in 2025 from $21.709 million in 2024, driven by incremental billable capacity .
• Cost of Digital Asset Self-Mining: Decreased to $218.868 million in 2025 from $314.335 million in 2024, primarily due to reduced self-mining activity .
• Cost of Digital Asset Hosted Mining Services: Decreased to $16.574 million in 2025 from $53.558 million in 2024, due to the wind-down of hosted mining arrangements .

Segment Gross Profit and Margin

• Colocation Segment: Gross profit was $19.745 million in 2025 (30% gross margin) compared to $2.669 million in 2024 (11% gross margin) .
• Digital Asset Self-Mining Segment: Gross profit was $10.339 million in 2025 (5% gross margin) compared to $94.405 million in 2024 (23% gross margin) .
• Digital Asset Hosted Mining Segment: Gross profit was $7.814 million in 2025 (32% gross margin) compared to $23.996 million in 2024 (31% gross margin) .

Other Key Operational Metrics

• Decrease in Fair Value of Digital Assets: $31.603 million in 2025 compared to $1.052 million in 2024, driven by higher Bitcoin holdings and price declines .
• Impairment of Property, Plant and Equipment: $11.359 million in 2025 compared to $122.869 million in 2024, due to a lower volume of assets committed to demolition for colocation conversion .
• Colocation Organizational and Site Startup Costs: Increased to $48.249 million in 2025 from $13.734 million in 2024, mainly due to site startup costs for facility conversion .
• Selling, General and Administrative (SG&A): Increased to $159.224 million in 2025 from $113.691 million in 2024, driven by higher stock-based compensation, payroll, and professional fees .
• Change in Fair Value of Warrants and Contingent Value Rights: $33.059 million in 2025 compared to $1,369.157 million in 2024, reflecting changes in stock price .
• Interest (Income) Expense, Net: -$3.277 million in 2025 compared to $37.070 million in 2024, due to lower interest rates on debt and increased interest income .

Cash Flow

• Net Cash Provided by Operating Activities: Increased to $278.3 million in 2025 from $42.9 million in 2024, primarily due to higher cash inflows from deferred revenue associated with colocation services .
• Net Cash Used in Investing Activities: Increased to -$740.8 million in 2025 from -$95.2 million in 2024, mainly reflecting capital expenditures for colocation expansion .
• Net Cash Used in Financing Activities: -$63.1 million in 2025 compared to net cash provided of $819.6 million in 2024, due to the absence of prior-year financing proceeds .

Unique Metrics: Mining Equipment and Capacity

• Total Leasable Customer Power Capacity: 920 MW as of December 31, 2025 .
• Leased Customer Power Capacity: 590 MW as of December 31, 2025 .
• Billable Customer Power Capacity: 120 MW as of December 31, 2025 .
• Bitcoin Mined: 2,276 in 2025, a 65% decrease from 6,595 in 2024 .
• Self-Miners in Operation: 135,500 units (15.7 EH/s) as of December 31, 2025, decreased from 164,000 units (19.1 EH/s) as of December 31, 2024 .
• Hosted Miners in Operation: 15,900 units (2.2 EH/s) as of December 31, 2025, increased from 7,100 units (1.0 EH/s) as of December 31, 2024 .
• Average Price of Bitcoin: $101,639 in 2025, a 54% increase from $65,894 in 2024 .

Outlook / Guidance

The company anticipates significant revenue from high-density colocation (HDC) in 2026 and plans to convert its entire portfolio to HDC infrastructure over the next three years . To fund capital expenditures, which are expected to increase in 2026, the company intends to monetize substantially all Bitcoin holdings in 2026 .