$GRDI

2024 Q1 Form 10-Q Financial Statement

#000095017024060059 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $5.821M $0.00
YoY Change
Cost Of Revenue $3.488M $3.340M
YoY Change 4.43%
Gross Profit $2.333M $1.118M
YoY Change 108.68%
Gross Profit Margin 40.08%
Selling, General & Admin $5.461M $3.808M
YoY Change 43.41%
% of Gross Profit 234.08% 340.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.094M $1.571M
YoY Change -30.36%
% of Gross Profit 46.89% 140.52%
Operating Expenses $6.446M $933.0K
YoY Change 590.91% 54.95%
Operating Profit -$4.051M -$933.0K
YoY Change 334.2% 54.95%
Interest Expense $6.955M $1.951K
YoY Change 356383.85% -97.31%
% of Operating Profit
Other Income/Expense, Net -$3.588M $46.79K
YoY Change -7768.8% -97.43%
Pretax Income -$7.639M -$886.2K
YoY Change 762.0% -172.77%
Income Tax -$1.161M $35.56K
% Of Pretax Income
Net Earnings -$6.478M -$921.8K
YoY Change 602.79% -175.69%
Net Earnings / Revenue -111.29%
Basic Earnings Per Share -$0.10 -$0.10
Diluted Earnings Per Share -$0.10 -$0.10
COMMON SHARES
Basic Shares Outstanding 67.66M 9.367M
Diluted Shares Outstanding 67.66M 6.900M

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $754.0K $246.7K
YoY Change 205.6% -0.39%
Cash & Equivalents $754.0K $246.7K
Short-Term Investments
Other Short-Term Assets $2.231M $94.97K
YoY Change 2249.16% -55.24%
Inventory
Prepaid Expenses $94.97K
Receivables
Other Receivables $2.000K
Total Short-Term Assets $2.987M $1.082M
YoY Change 176.14% 135.23%
LONG-TERM ASSETS
Property, Plant & Equipment $32.06M $37.79M
YoY Change -15.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.927M $25.69M
YoY Change -80.82% -90.69%
Total Long-Term Assets $39.22M $25.69M
YoY Change 52.7% -90.69%
TOTAL ASSETS
Total Short-Term Assets $2.987M $1.082M
Total Long-Term Assets $39.22M $25.69M
Total Assets $42.21M $26.77M
YoY Change 57.69% -90.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.43M $3.876M
YoY Change 194.92%
Accrued Expenses $6.514M $5.966M
YoY Change 9.19% 81.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $502.7K
YoY Change -100.0% 235.12%
Long-Term Debt Due $3.513M $446.1K
YoY Change 687.51%
Total Short-Term Liabilities $21.68M $7.468M
YoY Change 190.27% 114.49%
LONG-TERM LIABILITIES
Long-Term Debt $75.27M $0.00
YoY Change
Other Long-Term Liabilities $2.723M $7.373M
YoY Change -63.07% -43.1%
Total Long-Term Liabilities $78.00M $7.373M
YoY Change 957.91% -43.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.68M $7.468M
Total Long-Term Liabilities $78.00M $7.373M
Total Liabilities $102.8M $14.84M
YoY Change 592.79% -9.72%
SHAREHOLDERS EQUITY
Retained Earnings -$113.9M -$14.45M
YoY Change 688.08% -9.42%
Common Stock $53.28M $523.9K
YoY Change 10070.26% 75821.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$60.61M -$13.93M
YoY Change
Total Liabilities & Shareholders Equity $42.21M $26.77M
YoY Change 57.69% -90.32%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.478M -$921.8K
YoY Change 602.79% -175.69%
Depreciation, Depletion And Amortization $1.094M $1.571M
YoY Change -30.36%
Cash From Operating Activities -$9.159M -$948.1K
YoY Change 866.0% 152.44%
INVESTING ACTIVITIES
Capital Expenditures $364.0K $23.00K
YoY Change 1482.61%
Acquisitions
YoY Change
Other Investing Activities $3.009M -$444.1K
YoY Change -777.49% -375.86%
Cash From Investing Activities $2.645M -$444.1K
YoY Change -695.54% -375.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.567M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.417M 646.8K
YoY Change 582.88%
NET CHANGE
Cash From Operating Activities -9.159M -948.1K
Cash From Investing Activities 2.645M -444.1K
Cash From Financing Activities 4.417M 646.8K
Net Change In Cash -2.097M -745.5K
YoY Change 181.31% 247.4%
FREE CASH FLOW
Cash From Operating Activities -$9.159M -$948.1K
Capital Expenditures $364.0K $23.00K
Free Cash Flow -$9.523M -$971.1K
YoY Change 880.6%

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CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
228000
CY2024Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
1162000
CY2023Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-175000
CY2024Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-57000
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-52000
CY2024Q1 grdi Increase Decrease In Finance Lease Liability
IncreaseDecreaseInFinanceLeaseLiability
-3000
CY2023Q1 grdi Increase Decrease In Finance Lease Liability
IncreaseDecreaseInFinanceLeaseLiability
-8000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9159000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5634000
CY2024Q1 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
3009000
CY2023Q1 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
1953000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
364000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23000
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1577000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2645000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3507000
CY2024Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
150000
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
-0
CY2024Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
3375000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4567000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4417000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3375000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2097000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1248000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3174000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
969000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1077000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2217000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
754000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1894000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
323000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
323000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1077000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2217000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
930000
CY2024Q1 grdi Development And Operation Agreement Amount Payable
DevelopmentAndOperationAgreementAmountPayable
35000
CY2023Q1 grdi Development And Operation Agreement Amount Payable
DevelopmentAndOperationAgreementAmountPayable
35000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
72000
CY2024Q1 grdi Description Of Business
DescriptionOfBusiness
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Description of Business</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Griid Infrastructure Inc. (“GRIID” or, the “Company”) is a vertically integrated bitcoin mining company based in Cincinnati, Ohio that owns and operates a growing portfolio of energy infrastructure and high-density data centers across North America. The Company has built a bitcoin mining operation, which operates specialized computers (also known as “miners”) that generate cryptocurrency. Currently, the only cryptocurrency mined by GRIID is bitcoin. The Company was formed in the State of Delaware on May 23, 2018.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On December 29, 2023, the Company, formerly known as “Adit EdTech Acquisition Corp.” (“Adit”) consummated the previously announced reverse recapitalization transaction contemplated by that certain Agreement and Plan of Merger, dated as of November 29, 2021 (the “Initial Merger Agreement”), as amended by the first amendment to the Initial Merger Agreement, dated December 23, 2021 (the “First Amendment”), the second amendment to the Initial Merger Agreement, dated October 17, 2022 (the “Second Amendment”), and the third amendment to the Initial Merger Agreement, dated February 8, 2023 (the “Third Amendment,” together with the Initial Merger Agreement as amended by the First Amendment, the Second Amendment and the Third Amendment, the “Merger Agreement”). Pursuant to the Merger Agreement, (i) ADIT Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Adit (“Merger Sub”), merged with and into Griid Holdco LLC (“GRIID Holdco”), with GRIID Holdco as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly owned subsidiary of the Company (the “merger”) and (ii) the Company’s name was changed from Adit EdTech Acquisition Corp. to GRIID Infrastructure Inc.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Upon entering the Transaction, GRIID’s LLC Agreement was amended to the Amended and Restated Limited Liability Company Agreement (the “Amended LLC Agreement”). As part of the Amended LLC Agreement, New GRIID became the sole member of GRIID. The governing documents were amended such that the business of GRIID is managed solely by New GRIID. Additionally, New GRIID adopted the Amended and Restated Bylaws of Griid Infrastructure Inc. (the “Company Bylaws”) which governs New GRIID’s business and affairs.</span>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-6478000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-11231000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-113884000
CY2024Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Unaudited Interim Financial Information</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of its financial position and its results of operations, change in shareholders’ deficit and cash flows. The accompanying consolidation balance sheet as of March 31, 2024 and 2023 are unaudited. The accompanying consolidated balance sheet as of December 31, 2023 was derived from audited annual financial statements but these unaudited notes do not contain all of the disclosure from the previously audited annual financial statements. The accompanying unaudited consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and related notes thereto as of and for the year ended December 31, 2023.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">During the three months ended March 31, 2024 and 2023, there were no significant changes to the Company’s significant accounting policies described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023.</span></p>
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such judgments, estimates and assumptions include revenue recognition, the useful lives and recoverability of long-lived assets, unit-based compensation expense, impairment analysis of indefinite lived intangibles, and the fair value of the Company’s warrant liability and embedded derivative liability. Actual results experienced by the Company may differ from those estimates.</span></p>
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
323000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
323000
CY2024Q1 grdi Cumulative Effect Of Change In Fair Value Of Bitcoin
CumulativeEffectOfChangeInFairValueOfBitcoin
3000
CY2023Q4 grdi Reverse Recapitalization Cash Consideration
ReverseRecapitalizationCashConsideration
21877000
CY2023Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
19338000
CY2023Q4 grdi Deferred Underwriting Fees And Filing Fees
DeferredUnderwritingFeesAndFilingFees
2345000
CY2023Q4 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
58500000
CY2024Q1 grdi Number Of Bitcoin Held During The Period
NumberOfBitcoinHeldDuringThePeriod
3
CY2024Q1 grdi Other Crypto Currency Held During The Period
OtherCryptoCurrencyHeldDuringThePeriod
0
CY2024Q1 grdi Gains From Dispositions Of Bitcoin
GainsFromDispositionsOfBitcoin
62000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48299000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
45996000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16241000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15152000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
32058000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30844000
CY2024Q1 us-gaap Depreciation
Depreciation
1094000
CY2023Q1 us-gaap Depreciation
Depreciation
1571000
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1577000
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1198000
CY2024Q1 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
CY2023Q4 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
CY2024Q1 grdi Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1000
CY2023Q4 grdi Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2200000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2262000
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
37000
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
43000
CY2024Q1 grdi Finance And Operating Lease Assets
FinanceAndOperatingLeaseAssets
2238000
CY2023Q4 grdi Finance And Operating Lease Assets
FinanceAndOperatingLeaseAssets
2306000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
219000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
222000
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2057000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2111000
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
90000
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
94000
CY2024Q1 grdi Finance And Operating Lease Liabilities
FinanceAndOperatingLeaseLiabilities
2372000
CY2023Q4 grdi Finance And Operating Lease Liabilities
FinanceAndOperatingLeaseLiabilities
2433000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
109000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
104000
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
35000
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
11000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
CY2024Q1 us-gaap Lease Cost
LeaseCost
134000
CY2023Q1 us-gaap Lease Cost
LeaseCost
165000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y6M
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M12D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.046
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.046
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
104000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
103000
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
10000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
72000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
297000
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
371000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
32000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
367000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
65000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
412000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
412000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2024Q1 grdi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1220000
CY2024Q1 grdi Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3079000
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
103000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
803000
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
8000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2276000
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
95000
CY2024Q1 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
CY2024Q1 grdi Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
219000
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2057000
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
90000
CY2024Q1 grdi Deposits On Property And Equipment Noncurrent
DepositsOnPropertyAndEquipmentNoncurrent
4509000
CY2023Q4 grdi Deposits On Property And Equipment Noncurrent
DepositsOnPropertyAndEquipmentNoncurrent
5305000
CY2024Q1 grdi Other Deposits Assets Noncurrent
OtherDepositsAssetsNoncurrent
95000
CY2023Q4 grdi Other Deposits Assets Noncurrent
OtherDepositsAssetsNoncurrent
95000
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
4604000
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
5400000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
315000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
275000
CY2024Q1 grdi Accrued Commitment Fee
AccruedCommitmentFee
4000000
CY2023Q4 grdi Accrued Commitment Fee
AccruedCommitmentFee
4000000
CY2024Q1 grdi Accrued Contingency Fee
AccruedContingencyFee
187000
CY2023Q4 grdi Accrued Contingency Fee
AccruedContingencyFee
199000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1534000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1298000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
478000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
515000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6514000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6287000
CY2024Q1 grdi Minimum Percentage Of Mined Currencies To Be Maintained In Deposits
MinimumPercentageOfMinedCurrenciesToBeMaintainedInDeposits
0.50
CY2024Q1 grdi Bitcoins Owned And Deposited
BitcoinsOwnedAndDeposited
0
CY2023Q4 grdi Bitcoins Owned And Deposited
BitcoinsOwnedAndDeposited
0
CY2023 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2025-06-30
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-25081000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9317000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
72671000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
81988000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
13760000
CY2024Q1 us-gaap Accumulated Capitalized Interest Costs
AccumulatedCapitalizedInterestCosts
10462000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
78690000
CY2024Q1 grdi Unit Conversion To Shares
UnitConversionToShares
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">12. Unit Conversion to Shares</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Upon the merger agreement dated December 29, 2023, all units included in GRIID were converted to shares.</span></p>
CY2023Q2 grdi Number Of Owners Miners
NumberOfOwnersMiners
5000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-6478000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-11231000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67663377
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67663377
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53828655
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53828655
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.1
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.1
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22804
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22804
CY2021Q2 grdi Related Party Transaction Units Profit Interest Percentage
RelatedPartyTransactionUnitsProfitInterestPercentage
0.005
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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