$GRDI

2024 Q3 Form 10-Q Financial Statement

#000095017024097184 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $4.711M $0.00
YoY Change
Cost Of Revenue $3.273M
YoY Change
Gross Profit $1.481M
YoY Change
Gross Profit Margin
Selling, General & Admin $3.647M
YoY Change
% of Gross Profit 246.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $943.0K $1.540M
YoY Change -38.77%
% of Gross Profit 103.98%
Operating Expenses $851.0K
YoY Change 56.58%
Operating Profit -$6.076M -$851.0K
YoY Change 613.96% 56.58%
Interest Expense $6.248M $6.548K
YoY Change 95318.45% -98.25%
% of Operating Profit
Other Income/Expense, Net $38.82M $207.2K
YoY Change 18636.94% -93.72%
Pretax Income $32.75M -$643.8K
YoY Change -5186.08% -123.38%
Income Tax $8.037M $42.15K
% Of Pretax Income 24.54%
Net Earnings $24.71M -$686.0K
YoY Change -3701.98% -125.11%
Net Earnings / Revenue 524.5%
Basic Earnings Per Share $0.35 -$0.07
Diluted Earnings Per Share $0.35 -$0.07
COMMON SHARES
Basic Shares Outstanding 71.88M 69.88M 9.367M
Diluted Shares Outstanding 70.94M 6.900M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.59K
YoY Change -49.38%
Cash & Equivalents $274.0K $62.59K
Short-Term Investments
Other Short-Term Assets $51.13K
YoY Change -66.61%
Inventory
Prepaid Expenses $51.13K
Receivables
Other Receivables $1.038M
Total Short-Term Assets $2.610M $113.7K
YoY Change 2195.15% -58.91%
LONG-TERM ASSETS
Property, Plant & Equipment $31.92M $36.00M
YoY Change -11.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.33M
YoY Change -90.47%
Total Long-Term Assets $38.99M $26.33M
YoY Change 48.07% -90.47%
TOTAL ASSETS
Total Short-Term Assets $2.610M $113.7K
Total Long-Term Assets $38.99M $26.33M
Total Assets $41.60M $26.44M
YoY Change 57.31% -90.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.94M $3.221M
YoY Change 270.69%
Accrued Expenses $10.03M $7.062M
YoY Change 41.97% 95.46%
Deferred Revenue
YoY Change
Short-Term Debt $502.7K
YoY Change 235.12%
Long-Term Debt Due $896.8K
YoY Change
Total Short-Term Liabilities $70.52M $7.807M
YoY Change 803.36% 102.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $7.394M
YoY Change -26.3%
Total Long-Term Liabilities $7.394M
YoY Change -26.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.52M $7.807M
Total Long-Term Liabilities $7.394M
Total Liabilities $75.51M $15.20M
YoY Change 396.73% 9.37%
SHAREHOLDERS EQUITY
Retained Earnings -$89.18M -$15.22M
YoY Change 485.8% 13.09%
Common Stock $55.26M $690.00
YoY Change 8008740.58% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$33.91M -$15.22M
YoY Change
Total Liabilities & Shareholders Equity $41.60M $26.44M
YoY Change 57.31% -90.44%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $24.71M -$686.0K
YoY Change -3701.98% -125.11%
Depreciation, Depletion And Amortization $943.0K $1.540M
YoY Change -38.77%
Cash From Operating Activities -$221.1K
YoY Change 78.27%
INVESTING ACTIVITIES
Capital Expenditures $56.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$407.1K
YoY Change
Cash From Investing Activities -$407.1K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 444.1K
YoY Change
NET CHANGE
Cash From Operating Activities -221.1K
Cash From Investing Activities -407.1K
Cash From Financing Activities 444.1K
Net Change In Cash -184.1K
YoY Change 48.43%
FREE CASH FLOW
Cash From Operating Activities -$221.1K
Capital Expenditures $56.00K
Free Cash Flow -$277.1K
YoY Change

Facts In Submission

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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 “Adit Merger Agreement”), as amended by the first amendment to the Adit Merger Agreement, dated December 23, 2021 (the “First Amendment”), the second amendment to the Adit Merger Agreement, dated October 17, 2022 (the “Second Amendment”), and the third amendment to the Adit Merger Agreement, dated February 8, 2023 (the “Third Amendment,” together with the Adit Merger Agreement as amended by the First Amendment, the Second Amendment and the Third Amendment, the “Adit Merger Agreement”). Pursuant to the Adit Merger Agreement, (i) ADIT Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Adit (“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. 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, the Company became the sole member of GRIID Holdco. The governing documents were amended such that the business of GRIID Holdco is managed solely by the Company. Additionally, the Company adopted the Amended and Restated Bylaws of GRIID Infrastructure Inc. (the “Company Bylaws”) which governs the Company’s business and affairs.</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 June 26, 2024, the Company, CleanSpark, Inc. (“CleanSpark”) and Tron Merger Sub, Inc., a direct, wholly owned subsidiary of CleanSpark (“CleanSpark Merger Sub”), entered into an Agreement and Plan of Merger (the “CleanSpark Merger Agreement”) under which, upon the terms and subject to the conditions set forth therein, CleanSpark Merger Sub will merge with and into the Company, with the Company surviving as a direct, wholly owned subsidiary of CleanSpark (the “CleanSpark Merger”). If the CleanSpark Merger is completed, the Company’s stockholders will receive, in exchange for each share of GRIID common stock held immediately prior to the CleanSpark Merger (other than certain excluded shares), that number of shares of CleanSpark common stock equal to the quotient obtained by dividing the aggregate merger consideration by the total number of shares of GRIID common stock issued and outstanding as of the closing date of the CleanSpark Merger (the “Exchange Ratio”). The term “aggregate merger consideration” means the quotient obtained by dividing (x) the sum of (i) $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">155,000,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> minus (ii) the amount of the Company’s outstanding liabilities as of the closing date of the merger (net of cash on hand), including all indebtedness (as defined in the merger agreement), plus up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in severance obligations that would be due and payable upon termination of certain employees identified by CleanSpark prior to the closing date, by (y) $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.587</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> (which is the volume-weighted average price of CleanSpark common stock for the two consecutive trading days prior to the date of the CleanSpark Merger Agreement).</span></p>
us-gaap Net Income Loss
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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 June 30, 2024 was not 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 six months ended June 30, 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>
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 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>
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
323000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
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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
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grdi Number Of Bitcoin Held During The Period
NumberOfBitcoinHeldDuringThePeriod
2
dei Amendment Flag
AmendmentFlag
false
dei Entity Central Index Key
EntityCentralIndexKey
0001830029
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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Q2
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2024Q2 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://griid.com/20240630#OperatingLeaseRightOfUseAssetNonCurrent
CY2023Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://griid.com/20240630#OperatingLeaseRightOfUseAssetNonCurrent
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://griid.com/20240630#FinanceLeaseRightOfUseAssetNonCurrent
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://griid.com/20240630#FinanceLeaseRightOfUseAssetNonCurrent
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2024-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-39872
dei Entity Registrant Name
EntityRegistrantName
GRIID INFRASTRUCTURE INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-3477678
dei Entity Address Address Line1
EntityAddressAddressLine1
2577 Duck Creek Rd.
dei Entity Address City Or Town
EntityAddressCityOrTown
Cincinnati
dei Entity Address State Or Province
EntityAddressStateOrProvince
OH
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
45212
dei City Area Code
CityAreaCode
513
dei Local Phone Number
LocalPhoneNumber
268-6185
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Small Business
EntitySmallBusiness
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us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
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DepreciationAndAmortization
1540000
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DepreciationAndAmortization
2043000
us-gaap Depreciation And Amortization
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us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
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3986000
CY2024Q2 grdi Other Crypto Currency Held During The Period
OtherCryptoCurrencyHeldDuringThePeriod
0
grdi Gains From Dispositions Of Bitcoin
GainsFromDispositionsOfBitcoin
12000
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us-gaap Professional Fees
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ProfessionalFees
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0
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
us-gaap Gain Loss On Termination Of Lease
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CY2024Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0
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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
144000
CY2024Q2 grdi Unrealized Gain Loss On Fair Value Of Cryptocurrency Net
UnrealizedGainLossOnFairValueOfCryptocurrencyNet
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CY2023Q2 grdi Unrealized Gain Loss On Fair Value Of Cryptocurrency Net
UnrealizedGainLossOnFairValueOfCryptocurrencyNet
0
grdi Unrealized Gain Loss On Fair Value Of Cryptocurrency Net
UnrealizedGainLossOnFairValueOfCryptocurrencyNet
46000
grdi Unrealized Gain Loss On Fair Value Of Cryptocurrency Net
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0
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us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
12000
us-gaap Gain Loss On Disposition Of Intangible Assets
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CY2024Q2 grdi Gain Loss On Disposal Of Property Plant And Equipment One
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0
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grdi Gain Loss On Disposal Of Property Plant And Equipment One
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0
grdi Gain Loss On Disposal Of Property Plant And Equipment One
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us-gaap Operating Income Loss
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0
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45053000
us-gaap Gains Losses On Extinguishment Of Debt
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0
CY2024Q2 grdi Change In Fair Value Of Warrant Liability And Warrant Derivative
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17000
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us-gaap Other Nonoperating Income Expense
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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GainLossOnSaleOfPropertyPlantEquipment
281000
us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2024Q2 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
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OperatingLeaseRightOfUseAssetCurrent
0
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FinanceAndOperatingLeaseAssets
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us-gaap Operating Lease Cost
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213000
us-gaap Operating Lease Cost
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236000
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FinanceLeaseRightOfUseAssetAmortization
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us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
41000
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FinanceLeaseInterestExpense
1000
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1000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
12000
CY2024Q2 us-gaap Short Term Lease Cost
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21000
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ShortTermLeaseCost
15000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
39000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
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LeaseCost
133000
CY2023Q2 us-gaap Lease Cost
LeaseCost
135000
us-gaap Lease Cost
LeaseCost
270000
us-gaap Lease Cost
LeaseCost
319000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
99000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
203000
us-gaap Operating Lease Payments
OperatingLeasePayments
209000
CY2024Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
14000
CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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0
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
198000
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
615000
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
14000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
371000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
32000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
371000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
32000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
367000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
65000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
367000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
65000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
412000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
412000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
412000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
412000
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2024Q2 grdi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1220000
CY2024Q2 grdi Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0
CY2023Q2 grdi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1220000
CY2023Q2 grdi Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2980000
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
103000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3397000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
111000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
758000
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
8000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
946000
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
10000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2222000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
95000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2451000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
101000
CY2024Q2 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
CY2024Q2 grdi Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1000
CY2023Q2 grdi Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
0
CY2023Q2 grdi Finance Lease Right Of Use Asset Current
FinanceLeaseRightOfUseAssetCurrent
1000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
216000
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
33000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
229000
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
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2006000
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
63000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2222000
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
96000
CY2024Q2 grdi Deposits On Property And Equipment Noncurrent
DepositsOnPropertyAndEquipmentNoncurrent
4509000
CY2023Q4 grdi Deposits On Property And Equipment Noncurrent
DepositsOnPropertyAndEquipmentNoncurrent
5305000
CY2024Q2 grdi Other Deposits Assets Noncurrent
OtherDepositsAssetsNoncurrent
58000
CY2023Q4 grdi Other Deposits Assets Noncurrent
OtherDepositsAssetsNoncurrent
95000
CY2024Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
4567000
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
5400000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2600000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
275000
CY2024Q2 grdi Accrued Commitment Fee
AccruedCommitmentFee
4000000
CY2023Q4 grdi Accrued Commitment Fee
AccruedCommitmentFee
4000000
CY2024Q2 grdi Accrued Contingency Fee
AccruedContingencyFee
96000
CY2023Q4 grdi Accrued Contingency Fee
AccruedContingencyFee
199000
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1632000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1298000
CY2024Q2 grdi Deposits On Mining Services Agreement
DepositsOnMiningServicesAgreement
1000000
CY2023Q4 grdi Deposits On Mining Services Agreement
DepositsOnMiningServicesAgreement
0
CY2024Q2 grdi Miner Purchases Not Paid
MinerPurchasesNotPaid
333000
CY2023Q4 grdi Miner Purchases Not Paid
MinerPurchasesNotPaid
0
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
365000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
455000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10026000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6227000
CY2024Q2 grdi Minimum Percentage Of Mined Currencies To Be Maintained In Deposits
MinimumPercentageOfMinedCurrenciesToBeMaintainedInDeposits
0.50
CY2024Q2 grdi Bitcoins Owned And Deposited
BitcoinsOwnedAndDeposited
10.00
CY2023Q4 grdi Bitcoins Owned And Deposited
BitcoinsOwnedAndDeposited
3440
CY2024Q2 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
67265000
CY2024Q2 grdi Shares Held Under Bridge Financing
SharesHeldUnderBridgeFinancing
1440645
grdi Shares Held Under Bridge Financing
SharesHeldUnderBridgeFinancing
3969869
CY2024Q2 grdi Share Held Under Bridge Financing Value
ShareHeldUnderBridgeFinancingValue
1400000
grdi Share Held Under Bridge Financing Value
ShareHeldUnderBridgeFinancingValue
5900000
CY2024Q2 grdi Bridge Financing Outstanding Amount
BridgeFinancingOutstandingAmount
2611000
CY2023 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2025-06-30
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
24316000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15237000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
39553000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3160000
CY2024Q2 us-gaap Accumulated Capitalized Interest Costs
AccumulatedCapitalizedInterestCosts
3083000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
39476000
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 Adit 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
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
24709000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-10813000
us-gaap Net Income Loss
NetIncomeLoss
18231000
us-gaap Net Income Loss
NetIncomeLoss
-22045000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70941844
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70941844
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54251858
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54251858
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69311667
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69311667
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54041426
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54041426
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.2
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.2
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22804
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22804
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2125000
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.988
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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