|
FY2025
12 months to Dec 31, 2025
|
FY2024
12 months to Dec 31, 2024
|
|
|---|---|---|
| Operating activities | ||
| Net (loss) income | ||
| Far North Power Corp. (the "Far North JV") | ||
| Total net (loss) income | ||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | ||
| Impairment of long-lived assets | ||
| Impairment - other | ||
| Amortization of operating right-of-use assets | ||
| Non-cash lease expense | ||
| Stock-based compensation | ||
| Equity in earnings of unconsolidated joint venture | ||
| Distributions of earnings from unconsolidated joint venture | ||
| Bitcoin mining revenue | ||
| Compute revenue related to ASIC compute | ||
| Hosting revenue earned in Bitcoin | ||
| Losses (gains) on digital assets | ||
| Deferred tax assets and liabilities | ||
| Gain on debt extinguishment | ||
| Non-cash income | ||
| Foreign exchange (gain) loss | ||
| Amortization of debt discount | ||
| Loss (gain) on sale of property and equipment | ||
| Gain on derivatives | ||
| Gain on other financial liability | ||
| Gain on bargain purchase | ||
| Far North Power Corp. (the "Far North JV") | ||
| Total gain on bargain purchase | ||
| Gain on warrant liability | ||
| Paid-in-kind interest expense | ||
| Loss (income) on discontinued operations | ||
| Asset contribution costs | ||
| Changes in assets and liabilities: | ||
| Accounts receivable, net | ||
| Deposits and prepaid expenses | ||
| Equipment held for sale | ||
| Income taxes receivable | ||
| Income taxes payable | ||
| Accounts payable and accrued expenses | ||
| Deferred revenue | ||
| Operating lease liabilities | ||
| Deposit liability | ||
| Net cash used in operating activities | ||
| Investing activities | ||
| Proceeds from sale of digital assets | ||
| Bitcoin purchased | ||
| Other digital asset purchased | ||
| Deposit paid to purchase miners and mining equipment | ||
| Deposits for future sites | ||
| Purchases of property and equipment | ||
| Proceeds from sale of property and equipment | ||
| Cash received from Bitmain deposit refund | ||
| Additions to intangible assets | ||
| Cash paid to acquire investment in Ionic | ||
| Cash acquired on completion of the Business Combination | ||
| Far North Power Corp. (the "Far North JV") | ||
| ABTC Merger | ||
| American Data Centers | ||
| Cash acquired on Far North acquisition | ||
| Far North Power Corp. (the "Far North JV") | ||
| Total cash acquired on Far North acquisition | ||
| Net cash (used in) provided by investing activities | ||
| Financing activities | ||
| Proceeds from loans payable | ||
| Proceeds from notes payable | ||
| Proceeds from subsidiary warrants exercised | ||
| Net proceeds from covered call options premium | ||
| Repayments of loans payable | ||
| Deferred financing fees related to loan payable | ||
| Debt issuance costs paid | ||
| Principal payments on finance lease | ||
| Payment of withholding tax on vesting of restricted stock units | ||
| Proceeds from the issuance of common stock - stock option exercises | ||
| Proceeds from the issuance of common stock - at-the-market offering, net of issuance costs | ||
| Proceeds from the issuance of American Bitcoin Corp. Class A common stock - at-the-market offering, net of issuance costs | ||
| Proceeds from the issuance of American Bitcoin Corp. Class A common stock - non-at-the-market offering, net of issuance costs | ||
| Proceeds from other financial liability | ||
| Net cash provided by financing activities | ||
| Effect of exchange rate changes on cash, and restricted cash | ||
| Net (decrease) increase in cash | ||
| Cash, beginning of period | ||
| Cash, and restricted cash, end of period | ||
| Supplemental cash flow information: | ||
| Cash paid for interest | ||
| Cash paid for income taxes | ||
| Non-cash transactions | ||
| Reclassification of deposits and prepaid expenses to property and equipment | ||
| Right-of-use assets obtained in exchange for operating lease liabilities | ||
| Property and equipment acquired under finance leases | ||
| Property and equity acquired under miner purchase liability | ||
| Common stock issued in connection with debt extinguishment | ||
| Net loss attributable to non-controlling interests | ||
| Assets acquired net of liabilities assumed on completion of the Business Combination, net of cash | ||
| Issuance of common stock - restricted stock unit settlements | ||
| Issuance of warrants by subsidiary as finance lease payments | ||
| Digital assets received for the issuance of Class A common stock by American Bitcoin Corp. | ||
| Stock-based compensation capitalized in property and equipment, net | ||
| Subsidiary warrants exercised | ||
| Reconciliation of cash, and restricted cash to the Consolidated Balance Sheets: | ||
| Cash | ||
| Restricted cash | ||
| Cash included in Assets held for sale |
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