2024 Q3 Form 10-Q Financial Statement

#000155837024011968 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $43.74M $35.22M $19.18M
YoY Change 101.52% 83.57% -56.25%
Cost Of Revenue $17.56M $20.64M $23.83M
YoY Change 29.82% -13.42% -50.02%
Gross Profit $26.18M $14.58M -$4.651M
YoY Change 220.12% -413.46% 21.09%
Gross Profit Margin 59.85% 41.4% -24.25%
Selling, General & Admin $7.698M
YoY Change -13.6%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.669M
YoY Change -54.49%
% of Gross Profit
Operating Expenses $9.829M
YoY Change -22.12%
Operating Profit -$1.569M -$86.69M -$14.48M
YoY Change 135.94% 498.71% -12.04%
Interest Expense $6.012M -$836.0K
YoY Change -819.14% -98.68%
% of Operating Profit
Other Income/Expense, Net $2.930M $14.37M -$2.299M
YoY Change -180.32% -724.92%
Pretax Income $1.361M -$72.33M -$18.77M
YoY Change -131.56% 285.37% -76.42%
Income Tax $453.0K -$1.874M -$2.055M
% Of Pretax Income 33.28%
Net Earnings $647.0K -$71.87M -$16.71M
YoY Change -114.79% 330.0% -81.02%
Net Earnings / Revenue 1.48% -204.08% -87.12%
Basic Earnings Per Share $0.01 -$0.78 -$0.04
Diluted Earnings Per Share $0.01 -$0.78 -$0.08
COMMON SHARES
Basic Shares Outstanding 91.08M 90.39M 43.19M
Diluted Shares Outstanding 96.41M 90.19M 43.19M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $395.6M
YoY Change 58.92%
Cash & Equivalents $72.91M $176.1M $10.38M
Short-Term Investments $368.9M
Other Short-Term Assets $5.552M
YoY Change 79.39%
Inventory
Prepaid Expenses
Receivables $6.067M $5.860M $636.0K
Other Receivables $0.00
Total Short-Term Assets $110.3M $195.7M $19.37M
YoY Change 391.14% 910.1% -92.4%
LONG-TERM ASSETS
Property, Plant & Equipment $70.72M
YoY Change -63.7%
Goodwill $56.44M $55.79M
YoY Change
Intangibles $14.70M $15.34M $5.535M
YoY Change 173.3% 177.11%
Long-Term Investments $80.11M $78.62M
YoY Change
Other Assets $26.21M
YoY Change -76.07%
Total Long-Term Assets $989.0M $891.3M $170.6M
YoY Change 531.39% 422.38% -46.33%
TOTAL ASSETS
Total Short-Term Assets $110.3M $195.7M $19.37M
Total Long-Term Assets $989.0M $891.3M $170.6M
Total Assets $1.099B $1.087B $190.0M
YoY Change 513.81% 472.1% -66.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.605M
YoY Change -70.4%
Accrued Expenses $3.415M
YoY Change
Deferred Revenue $5.635M $554.0K $1.031M
YoY Change 316.79% -46.27% 133.79%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $64.96M $64.96M $35.70M
YoY Change 81.95% 201.38%
Total Short-Term Liabilities $110.5M $116.8M $10.34M
YoY Change 879.68% 1029.91% -56.98%
LONG-TERM LIABILITIES
Long-Term Debt $232.3M $263.9M $28.40M
YoY Change 829.08% -25.18%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $276.2M $263.9M $152.3M
YoY Change 91.17% 73.26% 284.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $110.5M $116.8M $10.34M
Total Long-Term Liabilities $276.2M $263.9M $152.3M
Total Liabilities $386.7M $418.7M $162.6M
YoY Change 148.26% 157.44% 155.76%
SHAREHOLDERS EQUITY
Retained Earnings $79.41M $78.76M -$106.5M
YoY Change -171.6% -173.95%
Common Stock $935.0K $909.0K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $703.9M $660.1M $27.37M
YoY Change
Total Liabilities & Shareholders Equity $1.099B $1.087B $190.0M
YoY Change 513.81% 472.1% -66.83%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $647.0K -$71.87M -$16.71M
YoY Change -114.79% 330.0% -81.02%
Depreciation, Depletion And Amortization $9.669M
YoY Change -54.49%
Cash From Operating Activities -$1.324M
YoY Change -95.18%
INVESTING ACTIVITIES
Capital Expenditures $3.387M
YoY Change -93.95%
Acquisitions
YoY Change
Other Investing Activities $1.117M
YoY Change -95.91%
Cash From Investing Activities -$2.270M
YoY Change -92.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.37M
YoY Change -60.72%
NET CHANGE
Cash From Operating Activities -1.324M
Cash From Investing Activities -2.270M
Cash From Financing Activities 14.37M
Net Change In Cash 10.78M
YoY Change -155.05%
FREE CASH FLOW
Cash From Operating Activities -$1.324M
Capital Expenditures $3.387M
Free Cash Flow -$4.711M
YoY Change -94.36%

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EarningsPerShareBasic
0.37
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.78
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90192842
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43193201
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89671344
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42830760
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90192842
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43193201
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94152139
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42868871
CY2024Q2 us-gaap Profit Loss
ProfitLoss
-72190000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-1686000
us-gaap Profit Loss
ProfitLoss
178517000
us-gaap Profit Loss
ProfitLoss
15642000
CY2024Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7362000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-18436000
CY2024Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-79552000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1686000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
160081000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
15642000
CY2024Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-423000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-557000
CY2024Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-79129000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1686000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
160638000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15642000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
9613000
CY2023Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
770000
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
641000
CY2023Q1 hut Stock Based Compensation Net Of Retroactive Application Of Recapitalization
StockBasedCompensationNetOfRetroactiveApplicationOfRecapitalization
393000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
17328000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
28745000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
314000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-1686000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
27373000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
487639000
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
132000
CY2024Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
30000
CY2024Q1 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
8743000
CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
4474000
CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11074000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
250876000
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-169000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
740591000
CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
283000
CY2024Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
10000
CY2024Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
7010000
CY2024Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7362000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-71866000
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-324000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
668322000
us-gaap Profit Loss
ProfitLoss
178517000
us-gaap Profit Loss
ProfitLoss
15642000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
23003000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6968000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
577000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
87000
hut Non Cash Lease Expense
NonCashLeaseExpense
804000
hut Non Cash Lease Expense
NonCashLeaseExpense
51000
us-gaap Share Based Compensation
ShareBasedCompensation
11484000
us-gaap Share Based Compensation
ShareBasedCompensation
1348000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6962000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6642000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
11000000
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
11750000
hut Revenue Net Cryptocurrency Mining
RevenueNetCryptocurrencyMining
44269000
hut Revenue Net Cryptocurrency Mining
RevenueNetCryptocurrencyMining
23504000
hut Hosting Revenue Received In Cryptocurrency
HostingRevenueReceivedInCryptocurrency
3231000
hut Change In Fair Value Of Crypto Assets
ChangeInFairValueOfCryptoAssets
-202732000
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1431000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
2376000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2046000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
290000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
23683000
us-gaap Other Noncash Income
OtherNoncashIncome
2236000
hut Non Cash And Cash Equivalent Foreign Exchange Gain
NonCashAndCashEquivalentForeignExchangeGain
-1679000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2795000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3035000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
190000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-445000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
17219000
us-gaap Paid In Kind Interest
PaidInKindInterest
6056000
us-gaap Paid In Kind Interest
PaidInKindInterest
10215000
hut Loss On Discontinued Operations1
LossOnDiscontinuedOperations1
-9364000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-213000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
526000
hut Increase Decrease In Deposits And And Prepaid Expense
IncreaseDecreaseInDepositsAndAndPrepaidExpense
527000
hut Increase Decrease In Deposits And And Prepaid Expense
IncreaseDecreaseInDepositsAndAndPrepaidExpense
-2893000
us-gaap Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
-3907000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
1706000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-10763000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1983000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2146000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1586000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1574000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-235000
hut Increase Decrease In Deposit Liability
IncreaseDecreaseInDepositLiability
-583000
hut Increase Decrease In Deposit Liability
IncreaseDecreaseInDepositLiability
-125000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42693000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2539000
hut Proceeds From Disposal Of Crypto Asset
ProceedsFromDisposalOfCryptoAsset
53138000
hut Proceeds From Disposal Of Crypto Asset
ProceedsFromDisposalOfCryptoAsset
24162000
us-gaap Payments To Acquire Mining Assets
PaymentsToAcquireMiningAssets
966000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
17029000
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
938000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4209000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
79000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
6378000
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
1052000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
34992000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22337000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
14849000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
150000000
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
20844000
us-gaap Repayments Of Debt
RepaymentsOfDebt
32347000
us-gaap Repayments Of Debt
RepaymentsOfDebt
14893000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
500000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1233000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
359000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
40000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
415000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
152862000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16126000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-21000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
145140000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3672000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30957000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6707000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
176097000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10379000
us-gaap Interest Paid Net
InterestPaidNet
3743000
us-gaap Interest Paid Net
InterestPaidNet
5542000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1235000
hut Reclassification Of Deposits And Prepaid Expenses To Property And Equipment
ReclassificationOfDepositsAndPrepaidExpensesToPropertyAndEquipment
42533000
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
45000
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
1433000
hut Debt Proceeds Not Yet Received Included In Deposits And Prepaid Expenses
DebtProceedsNotYetReceivedIncludedInDepositsAndPrepaidExpenses
8558000
hut Mining Revenue In Accounts Receivable And Other
MiningRevenueInAccountsReceivableAndOther
219000
hut Mining Revenue In Accounts Receivable And Other
MiningRevenueInAccountsReceivableAndOther
212000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2345000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
386000
us-gaap Stock Issued1
StockIssued1
770000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-493000
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
7691000
hut Issuance Of Common Stock And Restricted Stock Unit Settlements
IssuanceOfCommonStockAndRestrictedStockUnitSettlements
9000
hut Cash Injections To Subsidiary From Another Wholly Owned Subsidiary
CashInjectionsToSubsidiaryFromAnotherWhollyOwnedSubsidiary
2700000
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
170000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications did not have a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements and related disclosures. The impact on any prior period disclosures was immaterial.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events that affect the amounts reported in the financial statements and accompanying notes. Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results inevitably will differ from those estimates, and such differences may be material to the financial statements. The most significant accounting estimates inherent in the preparation of the Company’s consolidated financial statements include estimates associated with revenue recognition, determining the useful lives and recoverability of long-lived assets, impairment analysis of finite-lived intangibles, goodwill and digital assets, stock-based compensation, and current and deferred income tax assets (including the associated valuation allowance) and liabilities.</p>
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2024Q2 hut Disposal Group Including Discontinued Operation Impairment Of Long Lived Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfLongLivedAssets
0
hut Disposal Group Including Discontinued Operation Impairment Of Long Lived Assets
DisposalGroupIncludingDiscontinuedOperationImpairmentOfLongLivedAssets
6100000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q2 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0
CY2024Q2 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
3900000
CY2024Q1 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
2000000.0
CY2024Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
0
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Convertible instruments</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As noted above in the Company’s <i style="font-style:italic;">Derivatives</i> accounting policy, various embedded derivatives were identified in a convertible instrument and were evaluated and accounted for in accordance with ASC 815. If an embedded derivative is separated from its host contract, the debt host contract is discounted by the initial fair value of the separated embedded derivative and is offset by issuance costs associated with the host contract. The Company accounts for its host contract, whose embedded derivative becomes separated, subsequently at amortized cost, and the discount and issuance costs are amortized to interest expense over the expected term of the host contract using the effective interest method.</p>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2024Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q2 hut Number Of Business Lines Launched Recently
NumberOfBusinessLinesLaunchedRecently
2
CY2023Q2 hut Number Of Business Lines
NumberOfBusinessLines
3
CY2023Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2023Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
hut Number Of Reporting Entities
NumberOfReportingEntities
2
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
35215000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20530000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
86956000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36177000
CY2024Q2 us-gaap Cost Of Revenue
CostOfRevenue
20636000
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
11987000
us-gaap Cost Of Revenue
CostOfRevenue
48783000
us-gaap Cost Of Revenue
CostOfRevenue
20494000
CY2024Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
11531000
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4064000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
23003000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6968000
CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17899000
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5211000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
37898000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11586000
CY2024Q2 hut Crypto Asset Realized Gain Loss Operating
CryptoAssetRealizedGainLossOperating
-71842000
hut Crypto Asset Realized Gain Loss Operating
CryptoAssetRealizedGainLossOperating
202732000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
190000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-445000
CY2023Q2 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
1004000
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
2376000
CY2023Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
868000
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1431000
CY2023Q2 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1531000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1531000
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
720000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1679000
CY2024Q2 us-gaap Interest Expense
InterestExpense
6012000
CY2023Q2 us-gaap Interest Expense
InterestExpense
5657000
us-gaap Interest Expense
InterestExpense
12293000
us-gaap Interest Expense
InterestExpense
13232000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
23683000
CY2024Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
17219000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
17219000
CY2024Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2440000
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CY2024Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.10
CY2024Q2 hut Number Of Mining Pool Operators
NumberOfMiningPoolOperators
2
CY2023Q4 hut Number Of Mining Pool Operators
NumberOfMiningPoolOperators
2
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
40000000.0
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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