Riot Platforms, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
RIOT$16.71+13.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001104659-26-093448
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001104659-26-122417
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 191 previous paragraphs and 204 current paragraphs.
102 unchanged; 79 reworded; 18 added; 5 removed; 5 previous and 5 current paragraphs rearranged.
Tables are not compared: 28 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
In November 2026, we announced the execution of the Corsicana Lease to provide 910 MW of critical IT load capacity at the Corsicana Facility with the Frontier AI Lab. The critical IT load capacity is anticipated to be delivered in phases beginning in June 2027, with full delivery anticipated to commence in July 2028.
Current report
On October 7, 2026, we entered into a Custodial Services Agreement with BitGo, which became effective on October 10, 2026, and which we amended on October 14, 2026 (as amended, the “BitGo Custodial Agreement”). Under the BitGo Custodial Agreement, BitGo serves as a custodian of our bitcoin. BitGo is a national banking association chartered and supervised by the Office of the Comptroller of the Currency and authorized to exercise trust powers. Our bitcoin is held in segregated on-chain wallets maintained solely for us. BitGo keeps the private keys in segregated cold storage wallets that it controls, and its books and records identify our bitcoin as held solely for our benefit. BitGo holds our bitcoin in a custodial capacity, separate from its own assets. Our bitcoin is not commingled with the assets of BitGo’s other customers, except temporarily as necessary to settle trades that we elect to make, or as required by law. We retain all right, title, and interest in our bitcoin.
Current report
BitGo is required to maintain insurance coverage in such types and amounts as are commercially reasonable for its custodial services. That coverage may not be sufficient to cover our losses. Upon reasonable request, BitGo will provide us and our independent auditors with confirmation of the bitcoin held in our custodial accounts, and other information it customarily makes available to its custody clients. We reconcile the bitcoin held in custody against our records on a monthly basis. We pay BitGo a monthly tiered fee based on the value of the bitcoin held in custody, with no minimum fee.
Current report
The BitGo Custodial Agreement has an initial term of one year from October 10, 2026, and renews automatically for successive one-year terms unless either party gives notice of non-renewal at least 60 days before the end of the then-current term. We may terminate it at any time on 14 days’ prior written notice, without an early termination fee. Either party may terminate it if the other party fails to cure a material breach within 30 days after notice. BitGo may also suspend or terminate our account in certain circumstances, including as required by law. We have agreed to indemnify BitGo for losses arising from, among other things, our use of its services and our breach of the agreement. BitGo’s liability is generally limited to the fees we paid during the preceding six months. That limit does not apply to fraud or willful misconduct. For gross negligence, BitGo’s liability is limited to the market value of the affected assets.
Current report
Our strategy with respect to the bitcoin we mine and hold (our “Bitcoin Treasury Strategy”) is designed to balance the potential for long-term value appreciation with our need for operational flexibility and liquidity. Historically, we retained a substantial portion of the bitcoin we mined and selectively sold, or pledged as collateral, portions of our bitcoin holdings to fund operating needs, capital expenditures, and strategic initiatives. As our business has shifted toward the development of data center infrastructure, we have increasingly relied on sales of our bitcoin as a source of liquidity. During the nine months ended September 30, 2026, we sold 20,264 bitcoin for proceeds of approximately $1.5 billion, primarily to fund our data center development and to repay in full the $200 Million Credit Facility, reducing our bitcoin holdings to 2,418 bitcoin as of September 30, 2026. We currently expect to continue to sell substantially all of the bitcoin we mine to fund our data center development and other projects, operating expenses, and working capital needs, and, as a result, we do not expect to accumulate significant bitcoin holdings in the near term.
Current report
This approach allows us to use our bitcoin production as a source of funding for our operations and growth initiatives and reduces our need to rely on external debt or equity financing. We regularly evaluate our Bitcoin Treasury Strategy in light of our cash requirements, market conditions, and capital allocation objectives, and we may change it at any time.
Current report
Texas Large Load Regulation
Current report
Texas legislators, regulators and state officials have recently taken several actions affecting large electrical loads in the ERCOT region, including bitcoin mining and data center facilities. The developments that we currently believe are most relevant to our operations and development plans are summarized below. See also Part II, Item 1A. “Risk Factors” of this Quarterly Report.
Current report
*Interconnection standards.*In 2025, the Texas legislature enacted Senate Bill 6 (“SB 6”), which, among other things, requires the PUCT and ERCOT to establish new interconnection requirements for large loads. In September 2026, the PUCT adopted final large load interconnection standards implementing SB 6 (PUCT Project No. 58481). The standards apply to new or expanded loads of 75 MW or more at a single site in the ERCOT region and require, among other things, a $100,000 study fee; financial security of $50,000 per MW of requested peak demand (or, upon execution of an interconnection agreement, the greater of that amount and allocated transmission upgrade costs); officer-attested technical disclosures; advance payment of direct interconnection costs; and minimum billing demand commitments. Posted security may be forfeited or applied if a project is withdrawn after transmission capacity is allocated or is not energized within 24 months of its scheduled energization date. ERCOT has also implemented a batch study process, announced in December 2025, under which large load interconnection requests are evaluated together on a portfolio basis. Following the initial study cycle (“Batch Zero”), ERCOT is conducting subsequent study cycles, the rules for which remain under development. The existing capacity at our Rockdale Facility and Corsicana Facility is already interconnected and energized. The additional MWs of capacity planned for the expansion of the Corsicana Facility was studied and approved by ERCOT under its prior large load interconnection process, are not subject to the Batch Zero study process, and are classified as base load. Any new site in Texas, or any other expansion that requires a new or modified interconnection, would be subject to these standards and would be studied in a later batch, which would require us to post financial security before interconnection and could extend our development timelines.
Current report
*Audit and permitting directives.*In August 2026, the Governor directed the PUCT and ERCOT to audit data center projects in ERCOT’s Batch Zero interconnection study and to deny interconnection to projects that fail to meet applicable requirements. On August 20, 2026, the PUCT granted ERCOT’s request for good cause exceptions to Batch Zero deadlines to allow time to complete the audit, which has delayed the Batch Zero study and the resulting capacity allocations. ERCOT expects to complete the audit in or around December 2026. Because the existing capacity at our Rockdale Facility and Corsicana Facility was already energized, it is not subject to the audit. On September 21, 2026, the Governor further directed the Texas Commission on Environmental Quality (“TCEQ”) to suspend the issuance of permits sought by data center projects pending completion of the audit and the Texas Water Development Board’s evaluation of the impact of data centers on municipal water supplies.
Current report
*Water-use reporting.*Texas officials have intensified enforcement of the Texas Water Development Board’s mandatory water-use survey requirements, and the Texas Office of the Attorney General (“OAG”) has opened an investigation into data center compliance with those requirements. We have completed the survey in each of the past two years and, to our knowledge, the investigation does not currently include the counties in which we operate.
Current report
*Transmission cost allocation and curtailment.*SB 6 requires the PUCT to amend its wholesale transmission cost-allocation rules by December 31, 2026. The PUCT is considering measures that could require large loads to bear a greater share of transmission upgrade costs, pay minimum demand charges based on contracted peak demand for a period of 20 years, and replace the current four coincident peak (“4CP”) cost-allocation methodology with a twelve coincident peak (“12CP”) methodology. Our participation in ERCOT’s 4CP Program reduces the transmission charges on our power bills in the following year. See “Strategic Goals and Initiatives—Power Strategy” above for further information. If the PUCT adopts a 12CP methodology, we expect our transmission-related charges to increase and the benefit of our 4CP-avoidance strategy to decline, which could increase our all-in power cost at
Current report
our Texas facilities. SB 6 also requires ERCOT to ensure that utilities serving customers interconnected after December 31, 2025 develop protocols, including the installation of any necessary equipment before interconnection, to enable the curtailment of those loads during firm load-shed events. Because our existing Texas facilities were interconnected before that date, we believe these requirements should not apply to them; however, we may be subject to curtailment in the future pursuant to Interconnection Reliability Operating Limits (“IROLs”) if we are unable to utilize equipment that is sufficiently effective at enhancing grid reliability.
Current report
*Grid stability requirements.*ERCOT’s voltage and frequency ride-through requirements for large computational loads (Nodal Operating Guide Revision Request 282 and Nodal Protocol Revision Request 1308) became effective on August 1, 2026. These requirements establish frequency and voltage ride-through standards for certain large loads, subject to an exemption for loads that were operational, or had received ERCOT’s written approval to energize (or had signed an interconnection agreement, completed the required interconnection studies, posted required financial security, and provided the notice to proceed), on or before November 14, 2025. Our existing operations at the Rockdale Facility and Corsicana Facility qualify for this exemption. Expansion capacity that does not qualify for the exemption may require modifications to cooling equipment and associated electrical systems, and ERCOT is considering a separate NOGRR addressing cooling loads.
Current report
In addition, ERCOT, working with transmission service providers, manages the grid to stay within IROLs, which are system limits that, if exceeded, could lead to instability or cascading outages. Because large loads that are exempt from the ride-through requirements may trip offline during grid disturbances, ERCOT has grouped these loads by region, including in North and Central Texas, and established IROLs and mitigation plans for each group. Once a group’s aggregate consumption approaches its limit, ERCOT will activate a mitigation plan, after which each transmission service provider must keep its affected loads at or below an assigned “not to exceed” limit. Our Corsicana Facility is included in an IROL group, and its consumption could be capped or curtailed as other loads in the group increase their consumption, even if our own usage does not change. As of the date of this Quarterly Report, ERCOT has not activated a mitigation plan for this group.
Current report
During the nine months ended September 30, 2026, we received $8.6 million in net proceeds (net of issuance costs) from borrowings under the $573 Million Credit Facility and repaid the $200.0 million outstanding under the $200 Million Credit Facility in full.
Current report
As of September 30, 2026, $20.8 million of principal was outstanding under the $573 Million Credit Facility. The $573 Million Credit Facility matures on December 31, 2026 and is non-recourse to the Company, subject to certain customary exceptions. We expect to repay the $573 Million Credit Facility with the proceeds of long-term project financing, although there can be no assurance that such financing will be received on a timely basis, on acceptable terms, or at all.
Current report
The $19.7 million increase in cash used in operating activities for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was attributable to an increase in Bitcoin Mining costs of revenue of $16.2 million, primarily driven by increased power costs, increased compensation costs of $12.7 million related to increased headcount to support our growth, anda one-time legal settlement cash payment of $20.0 million during the nine months ended September 30, 2026, partially offset by segment gross profit of $16.1 million from our new Data Center segment that commenced in 2026 and decreased legal fees of $10.6 million due to recently ending or settling much of our outstanding litigation.
Removed paragraphs (5)
Previous report
Our investment strategy regarding our bitcoin (“Bitcoin Treasury Strategy”) is designed to balance long-term value appreciation with operational flexibility and liquidity management. We selectively sell or leverage portions of our bitcoin holdings, and may continue to do so in the future, to fund operational needs, capital expenditures, and strategic initiatives, particularly when market conditions present opportunistic pricing above predetermined thresholds that we believe maximize shareholder value.
Previous report
This approach enables us to realize value from our bitcoin holdings to support our liquidity profile and fund business growth. We believe this strategy enhances our operational stability, supports our liquidity profile, and provides the financial flexibility necessary to execute on our business plan and meet our capital allocation objectives.
Previous report
We have observed that when the market price for bitcoin experiences sustained increases, new miners are introduced onto the bitcoin network, contributing to an increase in the global network hash rate. Our hash rate grew by approximately 15.3% from December 31, 2025 to June 30, 2026, and the number of bitcoin we mined during the same period increased, offsetting the increase in the global network hash rate as compared to the same period in 2025.
Previous report
Accordingly, as the global network hash rate continues to rise, miners must scale their operations to maintain or improve their share of mining rewards. In response, we have made investments in electricity supply and distribution infrastructure and are focused on other strategic growth opportunities that enhance our long-term competitiveness. Further, we have adopted new and improved technology to increase both our mining power and efficiency, including our industrial-scale adoption of immersion cooling and our strategic acquisitions of large quantities of the latest powerful and efficient miners available.
Previous report
The $80.6 million decrease in cash used in operating activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was primarily attributable to the payment ofa one-time cash cost of $122.6 million related to the loss on the Rhodium Settlement during the three months ended June 30, 2025, partially offset byan increase in power costs of$22.2 million anda one-time cash payment of $20.0 million for the SBI legal settlement during the six months ended June 30, 2026.
Reworded paragraphs (79)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information to assist readers in understanding our results of operations and financial condition. This MD&A should be read in conjunction with the Notes and other financial information included elsewhere in this Quarterly Report, and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information to assist readers in understanding our results of operations and financial condition. This MD&A should be read in conjunction with the Notes and other financial information included elsewhere in this Quarterly Report, and our audited consolidated financial statements included in our 2025 Annual Report.
Previous wording
We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) bitcoin mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute.
Current wording
We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) bitcoin mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on the accelerating demand for power-intensive compute, supported by capital raised through bitcoin production and sales.
Previous wording
We own and manage multiple large-scale data center facilities in Texas and Kentucky that provide mission-critical power and infrastructure for our Bitcoin Mining at our Facilities, and non-mining Data Center operations at our Rockdale Facility. Our Rockdale Facility in Texas currently provides up to approximately 700 MW of developed capacity for Bitcoin Mining and Data Center leasing and is among the largest digital infrastructure campuses in North America, as measured by developed capacity. We have completed construction of approximately 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity available for Bitcoin Mining and other high-density compute workloads upon full build-out. The Kentucky Facility currently provides approximately 192 MW of developed capacity.
Current wording
We own and manage multiple large-scale data center facilities in Texas and Kentucky that provide mission-critical power and infrastructure for our Bitcoin Mining operations at our Facilities, and non-mining Data Center operations at our Rockdale Facility and Corsicana Facility. Our Rockdale Facility in Texas currently provides up to approximately 700 MW of developed capacity for Bitcoin Mining and Data Center leasing and is, we believe, among the largest digital infrastructure campuses in North America, as measured by developed capacity. We have completed construction of approximately 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity available for high-density compute workloads. The Kentucky Facility currently provides approximately 232 MW of developed capacity.
Previous wording
In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengthened our execution capacity by recruiting critical talent and establishing a scalable data center platform to support data center development at the Corsicana Facility. We have completed our basis of design for our standard data center build and have initiated development of our first core & shell at the Corsicana Facility.
Current wording
In 2025, we began leveraging our core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to pursue opportunities to develop and monetize portions of our existing facilities and power pipeline through data center leasing services. We strengthened our execution capacity by recruiting critical talent and establishing a scalable data center platform to support data center development at the Corsicana Facility.
Previous wording
In January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at our Rockdale Facility. The AMD Lease has an initial term of ten years and provides three successive five-year term renewal options at the lessee’s discretion. The AMD Lease included an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for an additional 100 MW.
Current wording
In January 2026, we announced the execution of the AMD Lease to provide 25 MW of critical IT load capacity at our Rockdale Facility. The AMD Lease has an initial term of ten years and provides three successive five-year term renewal options at AMD’s discretion. The AMD Lease included an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for an additional 100 MW.
Previous wording
In August 2026, we announced the execution of the Tenant Lease to provide 191 MW of critical IT load capacity at the Rockdale Facility. The critical IT load capacity is anticipated to be delivered in phases in December 2027 and June 2028. The Tenant Lease has an initial term of 20 years and includes provisions for two successive five-year renewal terms at the option of the lessee. Immediate funding of long-lead procurement items will be provided by the $573 Million Credit Facility with Morgan Stanley.
Current wording
In August 2026, we announced the execution of the Rockdale Lease to provide 191 MW of critical IT load capacity at the Rockdale Facility. The critical IT load capacity is anticipated to be delivered in phases in December 2027 and June 2028. The Rockdale Lease has an initial term of 20 years and includes provisions for two successive five-year renewal terms at the option of the Tenant. In August 2026, we entered into the $573 Million Credit Facility, for which Morgan Stanley Senior Funding, Inc. serves as administrative agent, to fund the purchase of long-lead equipment and related project equipment, and certain other expenses, associated with the Rockdale Lease.
Previous wording
During the six months ended June 30, 2026, we continued to deploy miners across all our Facilities, with the objective of improving our operational efficiency and performance. As of June 30, 2026, we had a total deployed hash rate capacity of 44.4 EH/s, as compared to 38.5 EH/s as of December 31, 2025, an increase of 15.3%.
Current wording
During the nine months ended September 30, 2026, we continued to deploy miners across all our Facilities, with the objective of improving our operational efficiency and performance. As of September 30, 2026, we had a total deployed hash rate capacity of 44.9 EH/s, as compared to 38.5 EH/s as of December 31, 2025, an increase of 16.6%.
Previous wording
During the six months ended June 30, 2026, we mined 3,060 bitcoin, reflecting an increase of 104 bitcoin compared to the 2,956 bitcoin mined during the six months ended June 30, 2025. The increase was primarily due to our increased average operating hash rate and significantly improved operational efficiency, partially offset by increases in the global network hash rate.
Current wording
During the nine months ended September 30, 2026, we mined 4,697 bitcoin, reflecting an increase of 335 bitcoin compared to the 4,362 bitcoin mined during the nine months ended September 30, 2025. The increase was primarily due to our increased average operating hash rate, significantly improved operational efficiency, and decreases in the global network hash rate.
Previous wording
For the six months ended June 30, 2026 and 2025, Bitcoin Mining revenue was $225.6 million and $283.7 million, respectively. The decrease of $58.1 million was primarily due to lower bitcoin prices during the 2026 period, which averaged $73,736 per bitcoin, as compared to $95,991 per bitcoin for the 2025 period. The decrease was partially offset by a 19.5% increase in our average operating hash rate, which increased from 30.8 EH/s during the six months ended June 30, 2025, to 36.8 EH/s during the six months ended June 30, 2026, and the increase in bitcoin production.
Current wording
For the nine months ended September 30, 2026 and 2025, Bitcoin Mining revenue was $341.6 million and $444.5 million, respectively. The decrease of $102.9 million was primarily due to lower bitcoin prices during the 2026 period, which averaged $72,732 per bitcoin, as compared to $101,912 per bitcoin for the 2025 period. The decrease was partially offset by a 7.7% increase in bitcoin production, driven by an 18.0% increase in our average operating hash rate, which increased from 31.1 EH/s during the nine months ended September 30, 2025, to 36.7 EH/s during the nine months ended September 30, 2026.
Previous wording
Our bitcoin custodian and brokerage services relationships are non-exclusive, and we may change our custodian and brokerage relationships at any time. We continually monitor our bitcoin assets held by our custodians. Our insurance providers do not have inspection rights associated with our bitcoin assets held in cold storage. For additional information regarding our relationships with our custodians, NYDIG Trust Company LLC and Coinbase, Inc., on behalf of itself and Coinbase Custody Trust Company, LLC,
Current wording
Our bitcoin custodian and brokerage services relationships are non-exclusive, and we may change our custodian and brokerage relationships at any time. In October 2026, we transitioned custody of our bitcoin from NYDIG Trust Company LLC (“NYDIG”) to BitGo Bank & Trust, National Association (“BitGo”), and our custodial agreement with NYDIG was terminated effective October 29, 2026. As of September 30, 2026, our bitcoin was held in custody by NYDIG and Coinbase Custody Trust Company, LLC. We continually monitor our bitcoin assets held by our custodians. Our insurance providers do not have inspection rights associated with our bitcoin assets held in cold storage. For additional information regarding our relationships with NYDIG and Coinbase, Inc., on behalf of itself and Coinbase Custody Trust Company, LLC, and, if applicable, Coinbase or Coinbase Custody International Ltd., and a description of our underlying agreements with them, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Annual Report.
Previous wording
During 2023 through 2026, we entered into purchase orders under the Master Agreement to acquire new miners from MicroBT. These purchase orders represented a total hash rate of 50.9 EH/s, with a total purchase price of approximately $795.2 million, subject to downward price adjustments as provided by the Master Agreement. These miners are primarily intended for deployment at the Corsicana Facility, which commenced operations in April 2024. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received through the end of 2026, with deployment following on an ongoing basis. The Master Agreement provided us with three additional annual options to purchase miners, on the same or more favorable terms as the second purchase order executed under the Master Agreement.
Current wording
During 2023 through 2026, we entered into purchase orders under the Master Agreement to acquire new miners from MicroBT. These purchase orders represented a total hash rate of 50.9 EH/s, with a total purchase price of approximately $828.2 million, subject to downward price adjustments as provided by the Master Agreement. These miners are primarily intended for deployment at the Corsicana Facility, which commenced operations in April 2024. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received through the end of 2026, with deployment continuing on an ongoing basis. The Master Agreement provided us with three additional annual options to purchase miners, on the same or more favorable terms as the second purchase order executed under the Master Agreement.
Previous wording
For the three and six months ended June 30, 2026, Bitcoin Mining revenue was approximately $113.7 million and $225.6 million, respectively.
Current wording
For the three and nine months ended September 30, 2026, Bitcoin Mining revenue was approximately $116.0 million and $341.6 million, respectively.
Previous wording
For the three and six months ended June 30, 2026, Data Center revenue was approximately $23.2 million and $56.4 million, respectively, reflecting leasing activity and associated tenant fit-out attributable to the AMD Lease.
Current wording
For the three and nine months ended September 30, 2026, Data Center revenue was approximately $18.4 million and $74.8 million, respectively, reflecting leasing activity and associated tenant fit-out attributable to the Amended AMD Lease.
Previous wording
Our Engineering business designs and manufactures power-distribution equipment and engineered-to-order electrical products. These products support our vertical integration strategy by enabling the internal development of critical electrical equipment and engineering services necessary for developments at our Facilities. This integration helps mitigate execution and counterparty risk in ongoing and future expansion projects. The specialized talent employed in our Engineering business allows us to explore new methods to optimize and develop best-in-class Bitcoin Mining operations and has been instrumental in the development of our industrial-scale immersion-cooled Bitcoin Mining hardware. The vertical integration of our Engineering division gives us additional strength and security in developing and deploying our Data Center build-outs. Our Data Center business is able to leverage Engineering’s market specific expertise for best-in-class design as well as speed to market.
Current wording
Our Engineering business designs and manufactures power-distribution equipment and engineered-to-order electrical products. These products support our vertical integration strategy by enabling the internal development of critical electrical equipment and engineering services necessary for developments at our Facilities. This integration helps mitigate execution and counterparty risk in ongoing and future expansion projects. The specialized talent employed in our Engineering business has been instrumental in the development of our industrial-scale immersion-cooled bitcoin mining hardware and supports the design and deployment of our data center build-outs. Our Data Center business is able to leverage Engineering’s market-specific expertise for best-in-class design and speed to market.
Previous wording
For the three and six months ended June 30, 2026, Engineering revenue was approximately $37.3 million and $59.5 million, respectively.
Current wording
For the three and nine months ended September 30, 2026, Engineering revenue was approximately $47.0 million and $106.5 million, respectively.
Previous wording
We competitively bid to sell ERCOT and MISO the option to control our electrical load during certain hours. ERCOT and MISO compensate us in the form of Demand Response Service Programs’ Credits, which are received whether or not we are called on to power down.
Current wording
We competitively bid to sell ERCOT and MISO the option to control our electrical load during certain hours. ERCOT and MISO compensate us in the form of credits under the Demand Response Service Programs, which are received whether or not we are called on to power down.
Previous wording
The price of bitcoin reached new all-time highs in 2025, supported by continued institutional investment in the Bitcoin spot exchange-traded funds (“ETFs”), global adoption, and increased interest from both retail and sovereign investors, but fell in the first half of 2026 to prices last seen in 2024. Bitcoin spot ETFs remained a primary driver of institutional demand. These ETFs, as investment vehicles, provide investors with a broader way to gain exposure to bitcoin through more traditional financial markets. In March 2025, the United States established the United States Bitcoin Strategic Reserve, which currently holds the largest bitcoin reserve in the world, solidifying bitcoin as a mainstream financial asset and alternative source of value to fiat currency.
Current wording
The price of bitcoin reached new all-time highs in 2025, supported by continued institutional investment in the bitcoin spot exchange-traded funds (“ETFs”), global adoption, and increased interest from both retail and sovereign investors, but fell in the first half of 2026 to prices last seen in 2024, before partially recovering during the third quarter of 2026. Bitcoin spot ETFs remained a primary driver of institutional demand. These ETFs, as investment vehicles, provide investors with a broader way to gain exposure to bitcoin through more traditional financial markets. In March 2025, the President of the United States signed an executive order establishing a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile.
Previous wording
During 2023 and 2024, the bitcoin mining industry experienced record growth as the price of bitcoin increased from the lows experienced in early 2023. In 2025 and the first half of 2026, the industry continued to grow, though at a slower pace due to increased network difficulty during 2025 and more aggressive competition for efficient energy sources globally. The rising bitcoin price renewed opportunities to access capital markets to fund growth, leading to unprecedented expansion in mining operations, which resulted in a doubling of the size of provisioned hash calculation services on the network, as measured by total hash rate. Competition among mining companies continued to intensify in 2025, with top operators focusing on mergers, acquisitions, and direct power procurement contracts to secure stable energy pricing in the face of volatile market conditions.
Current wording
During 2023 and 2024, the bitcoin mining industry experienced record growth as the price of bitcoin increased from the lows experienced in early 2023. In 2025, the industry continued to grow, though at a slower pace due to increased network difficulty and more aggressive competition for efficient energy sources globally. The rising bitcoin price renewed opportunities to access capital markets to fund growth, leading to unprecedented expansion in mining operations, which resulted in a doubling of the size of provisioned hash calculation services on the network, as measured by total hash rate. Competition among mining companies intensified in 2025, with top operators focusing on mergers, acquisitions, and direct power procurement contracts to secure stable energy pricing in the face of volatile market conditions. In 2026, the global network hash rate has trended down, which we believe reflects, in part, lower bitcoin prices and the reallocation of capital and power by certain miners to data center development.
Previous wording
The bitcoin mining industry is undergoing significant structural transformation. A combination of factors, including the 2024 halving event, record high network hash rates in 2025, rising mining difficulties, and constrained access to large-scale power resources, has led to increased consolidation across the industry. These dynamics have made efficient, large-scale mining operations increasingly capital-intensive and have prompted miners to seek new avenues for maximizing the value of their existing infrastructure. A notable emerging trend is the convergence of bitcoin mining operations with large-scale data center services, including those supporting AI/HPC workloads. As demand for data center infrastructure accelerates, driven by advances in machine learning, generative AI, and compute-intensive enterprise applications, access to reliable, low-cost power has become a critical constraint on the development of new data centers. Bitcoin mining companies that own and operate their facilities are increasingly repurposing or reallocating portions of their power and physical infrastructure to support data center applications. This shift is enabled by the similarities between the underlying facility requirements for bitcoin mining and data center workloads, including large electrical loads, advanced cooling systems, and high-density rack deployments.
Current wording
The bitcoin mining industry is undergoing significant structural transformation. A combination of factors, including the 2024 halving event, record high network hash rates in 2025, rising mining difficulties, and constrained access to large-scale power resources, has led to increased consolidation across the industry. These dynamics have made efficient, large-scale mining operations increasingly capital-intensive and have prompted miners to seek new avenues for maximizing the value of their existing infrastructure. A notable emerging trend is the convergence of bitcoin mining operations with large-scale data center services, including those supporting AI/HPC workloads. As demand for data center infrastructure accelerates, driven by advances in machine learning, generative AI, and compute-intensive enterprise applications, access to reliable, low-cost power has become a critical constraint on the development of new data centers. Bitcoin mining companies that own and operate their facilities are increasingly repurposing or reallocating portions of their power and physical infrastructure to support data center applications. This shift is enabled by the similarities between
Previous wording
Since 2021, we have focused on a vertically integrated business model. We remain committed to building long-term stockholder value by taking strategic actions to further vertically integrate our business at the current Rockdale Facility, developing the Corsicana Facility, expanding the Kentucky Facility, and integrating our acquisitions, including the Kentucky Facility and E4A Solutions. Management believes that vertical integration will strengthen each of our business segments by providing increased capacity for our Bitcoin Mining operations, expanding opportunities for implementing our proprietary power strategy, and positioning us to capitalize on supply chain efficiencies and electrical engineering services through our Engineering segment. We continue to focus on deploying our efficient Bitcoin Mining fleet, at scale, while realizing the benefits of being an owner and operator of our Bitcoin Mining facilities.
Current wording
Since 2021, we have focused on a vertically integrated business model. We remain committed to building long-term stockholder value by taking strategic actions to further vertically integrate our business at the Rockdale Facility, developing the Corsicana Facility, expanding the Kentucky Facility, and integrating our acquisitions, including the Block Mining Acquisition and the E4A Solutions Acquisition. Management believes that vertical integration will strengthen each of our business segments by supporting the development of our data center capacity and the operation of our Bitcoin Mining fleet, expanding opportunities for implementing our proprietary power strategy, and positioning us to capitalize on supply chain efficiencies and electrical engineering services through our Engineering segment. We continue to operate our efficient Bitcoin Mining fleet at scale while we develop portions of our Facilities for data center use, realizing the benefits of being an owner and operator of our Facilities.
Previous wording
Prior to the 2024 halving event, shifts in strategy by prominent bitcoin miners focused on implementing vertically-integrated business models by investing in infrastructure, and upgrading and expanding fleets at their own facilities rather than renting out space from a third-party data center. Vertical integration provides additional control over operational outcomes as well as better management of any input costs such as power and overhead fees. Flexibility, and the ability to manage expenses, becomes increasingly important as the amount of competition on the bitcoin network expands and the subsidy in bitcoin provided by the network contracts decreases.
Current wording
Prior to the 2024 halving event, shifts in strategy by prominent bitcoin miners focused on implementing vertically-integrated business models by investing in infrastructure, and upgrading and expanding fleets at their own facilities rather than renting out space from a third-party data center. Vertical integration provides additional control over operational outcomes as well as better management of any input costs such as power and overhead fees. Flexibility, and the ability to manage expenses, become increasingly important as the amount of competition on the bitcoin network expands and the block subsidy provided by the network decreases.
Previous wording
We anticipate the bitcoin network will continue to see increased competition and consolidation in the bitcoin mining industry. Further, given our relative position and liquidity, we believe we are well positioned to benefit from such consolidation. We are continuously evaluating opportunities which we may decide to undertake as part of our strategic growth initiatives; however, we can offer no assurances that any strategic opportunities which we decide to undertake will be achieved on the schedule or within the budget we anticipate, if at all, and our business and financial results may change significantly as a result of such strategic growth.
Current wording
We anticipate continued competition and consolidation in the bitcoin mining industry. We are continuously evaluating opportunities which we may decide to undertake as part of our strategic growth initiatives; however, we can offer no assurances that any strategic opportunities which we decide to undertake will be achieved on the schedule or within the budget we anticipate, if at all, and our business and financial results may change significantly as a result of such strategic growth.
Previous wording
The Public Utility Commission of Texas (“PUCT”), ERCOT, and Oncor Electric Delivery Company LLC (“Oncor”)collectively oversee the regulatory, administrative, and delivery aspects of our power supply in Texas. In Kentucky, MISO oversees our power supply. As the bitcoin mining industry has expanded in recent years, regulatory scrutiny on bitcoin mining facilities and their energy consumption has intensified accordingly.
Current wording
The Public Utility Commission of Texas (“PUCT”), ERCOT, and Oncor Electric Delivery Company LLC (“Oncor”)collectively oversee the regulatory, administrative, and delivery aspects of our power supply in Texas. In Kentucky, MISO and Big Rivers Electric Corporation oversee our power supply at our Commerce site, and the Tennessee Valley Authority oversees the delivery and regulation of the power supply at our Blue Steel site. As the bitcoin mining industry has expanded in recent years, regulatory scrutiny on bitcoin mining facilities and their energy consumption has intensified accordingly.
Previous wording
As Texas’s grid operator, ERCOT is responsible for monitoring and testing market participants, including our Bitcoin Mining facilities at the Rockdale Facility and the Corsicana Facility, to evaluate their impact on grid reliability. As part of this process, ERCOT may issue curtailment notices to reduce the power usage at our Texas operations. Our Facilities in Texas are subject to periodic testing and monitoring and have experienced power curtailments in response to instructions we receive from Oncor and ERCOT. Given the inherent uncertainty regarding the duration or extent of power curtailments and testing procedures, we are currently unable to reasonably estimate their potential impact on our operations. If we cannot secure adequate access to electrical power, we may be forced to reduce or shut down our operations, which would have a material adverse effect on our business, prospects, financial condition, and operating results.
Current wording
As Texas’s grid operator, ERCOT is responsible for monitoring and testing market participants, including our Bitcoin Mining facilities at the Rockdale Facility and the Corsicana Facility, to evaluate their impact on grid reliability. As part of this process, ERCOT may issue curtailment notices to reduce the power usage at our Texas operations. Our Facilities in Texas are subject to periodic testing and monitoring and have experienced power curtailments in response to instructions we receive from Oncor and ERCOT. Given the inherent uncertainty regarding the duration or extent of power curtailments and testing procedures, we are currently unable to reasonably estimate their potential impact on our operations. If we cannot secure adequate access to electrical power, we may be forced to reduce or shut down our operations. See Part II, Item 1A. “Risk Factors” of this Quarterly Report.
Previous wording
Driven by the proliferation of energy-intensive applications such as bitcoin mining and HPC, demand for energy capacity continues to outpace supply. Data centers are increasingly scrutinized by federal, state, and local authorities due to concerns regarding energy consumption, land use, carbon emissions, water usage, environmental impacts, workforce, data-sovereignty considerations, and national-security-related issues. Regulators may impose new permitting requirements, energy-efficiency standards, carbon-reduction mandates, sustainability reporting rules, or operational restrictions specific to data centers, AI infrastructure, or high-density compute environments. Such regulations, particularly at the federal level or in the States of Texas and Kentucky, where our Facilities operate, could increase our capital expenditures, delay development timelines, limit expansion opportunities, or require costly modifications to existing infrastructure.
Current wording
consumption, land use, carbon emissions, water usage, environmental impacts, workforce, data-sovereignty considerations, and national-security-related issues. Regulators may impose new permitting requirements, energy-efficiency standards, carbon-reduction mandates, sustainability reporting rules, or operational restrictions specific to data centers, AI infrastructure, or high-density compute environments. Such regulations, particularly at the federal level or in the States of Texas and Kentucky, where our Facilities operate, could increase our capital expenditures, delay development timelines, limit expansion opportunities, or require costly modifications to existing infrastructure.
Previous wording
See Part I, Item 1A. “Risk Factors” of the 2025 Annual Report for additional discussion regarding potential impacts that our competitive and evolving industry may have on our business.
Current wording
See Part I, Item 1A. “Risk Factors” of the 2025 Annual Report and Part II, Item 1A. “Risk Factors” of this Quarterly Report for additional discussion regarding potential impacts that our competitive and evolving industry may have on our business.
Previous wording
Global supply chain disruptions and inflationary pressures have, at times, resulted in delays to our miner delivery schedules, infrastructure development timelines, and the manufacturing and delivery schedules within our Engineering segment. These delays are primarily driven by constraints in the globalized supply chains for miners, specialized electrical distribution equipment, and construction materials. While we have effectively mitigated these delays, there can be no assurance that we will be successful in mitigating such disruptions in the future.
Current wording
Global supply chain disruptions and inflationary pressures have, at times, resulted in delays to our miner delivery schedules, infrastructure development timelines, and the manufacturing and delivery schedules within our Engineering segment. These delays are primarily driven by constraints in the globalized supply chains for miners, specialized electrical distribution equipment, and construction materials. While we have to date effectively mitigated these delays without a material impact on our operations, there can be no assurance that we will be successful in mitigating such disruptions in the future.
Previous wording
We sell our bitcoin to fund operations. During 2026, we have experienced an impact from the recent volatility and downward trend in the market price of bitcoin, which has reduced the purchasing power of our bitcoin holdings. This decline may necessitate the sale of a greater volume of our bitcoin than previously anticipated to generate the liquidity required to fund our ongoing operations and working capital needs. By diversifying our infrastructure to support broader data services, we aim to mitigate our direct exposure to cryptocurrency price fluctuations and establish a more stable, diversified revenue stream centered on digital infrastructure.
Current wording
We sell the bitcoin we mine to fund our operations and data center development. During 2026, the decline and volatility in the market price of bitcoin reduced the value of our bitcoin production and holdings and required us to sell more bitcoin than previously anticipated to fund our operations and working capital needs. By developing data center capacity at our Facilities, we aim to reduce our direct exposure to bitcoin price fluctuations and establish a more stable, contracted revenue stream from data center leasing.
Previous wording
Total revenue for the three months ended June 30, 2026 and 2025 was $174.2 million and $153.0 million, respectively. Total revenue consists of Bitcoin Mining revenue, Data Center revenue, Engineering revenue, and Other revenue. Other revenue consists almost entirely of residual activity related to our former Data Center Hosting bitcoin mining operations. See below for explanations of changes in revenue by operating segment.
Current wording
Total revenue for the three months ended September 30, 2026 and 2025 was $181.4 million and $180.2 million, respectively. Total revenue consists of Bitcoin Mining revenue, Data Center revenue, Engineering revenue, and Other revenue. Other revenue consists
Previous wording
Bitcoin Mining revenue was $113.7 million and $140.9 million for the three months ended June 30, 2026 and 2025, respectively. The decrease of $27.2 million was primarily due to higher bitcoin prices in the 2025 period, which averaged $98,800 per bitcoin, as compared to $71,667 per bitcoin for the 2026 period, offset by an increase in Bitcoin production of 11.3% during the three months ended June 30, 2026 compared to the same period in 2025, primarily due to a 17.4% increase in average operating hash rate.
Current wording
Bitcoin Mining revenue was $116.0 million and $160.8 million for the three months ended September 30, 2026 and 2025, respectively. The decrease of $44.8 million was primarily due to lower bitcoin prices in the 2026 period, which averaged $70,855 per bitcoin, as compared to $114,361 per bitcoin for the 2025 period, partially offset by an increase in bitcoin production of 16.4% during the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to a 15.7% increase in our average operating hash rate.
Previous wording
Data Center revenue of $23.2 million for the three months ended June 30, 2026 was attributable to leasing activity and associated tenant fit-out from the AMD Lease. We began recognizing our Data Center operations as a reportable segment in the first quarter of 2026. Accordingly, there were no Data Center revenues for the three months ended June 30, 2025.
Current wording
Data Center revenue of $18.4 million for the three months ended September 30, 2026 was attributable to leasing activity and associated tenant fit-out from the Amended AMD Lease. We began recognizing our Data Center operations as a reportable segment in the first quarter of 2026. Accordingly, there were no Data Center revenues for the three months ended September 30, 2025.
Previous wording
Engineering revenue was $37.3 million and $10.6 million for the three months ended June 30, 2026 and 2025, respectively. The increasewas primarily attributable to strong third-party data center demand for custom electrical equipment. Our custom electrical products are used as important components in data center development and in power generation and distribution facilities. There continues to be significant third-party demand for these products due to the increased interest in data center construction, as well as growing worldwide demand for power.
Current wording
Engineering revenue was $47.0 million and $19.1 million for the three months ended September 30, 2026 and 2025, respectively. The increasewas primarily attributable to strong third-party data center demand for custom electrical equipment. Our custom electrical products are used as important components in data center development and in power generation and distribution facilities. There continues to be significant third-party demand for these products due to the increased interest in data center construction, as well as growing worldwide demand for power.
Previous wording
The increase of approximately $11.1 million in Cost of revenue for Bitcoin Mining was primarily due to increased Bitcoin Mining capacity and power consumption due to the 125 MW of power capacity at the Rockdale Facility that was assumed in the settlement of litigation between the Company and Rhodium Encore LLC in April 2025 (the “Rhodium Settlement”) and the continued expansion at the Kentucky Facility. The expanded facilities require additional headcount and direct costs necessary to maintain and support our expanded Bitcoin Mining operations. Cost of revenue for Bitcoin Mining excludes depreciation and amortization, which are stated separately on our Condensed Consolidated Statements of Operations.
Current wording
The decrease of approximately $6.8 million in Cost of revenue for Bitcoin Mining was primarily due to reduced power costs for the three months ended September 30, 2026, as compared to the same period in 2025, partially offset by increased power consumption due to the continued expansion at the Kentucky Facility. The expanded facility requires additional headcount and direct costs. Cost of revenue for Bitcoin Mining excludes depreciation and amortization, which are stated separately on our Condensed Consolidated Statements of Operations.
Previous wording
Data Center Cost of revenue was $16.7 million for the three months ended June 30, 2026, which was attributable to leasing costs and contract services for tenant-fit-out for the AMD Lease. We began recognizing our Data Center operations as a reportable segment in the first quarter of 2026. Accordingly, there was no Data Center Cost of revenue for the three months ended June 30, 2025.
Current wording
Data Center Cost of revenue was $11.2 million for the three months ended September 30, 2026, which was attributable to leasing costs and contract services for tenant-fit-out for the Amended AMD Lease. We began recognizing our Data Center operations as a reportable segment in the first quarter of 2026. Accordingly, there was no Data Center Cost of revenue for the three months ended September 30, 2025.
Previous wording
Cost of revenue for Engineering for the three months ended June 30, 2026 and 2025 was $27.0 million and $9.9 million, respectively, an increase of approximately $17.1 million. The costs consisted primarily of direct materials and labor, as well as indirect manufacturing costs. Consistent with the causes of increased Engineering revenue noted above, the increase was primarily due to increased receipts of materials resulting in our ability to complete projects.
Current wording
Cost of revenue for Engineering for the three months ended September 30, 2026 and 2025 was $40.0 million and $13.7 million, respectively, an increase of approximately $26.3 million. The costs consisted primarily of direct materials and labor, as well as indirect manufacturing costs. Consistent with the causes of increased Engineering revenue noted above, the increase was primarily due to increased costs and receipts of materials resulting in our ability to complete projects.
Previous wording
Selling, general, and administrative expenses for the six months ended June 30, 2026 and 2025 were $158.2 million and $147.4 million, respectively, an increase of approximately $10.8 million. Selling, general, and administrative expenses consist of stock-based compensation, legal and professional fees, and other personnel and related costs. The increase was primarily due to a $15.0 million increase in stock-based compensation, a $7.0 million increase in compensation expense, and a $2.7 million increase in other coststo support our ongoing growth, partially offset byan$11.3 million decrease in legal and professional feesdue to recently ending or settling much of our outstanding litigation. Additional decreases were primarily due to lower consulting and insurance costs.
Current wording
Selling, general, and administrative expenses for the three months ended September 30, 2026 and 2025 were $68.0 million and $69.8 million, respectively, a decrease of approximately $1.8 million. Selling, general, and administrative expenses consist of stock-based compensation, legal and professional fees, and other personnel and related costs. The decrease was primarily due to an $11.4 million decrease in stock-based compensation, partially offset bya$7.7 million increase in compensation expense, and a $0.7 million increase inlegal and professional feesdue to ongoing litigation. The remaining offsetting increase was due to other administrative costs necessary to support our growth.
Previous wording
Depreciation and amortization for the three months ended June 30, 2026 and 2025 was $97.8 million and $83.2 million, respectively, an increase of approximately $14.6 million. The increase was primarily due to increases in miners deployed.
Current wording
Depreciation and amortization for the three months ended September 30, 2026 and 2025 was $123.9 million and $82.9 million, respectively, an increase of approximately $41.0 million. The increase was primarily due to increases in miners deployed.
Previous wording
The change in fair value of bitcoin for the six months ended June 30, 2026 and 2025 was a loss of $401.3 million and a gain of $262.8 million, respectively, and was recognized to adjust the fair value of our bitcoin held at the end of each period.
Current wording
The change in fair value of bitcoin for the three months ended September 30, 2026 and 2025 consisted of gains of $171.9 million and $133.1 million, respectively, and includes realized gains (losses) on bitcoin sold during the period and unrealized gains (losses) to adjust our bitcoin held at the end of each period to fair value.
Previous wording
The change in fair value of our derivatives for the three months ended June 30, 2026 and 2025 was a loss of $8.4 million and $42.7 million, respectively, and was recorded to adjust the fair value of our PPAs, which were classified as derivatives and measured at fair value. The changes in fair value were due to changes in future power prices over the applicable periods. The loss incurred for the three months ended June 30, 2026 was primarily attributable to the average of the forward prices utilized in the discounted cash flow estimation models decreasing from $49.12 per MWh as of March 31, 2026 to $48.60 per MWh as of June 30, 2026. The loss recognized for the three months ended June 30, 2025 was primarily attributable to the average of the forward prices decreasing from $55.41 per MWh as of March 31, 2025 to $53.31 per MWh as of June 30, 2025.
Current wording
The change in fair value of our derivatives for the three months ended September 30, 2026 and 2025 was a loss of $26.3 million and a gain of $10.8 million, respectively, and was recorded to adjust the fair value of our PPAs, which were classified as derivatives and measured at fair value. The changes in fair value were due to changes in future power prices over the applicable periods. The loss incurred for the three months ended September 30, 2026 was primarily attributable to the average of the forward prices utilized in the discounted cash flow estimation models decreasing from $48.60 per MWh as of June 30, 2026 to $44.59 per MWh as of September 30, 2026. The gain recognized for the three months ended September 30, 2025 was primarily attributable to the average of the forward prices increasing from $53.31 per MWh as of June 30, 2025 to $55.90 per MWh as of September 30, 2025.
Previous wording
Power curtailment credits for the three months ended June 30, 2026 and 2025 were $10.1 million and $8.3 million, respectively, and represent sales of unused power under our PPAs and participation in ancillary services under ERCOT and MISO Demand Response Service Programs. The amount of these credits varies from period to period depending on various factors impacting the supply of power to, and the demand for power on, the power grids, such as weather and global fuel costs.
Current wording
Power curtailment credits for the three months ended September 30, 2026 and 2025 were $24.7 million and $30.6 million, respectively, and represent sales of unused power under our PPAs and participation in ancillary services under ERCOT and MISO Demand Response Service Programs. The amount of these credits varies from period to period depending on various factors impacting the supply of power to, and the demand for power on, the power grids, such as weather and global fuel costs.
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Current report — wording carried from elsewhere
the underlying facility requirements for bitcoin mining and data center workloads, including large electrical loads, advanced cooling systems, and high-density rack deployments.
Current report — wording carried from elsewhere
Driven by the proliferation of energy-intensive applications such as bitcoin mining and HPC, demand for energy capacity continues to outpace supply. Data centers are increasingly scrutinized by federal, state, and local authorities due to concerns regarding energy
Current report — wording carried from elsewhere
almost entirely of residual activity related to our former Data Center Hosting bitcoin mining operations. See below for explanations of changes in revenue by operating segment.
Current report — wording carried from elsewhere
have an enforceable right to receive compensation as defined under the contract. The length of time required to complete a custom product varies but is typically between four and 12 weeks.
Current report — wording carried from elsewhere
For the nine months ended September 30, 2025, net cash provided by financing activities primarily consisted oftotal net proceeds of $251.9 million from our debt and net proceeds from our ATM Program offerings of $195.2 million.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
and, if applicable, Coinbase or Coinbase Custody International Ltd., and a description of our underlying agreements with them, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2025 Annual Report.
Previous report — wording carried elsewhere
The change in fair value of contingent consideration was a loss of $9.4 million for the three months ended June 30, 2025, as a result of the change in estimates for the potential earnout contingent consideration to the former sellers in the Block Mining Acquisition and the E4A Solutions Acquisition. For the three months ended June 30, 2026, there was no change in the fair value of contingent consideration attributable to either the E4A Solutions Acquisition or the Block Mining Acquisition.
Previous report — wording carried elsewhere
Power curtailment credits for the six months ended June 30, 2026 and 2025 were $31.1 million and $16.1 million, respectively, and represent sales of unused power under our PPAs and participation in ancillary services under ERCOT and MISO Demand Response
Previous report — wording carried elsewhere
The loss on contract settlement of $158.1 million in 2025 was attributable to the Rhodium Settlement.
Previous report — wording carried elsewhere
In preparing our financial statements in accordance with GAAP, there are certain accounting policies that may require a choice between acceptable accounting methods or may require substantial judgment or estimation in their application. The methods,