| Schedule of reportable segments and operating income |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
Reportable segment revenue: |
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Bitcoin Mining |
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$ |
49,742 |
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$ |
46,151 |
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$ |
97,765 |
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$ |
104,096 |
Data Center Hosting |
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39,387 |
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23,577 |
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76,383 |
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44,616 |
Engineering |
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20,183 |
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19,512 |
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41,539 |
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34,750 |
Other revenue |
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24 |
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24 |
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48 |
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48 |
Eliminations |
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(32,597) |
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(16,317) |
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(65,760) |
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(30,776) |
Total segment and consolidated revenue |
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$ |
76,739 |
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$ |
72,947 |
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$ |
149,975 |
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$ |
152,734 |
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Reportable segment cost of revenues: |
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Bitcoin Mining |
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33,482 |
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20,913 |
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62,173 |
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44,844 |
Data Center Hosting |
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44,026 |
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26,012 |
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90,847 |
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47,504 |
Engineering |
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18,932 |
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16,983 |
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37,818 |
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30,535 |
Eliminations |
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(32,477) |
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(15,554) |
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(63,753) |
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(28,901) |
Total segment and consolidated cost of revenues |
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$ |
63,963 |
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$ |
48,354 |
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$ |
127,085 |
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$ |
93,982 |
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Reconciling Items: |
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Acquisition-related costs |
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— |
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— |
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— |
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(78) |
Selling, general, and administrative |
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(19,836) |
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(10,713) |
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(32,511) |
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(21,545) |
Depreciation and amortization |
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(66,162) |
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(20,562) |
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(125,502) |
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(34,807) |
Change in fair value of derivative asset |
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13,109 |
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60,931 |
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7,331 |
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104,614 |
Power curtailment credits |
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13,470 |
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5,706 |
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16,545 |
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8,258 |
Change in fair value of contingent consideration |
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— |
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— |
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— |
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(176) |
Realized gain on sale of Bitcoin |
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19,828 |
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15,260 |
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33,603 |
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24,925 |
Gain (loss) on sale/exchange of equipment |
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(30) |
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8,614 |
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(30) |
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8,614 |
Casualty-related charges (recoveries), net |
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— |
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— |
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(1,526) |
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— |
Impairment of Bitcoin |
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(5,638) |
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(101,419) |
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(10,110) |
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(127,289) |
Impairment of goodwill |
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— |
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(335,648) |
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— |
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(335,648) |
Interest income (expense) |
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4,843 |
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— |
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1,013 |
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(357) |
Realized loss on sale of marketable equity securities |
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— |
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(1,624) |
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— |
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(1,624) |
Unrealized loss on marketable equity securities |
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— |
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(4,837) |
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— |
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(6,448) |
Other income (expense) |
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65 |
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(59) |
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65 |
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(59) |
Current income tax benefit (expense) |
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(112) |
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(427) |
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(188) |
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(739) |
Deferred income tax benefit (expense) |
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— |
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6,626 |
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5,045 |
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6,626 |
Net income (loss) |
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$ |
(27,687) |
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$ |
(353,559) |
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$ |
(83,375) |
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$ |
(316,981) |
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