Financial Performance - Net loss for Q4 2024 was 265.5million,comparedtoanetlossof195.7 million in Q4 2023, primarily due to a 224.7millionnon−cashmark−to−marketadjustment[2][9]−TotalrevenueforQ42024was94.9 million, down from 141.9millioninQ42023,withdigitalassetself−miningrevenueat79.9 million[2][4] - Adjusted EBITDA for Q4 2024 was 13.3million,adecreaseof43.4 million from 56.7millioninQ42023[2][10]−OperatinglossforQ42024was39.8 million, a decrease of 43.7millioncomparedtoanoperatingincomeof3.9 million in Q4 2023[2][8] - Net loss for the full fiscal year 2024 was 1.3billion,adecreaseof1.1 billion from the previous year, primarily due to a 1.4billionnon−cashmark−to−marketadjustment[18]−ConsolidatedtotalrevenuefortheyearendedDecember31,2024,was510.7 million, a slight increase from 502.4millionin2023[35]RevenueBreakdown−Digitalassetself−miningrevenuewas79.9 million, down 29% from 112.2millionyear−over−year[33]−Digitalassethostedminingrevenuefromcustomersfellto6.5 million in Q4 2024, down 78% from 29.8millioninQ42023[35]−Digitalassetself−mininggrossprofitforthefullfiscalyear2024was94.4 million, with a gross margin of 23%, compared to 98.6millionand254.8 million, down 88% from 39.3millioninQ42023,resultinginagrossmarginof551,035, with 974 self-mined bitcoins earned in Q4 2024[3][4] - Operating expenses rose to 43.6millioninQ42024,upfrom30.0 million in Q4 2023[33] - Research and development expenses were 5.0million,comparedto1.9 million in the same quarter last year[33] - The total cost of digital asset self-mining for the year ended December 31, 2024, was 314.3million,anincreasefrom291.7 million in 2023[35] - Employee compensation in the digital asset self-mining segment increased to 10.4millioninQ42024,upfrom4.4 million in Q4 2023[35] Assets and Liabilities - Total current assets increased significantly to 904.0millionfrom97.0 million in the previous year[31] - Cash and cash equivalents increased to 836.2millionfrom50.4 million year-over-year[31] - Total liabilities increased to 2.4billion,upfrom1.3 billion in the previous year[31] - The company has a substantial accumulated deficit of 3.7billionasofDecember31,2024[31]StrategicDevelopments−Thecompanyincreaseditstotalportfoliocapacityto1,300MWofpoweredinfrastructurebyyear−end2024throughstrategicsiteacquisitionsandexpansions[3]−Thecompanysecured625 million through a convertible note offering with favorable 0% interest terms, strengthening its balance sheet[3] - The HPC hosting segment generated 8.5millioninrevenueforQ42024,withagrossprofitof744, marking the first revenue reported in this segment[35]
