0001591956-26-000021 | 10-Q | XBRL Viewer

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Equity Incentive Plan option misc (Details) $ in Thousands	6 Months Ended
Equity Incentive Plan option misc (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Share-Based Payment Arrangement [Abstract]
Option awards maximum term	10 years
Dividends	$ 0

Intangible Assets

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table summarizes intangible assets, net (in thousands):


	June 30, 2026		December 31, 2025
Supplier agreements	$	36,977	$	37,525
Customer related	485		—

	37,462		37,525
Accumulated amortization:
Supplier agreements	(36,699)		(35,915)
Customer related	(9)		—

	(36,708)		(35,915)
Intangible assets, net	$	754	$	1,610

Amortization expense for intangible assets was $0.4 million for both the three months ended June 30, 2026 and 2025. Amortization expense of intangible assets was $0.8 million and $0.7 million for the six months ended June 30, 2026 and 2025, respectively.

Estimated amortization expense for intangible assets is approximately $0.3 million for the remainder of 2026 and $0.1 million, $0.1 million, $0.1 million, $0.1 million, and in fiscal years 2027, 2028, 2029, and 2030, respectively.

Impairment of Intangible Assets

For three and six months ended June 30, 2026, the Company recorded an impairment charge to supplier agreements related to the decline in Bitcoin prices. The Company compared the indicated fair value to the carrying value of its finite-lived asset, and as a result of the analysis, an impairment charge of $0.6 million was recorded. For the three and six months ended June 30, 2025, there were no impairments recognized.

Share Capital

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Share Capital

At-the-Market Offering Program

On January 3, 2025, the Company entered into a sales agreement (the “ATM Agreement”) with A.G.P./Alliance Global Partners (“AGP”), as sales agent. In accordance with the terms of the ATM Agreement, the Company may offer and sell from time to time through or to AGP, as agent or principal, the Company's common shares having an aggregate offering price of up to $8.0 million (the “Placement Shares”). The ATM Agreement can be terminated by either party by giving two days written notice.

Neither the Company nor AGP are obligated to sell any Placement Shares pursuant to the ATM Agreement. Subject to the terms and conditions of the ATM Agreement, the AGP will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq, to sell the Placement Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. Sales of the Placement Shares, if any, will be made on Nasdaq at market prices by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended. For the three months ended June 30, 2026 and 2025, under the ATM Agreement the Company issued 892,582 and nil common shares, respectively, for $2.1 million

and nil of net proceeds, respectively. For the six months ended June 30, 2026 and 2025, under the ATM Agreement the Company issued 1,148,724 and 21,045 common shares, respectively, for $2.5 million and $0.1 million of net proceeds, respectively. See Note 16 regarding the Company’s entry into the Amended and Restated ATM Agreement on July 31, 2026.

Unlimited authorized shares of common shares at no par value are available to the Company. At June 30, 2026, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price		Number outstanding	Expiration
September 2021	5	$	665.00	142,955	September 8, 2026
February 2022	5	$	280.00	1,429	February 7, 2027
February 2022	5	$	350.00	1,429	February 7, 2027
February 2022	5	$	420.00	1,429	February 7, 2027
August 2023	3	$	27.50	80,000	August 11, 2026
August 2023	3	$	27.50	216,293	August 23, 2026
October 2025	5	$	9.40	873,643	January 15, 2031
June 2026	—	—		115,867	(1)
				1,433,045

_______________

(1) These warrants were assumed from the June 1, 2026 Cathedra acquisition and have exercise prices ranging from $11.08 to $272.40, expiration dates ranging from November 2026 to December 2027, expected volatility of 121.2%, and risk-free interest rate of 3.8%-3.9%.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income applicable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per share reflects the potential dilution of securities that could share in the earnings of an entity. The calculation of diluted net income (loss) per share gives effect to common share equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Common share purchase warrants, options and RSUs outstanding, and preferred shares are considered common share equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.

A reconciliation of the numerators and denominators is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income available to common shareholders	$	(13,829)	$	1,667	$	(17,935)	$	(7,118)
Denominator:
Weighted average common shares outstanding for basic (loss) income per share	5,166,486		2,774,780		4,328,230		2,748,060
Net effect of dilutive common share equivalents	—		2,300		—		—
Weighted average common shares outstanding for diluted net (loss) income per share	5,166,486		2,777,080		4,328,230		2,748,060
Net (loss) income per share:
Basic	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)
Diluted	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)

Anti-dilutive common share equivalents excluded from the computation of diluted net (loss) income per share were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common share purchase warrants	1,433,045	891,899	1,433,045	891,899
Options and RSUs outstanding	1,597,572	226,130	1,597,572	226,130
Preferred shares	1,389,417	—	1,389,417	2,300

Share Capital - Warrants Outstanding (Details)

6 Months Ended

Jun. 30, 2026

$ / shares

Measurement Input, Price Volatility

Class of Warrant or Right [Line Items]

Warrants measurement input

1.212

Minimum | Measurement Input, Exercise Price

Class of Warrant or Right [Line Items]

Warrants measurement input

11.08

Minimum | Measurement Input, Risk Free Interest Rate

Class of Warrant or Right [Line Items]

Warrants measurement input

0.038

Maximum | Measurement Input, Exercise Price

Class of Warrant or Right [Line Items]

Warrants measurement input

272.40

Maximum | Measurement Input, Risk Free Interest Rate

Class of Warrant or Right [Line Items]

Warrants measurement input

0.039

September 8, 2021

Class of Warrant or Right [Line Items]

Contractual life (years)

5 years

Exercise price | $ / shares

$ 665.00

Number outstanding, warrants, (in shares)

142,955

Expiration

Sep. 08, 2026

February 7, 2022 A

Class of Warrant or Right [Line Items]

Contractual life (years)

5 years

Exercise price | $ / shares

$ 280.00

Number outstanding, warrants, (in shares)

1,429

Expiration

Feb. 07, 2027

February 7 2022 B

Class of Warrant or Right [Line Items]

Contractual life (years)

5 years

Exercise price | $ / shares

$ 350.00

Number outstanding, warrants, (in shares)

1,429

Expiration

Feb. 07, 2027

February 7 2022 C

Class of Warrant or Right [Line Items]

Contractual life (years)

5 years

Exercise price | $ / shares

$ 420.00

Number outstanding, warrants, (in shares)

1,429

Expiration

Feb. 07, 2027

August 11, 2023

Class of Warrant or Right [Line Items]

Contractual life (years)

3 years

Exercise price | $ / shares

$ 27.50

Number outstanding, warrants, (in shares)

80,000

Expiration

Aug. 11, 2026

August 23, 2023

Class of Warrant or Right [Line Items]

Contractual life (years)

3 years

Exercise price | $ / shares

$ 27.50

Number outstanding, warrants, (in shares)

216,293

Expiration

Aug. 23, 2026

November 21, 2024 reissued

Class of Warrant or Right [Line Items]

Contractual life (years)

5 years

Exercise price | $ / shares

$ 9.40

Number outstanding, warrants, (in shares)

873,643

Expiration

Jan. 15, 2031

June 1, 2026

Class of Warrant or Right [Line Items]

Number outstanding, warrants, (in shares)

115,867

^[1]

Warrant

Class of Warrant or Right [Line Items]

Number outstanding, warrants, (in shares)

1,433,045

[1]	These warrants were assumed from the June 1, 2026 Cathedra acquisition and have exercise prices ranging from $11.08 to $272.40, expiration dates ranging from November 2026 to December 2027, expected volatility of 121.2%, and risk-free interest rate of 3.8%-3.9%.

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes intangible assets, net (in thousands):


	June 30, 2026		December 31, 2025
Supplier agreements	$	36,977	$	37,525
Customer related	485		—

	37,462		37,525
Accumulated amortization:
Supplier agreements	(36,699)		(35,915)
Customer related	(9)		—

	(36,708)		(35,915)
Intangible assets, net	$	754	$	1,610

Leases, 5 year table (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 126
Lessee, Operating Lease, Liability, to be Paid, Year One	267
Lessee, Operating Lease, Liability, to be Paid, Year Two	267
Lessee, Operating Lease, Liability, to be Paid, Year Three	263
Lessee, Operating Lease, Liability, to be Paid, Year Four	256
Lessee, Operating Lease, Liability, to be Paid, after Year Five	870
Lessee, Operating Lease, Liability, to be Paid	2,049
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(615)
Operating Lease, Liability	$ 1,434

Subsequent Events (Details) $ in Thousands			1 Months Ended	3 Months Ended				6 Months Ended
Subsequent Events (Details) $ in Thousands	Jul. 31, 2026 USD ($)	Jan. 03, 2025 USD ($)	Aug. 14, 2026 USD ($) shares	Jun. 30, 2026 USD ($) shares	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($) shares	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Aug. 07, 2026 sharePurchaseRight shares
Subsequent Event [Line Items]
Issuance of common shares for the settlement of liabilities (in shares)								135,403
RSA-Liabilities Paid \| $								$ 200	$ 0
Issuance of common shares (in shares)				892,582		0		1,148,724	21,045
Issuance of common shares for at-the-market offering, net \| $				$ 2,065	$ 415	$ 0	$ 108	$ 2,500	$ 100
Share sales agreement At-The-Market \| $		$ 8,000
Subsequent Event
Subsequent Event [Line Items]
Issuance of common shares for the settlement of liabilities (in shares)			32,158
RSA-Liabilities Paid \| $			$ 300
Issuance of common shares (in shares)			911,274
Issuance of common shares for at-the-market offering, net \| $			$ 1,700
Share sales agreement At-The-Market \| $	$ 10,300
Beneficial owner of shares outstanding, percentage										20.00%
Number of share purchase rights per voting share \| sharePurchaseRight										1
Number of common shares entitled per holder (in shares)										1
Exercise price, market price multiplier										3
Exercise price, market price multiplier, triggering event										2
Number of common shares exchangeable (in shares)										1
Subsequent Event \| Restricted Stock Awards
Subsequent Event [Line Items]
Issuance of common shares for the settlement of liabilities (in shares)			121,491

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ (17,935)	$ (7,118)
Adjustments to reconcile net loss to cash used in operating activities:
Impairment of property and equipment	7,039	0
Depreciation and amortization	2,464	3,273
Share-based compensation	1,222	389
Change in fair value of Bitcoin	816	(272)
Impairment of Intangible Assets, Finite-Lived	588	0
Loss on disposal of property and equipment	241	859
Issuance of Stock and Warrants for Services or Claims	231	0
Operating Lease, Right-of-Use Asset, Periodic Reduction	15	0
Realized gain on sale of investment in equity securities	0	(3,137)
Unrealized loss on investment in equity securities	0	2,478
Change in fair value of warrant liabilities	0	(29)
Changes in operating assets and liabilities:
Mining of Bitcoin	(4,003)	(5,835)
Increase (Decrease) in Accounts Receivable	54	0
Accounts payable and accrued liabilities	610	(1,252)
Accrued payroll and employee compensation	87	(1,010)
Other assets and liabilities, net	(452)	1,726
Net cash used in operating activities	(9,023)	(9,928)
Investing activities:
Proceeds from sale of Bitcoin	5,260	5,301
Cash Acquired from Acquisition	450	0
Proceeds from sale of investment in equity securities	0	4,775
Payments for purchase of property and equipment	0	(1,225)
Proceeds from sale of property and equipment	0	247
Net cash provided by investing activities	5,710	9,098
Financing Activities [Abstract]
Proceeds from issuance of common shares, net	2,545	108
Payments of Stock Issuance Costs	(93)	0
Net cash provided by financing activities	2,452	108
Net (decrease) increase in cash, cash equivalents and restricted cash	(861)	(722)
Cash and cash equivalents, beginning of period	3,707	5,425
Cash and cash equivalents, end of period	2,846	4,703
Supplemental disclosures of non-cash investing activities:
Property and equipment exchanged for new mining equipment	1,165	0
Issuance of common shares for settlement of liabilities	232	0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	124	0
Amount accrued for purchases of property and equipment	0	157
Other Significant Noncash Transaction, Value of Consideration Given	$ 0	$ 69

Acquisition - Purchase Consideration (Details) - Cathedra $ in Thousands	Jun. 01, 2026 USD ($)
Business Combination [Line Items]
Total purchase consideration	$ 7,343
Common Shares
Business Combination [Line Items]
Business Combination, Consideration Transferred, Equity Interest	4,570
Preferred Shares
Business Combination [Line Items]
Business Combination, Consideration Transferred, Equity Interest	2,677
Replacement Awards and Warrants
Business Combination [Line Items]
Business Combination, Consideration Transferred, Equity Interest	$ 96

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Bitcoin - Activities of Bitcoin (Details) $ in Thousands	6 Months Ended
Bitcoin - Activities of Bitcoin (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Bitcoin, Fair Value, Beginning Balance	$ 3,263
Revenue recognized from Bitcoin mined	4,003
Proceeds from sale of Bitcoin	(5,260)
Change in fair value of Bitcoin	(816)
Bitcoin assumed from acquisition	7
Bitcoin, Fair Value, Ending Balance	$ 1,197

Certain Balance Sheet Items LT Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Income Statement [Abstract]
Utility deposits	$ 1,900	$ 225
Other investments	654	0
Other non-current assets	$ 2,554	$ 225

Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerators and denominators is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net (loss) income available to common shareholders	$	(13,829)	$	1,667	$	(17,935)	$	(7,118)
Denominator:
Weighted average common shares outstanding for basic (loss) income per share	5,166,486		2,774,780		4,328,230		2,748,060
Net effect of dilutive common share equivalents	—		2,300		—		—
Weighted average common shares outstanding for diluted net (loss) income per share	5,166,486		2,777,080		4,328,230		2,748,060
Net (loss) income per share:
Basic	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)
Diluted	$	(2.68)	$	0.60	$	(4.14)	$	(2.59)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Anti-dilutive common share equivalents excluded from the computation of diluted net (loss) income per share were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common share purchase warrants	1,433,045	891,899	1,433,045	891,899
Options and RSUs outstanding	1,597,572	226,130	1,597,572	226,130
Preferred shares	1,389,417	—	1,389,417	2,300

Commitments and Contingencies - Services Agreement (Details) - USD ($) $ in Thousands					3 Months Ended			6 Months Ended
	Nov. 22, 2025	Mar. 10, 2025	Jan. 16, 2025	Oct. 18, 2023	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
North Campbell HostCo LLC
Other Commitments [Line Items]
Service Agreement, Term of Contract								12 months
Hosting Arrangement, Deposit Paid								$ 400
Hosting service expense					$ 700			1,600
Simple Mining
Other Commitments [Line Items]
Service Agreement, Term of Contract		12 months
Hosting service expense							$ 1,100		$ 2,600
Hosting agreement termination date	Nov. 22, 2025
Joshi Hosting
Other Commitments [Line Items]
Service Agreement, Term of Contract				3 years
Hosting Arrangement, Deposit Paid				$ 300
Hosting service expense					$ 0		400	$ 100	800
Service Agreement, Renewal Period				1 year
Service Agreement, Renewal Term				30 days
Hosting Arrangement, Payment of Service Fee Period				2 months
Rebel Mining Company
Other Commitments [Line Items]
Hosting service expense							$ 0		$ 100
Hosting agreement termination date			Jan. 16, 2025
Payments for Legal Settlements			$ 2,400
Other Asset Impairment Charges						$ 300

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Sphere 3D Corp. was incorporated under the Business Corporations Act (Ontario) on May 2, 2007 as T.B. Mining Ventures Inc. On March 24, 2015, the Company completed a short-form amalgamation with a wholly-owned subsidiary. In connection with the short-form amalgamation, the Company changed its name to “Sphere 3D Corp.” Any reference to the “Company”, “Sphere 3D”, “we”, “our”, “us”, or similar terms refers to Sphere 3D Corp. and its subsidiaries. In January 2022, the Company commenced operations of its Bitcoin mining business. On June 1, 2026, the Company consummated the Combination (as defined below). Following the Combination, the Company is dedicated to becoming a leader as a digital infrastructure company focused on operating and expanding scalable power and data center assets for high-performance computing, artificial intelligence (“AI”) workloads, and digital asset infrastructure. Business Combination On March 5, 2026, the Company and Cathedra Bitcoin Inc. (“Cathedra”), entered into a definitive agreement to combine the two companies in an all-stock transaction (the “Arrangement Agreement”). On June 1, 2026, the business combination was effected by way of a plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which S3D Acquisition Corp., the Company’s wholly-owned subsidiary, acquired all of the issued and outstanding shares of Cathedra in a share-for-share transaction, and Cathedra became a wholly-owned subsidiary of the Company (the “Combination”). As a result of the Combination, the Company has expanded beyond proprietary Bitcoin mining into a vertically integrated data center infrastructure platform, combining our mining fleet and capital markets access with Cathedra’s energy and power infrastructure assets and data center development capabilities. Share Consolidation On February 9, 2026, the Company filed an Articles of Amendment to effect a share consolidation (also known as a reverse stock split) of its issued and outstanding common shares in the ratio of 1-for-10. The share consolidation was effective on February 9, 2026. The Company’s common shares began trading on an adjusted basis on the Nasdaq Capital Market (“Nasdaq”) at the opening of trading on February 10, 2026. All share and per share amounts have been restated for all periods presented to reflect the share consolidation.
Substantial Doubt about Going Concern	Going Concern Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at June 30, 2026, cash on hand may not be sufficient to allow the Company to continue operations and there is substantial doubt about our ability to continue as a going concern within 12 months from the date of issuance of our financial statements if we are unable to raise additional funding for operations. We expect our working capital needs to increase in the future as we continue to expand and enhance our operations. Our ability to raise additional funds for working capital through equity or debt financings or other sources may depend on the financial success of our business and successful implementation of our key strategic initiatives, financial, economic and market conditions and other factors, some of which are beyond our control. We require additional capital and if we are unsuccessful in raising that capital at a reasonable cost and at the required times, or at all, we may not be able to continue our business operations in the cryptocurrency mining industry or we may be unable to advance our growth initiatives, either of which could adversely impact our business, financial condition and results of operations. To mitigate these risks we are taking steps to reduce our cost of mining, have refreshed our mining fleet to improve our mining efficiency, and expect that recently contracted hosting agreements should further support these efforts. Significant changes from our current forecasts, including but not limited to: (i) shortfalls from projected earnings; (ii) increases in operating costs; (iii) decreases in the value of cryptocurrency; and (iv) if we do not maintain compliance with the requirements of Nasdaq and/or we do not maintain our listing with Nasdaq, it could have a material adverse impact on our ability to access the level of funding necessary to continue operations at current levels. These factors, among others, should they occur may result in our inability to continue as a going concern within 12 months from the date of issuance of our financial statements. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of this uncertainty.

Management Service Agreement (Details) - Simple Mining - USD ($)		3 Months Ended		6 Months Ended
	Mar. 10, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Commitments [Line Items]
Service Agreement, Term of Contract	12 months
Other Commitments, Renewal Term	12 months
Other Commitments, Renewal Term Notice Period	30 days
Management service fee		$ 51,000	$ 71,000	$ 100,000	$ 100,000

Acquisition

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

On June 1, 2026, the Company acquired Cathedra’s digital infrastructure platform and bitcoin mining operations, which are expected to complement Sphere’s existing bitcoin mining operations and expand its power portfolio. As described in Note 1, the Combination was effected by way of the Company’s wholly-owned subsidiary, S3D Acquisition Corp., which acquired all of the issued and outstanding shares of Cathedra in a share-for-share transaction, and Cathedra became a wholly-owned subsidiary of the Company. Immediately following the June 1, 2026 closing, former Cathedra security holders held approximately 33% of the voting rights in the combined company.

The total purchase consideration for the acquisition consisted of 2,405,300 common shares and 1,387,117 Series I preferred shares with a fair value as follows (in thousands):


Common shares	$	4,570
Preferred shares	2,677
Issuance of replacement awards and warrants	96
Total purchase consideration	$	7,343

As a result of the Combination, the Company has expanded beyond proprietary Bitcoin mining into a vertically integrated data center infrastructure platform, combining the Company’s mining fleet and capital markets access with Cathedra’s energy and power infrastructure assets and data center development capabilities.

The acquisition was accounted for as a business combination under ASC 805 using the acquisition method of accounting. The results of Cathedra’s operations have been included in the Company’s condensed consolidated statements of operations from the acquisition date, and reflect revenue of $0.4 million and an operating loss of $0.6 million. The transaction was considered a stock-deal for tax purposes and as such a deferred tax liability was recorded to recognize the tax impact for the differences in the book and tax basis of the assets acquired

The following table summarizes the preliminary purchase price allocation based on the estimated fair values of assets acquired and liabilities assumed as of June 1, 2026 (in thousands):


Cash and cash equivalents	$	450
Bitcoin	7
Accounts receivable	400
Property and equipment	5,046
Operating lease right-of-use asset	1,342
Identifiable intangible assets - customer related	525
Other assets	3,223
Total identifiable assets acquired	10,993
Accounts payable and accrued liabilities	2,532
Deferred tax liabilities	760
Operating lease liabilities	1,333
Other liabilities	2,307

Total identifiable liabilities assumed	6,932
Net identifiable assets acquired	4,061
Goodwill	3,282
Total purchase consideration	$	7,343

Goodwill is calculated as the excess of the purchase price over the net assets acquired. The Company expects the goodwill balance not to be deductible for tax purposes. Goodwill is primarily attributed to growth opportunities as well as expected synergies from combining the operations of Cathedra, including its digital infrastructure platform, data center operations, and proprietary Bitcoin mining activities.

The Series I preferred shares are not publicly traded and do not have a quoted price in an active market. Accordingly, the fair value of the Series I preferred shares at June 1, 2026 was determined using an option pricing method to allocate the total equity value of the Company, estimated using a market approach, the guideline public company method, and then applying a discount for lack of marketability, resulting in a fair value of $1.93 per Series I preferred share on a non-marketable, minority-interest basis. These inputs, including volatility and a risk-free rate, used in this valuation are Level 3 inputs.

The fair value of property and equipment was estimated by applying the cost approach, which estimates fair value using replacement or reproduction cost of an asset of comparable utility, adjusted for loss in value due to depreciation and economic obsolescence, which are considered Level 3 inputs. The fair value of the customer relationships intangible asset was determined using a discounted cash flow model that incorporates the excess earnings method, which are considered Level 3 inputs, and will be amortized on a straight-line basis over the projected pattern of economic benefits of five years.

Transaction costs of $3.0 million were incurred in connection with the Combination including consulting fees, legal and professional fees for brokering and due diligence services and were recognized in general and administrative expense in the condensed consolidated statement of operations.

Pro Forma Financial Information

The following unaudited pro forma financial information reflects the acquisition as if it had occurred on January 1, 2025, and includes pro forma adjustments to the Company’s historical financial statements for the indicated periods (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	3,591	$	6,727	$	7,250	$	14,041
Net (loss) income from continuing operations	$	(12,540)	$	545	$	(17,548)	$	(12,245)

The unaudited pro forma financial information is not meant to show what the Company's actual results would have been if the acquisition had happened on the date assumed, and it should not be taken as a prediction of the Company's future financial position or operating results.

- Definition

The entire disclosure for business combination.

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+ Details

RSUs w Performance Details (Details) - Restricted Stock Awards - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value	$ 0.2	$ 0.0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 0.1	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies - Intangible Assets (Details)	Jun. 30, 2026
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Useful life, finite-lived intangible assets	5 years

- Definition

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+ Details

Leases, Codification Topic 840 (Details) $ in Thousands	3 Months Ended	6 Months Ended
Leases, Codification Topic 840 (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)
Leases [Abstract]
Proceeds from Lease Payment, Operating Activity		$ 35
Operating Lease, Weighted Average Remaining Lease Term	7 years 10 months 24 days	7 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	9.60%	9.60%
Operating Lease, Expense	$ 22	$ 22

Commitments and Contingencies - Compensation Obligations (Details)	6 Months Ended
	Jun. 30, 2026 USD ($)
Other Commitments [Line Items]
Term	2 years
Liability	$ 0
Chief Executive Officer
Other Commitments [Line Items]
Contingent retention bonus	1,600,000
Chief Financial Officer
Other Commitments [Line Items]
Contingent retention bonus	$ 1,100,000

Notes Receivable	6 Months Ended
Notes Receivable	Jun. 30, 2026
Receivables [Abstract]
Notes Receivable	Note Receivable Rainmaker Promissory Note In September 2020, the Company entered into a Senior Secured Convertible Promissory Note with Rainmaker Worldwide Inc. (the “Rainmaker Note”). The Rainmaker Note is secured as a registered lien under the Uniform Commercial Code and the Personal Property Security Act (Ontario) against the assets of Rainmaker. In January 2025, the Company and Rainmaker entered into Amendment No. 4 to the Rainmaker Note and the principal amount was revised to $4.6 million. In January 2026, the Company and Rainmaker entered into a settlement agreement to the Rainmaker Note and both parties agreed the outstanding amount would be settled by a one-time payment of $0.5 million by February 27, 2026 (the “Settlement Date”). Such payment was not received by the Settlement Date, and based on the settlement agreement, the amount increases by $50,000 the first business day of each month following the Settlement Date. All amounts related to the Rainmaker Note have been fully reserved.

Certain Balance Sheet Items - Property and Equipment Table (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 13,986	$ 25,535
Accumulated depreciation	3,280	10,927
Property and equipment, net	10,706	14,608
Mining Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	7,424	24,019
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,402	1,516
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 160	$ 0

Preferred Shares	6 Months Ended
Preferred Shares	Jun. 30, 2026
Class of Stock Disclosures [Abstract]
Preferred Stock	Preferred Shares Series I Preferred Shares On May 29, 2026, the Company filed articles of amendment to create a new series of preferred shares, being, an unlimited number of Series I Preferred Shares (the “Series I Preferred Shares”), and to provide for the rights, privileges, restrictions and conditions attaching thereto. Holders of outstanding Series I Preferred Shares are entitled to receive dividends, subject to applicable law and the rights of the holders of Series H Preferred Shares, payable annually on June 1 of each applicable calendar year, or on the next business day if such date is not a business day and are noncumulative. Dividends are payable exclusively in additional Series I Preferred Shares (“PIK Shares”) at 8.0% per annum for the 36-month period following June 1, 2026. The number of Series I Preferred Shares issuable on each dividend payment date is calculated based on the number of Series I Preferred Shares held by the applicable holder on that date, rounded down to the nearest whole share. Holders of Series I Preferred Shares have no right to receive dividends after June 1, 2029. Each share of Series I Preferred Shares (other than PIK Shares) is convertible into one common share of the Company on the following schedule: (x) up to 33-1/3% of such Series I Preferred Shares following the 12-month anniversary of June 1, 2026; (y) up to an aggregate of 66-2/3% of such Series I Preferred Shares following the 24-month anniversary of June 1, 2026; and (z) up to an aggregate of 100% of such Series I Preferred Shares following the 36-month anniversary of June 1, 2026, in each case, excluding any PIK Shares. PIK Shares are convertible into the Company’s common shares on a one-for-one basis on or after June 1, 2029. The Company’s common shares rank junior to the Series I Preferred Shares in all respects (except as provided in connection with certain liquidation events described below). The Company’s Series H Preferred Shares rank senior to the Series I Preferred Shares. The Series I Preferred Shares carry no general voting rights, except for certain limited protective voting rights as expressly provided in the articles of amendment and as otherwise required by law. The aggregate number of the Company’s common shares issuable upon conversion of the Series I Preferred Shares is subject to a cap (the “Exchange Cap”) equal to the maximum number of the Company’s common shares that may be issued upon such conversion without breaching its obligations under the rules of Nasdaq, unless the Company obtains shareholder approval for issuances in excess of such amount. The Exchange Cap is allocated pro rata among the holders of Series I Preferred Shares. The Company is not required under any circumstance to settle any conversion of the Series I Preferred Shares in cash and may settle any such conversion through the delivery of unregistered common shares. If the Company’s Chief Executive Officer (“CEO”) ceases to be the CEO of the Company as a result of (i) a termination of his employment by the Company without cause, (ii) his resignation for good reason (as defined in his employment agreement with the Company), or (iii) his entry into a mutually agreed separation agreement with the Company, or if the CEO is not included on the Company's management slate of directors at any meeting of the Company's shareholders, then, effective upon such occurrence, each holder of Series I Preferred Shares may convert, in whole or in part and at any time thereafter, all of its Series I Preferred Shares, including all PIK Shares previously issued to such holder, into the Company’s common shares. In the event of a voluntary or involuntary liquidation, dissolution or winding-up of the Company, holders of Series I Preferred Shares are entitled to receive, before any distribution to holders of the Company’s common shares or other junior shares, an amount per Series I Preferred Share equal to the greater of (i) the closing sale price of the Company’s common shares on the trading day immediately preceding such event and (ii) the amount such holder would have received had its Series I Preferred Shares been converted into common shares immediately prior to the liquidation event. After payment of such amounts, holders of Series I Preferred Shares and common shares are not entitled to share in any further distribution of assets of the Company in connection with such liquidation, dissolution or winding-up. Until June 1, 2029, the Company may not, without the approval of the holders of a majority of the then outstanding Series I Preferred Shares: (1) make any return of capital in respect of shares ranking junior to the Series I Preferred Shares (unless holders of Series I Preferred Shares participate on an equal and proportionate basis with the holders of common shares), or (2) make any return of capital in respect of shares ranking equal with the Series I Preferred Shares (unless holders of Series I Preferred Shares participate on an equal and proportionate basis with the holders of common shares). These restrictions do not limit the Company's ability to redeem or repurchase common share purchase warrants or other securities convertible into or exchangeable for the Company’s common shares. Series H Preferred Shares On October 1, 2021, the Company filed articles of amendment to create a series of preferred shares, being, an unlimited number of Series H Preferred Shares and to provide for the rights, privileges, restrictions and conditions attaching thereto. The Series H Preferred Shares are convertible into 14.286 common shares for every Series H Preferred Share. Each holder of the Series H Preferred Shares, may, subject to prior shareholder approval, convert all or any part of the Series H Preferred Shares provided that after such conversion the common shares issuable, together with all the common shares held by the shareholder in the aggregate would not exceed 9.99% of the total number of outstanding common shares of the Company. Each Series H Preferred Share has a stated value of $1,000. The Series H Preferred Shares are non-voting and do not accrue dividends. Features of the Series H Preferred Shares include; in the event of the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, deemed liquidation or any other distribution of the assets of the Company among its shareholders for the purpose of winding-up its affairs, the Series H Preferred Shares shall entitle each of the holders thereof to receive an amount equal to the Series H subscription price per Series H Preferred Share, as defined in the agreement, to be paid before any amount is paid or any assets of the Company are distributed to the holders of its common shares. In accordance with the authoritative guidance for distinguishing liabilities from equity, the Company has determined that its Series H preferred shares carry certain redemption features beyond the control of the Company. Accordingly, the Series H Preferred Shares are presented as temporary equity.

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Measurements

The authoritative guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying amount of cash equivalents, accounts receivable, accounts payable and accrued liabilities are generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Financial instruments include cash equivalents, Bitcoin, accounts receivable, accounts payable, and accrued liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision.

The following tables provide a summary of the assets that are measured at fair value on a recurring basis (in thousands):


	June 30, 2026
	Fair Value		Level 1		Level 2		Level 3



Bitcoin	$	1,197	$	1,197	$	—	$	—


	December 31, 2025
	Fair Value		Level 1		Level 2		Level 3

Bitcoin	$	3,263	$	3,263	$	—	$	—

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

Non-financial assets such as property and equipment, goodwill, operating lease right-of-use assets, and intangible assets are recorded at fair value when an impairment is recognized or at the time acquired in an asset acquisition or business combination measured using significant unobservable inputs (Level 3). For the three and six months ended June 30, 2026, there were impairment charges associated with property and equipment, and intangibles recorded and it reduced the carrying amount of such assets subject to the impairment to their estimated fair value, as discussed in Note 7 Certain Balance Sheet Items and Note 8 Intangible Assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 2,452	$ 3,018	$ 4,368	$ 5,835
Operating Costs and Expenses:
Cost of Revenue (exclusive of depreciation and amortization shown below)	2,287	2,301	3,890	4,495
General and administrative	4,831	2,126	7,282	5,295
Depreciation and amortization	1,319	1,667	2,464	3,273
Impairment of property and equipment	7,039	0	7,039	0
Impairment of intangible assets	588	0	588	0
Loss on disposal of property and equipment	0	51	241	859
Change in fair value of Bitcoin	210	(500)	816	(272)
Costs and Expenses, Total	16,274	5,645	22,320	13,650
Loss from operations	(13,822)	(2,627)	(17,952)	(7,815)
Other income (expense):
Investment gain	0	4,309	0	659
Other (expense) income, net	(5)	(13)	20	40
Net (loss) income before taxes	(13,827)	1,669	(17,932)	(7,116)
Provision for income taxes	2	2	3	2
Net (loss) income	$ (13,829)	$ 1,667	$ (17,935)	$ (7,118)
Net income (loss) per share:
Net income (loss) per share, basic and diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)
Net income (loss) per share, diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)
Weighted Average Number of Shares Outstanding, Diluted
Basic and diluted (in shares)	5,166,486	2,774,780	4,328,230	2,748,060
Diluted (in shares)	5,166,486	2,777,080	4,328,230	2,748,060

Related Party Transactions (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Jul. 01, 2026	Jun. 08, 2026	Jun. 01, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Shares issued (in shares)				1,387,117		1,387,117		0
Fair value of stock issued						$ 232	$ 0
Total share-based compensation expense				$ 897	$ 318	$ 1,222	$ 389
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Shares granted (in shares)						1,860,295
Head of Strategy
Related Party Transaction [Line Items]
Fee expense				29		$ 29
Accounts payable and accrued liabilities				300		300
Head of Strategy \| Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Shares granted (in shares)		250,000
Vesting period		2 years
Grant date fair value		$ 900
Total share-based compensation expense				$ 27
Head of Strategy \| Series I Preferred Stock
Related Party Transaction [Line Items]
Shares issued (in shares)			665,107
Fair value of stock issued			$ 1,300
Head of Strategy \| Subsequent Event
Related Party Transaction [Line Items]
Initial term	12 months
Renewal term	12 months
Annual Fees
Related Party Transaction [Line Items]
Fee expense						400
Termination Fee
Related Party Transaction [Line Items]
Fee expense						$ 400
Termination Fee \| Head of Strategy \| Subsequent Event
Related Party Transaction [Line Items]
Fee expense	$ 400
Consulting Fee \| Head of Strategy \| Subsequent Event
Related Party Transaction [Line Items]
Fee expense	$ 400

Business Combination (Details)	6 Months Ended
Business Combination (Details)	Jun. 30, 2026
Cathedra
Business Combination [Line Items]
Business Combination, Name of Acquiree	On March 5, 2026, the Company and Cathedra Bitcoin Inc. (“Cathedra”), entered into a definitive agreement to combine the two companies in an all-stock transaction (the “Arrangement Agreement”). On June 1, 2026, the business combination was effected by way of a plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which S3D Acquisition Corp., the Company’s wholly-owned subsidiary, acquired all of the issued and outstanding shares of Cathedra in a share-for-share transaction, and Cathedra became a wholly-owned subsidiary of the Company (the “Combination”).

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (13,829)	$ 1,667	$ (17,935)	$ (7,118)
Other comprehensive income (loss):
Foreign currency translation adjustment	2	17	2	14
Other Comprehensive Income (Loss), Net of Tax	2	17	2	14
Comprehensive income (loss)	$ (13,827)	$ 1,684	$ (17,933)	$ (7,104)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies - Letters of Credit (Details)	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding	0

Acquisition - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Acquisition - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2026	Jun. 01, 2026
Business Combination [Line Items]
Business Combination, Acquisition-Related Cost, Expense		$ 3,000
Cathedra
Business Combination [Line Items]
Business Combination, Effective Date of Acquisition		Jun. 01, 2026
Business Combination, Voting Equity Interest Acquired, Percentage			33.00%
Business Combination, Acquiree's Revenue since Acquisition Date, Actual	$ 400
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual	$ (600)
Cathedra \| Common Shares
Business Combination [Line Items]
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares		2,405,300
Cathedra \| Series I Preferred Stock
Business Combination [Line Items]
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares		1,387,117
Cathedra \| Series I Preferred Stock \| Measurement Input, Discount for Lack of Marketability
Business Combination [Line Items]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value, Measurement Input			1.93

Certain Balance Sheet Items - Other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Liabilities, Current [Abstract]
Customer Deposits, Current	$ 1,042	$ 0
Operating Lease, Liability, Current	136	0
Deferred Revenue and Credits	27	0
Other current liabilities	$ 1,205	$ 0

Share Capital (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Warrants

At June 30, 2026, the following table summarizes outstanding warrants to purchase common shares:


Date issued	Contractual life (years)	Exercise price		Number outstanding	Expiration
September 2021	5	$	665.00	142,955	September 8, 2026
February 2022	5	$	280.00	1,429	February 7, 2027
February 2022	5	$	350.00	1,429	February 7, 2027
February 2022	5	$	420.00	1,429	February 7, 2027
August 2023	3	$	27.50	80,000	August 11, 2026
August 2023	3	$	27.50	216,293	August 23, 2026
October 2025	5	$	9.40	873,643	January 15, 2031
June 2026	—	—		115,867	(1)
				1,433,045

_______________

ATM (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
ATM (Details) - USD ($) $ in Thousands	Jan. 03, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity [Abstract]
Share sales agreement At-The-Market	$ 8,000
Issuance of common shares (in shares)		892,582		0		1,148,724	21,045
Issuance of common shares for at-the-market offering, net		$ 2,065	$ 415	$ 0	$ 108	$ 2,500	$ 100

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Equity Incentive Plan - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Stock Options
Outstanding - beginning of period (in shares) \| shares	179,165
Grants (in shares) \| shares	1,860,295
RSUs Vested (in shares) \| shares	482,626
Forfeited (in shares) \| shares	0
Outstanding - end of period (in shares) \| shares	1,556,834
Vested and unreleased — June 30, 2026 \| shares	7,813
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding - beginning of period (in USD per share) \| $ / shares	$ 6.23
Weighted average grant date fair value, granted (in USD per share) \| $ / shares	2.77
Weighted average grant date fair value, vested (in USD per share) \| $ / shares	2.31
Weighted average grant date fair value, forfeited (in USD per share) \| $ / shares	0
Weighted average grant date fair value, outstanding - end of period (in USD per share) \| $ / shares	3.31
RSUs Vested and Unreleased in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 8.66

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 37,462	$ 37,525
Finite-lived intangible assets, accumulated amortization	(36,708)	(35,915)
Total finite-lived intangible assets, net	754	1,610
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	36,977	37,525
Finite-lived intangible assets, accumulated amortization	(36,699)	(35,915)
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	485	0
Customer-Related Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (9)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Preferred Shares - H Shares (Details)	May 29, 2026 shares	Jun. 01, 2029	Jun. 01, 2028	Jun. 01, 2027	Jun. 30, 2026	Oct. 01, 2021 $ / shares
Series I Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	8.00%
Preferred Stock, Convertible, Shares Issuable \| shares	1
Series I Preferred Stock \| Forecast
Class of Stock [Line Items]
Preferred Stock, Convertible, Shares Issuable, Percentage		100.00%	66.00%	33.00%
Series H Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio					14.286
Common Stock, Convertible, Percentage of Outstanding Stock Maximum					9.99%
Preferred stock, redemption price (in USD per share) \| $ / shares						$ 1,000

Net Income (Loss) per Share (Details)-reconciliation of numerator and denominator - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ (13,829)	$ 1,667	$ (17,935)	$ (7,118)
Basic and diluted (in shares)	5,166,486	2,774,780	4,328,230	2,748,060
Net effect of dilutive common share equivalents (in shares)	0	2,300	0	0
Diluted (in shares)	5,166,486	2,777,080	4,328,230	2,748,060
Net income (loss) per share, basic and diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)
Net income (loss) per share, diluted (in USD per share)	$ (2.68)	$ 0.60	$ (4.14)	$ (2.59)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Intangible Assets - Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
Intangible Assets - Amortization (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 400,000	$ 400,000	$ 800,000	$ 700,000
Amortization expense, remainder of fiscal year	300,000		300,000
Amortization expense 2027	100,000		100,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	100,000		100,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	100,000		100,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	$ 100,000		$ 100,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Organization and Business (Details)	6 Months Ended
Organization and Business (Details)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.10

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in the Black-Scholes model were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected volatility	—	148.0%	—	148.0%
Expected term (in years)	—	3.5	—	3.5
Risk-free interest rate	—	4.0%	—	4.0%
Dividend yield	—	—	—	—

Share-based Payment Arrangement, Option, Activity

The following table summarizes option activity:


	Shares Subject to Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding — January 1, 2026	56,586	$	36.18

Exercised	—	$	—
Forfeited	(8,035)	$	126.00
Options outstanding — June 30, 2026	48,551	$	21.31	0.4	$	—
Vested and expected to vest — June 30, 2026	48,551	$	21.31	0.4	$	—
Exercisable — June 30, 2026	48,551	$	21.31	0.4	$	—

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	179,165	$	6.23
Granted	1,860,295	$	2.77
Vested and released	(482,626)	$	2.31
Forfeited	—	$	—
Outstanding — June 30, 2026	1,556,834	$	3.31
Vested and unreleased — June 30, 2026	7,813	$	8.66

Share-Based Payment Arrangement, Performance Shares, Outstanding Activity

The following table summarizes RSU with performance condition activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	37,036	$	6.25

Vested	(37,036)	$	6.25

Outstanding — June 30, 2026	—	$	—

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following compensation expense related to share-based compensation awards was recorded (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total share-based compensation expense - general and administrative	$	897	$	318	$	1,222	$	389

Share-based Payment Arrangement, Nonvested Award, Cost

Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):


	June 30, 2026
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	4,776	1.7

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity Incentive Plan RSUs w Performance (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - beginning of period (in shares) \| shares	37,036
RSUs Vested (in shares) \| shares	(37,036)
Outstanding - end of period (in shares) \| shares	0
Weighted average grant date fair value, outstanding - beginning of period (in USD per share) \| $ / shares	$ 6.25
Weighted average grant date fair value, vested (in USD per share) \| $ / shares	6.25
Weighted average grant date fair value, outstanding - end of period (in USD per share) \| $ / shares	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Notes Receivable - Rainmaker Note Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jan. 14, 2025
Receivables [Abstract]
Promissory note receivable		$ 4,600
Note receivable due date	Feb. 27, 2026
Gain (Loss) on Contract Termination	$ 500
Monthly late fee	$ 50
Note receivable fully reserved	All amounts related to the Rainmaker Note have been fully reserved

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents	$ 2,846	$ 3,707
Bitcoin	1,197	3,263
Accounts receivable, net	346	0
Other current assets	1,731	1,707
Total current assets	6,120	8,677
Property and equipment, net	10,706	14,608
Operating Lease, Right-of-Use Asset	1,451	0
Goodwill	3,282	0
Total intangible assets, net	754	1,610
Other assets	2,554	225
Total assets	24,867	25,120
Accounts payable	2,146	427
Accrued liabilities	1,231	544
Accrued payroll and employee compensation	1,334	831
Other current liabilities	1,205	0
Total current liabilities	5,916	1,802
Operating Lease, Liability, Noncurrent	1,298	0
Deferred Income Tax Liabilities	760	0
Total liabilities	7,974	1,802
Commitments and contingencies (Note 15)
Series H preferred shares, no par value, unlimited shares authorized, 161 shares issued and outstanding as of June 30, 2026 and December 31, 2025	18	18
Preferred Stock, Value, Outstanding	2,677	0
Common shares, no par value; unlimited shares authorized, 7,639,893 and 3,392,541 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	512,245	503,414
Accumulated other comprehensive loss	(1,809)	(1,811)
Accumulated deficit	(496,238)	(478,303)
Total shareholders’ equity	16,875	23,300
Total liabilities, temporary equity, and shareholders’ equity	$ 24,867	$ 25,120

Equity Incentive Plan

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

Stock Options

The fair value of option awards are estimated on the date of grant using the Black-Scholes model. Expected volatility was based on historical volatility of the Company’s common shares. The expected term of options granted was based on the simplified method. The risk-free interest rate was based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption was based on the expectation of no future dividend payments. Option awards can be granted for a maximum term of up to 10 years.

The assumptions used in the Black-Scholes model were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected volatility	—	148.0%	—	148.0%
Expected term (in years)	—	3.5	—	3.5
Risk-free interest rate	—	4.0%	—	4.0%
Dividend yield	—	—	—	—

The following table summarizes option activity:


	Shares Subject to Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Options outstanding — January 1, 2026	56,586	$	36.18

Exercised	—	$	—
Forfeited	(8,035)	$	126.00
Options outstanding — June 30, 2026	48,551	$	21.31	0.4	$	—
Vested and expected to vest — June 30, 2026	48,551	$	21.31	0.4	$	—
Exercisable — June 30, 2026	48,551	$	21.31	0.4	$	—

Restricted Stock Units

The following table summarizes RSU activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	179,165	$	6.23
Granted	1,860,295	$	2.77
Vested and released	(482,626)	$	2.31
Forfeited	—	$	—
Outstanding — June 30, 2026	1,556,834	$	3.31
Vested and unreleased — June 30, 2026	7,813	$	8.66

The estimated fair value of RSUs was based on the closing market value of the Company’s common shares on the date of grant. RSUs typically vest over a period of 12 months to three years from the original date of grant. The total grant date fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was approximately $1.1 million and $0.9 million, respectively. The fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was approximately $0.9 million and $0.6 million, respectively.

Restricted Stock Units with a Performance Condition

In July 2025, the Company entered into a financial advisory agreement and issued to non-employees RSU grants with a performance condition, of which 50% of the RSUs were vested on the date of grant and the common shares issued. On June 1, 2026, the outstanding RSUs vested upon the achievement of the specific performance condition. See Note 15 Commitments and Contingencies for more information on the related financial advisory agreement. The total grant date fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $0.2 million and nil, respectively. The fair value of RSUs with a performance condition vested during the six months ended June 30, 2026 and 2025 was $0.1 million and nil, respectively.

The following table summarizes RSU with performance condition activity:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding — January 1, 2026	37,036	$	6.25

Vested	(37,036)	$	6.25

Outstanding — June 30, 2026	—	$	—

Restricted Stock Awards

During the six months ended June 30, 2026, there were 135,403 fully vested RSAs granted in lieu of cash payment for services performed. The fair value of the RSAs granted of approximately $0.2 million was based on the closing price of the Company’s common shares on the date of grant. There were no RSAs granted during the six months ended June 30, 2025.

Share-Based Compensation Expense

The following compensation expense related to share-based compensation awards was recorded (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total share-based compensation expense - general and administrative	$	897	$	318	$	1,222	$	389


	June 30, 2026
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
RSUs	$	4,776	1.7

Commitments and Contingencies - Power Supply Agreements (Details) - Electric Power Supply Agreements $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Other Commitments [Line Items]
Aggregate non-cancelable monthly power prepayment	$ 0.9
Security deposits	$ 1.9
Initial terms	60 months

Concentration Risk (Details)	6 Months Ended
Concentration Risk (Details)	Jun. 30, 2026
Accounting Policies [Abstract]
Number of mining pool operators	1
Number of Bitcoin Custodians	1

Equity Incentive Plan - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Stock Options
Beginning, options outstanding (in shares) \| shares	56,586
Exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(8,035)
Ending, options outstanding (in shares) \| shares	48,551
Vested and expected to vest (in shares) \| shares	48,551
Exercisable (in shares) \| shares	48,551
Weighted- Average Exercise Price
Beginning, outstanding (in USD per share) \| $ / shares	$ 36.18
Exercised (in USD per share) \| $ / shares	0
Forfeited (in USD per share) \| $ / shares	126.00
Ending, outstanding (in USD per share) \| $ / shares	21.31
Vested and expected to vest (in USD per share) \| $ / shares	21.31
Exercisable (in USD per share) \| $ / shares	$ 21.31
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding (in years)	4 months 24 days
Vested and expected to vest (in years)	4 months 24 days
Exercisable (in years)	4 months 24 days
Aggregate intrinsic value, outstanding \| $	$ 0
Aggregate intrinsic value, vested and expected to vest \| $	0
Aggregate intrinsic value, exercisable \| $	$ 0

Acquisition - Schedule of Assets and Liabilities Acquired (Details) $ in Thousands	Jun. 01, 2026 USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Cash and cash equivalents	$ 450
Bitcoin	7
Accounts receivable	400
Property and equipment	5,046
Operating lease right-of-use asset	1,342
Identifiable intangible assets - customer related	525
Other assets	3,223
Total identifiable assets acquired	10,993
Accounts payable and accrued liabilities	2,532
Deferred tax liabilities	760
Operating lease liabilities	1,333
Other liabilities	2,307
Total identifiable liabilities assumed	6,932
Net identifiable assets acquired	4,061
Goodwill	$ 3,282

Certain Balance Sheet Items - P&E Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 900	$ 1,300	$ 1,700	$ 2,500
Proceeds from sale of property and equipment			0	247
Impairment of property and equipment	$ 7,039	$ 0	7,039	$ 0
Mining Equipment
Property, Plant and Equipment [Line Items]
Proceeds from sale of property and equipment			$ 1,200

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The condensed consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), applied on a basis consistent for all periods. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 27, 2026. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been appropriately eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Foreign Currency Translation The financial statements of the Company’s subsidiary, for which the functional currency may be the local currency, are translated into U.S. dollars using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during the year for revenue, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive income (loss) within shareholders’ equity. Gains or losses from foreign currency transactions are recognized in the condensed consolidated statements of operations. Such transactions resulted in minimal gains or losses for the three and six months ended June 30, 2026 and 2025. For the Company’s Canadian subsidiaries, the functional currency is deemed to be the U.S. dollar. Cash and Cash Equivalents Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. Cash equivalents are composed of money market funds. Cash and cash equivalents that exceed federally insured limits are maintained with financial institutions. The Company has not experienced any losses related to these balances and believes credit risk to be minimal. Bitcoin Bitcoin is included in current assets in the condensed consolidated balance sheets as the Company has the ability to sell it in a highly liquid marketplace, and the sale of Bitcoin is used to fund operating expenses to support operations. Bitcoin is expected to be realized in cash or sold during the Company’s normal operating cycle. Bitcoin held are accounted for as intangible assets with indefinite useful lives. Bitcoin awarded to the Company through its mining activities was included within operating activities on the condensed consolidated statements of cash flows. The proceeds from the sale of Bitcoin are included within operating or investing activities in the condensed consolidated statements of cash flows depending on the length of time the Bitcoin is held. Bitcoin is valued at fair value at the end of each reporting period with changes in fair value recorded in operating expenses in the condensed consolidated statements of operations. The fair value of Bitcoin is measured using the period-end closing price from the Company’s principal market. When Bitcoin is sold, the gains and losses from such transactions are measured as the difference between the cash proceeds and the carrying basis of the Bitcoin as determined on a first in-first out (“FIFO”) basis and are recorded within the same line item, Change in Fair Value of Bitcoin, in the condensed consolidated statements of operations. Property and Equipment Property and equipment primarily consists of mining equipment and infrastructure and is stated at cost, including purchase price, shipping and custom fees, and is depreciated using the straight-line method over the estimated useful lives of the assets, generally three years to ten years. The carrying amounts of property and equipment are reviewed when events or changes in circumstances indicate the assets may not be recoverable. If any such indication exists, the fair value of the asset is estimated in order to determine the extent of the impairment loss, if any. Leases The Company determines if an arrangement contains a lease at inception. When an arrangement contains a lease, the Company categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. Assets acquired under finance leases would be recorded in property and equipment, net. All other leases are categorized as operating leases. As of June 30, 2026, all leases are classified as operating leases. Right of use (“ROU”) assets and liabilities resulting from operating leases are initially recognized based on the discounted future lease payments over the term of the lease. As the leases typically do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the discount rate to calculate the present value of future payments. The operating lease ROU asset may also include any lease payments made and exclude lease incentives and initial direct costs incurred. Certain of the Company’s leases include options to extend the lease term. The Company includes renewal options in the lease term only when exercise is reasonably certain; as of June 30, 2026, no renewal options were included in the measurement of the Company’s lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Goodwill Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. Goodwill is not amortized and is reviewed at least annually for possible impairment. A qualitative assessment may be first performed to determine whether it is more likely than not that a reporting unit is impaired. If through the qualitative assessment, it is determined that it is more likely than not that goodwill is not impaired, no further testing is required. If it is determined more likely than not that goodwill is impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value using a combination of an income (discounted cash flow) approach and a market approach at the reporting unit level. The estimation of the fair value requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimate of the fair value is based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors, and technological change or competitive activities may signal that an asset has become impaired. For the six months ended June 30, 2026, there was no impairment of goodwill. Intangible Assets For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. Supplier agreements and customer relationships are amortized on a straight-line basis over their economic lives of five years as this method most closely reflects the pattern in which the economic benefits of the assets will be consumed. Impairment of Intangible Assets Regular reviews of intangible assets are performed to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in the Company's market capitalization. Intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment. Warrants Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. Warrants that meet the definition of a derivative financial instrument, and that also meet the equity scope exception criteria, are classified as equity. Equity classified warrants are recorded at their initial fair value and are not subject to fair value remeasurement provided that the criteria for equity classification continues to be met. Warrants that are classified as liabilities are accounted for at fair value, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net. The classification of warrants is re-assessed at the end of each reporting period. The fair value of both equity-classified and liability-classified warrants are determined using the Black-Scholes options pricing model (“Black-Scholes model”) which includes Level 3 inputs. Revenue Recognition Revenue is accounted for pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is that an entity recognize revenues when control of promised goods or services transfers to the customer, in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Mining The Company is engaged with Bitcoin mining pool operators, its customers, to provide a service to perform hash calculations for the mining pool operator, which is the Company’s only performance obligation. Providing hash calculation services is an output of the Company’s ordinary activities. The Company has a service agreement with Foundry Digital LLC, a cryptocurrency mining pool operator, to provide a service to perform hash calculations. In exchange for providing the service, the Company is entitled to Full Pay Per Share (“FPPS”), which is a fractional share of the fixed Bitcoin award the mining pool operator receives, plus a fractional share of the transaction fees attached to that blockchain less net Bitcoin fees due to the mining pool operator over the measurement period, as applicable. The pay-outs received are based on the expected value from the block reward plus the transaction fee reward, regardless of whether the mining pool operator successfully records a block to the blockchain. The Company’s fractional share is based on a contractual formula, which primarily calculates the hashrate provided to the mining pool as a percentage of total network hashrate and other inputs. The contracts, which are less than 24 hours and continuously renew throughout the day, are terminable at any time by either party without compensation and the Company’s enforceable right to compensation only begins when the Company starts providing the service to the mining pool operator, which begins daily at midnight Universal Time Coordinated (“UTC”). The terms, conditions, and compensation are at the current market rates, and accordingly the renewal option is not a material right. The contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning of the contract day at midnight UTC time (contract inception), as customer consumption is in tandem with daily earnings of delivery of the service. According to the customer contract, daily earnings are calculated from midnight-to-23:59:59 UTC time, and the payout is made one hour later at 1:00 AM UTC time. The Company satisfies its performance obligation over time with daily settlement in Bitcoin. The Company’s performance is completed as it transfers the hashrate computations over the continuously renewed contract periods, which are less than 24 hours. The Company has full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the service provided to the customer will be adjusted. The transaction consideration the Company receives is noncash consideration in the form of Bitcoin, which the Company measures at fair value at contract inception, midnight UTC time. The noncash consideration is variable, since the amount of block reward earned depends on the amount of hash calculation services, the amount of transaction fees awarded, and operator fees over the same period. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the noncash consideration on the same day that control is transferred, which is the same day as contract inception. The fair value used to calculate the noncash consideration is based on the Bitcoin spot price in the Company’s principal market at the beginning of the day (midnight UTC time) at contract inception. Expenses associated with running the Bitcoin mining operations, such as hosting, operating supplies, utilities, and monitoring services are recorded as cost of revenues. Hosting The Company enters into hosting contracts under which it operates digital asset mining equipment on behalf of third parties within its facilities. The services include energized space, electrical power, environmental management, monitoring, and active troubleshooting. These arrangements do not convey to the customer the right to control an identified asset and are therefore accounted for as service contracts under ASC 606. The Company retains the right to substitute and reallocate the space, racks, containers, and electrical capacity used to deliver the services, and directs how and for what purpose the hosting infrastructure is used, including decisions regarding energization, curtailment, and maintenance. The Company’s hosting contracts are service contracts that contain a single performance obligation to provide an integrated hosting service, comprising a series of distinct daily service periods that are substantially the same and have the same pattern of transfer to the customer. Because the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are provided, the performance obligation is satisfied over time. The Company measures progress using an output method based on the electrical power delivered to the customer’s equipment during the period, measured in kilowatt-hours, which the Company believes best depicts the transfer of the services. Consideration under the Company’s hosting arrangements consists of (a) a service fee determined as the electrical power consumed by the customer’s equipment, measured in kilowatt-hours, multiplied by a contractual rate or, in certain arrangements, by the Company’s cost of electricity, and (b) in certain arrangements, a share of the net profit or loss generated by the customer’s hosted equipment, calculated as the value of the digital assets mined less the cost of electricity consumed. All consideration is denominated in U.S. dollars; the Company does not receive digital assets as consideration for hosting services. Certain customers settle invoices in a payment stablecoin, which the Company promptly converts to U.S. dollars. The Company is the principal in these arrangements: it obtains control of the electricity, hosting infrastructure, and related services before they are transferred to the customer, is primarily responsible for fulfilling its promise to the customer, bears the risks associated with power procurement and site operations, and establishes the prices for its services. Hosting revenue is therefore presented on a gross basis, and the related electricity and site operating costs are presented within cost of revenue. The share described in (b) above represents variable consideration. It is attributable to the daily service periods to which it relates and is recognized in the period in which the related hosting services are provided. The Company determines the share after the end of each monthly period, once the digital assets mined by the customer’s equipment and the electricity invoiced by the utility are known, such uncertainty is substantially resolved before the related revenue is recognized and no variable consideration is constrained. In periods in which the customer’s hosted equipment generates a net loss, the Company’s share of that loss reduces the transaction price and, accordingly, hosting revenue. Contract Balances Accounts receivable represents amounts billed and due from customers and are recorded when the Company has an unconditional right to consideration. Hosting fees billed in arrears give rise to a receivable at the end of the related service period. The Company intends to apply the practical expedient. As of June 30, 2026, the Company has concluded that expected credit losses are immaterial and therefore has not recorded an allowance. The Company’s hosting contracts may include advance payment terms in the form of monthly prepayments and, in certain cases, upfront payments at contract inception. Advance payments for hosting services are recorded as deferred revenue until the related services are provided as the customer simultaneously receives and consumes the benefits of the Company’s performance over the hosting period. Amounts received from customers that are refundable and do not relate to the transfer of services, principally security deposits held as collateral for a customer’s performance, are recorded as customer deposits rather than deferred revenue. Customer deposits are refunded, or applied against amounts owed by the customer in accordance with the terms of the contract. When applied to consideration for future services, such amounts are reclassified to deferred revenue. Deferred revenue and customer deposits are classified as current or non-current based on the period in which the related services are expected to be provided or the amounts are otherwise expected to be settled. The Company applies the practical expedients available under ASC 606 and does not disclose information about performance obligations that are part of contracts with an original expected duration of one year or less, or about variable consideration that is allocated entirely to a wholly unsatisfied distinct service that forms part of a single performance obligation. These expedients do not affect the timing or measurement of revenue recognized but reduce the level of detail otherwise required in the Company’s disclosures. Comprehensive Income (Loss) Comprehensive income (loss) and its components encompass all changes in equity other than those arising from transactions with shareholders, including net income (loss) and foreign currency translation adjustments, and is disclosed in the condensed consolidated statements of comprehensive income (loss). Concentration Risk The Company maintains its cash and cash equivalent balances primarily with major commercial banks. Deposits held with the financial institutions may exceed the amount of insurance provided on such deposits. The Company may be exposed to credit risk in the event of a default by the financial institutions holding the cash and cash equivalents to the extent recorded on the condensed consolidated balance sheets. The accounts offered by the custodian of the Company’s Bitcoin are not insured by the Federal Deposit Insurance Corporation (FDIC). There have not been any losses in such accounts. Revenue is concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin primarily resided with one custodian. The Company is dependent on a small number of Bitcoin mining equipment suppliers to provide a supply of new generation Bitcoin mining machines. The growth in the Company’s business is directly related to increased demand for hosting services and Bitcoin which is dependent in large part on the availability of new generation mining machines offered for sale at a price conducive to profitable Bitcoin mining. As more companies seek to enter the mining industry, the demand for machines may outpace supply and create mining machine equipment shortages. Currently there is not an agreement with suppliers to purchase additional machines, and therefore there is no guarantee that the Company will be able to purchase machines on terms acceptable to it. Share-based Compensation Share-based awards, and similar equity instruments, granted to employees, non-employee directors, and consultants are accounted for in accordance with the authoritative guidance for share-based compensation. Share-based compensation award types may include stock options and restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and performance stock units (“PSUs”). Share-based compensation expense is recognized on a straight-lined basis over the requisite service period (usually the vesting period) except for options with graded vesting which is recognized pursuant to an accelerated method. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur. Operating Segment Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision–making group, in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer and Chief Financial Officer. The Company operates as one operating segment and uses net income or loss as a measure of profit or loss on a consolidated basis in making decisions regarding resource allocation and performance assessment. Additionally, the CODM regularly reviews the Company’s expenses on a consolidated basis. The financial metrics used by the CODM help make key operating decisions, such as determination of capital expenditure purchases and significant acquisitions and allocation of budget between cost of revenues and general and administrative expenses. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The significant expense categories regularly provided to the CODM include cost of revenue, general and administrative expenses, depreciation and amortization, impairment of property and equipment, and change in fair value of Bitcoin. These expense categories are reported as separate line items in the condensed consolidated statements of operations. Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, the Company believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In September 2025, the FASB issued accounting standards update (“ASU”) No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Clarification and Accounting for Certain Contracts and Customer Share-Based Consideration (“ASU 2025-07”), which narrows the types of contracts subject to derivative accounting by excluding those whose payouts depend solely on an entity’s own operational metrics, rather than market-based variables, and clarifies that share-based or warrant consideration received from a customer is accounted for under Topic 606 until the right to retain the instrument is unconditional, after which the guidance in Topic 815 and 321 applies. The amendments are effective for annual periods beginning after December 15, 2026, with early adoption permitted, and may be applied prospectively or on a modified retrospective basis with an option to elect or revoke the fair value option for certain instruments upon transition. The Company is currently evaluating the impact of ASU 2025-07 but does not expect it to have a material effect on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends existing guidance to allow entities to apply the same principles used in other business combinations when determining the accounting acquirer in a transaction involving a variable interest entity (VIE) that is a business and where consideration is primarily in the form of equity interests. This update addresses comparability concerns and provides for more consistent application of acquisition accounting principles. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company is currently assessing the potential impact of the standard but does not anticipate that it will have a material impact on its consolidated financial statements. In May 2025, the FASB also issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to address diversity in practice and improve the operability of accounting for share-based consideration granted to customers. The amendments clarify how to distinguish between service and performance conditions for vesting, require entities to estimate forfeitures for all share-based consideration payable to customers, and specify that variable consideration guidance in ASC 606 does not apply when measuring such awards. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements but does not expect it to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company will adopt the guidance when it becomes effective, in its 2027 annual reporting and each quarter thereafter, on a prospective basis. The Company is evaluating the impact the updated guidance will have on its disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance simplifies credit loss calculations and permits the election of a practical expedient to assume that conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses on current accounts receivable and current contract assets under ASC 606, Revenue from Contracts with Customers. The guidance is effective for annual reporting periods beginning after December 15, 2025. The Company adopted the guidance effective June 1, 2026, on a prospective basis. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures.

Certain Balance Sheet Items - Other investments (Details) $ in Millions	Jun. 30, 2026 USD ($) shares
Silvermoon
Other Investment Not Readily Marketable [Line Items]
Alternative Investment, Shares Owned \| shares	35,000,000
Alternative Investment	$ 0.3
Low Time Preference Fund II, LLC
Other Investment Not Readily Marketable [Line Items]
Investment Owned, Fair Value	$ 0.3

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

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+ Details

- Definition

Fair value of investment in security owned.

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), applied on a basis consistent for all periods. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for a complete set of financial statements. These condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 27, 2026. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. These condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been appropriately eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Foreign Currency Translation	Foreign Currency Translation The financial statements of the Company’s subsidiary, for which the functional currency may be the local currency, are translated into U.S. dollars using the exchange rate at the consolidated balance sheet date for assets and liabilities and a weighted-average exchange rate during the year for revenue, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive income (loss) within shareholders’ equity. Gains or losses from foreign currency transactions are recognized in the condensed consolidated statements of operations.
Cash Equivalents	Cash and Cash Equivalents Highly liquid investments with insignificant interest rate risk and original maturities of three months or less, when purchased, are classified as cash equivalents. Cash equivalents are composed of money market funds. Cash and cash equivalents that exceed federally insured limits are maintained with financial institutions. The Company has not experienced any losses related to these balances and believes credit risk to be minimal.
Bitcoin	Bitcoin Bitcoin is included in current assets in the condensed consolidated balance sheets as the Company has the ability to sell it in a highly liquid marketplace, and the sale of Bitcoin is used to fund operating expenses to support operations. Bitcoin is expected to be realized in cash or sold during the Company’s normal operating cycle. Bitcoin held are accounted for as intangible assets with indefinite useful lives. Bitcoin awarded to the Company through its mining activities was included within operating activities on the condensed consolidated statements of cash flows. The proceeds from the sale of Bitcoin are included within operating or investing activities in the condensed consolidated statements of cash flows depending on the length of time the Bitcoin is held. Bitcoin is valued at fair value at the end of each reporting period with changes in fair value recorded in operating expenses in the condensed consolidated statements of operations. The fair value of Bitcoin is measured using the period-end closing price from the Company’s principal market. When Bitcoin is sold, the gains and losses from such transactions are measured as the difference between the cash proceeds and the carrying basis of the Bitcoin as determined on a first in-first out (“FIFO”) basis and are recorded within the same line item, Change in Fair Value of Bitcoin, in the condensed consolidated statements of operations.
Property and Equipment	Property and Equipment Property and equipment primarily consists of mining equipment and infrastructure and is stated at cost, including purchase price, shipping and custom fees, and is depreciated using the straight-line method over the estimated useful lives of the assets, generally three years to ten years. The carrying amounts of property and equipment are reviewed when events or changes in circumstances indicate the assets may not be recoverable. If any such indication exists, the fair value of the asset is estimated in order to determine the extent of the impairment loss, if any.
Leases	Leases The Company determines if an arrangement contains a lease at inception. When an arrangement contains a lease, the Company categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. Assets acquired under finance leases would be recorded in property and equipment, net. All other leases are categorized as operating leases. As of June 30, 2026, all leases are classified as operating leases. Right of use (“ROU”) assets and liabilities resulting from operating leases are initially recognized based on the discounted future lease payments over the term of the lease. As the leases typically do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the discount rate to calculate the present value of future payments. The operating lease ROU asset may also include any lease payments made and exclude lease incentives and initial direct costs incurred. Certain of the Company’s leases include options to extend the lease term. The Company includes renewal options in the lease term only when exercise is reasonably certain; as of June 30, 2026, no renewal options were included in the measurement of the Company’s lease liabilities. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Goodwill	Goodwill Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. Goodwill is not amortized and is reviewed at least annually for possible impairment. A qualitative assessment may be first performed to determine whether it is more likely than not that a reporting unit is impaired. If through the qualitative assessment, it is determined that it is more likely than not that goodwill is not impaired, no further testing is required. If it is determined more likely than not that goodwill is impaired, or if the Company elects not to first assess qualitative factors, the Company’s impairment testing continues with the estimation of the fair value using a combination of an income (discounted cash flow) approach and a market approach at the reporting unit level. The estimation of the fair value requires significant management judgment with respect to revenue and expense growth rates, changes in working capital and the selection and use of an appropriate discount rate. The estimate of the fair value is based on the best information available as of the date of the assessment. The use of different assumptions would increase or decrease estimated discounted future operating cash flows and could increase or decrease an impairment charge. Management uses its judgment in assessing whether assets may have become impaired between annual impairment tests. Indicators such as adverse business conditions, economic factors, and technological change or competitive activities may signal that an asset has become impaired. For the six months ended June 30, 2026, there was no impairment of goodwill.
Intangible Assets	Intangible Assets For intangible assets purchased in a business combination, the estimated fair values of the assets received are used to establish their recorded values. For intangible assets acquired in a non-monetary exchange, the estimated fair values of the assets transferred (or the estimated fair values of the assets received, if more clearly evident) are used to establish their recorded values. Valuation techniques consistent with the market approach, income approach and/or cost approach are used to measure fair value. Supplier agreements and customer relationships are amortized on a straight-line basis over their economic lives of five years as this method most closely reflects the pattern in which the economic benefits of the assets will be consumed.
Impairment of Intangible Assets	Impairment of Intangible Assets Regular reviews of intangible assets are performed to determine if any event has occurred that may indicate that intangible assets with finite useful lives and other long-lived assets are potentially impaired. Triggering events for impairment reviews may be indicators such as adverse industry or economic trends, restructuring actions, lower projections of profitability, or a sustained decline in the Company's market capitalization. Intangible assets are quantitatively assessed for impairment, if necessary, by comparing their estimated fair values to their carrying values. If the carrying value exceeds the fair value, the difference is recorded as an impairment.
Warrants	Warrants Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance. Warrants that meet the definition of a derivative financial instrument, and that also meet the equity scope exception criteria, are classified as equity. Equity classified warrants are recorded at their initial fair value and are not subject to fair value remeasurement provided that the criteria for equity classification continues to be met. Warrants that are classified as liabilities are accounted for at fair value, subject to fair value remeasurement at each balance sheet date with changes in fair value recognized in other income, net. The classification of warrants is re-assessed at the end of each reporting period. The fair value of both equity-classified and liability-classified warrants are determined using the Black-Scholes options pricing model (“Black-Scholes model”) which includes Level 3 inputs.
Revenue Recognition	Revenue Recognition Revenue is accounted for pursuant to ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is that an entity recognize revenues when control of promised goods or services transfers to the customer, in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. Mining The Company is engaged with Bitcoin mining pool operators, its customers, to provide a service to perform hash calculations for the mining pool operator, which is the Company’s only performance obligation. Providing hash calculation services is an output of the Company’s ordinary activities. The Company has a service agreement with Foundry Digital LLC, a cryptocurrency mining pool operator, to provide a service to perform hash calculations. In exchange for providing the service, the Company is entitled to Full Pay Per Share (“FPPS”), which is a fractional share of the fixed Bitcoin award the mining pool operator receives, plus a fractional share of the transaction fees attached to that blockchain less net Bitcoin fees due to the mining pool operator over the measurement period, as applicable. The pay-outs received are based on the expected value from the block reward plus the transaction fee reward, regardless of whether the mining pool operator successfully records a block to the blockchain. The Company’s fractional share is based on a contractual formula, which primarily calculates the hashrate provided to the mining pool as a percentage of total network hashrate and other inputs. The contracts, which are less than 24 hours and continuously renew throughout the day, are terminable at any time by either party without compensation and the Company’s enforceable right to compensation only begins when the Company starts providing the service to the mining pool operator, which begins daily at midnight Universal Time Coordinated (“UTC”). The terms, conditions, and compensation are at the current market rates, and accordingly the renewal option is not a material right. The contract arises at the point that the Company provides hash calculation services to the mining pool operator, which is the beginning of the contract day at midnight UTC time (contract inception), as customer consumption is in tandem with daily earnings of delivery of the service. According to the customer contract, daily earnings are calculated from midnight-to-23:59:59 UTC time, and the payout is made one hour later at 1:00 AM UTC time. The Company satisfies its performance obligation over time with daily settlement in Bitcoin. The Company’s performance is completed as it transfers the hashrate computations over the continuously renewed contract periods, which are less than 24 hours. The Company has full control of the mining equipment utilized in the mining pool and if the Company determines it will increase or decrease the processing power of its machines and/or fleet (i.e., for repairs or when power costs are excessive) the service provided to the customer will be adjusted. The transaction consideration the Company receives is noncash consideration in the form of Bitcoin, which the Company measures at fair value at contract inception, midnight UTC time. The noncash consideration is variable, since the amount of block reward earned depends on the amount of hash calculation services, the amount of transaction fees awarded, and operator fees over the same period. The Company does not constrain this variable consideration because it is probable that a significant reversal in the amount of revenue recognized from the contract will not occur when the uncertainty is subsequently resolved and recognizes the noncash consideration on the same day that control is transferred, which is the same day as contract inception. The fair value used to calculate the noncash consideration is based on the Bitcoin spot price in the Company’s principal market at the beginning of the day (midnight UTC time) at contract inception. Expenses associated with running the Bitcoin mining operations, such as hosting, operating supplies, utilities, and monitoring services are recorded as cost of revenues. Hosting The Company enters into hosting contracts under which it operates digital asset mining equipment on behalf of third parties within its facilities. The services include energized space, electrical power, environmental management, monitoring, and active troubleshooting. These arrangements do not convey to the customer the right to control an identified asset and are therefore accounted for as service contracts under ASC 606. The Company retains the right to substitute and reallocate the space, racks, containers, and electrical capacity used to deliver the services, and directs how and for what purpose the hosting infrastructure is used, including decisions regarding energization, curtailment, and maintenance. The Company’s hosting contracts are service contracts that contain a single performance obligation to provide an integrated hosting service, comprising a series of distinct daily service periods that are substantially the same and have the same pattern of transfer to the customer. Because the customer simultaneously receives and consumes the benefits of the Company’s performance as the services are provided, the performance obligation is satisfied over time. The Company measures progress using an output method based on the electrical power delivered to the customer’s equipment during the period, measured in kilowatt-hours, which the Company believes best depicts the transfer of the services. Consideration under the Company’s hosting arrangements consists of (a) a service fee determined as the electrical power consumed by the customer’s equipment, measured in kilowatt-hours, multiplied by a contractual rate or, in certain arrangements, by the Company’s cost of electricity, and (b) in certain arrangements, a share of the net profit or loss generated by the customer’s hosted equipment, calculated as the value of the digital assets mined less the cost of electricity consumed. All consideration is denominated in U.S. dollars; the Company does not receive digital assets as consideration for hosting services. Certain customers settle invoices in a payment stablecoin, which the Company promptly converts to U.S. dollars. The Company is the principal in these arrangements: it obtains control of the electricity, hosting infrastructure, and related services before they are transferred to the customer, is primarily responsible for fulfilling its promise to the customer, bears the risks associated with power procurement and site operations, and establishes the prices for its services. Hosting revenue is therefore presented on a gross basis, and the related electricity and site operating costs are presented within cost of revenue. The share described in (b) above represents variable consideration. It is attributable to the daily service periods to which it relates and is recognized in the period in which the related hosting services are provided. The Company determines the share after the end of each monthly period, once the digital assets mined by the customer’s equipment and the electricity invoiced by the utility are known, such uncertainty is substantially resolved before the related revenue is recognized and no variable consideration is constrained. In periods in which the customer’s hosted equipment generates a net loss, the Company’s share of that loss reduces the transaction price and, accordingly, hosting revenue. Contract Balances Accounts receivable represents amounts billed and due from customers and are recorded when the Company has an unconditional right to consideration. Hosting fees billed in arrears give rise to a receivable at the end of the related service period. The Company intends to apply the practical expedient. As of June 30, 2026, the Company has concluded that expected credit losses are immaterial and therefore has not recorded an allowance. The Company’s hosting contracts may include advance payment terms in the form of monthly prepayments and, in certain cases, upfront payments at contract inception. Advance payments for hosting services are recorded as deferred revenue until the related services are provided as the customer simultaneously receives and consumes the benefits of the Company’s performance over the hosting period. Amounts received from customers that are refundable and do not relate to the transfer of services, principally security deposits held as collateral for a customer’s performance, are recorded as customer deposits rather than deferred revenue. Customer deposits are refunded, or applied against amounts owed by the customer in accordance with the terms of the contract. When applied to consideration for future services, such amounts are reclassified to deferred revenue. Deferred revenue and customer deposits are classified as current or non-current based on the period in which the related services are expected to be provided or the amounts are otherwise expected to be settled. The Company applies the practical expedients available under ASC 606 and does not disclose information about performance obligations that are part of contracts with an original expected duration of one year or less, or about variable consideration that is allocated entirely to a wholly unsatisfied distinct service that forms part of a single performance obligation. These expedients do not affect the timing or measurement of revenue recognized but reduce the level of detail otherwise required in the Company’s disclosures.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) and its components encompass all changes in equity other than those arising from transactions with shareholders, including net income (loss) and foreign currency translation adjustments, and is disclosed in the condensed consolidated statements of comprehensive income (loss).
Concentration Risk, Credit Risk, Policy	Concentration Risk The Company maintains its cash and cash equivalent balances primarily with major commercial banks. Deposits held with the financial institutions may exceed the amount of insurance provided on such deposits. The Company may be exposed to credit risk in the event of a default by the financial institutions holding the cash and cash equivalents to the extent recorded on the condensed consolidated balance sheets. The accounts offered by the custodian of the Company’s Bitcoin are not insured by the Federal Deposit Insurance Corporation (FDIC). There have not been any losses in such accounts. Revenue is concentrated with one mining pool operator, Foundry Digital LLC, and all Bitcoin primarily resided with one custodian. The Company is dependent on a small number of Bitcoin mining equipment suppliers to provide a supply of new generation Bitcoin mining machines. The growth in the Company’s business is directly related to increased demand for hosting services and Bitcoin which is dependent in large part on the availability of new generation mining machines offered for sale at a price conducive to profitable Bitcoin mining. As more companies seek to enter the mining industry, the demand for machines may outpace supply and create mining machine equipment shortages. Currently there is not an agreement with suppliers to purchase additional machines, and therefore there is no guarantee that the Company will be able to purchase machines on terms acceptable to it.
Share-based Compensation	Share-based Compensation Share-based awards, and similar equity instruments, granted to employees, non-employee directors, and consultants are accounted for in accordance with the authoritative guidance for share-based compensation. Share-based compensation award types may include stock options and restricted stock units (“RSUs”), restricted stock awards (“RSAs”), and performance stock units (“PSUs”). Share-based compensation expense is recognized on a straight-lined basis over the requisite service period (usually the vesting period) except for options with graded vesting which is recognized pursuant to an accelerated method. Share-based compensation expense for an award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. Forfeitures are recognized as a reduction of share-based compensation expense as they occur.
Segment Reporting	Operating Segment Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision–making group, in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer and Chief Financial Officer. The Company operates as one operating segment and uses net income or loss as a measure of profit or loss on a consolidated basis in making decisions regarding resource allocation and performance assessment. Additionally, the CODM regularly reviews the Company’s expenses on a consolidated basis. The financial metrics used by the CODM help make key operating decisions, such as determination of capital expenditure purchases and significant acquisitions and allocation of budget between cost of revenues and general and administrative expenses. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. The significant expense categories regularly provided to the CODM include cost of revenue, general and administrative expenses, depreciation and amortization, impairment of property and equipment, and change in fair value of Bitcoin. These expense categories are reported as separate line items in the condensed consolidated statements of operations.
Recently Issued and Adopted Accounting Pronouncements and Accounting Pronouncements Pending Adoption	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, the Company believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In September 2025, the FASB issued accounting standards update (“ASU”) No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Scope Clarification and Accounting for Certain Contracts and Customer Share-Based Consideration (“ASU 2025-07”), which narrows the types of contracts subject to derivative accounting by excluding those whose payouts depend solely on an entity’s own operational metrics, rather than market-based variables, and clarifies that share-based or warrant consideration received from a customer is accounted for under Topic 606 until the right to retain the instrument is unconditional, after which the guidance in Topic 815 and 321 applies. The amendments are effective for annual periods beginning after December 15, 2026, with early adoption permitted, and may be applied prospectively or on a modified retrospective basis with an option to elect or revoke the fair value option for certain instruments upon transition. The Company is currently evaluating the impact of ASU 2025-07 but does not expect it to have a material effect on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends existing guidance to allow entities to apply the same principles used in other business combinations when determining the accounting acquirer in a transaction involving a variable interest entity (VIE) that is a business and where consideration is primarily in the form of equity interests. This update addresses comparability concerns and provides for more consistent application of acquisition accounting principles. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The Company is currently assessing the potential impact of the standard but does not anticipate that it will have a material impact on its consolidated financial statements. In May 2025, the FASB also issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to address diversity in practice and improve the operability of accounting for share-based consideration granted to customers. The amendments clarify how to distinguish between service and performance conditions for vesting, require entities to estimate forfeitures for all share-based consideration payable to customers, and specify that variable consideration guidance in ASC 606 does not apply when measuring such awards. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements but does not expect it to have a material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance is to improve the disclosure of expenses in commonly presented expense captions. The new guidance requires a public entity to provide tabular disclosure, on an annual and interim basis, of amounts for the following expense categories: (1) purchases of inventory, (2) employee compensation, (3) depreciation and (4) intangible asset amortization, as included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement that contains any of the expense categories noted. The guidance is effective for 2027 annual reporting, and in the first quarter of 2028 for interim reporting, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company will adopt the guidance when it becomes effective, in its 2027 annual reporting and each quarter thereafter, on a prospective basis. The Company is evaluating the impact the updated guidance will have on its disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance simplifies credit loss calculations and permits the election of a practical expedient to assume that conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses on current accounts receivable and current contract assets under ASC 606, Revenue from Contracts with Customers. The guidance is effective for annual reporting periods beginning after December 15, 2025. The Company adopted the guidance effective June 1, 2026, on a prospective basis. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures.

Bitcoin - Narrative (Details)	3 Months Ended		6 Months Ended
Bitcoin - Narrative (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Bitcoin, Realized Gain, Operating		$ 300,000		$ 200,000
Bitcoin, Realized Loss, Operating	$ 200,000		$ 1,100,000
Other digital assets	0		0		0
Crypto Asset, Customer Receipt			$ 300,000

Acquisition (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination

The total purchase consideration for the acquisition consisted of 2,405,300 common shares and 1,387,117 Series I preferred shares with a fair value as follows (in thousands):


Common shares	$	4,570
Preferred shares	2,677
Issuance of replacement awards and warrants	96
Total purchase consideration	$	7,343

The following table summarizes the preliminary purchase price allocation based on the estimated fair values of assets acquired and liabilities assumed as of June 1, 2026 (in thousands):


Cash and cash equivalents	$	450
Bitcoin	7
Accounts receivable	400
Property and equipment	5,046
Operating lease right-of-use asset	1,342
Identifiable intangible assets - customer related	525
Other assets	3,223
Total identifiable assets acquired	10,993
Accounts payable and accrued liabilities	2,532
Deferred tax liabilities	760
Operating lease liabilities	1,333
Other liabilities	2,307

Total identifiable liabilities assumed	6,932
Net identifiable assets acquired	4,061
Goodwill	3,282
Total purchase consideration	$	7,343

Business Combination, Pro Forma Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	3,591	$	6,727	$	7,250	$	14,041
Net (loss) income from continuing operations	$	(12,540)	$	545	$	(17,548)	$	(12,245)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Bitcoin

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Bitcoin

The following table presents the activities of Bitcoin (in thousands):


Balance at January 1, 2026	$	3,263
Revenue recognized from Bitcoin mined	4,003
Proceeds from sale of Bitcoin	(5,260)

Change in fair value of Bitcoin	(816)
Bitcoin assumed from acquisition	7
Balance at June 30, 2026	$	1,197

During the six months ended June 30, 2026, the Company received approximately $0.3 million of customer payments in Tether (USDT) and was immediately converted into U.S. dollars. Because the conversion occurred upon receipt and resulted in no gain or loss, the transaction is reflected as a cash inflow from operating activities in the condensed consolidated statements of cash flows. The Company continues to only hold Bitcoin as part of its digital asset strategy, and the receipt and conversion of USDT did not impact its digital asset balances.

The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):


	June 30, 2026		December 31, 2025
Number of Bitcoin held	20.5		37.3
Carrying basis of Bitcoin	$	1,460	$	3,835

For the three months ended June 30, 2026 and 2025, the Company had a realized loss on the sale of Bitcoin of $0.2 million and a realized gain of $0.3 million, respectively. For the six months ended June 30, 2026 and 2025, the Company had a realized loss of $1.1 million and a realized gain of $0.2 million, respectively, on the sale of Bitcoin.

All additions of Bitcoin were generated by the Company’s Bitcoin mining operations, except Bitcoin assumed from acquisition. All dispositions of Bitcoin were the result of sales on the open market and used to fund operations. Bitcoin holdings are not subject to sale restrictions and do not serve as collateral for any agreements. As of June 30, 2026 and December 31, 2025, the Company held no other cryptocurrency.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36532
Entity Registrant Name	Sphere 3D Corp.
Entity Incorporation, State or Country Code	A6
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	98-1220792
Entity Address, Address Line One	243 Tresser Blvd, 17th Floor
Entity Address, City or Town	Stamford
Entity Incorporation, State or Country Code	CT
Entity Address, Postal Zip Code	06901
City Area Code	647
Local Phone Number	952-5049
Title of 12(b) Security	Common Shares
Trading Symbol	ANY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,704,816
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001591956

Summary of Significant Accounting Policies - Segments (Details)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Number of operating Segments	1

Bitcoin (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activities of Bitcoin

The following table presents the activities of Bitcoin (in thousands):


Balance at January 1, 2026	$	3,263
Revenue recognized from Bitcoin mined	4,003
Proceeds from sale of Bitcoin	(5,260)

Change in fair value of Bitcoin	(816)
Bitcoin assumed from acquisition	7
Balance at June 30, 2026	$	1,197

Summary of Bitcoin Holdings

The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):


	June 30, 2026		December 31, 2025
Number of Bitcoin held	20.5		37.3
Carrying basis of Bitcoin	$	1,460	$	3,835

RSA (Details) - USD ($) $ in Millions	6 Months Ended
RSA (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Issuance of common shares for the settlement of liabilities (in shares)	135,403
RSA-Liabilities Paid	$ 0.2	$ 0.0

Net Income (Loss) per Share - Net Loss Per Share AntiDilutive (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Common share purchase warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,433,045	891,899	1,433,045	891,899
Options and awards outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,597,572	226,130	1,597,572	226,130
Preferred shares issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,389,417	0	1,389,417	2,300

Equity Incentive Plan - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Total share-based compensation expense	$ 897	$ 318	$ 1,222	$ 389

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Hosting Agreements On November 1, 2025, the Company entered into a Hosting Agreement with North Campbell HostCo LLC (the “Campbell Hosting Agreement”), for provision of rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. The Campbell Hosting Agreement has an initial term of 12 months and can be terminated based on certain defaults defined in the agreement. In connection with the Campbell Hosting Agreement, the Company paid a deposit of $0.4 million. For the three and six months ended June 30, 2026, the Company incurred costs under the Campbell Hosting Agreement of $0.7 million and $1.6 million, respectively. On June 1, 2026, following the Company’s acquisition of Cathedra, the Campbell Hosting Agreement was eliminated in consolidation. On April 19, 2024, the Company entered into a Master Hosting Agreement with Simple Mining LLC (“Simple Mining”) for provision of rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment (as amended, the “Simple Mining Hosting Agreement”). Effective November 22, 2025, the Simple Mining Hosting Agreement was mutually terminated. For the three and six months ended June 30, 2025, the Company incurred costs under the Simple Mining Hosting Agreement of $1.1 million and $2.6 million, respectively. On October 18, 2023, the Company entered into a Hosting Agreement with Joshi Petroleum, LLC (the “Joshi Hosting Agreement”) for provision of rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. Effective January 2, 2026, the Joshi Hosting Agreement was assigned to Evolution Technology LLC. The Joshi Hosting Agreement has an initial term of three years with subsequent one year renewal periods until either party provides written notice to the other party of its desire to avoid any given renewal term at least 30 days in advance of the conclusion of the prior initial term or renewal period. The Company does not intend to renew the agreement. In connection with the Joshi Hosting Agreement, the Company paid a deposit of $0.3 million representing the last two months of estimated service fees. For the three months ended June 30, 2026 and 2025, the Company incurred costs under the Joshi Hosting Agreement of nil and $0.4 million, respectively. For the six months ended June 30, 2026 and 2025, the Company incurred costs under the Joshi Hosting Agreement of $0.1 million and $0.8 million, respectively. On April 4, 2023, the Company entered into a Master Hosting Services Agreement with Rebel Mining Company, LLC (the “Rebel Hosting Agreement”) for provision of rack space, network services, electrical connections, routine facility maintenance, and technical support of certain of the Company’s mining equipment. On January 16, 2025, the Company terminated the Rebel Hosting Agreement and agreed to a settlement amount of $2.4 million payable to the Company in satisfaction of all obligations of the Rebel Hosting Agreement and it constitutes a final settlement of all amounts owed by either party of the Rebel Hosting Agreement. During 2025, the Company recorded a $0.3 million impairment for the remaining outstanding portion of the settlement that is in default. For the three and six months ended June 30, 2025, the Company incurred costs under the Rebel Hosting agreement of nil and $0.1 million, respectively. Power Supply Agreements The Company maintains long‑term prepaid electric power supply agreements with regional utilities to support its data‑center operations. Under these agreements, the Company prepays monthly power charges and maintains cash security deposits. As of June 30, 2026, the Company’s aggregate monthly power prepayment is $0.9 million, and the Company has security deposits in the aggregate of $1.9 million with utilities. The agreements generally include initial terms of 60 months with automatic annual renewals. Each contract provides between 10 MW and 15 MW of electrical capacity for the Company’s hosting and mining operations and contains standard payment, renewal, default, and disconnection provisions. These commitments represent material future cash obligations related to the Company’s ongoing operations. No contingencies exist under these agreements as of June 30, 2026. Management Agreement In March 2025, the Company entered into a management services agreement with Simple Mining to manage its self-owned 8 megawatt facility in Iowa (“Iowa Site”) for a term of 12 months, with automatic renewals for subsequent terms of 12 months unless terminated by either party with written notice 30 days prior to the expiration of the then current term. For the three months ended June 30, 2026 and 2025, management services fees paid to Simple Mining were approximately $51,000 and $71,000, respectively. For both the six months ended June 30, 2026 and 2025, management services fees paid to Simple Mining were approximately $0.1 million. Financial Advisory Agreement In July 2025, the Company entered into a financial advisory and consulting agreement for a term of 12 months, with automatic one month renewal periods. The agreement can be canceled by either party at any time with 10 days written notification to the other party. Fees are $25,000 per month for ongoing work, and a $1.45 million fee for certain transactions, payable in cash and equity. For the three and six months ended June 30, 2026, fees incurred under the financial and advisory agreement were approximately $1.3 million and $1.4 million, respectively. Compensation Obligations The employment agreements for the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) provide for retention bonuses of $1.6 million and $1.1 million, respectively, contingent upon the achievement of specified operational milestones. If the operational milestone is achieved at any time within two years, or by June 1, 2028, the bonus becomes payable in 12 equal monthly installments, in either cash or common shares, at the discretion of the Company. In addition, under the CFO’s employment agreement, if certain conditions constituting “good reason” occur prior to January 1, 2027, the CFO’s $1.1 million amount would become payable over an 18‑month period beginning after the operational milestone is achieved. No liability has been recorded as of June 30, 2026, but the Company will continue to evaluate the likelihood of achieving the milestone and assess any accrual required. Letters of Credit During the ordinary course of business, the Company provides standby letters of credit to third parties as required for certain transactions initiated by the Company. As of June 30, 2026, the Company had no outstanding standby letters of credit. Litigation The Company is, from time to time, subject to claims and suits arising in the ordinary course of business. The Company cannot predict the final outcome of such proceedings. Where appropriate, the Company vigorously defends such claims, lawsuits and proceedings. Paid expenses related to the defense of such claims are recorded by the Company as incurred and paid. On the basis of current information, the Company does not believe there is a reasonable possibility that a material loss, if any, will result from any claims, lawsuits and proceedings to which the Company is subject to either individually, or in the aggregate.

Intangible Assets - Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Intangible Assets, Finite-Lived		$ 0	$ 588	$ 0
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-Lived		$ 0	588	$ 0
Supplier agreements
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Intangible Assets, Finite-Lived	$ 600		600
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-Lived	$ 600		$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Acquisition - Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combination, Pro Forma Information, Pro Forma Revenue	$ 3,591	$ 6,727	$ 7,250	$ 14,041
Business Combination, Pro Forma Information, Pro Forma Income (Loss), after Tax	$ (12,540)	$ 545	$ (17,548)	$ (12,245)

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Consultant Agreement On June 1, 2026, the Company assumed a consulting agreement which provides for an individual, who is an existing shareholder of the Company that owns more than 5.0% of the Company’s outstanding common shares, to act as a head of strategy (the “Head of Strategy”) who is responsible for providing senior strategic and advisory services and support the development of the Company’s business strategy. Fees are $0.4 million annually, payable in equal monthly installments. The Company may terminate the agreement at any time for just cause, as defined in the agreement. If the Company terminates the agreement without just cause, the consultant is entitled to a termination fee of $0.4 million, payable on the effective date of termination. On June 1, 2026, in connection with the Combination, the Head of Strategy was issued 665,107 Series I Preferred Shares with a fair value of $1.3 million. On June 8, 2026, the Head of Strategy was granted 250,000 RSUs that vest over two years and have a grant date fair value of $0.9 million. For the three and six months ended June 30, 2026, the Company recorded $27,000 of share-based compensation expense related to these awards. At June 30, 2026, the Company had an aggregate of $0.3 million in accounts payable and accrued liabilities due to the Head of Strategy, and recorded $29,000 of expense for the three and six months ended June 30, 2026. On July 1, 2026, the Company terminated the prior consulting agreement and entered into a new consulting agreement with its Head of Strategy. Under the new agreement, the Head of Strategy provides senior strategic and advisory services and supports the development of the Company’s business strategy. The agreement has an initial term of 12 months and automatically renews for additional periods of 12 months unless either party provides written notice of non‑renewal in accordance with the agreement. The annual consulting fee is $0.4 million, payable in equal monthly installments. The Company may terminate the agreement at any time for just cause, as defined in the agreement. If the Company terminates the agreement without just cause, the consultant is entitled to a termination fee of $0.4 million, payable on the effective date of termination.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Organization and Business - Going Concern (Details)	6 Months Ended
Organization and Business - Going Concern (Details)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern, Management's Evaluation	Management has projected that based on our recurring losses, negative cash flows from operating activities, and our hashing rate at June 30, 2026, cash on hand may not be sufficient to allow the Company to continue operations
Substantial Doubt about Going Concern, Management's Plans, Substantial Doubt Not Alleviated	To mitigate these risks we are taking steps to reduce our cost of mining, have refreshed our mining fleet to improve our mining efficiency, and expect that recently contracted hosting agreements should further support these efforts.

Equity Incentive Plan - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Expense	$ 4,776
Remaining Weighted-Average Recognition Period (years)	1 year 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Advisory Agreement (Details) - Second Gate - USD ($)		3 Months Ended	6 Months Ended
Advisory Agreement (Details) - Second Gate - USD ($)	Jul. 03, 2025	Jun. 30, 2026	Jun. 30, 2026
Other Commitments [Line Items]
Service Agreement, Term of Contract	12 months
Contract minimum termination days			10 days
Other Commitment		$ 25,000	$ 25,000
Conditional commitment			1,450,000
Advisory Fee		$ 1,300,000	$ 1,400,000

Leases, Codification Topic 840

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Lessee, Operating Leases

Leases

On June 1, 2026, the Company assumed operating leases in its acquisition of Cathedra. As of June 30, 2026, the Company had operating leases primarily for land and buildings used for mining and hosting operations. Rent expense is recognized on a straight‑line basis over the respective lease terms within operating expenses. For both the three and six months ended June 30, 2026, rent expense related to operating leases was $22,000.

Additional information regarding leasing activities is as follows (in thousands, unless otherwise noted):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Operating cash flows from operating leases	$35	n/a	$35	n/a
Weighted-average remaining lease term (in years)	7.9	n/a	7.9	n/a
Weighted-average discount rate	9.6%	n/a	9.6%	n/a

The following table presents future minimum lease payments (in thousands):


Year	Operating Leases
2026 (remaining)	$	126
2027	267
2028	267
2029	263
2030	256
Thereafter	870
Total	2,049
Less: Imputed interest	(615)
Present value of lease liability	$	1,434

Bitcoin Holdings Table (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Bitcoin	20.5	37.3
Bitcoin, Cost	$ 1,460	$ 3,835

Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide a summary of the assets that are measured at fair value on a recurring basis (in thousands):


	June 30, 2026
	Fair Value		Level 1		Level 2		Level 3



Bitcoin	$	1,197	$	1,197	$	—	$	—


	December 31, 2025
	Fair Value		Level 1		Level 2		Level 3

Bitcoin	$	3,263	$	3,263	$	—	$	—

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2026, the Company granted 121,491 RSAs and 32,158 unregistered common shares for payment of outside services with an aggregate fair value of approximately $0.3 million based on the closing price of the Company’s common shares on the date of issuance. At-the-Market Offering Program Subsequent to June 30, 2026, under the ATM Agreement the Company issued 911,274 common shares for $1.7 million of net proceeds. Amended and Restated ATM Agreement On July 31, 2026, the Company entered into an Amended and Restated Sales Agreement (the “Amended ATM Agreement”) with A.G.P. and Maxim Group LLC (“Maxim” and, together with A.G.P., the “Sales Agents”) for the purpose of amending the ATM Agreement to provide for the addition of Maxim as a sales agent thereunder and to effect conforming changes related thereto. The Amended ATM Agreement otherwise retains all material terms of the original ATM Agreement. The Amended ATM Agreement provides for the sale of common shares having an aggregate offering price of up to $10.3 million in transactions that are deemed to be “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended. Shareholder Rights Plan On August 7, 2026, the Board of Directors of the Company adopted a shareholder rights plan, pursuant to a shareholder rights plan agreement dated as of August 10, 2026 (the “Rights Agreement”). The Rights Agreement is intended to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with a take-over bid or other acquisition of Voting Shares (as defined in the Rights Agreement) that could result in a person becoming the beneficial owner of 20% or more of the outstanding Voting Shares of the Company. Pursuant to the Rights Agreement, one common share purchase right (each, a “Right”) will attach to each Voting Share outstanding as of the close of business on August 20, 2026 (the “Record Time”), and to each Voting Share issued after the Record Time and prior to the earlier of the Separation Time and the Expiration Time (each as defined in the Rights Agreement). From and after the Separation Time and prior to the Expiration Time, each Right entitles its holder to purchase one common share of the Company at an exercise price equal to three times the market price of a common share determined as of the Separation Time, subject to adjustment in accordance with the Rights Agreement. Upon the occurrence of certain triggering events, each Right, other than Rights beneficially owned by an Acquiring Person (as defined in the Rights Agreement) or certain related persons, will entitle its holder to purchase common shares having an aggregate market value equal to two times the exercise price of the Right. Alternatively, in certain circumstances, the Company may exchange each outstanding Right, other than Rights that have become void under the Rights Agreement, for one common share, subject to adjustment. The Rights will expire on August 10, 2027, unless earlier redeemed, exchanged or otherwise terminated in accordance with the Rights Agreement.

Share Capital (Details) - $ / shares	6 Months Ended
Share Capital (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Equity [Abstract]
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited
Common shares, no par value	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Temporary Equity, Par or Stated Value Per Share	$ 0	$ 0
Temporary Equity, Shares Issued	161	161
Temporary Equity, Shares Outstanding	161	161
Preferred Stock, Par or Stated Value Per Share	$ 0	$ 0
Preferred Stock, Shares Issued	1,387,117	0
Preferred shares, outstanding (in shares)	1,387,117	0
Common shares, no par value	$ 0	$ 0
Common shares, issued (in shares)	7,639,893	3,392,541
Common shares, outstanding (in shares)	7,639,893	3,392,541

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Common Shares	Accumulated Other Comprehensive Loss	Accumulated Deficit
Preferred shares, beginning balance (in shares) at Dec. 31, 2024		0
Beginning balance, shareholders' equity at Dec. 31, 2024	$ 39,315	$ 0		$ 497,957	$ (1,821)	$ (456,821)
Common shares, beginning balance (in shares) at Dec. 31, 2024			2,545,342
Issuance of common shares (in shares)			21,045
Issuance of common shares for at-the-market offering, net	108			108
Issuance of common shares for vested restricted stock units (in shares)			751
Shares Issued, Warrants Exercised			50,700
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	71			71
Other Comprehensive Income (Loss), Net of Tax	(3)				(3)
Net income (loss)	(8,785)					(8,785)
Preferred shares, ending balance (in shares) at Mar. 31, 2025		0
Ending balance, shareholders' equity at Mar. 31, 2025	30,706	$ 0		498,136	(1,824)	(465,606)
Common shares, ending balance (in shares) at Mar. 31, 2025			2,617,838
Preferred shares, beginning balance (in shares) at Dec. 31, 2024		0
Beginning balance, shareholders' equity at Dec. 31, 2024	$ 39,315	$ 0		497,957	(1,821)	(456,821)
Common shares, beginning balance (in shares) at Dec. 31, 2024			2,545,342
Issuance of common shares (in shares)	21,045
Issuance of common shares for at-the-market offering, net	$ 100
Other Comprehensive Income (Loss), Net of Tax	14
Net income (loss)	(7,118)
Preferred shares, ending balance (in shares) at Jun. 30, 2025		0
Ending balance, shareholders' equity at Jun. 30, 2025	32,708	$ 0		498,454	(1,807)	(463,939)
Common shares, ending balance (in shares) at Jun. 30, 2025			2,795,056
Preferred shares, beginning balance (in shares) at Mar. 31, 2025		0
Beginning balance, shareholders' equity at Mar. 31, 2025	$ 30,706	$ 0		498,136	(1,824)	(465,606)
Common shares, beginning balance (in shares) at Mar. 31, 2025			2,617,838
Issuance of common shares (in shares)	0
Issuance of common shares for at-the-market offering, net	$ 0
Issuance of common shares for vested restricted stock units (in shares)			68,518
Shares Issued, Warrants Exercised			108,700
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	318			318
Other Comprehensive Income (Loss), Net of Tax	17				17
Net income (loss)	1,667					1,667
Preferred shares, ending balance (in shares) at Jun. 30, 2025		0
Ending balance, shareholders' equity at Jun. 30, 2025	$ 32,708	$ 0		498,454	(1,807)	(463,939)
Common shares, ending balance (in shares) at Jun. 30, 2025			2,795,056
Preferred shares, beginning balance (in shares) at Dec. 31, 2025	0	0
Beginning balance, shareholders' equity at Dec. 31, 2025	$ 23,300	$ 0		503,414	(1,811)	(478,303)
Common shares, beginning balance (in shares) at Dec. 31, 2025	3,392,541		3,392,541
Issuance of common shares for reverse stock split fractional shares (in shares)			38,263
Issuance of common shares (in shares)			256,142
Issuance of common shares for at-the-market offering, net	$ 415			415
Issuance of common shares for the settlement of liabilities (in shares)			45,532
Issuance of common shares for settlement of liabilities	61			61
Issuance of common shares for vested restricted stock units (in shares)			34,608
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	325			325
Net income (loss)	(4,106)					(4,106)
Preferred shares, ending balance (in shares) at Mar. 31, 2026		0
Ending balance, shareholders' equity at Mar. 31, 2026	$ 19,995	$ 0		504,215	(1,811)	(482,409)
Common shares, ending balance (in shares) at Mar. 31, 2026			3,767,086
Preferred shares, beginning balance (in shares) at Dec. 31, 2025	0	0
Beginning balance, shareholders' equity at Dec. 31, 2025	$ 23,300	$ 0		503,414	(1,811)	(478,303)
Common shares, beginning balance (in shares) at Dec. 31, 2025	3,392,541		3,392,541
Issuance of common shares (in shares)	1,148,724
Issuance of common shares for at-the-market offering, net	$ 2,500
Issuance of common shares for the settlement of liabilities (in shares)	135,403
Other Comprehensive Income (Loss), Net of Tax	$ 2
Net income (loss)	$ (17,935)
Preferred shares, ending balance (in shares) at Jun. 30, 2026	1,387,117	1,387,117
Ending balance, shareholders' equity at Jun. 30, 2026	$ 16,875	$ 2,677		512,245	(1,809)	(496,238)
Common shares, ending balance (in shares) at Jun. 30, 2026	7,639,893		7,639,893
Preferred shares, beginning balance (in shares) at Mar. 31, 2026		0
Beginning balance, shareholders' equity at Mar. 31, 2026	$ 19,995	$ 0		504,215	(1,811)	(482,409)
Common shares, beginning balance (in shares) at Mar. 31, 2026			3,767,086
Issuance of preferred and common shares for acquisition (in shares)		1,387,117	2,405,300
Issuance of equity instruments for acquisition	$ 7,343	$ 2,677		4,666
Issuance of common shares (in shares)	892,582		892,582
Issuance of common shares for at-the-market offering, net	$ 2,065			2,065
Issuance of common shares for the settlement of liabilities (in shares)			89,871
Issuance of common shares for settlement of liabilities	171			171
Issuance of common shares for vested restricted stock units (in shares)			485,054
Issuance of common shares for vested restricted stock units	231			231
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition	897			897
Other Comprehensive Income (Loss), Net of Tax	2				2
Net income (loss)	$ (13,829)					(13,829)
Preferred shares, ending balance (in shares) at Jun. 30, 2026	1,387,117	1,387,117
Ending balance, shareholders' equity at Jun. 30, 2026	$ 16,875	$ 2,677		$ 512,245	$ (1,809)	$ (496,238)
Common shares, ending balance (in shares) at Jun. 30, 2026	7,639,893		7,639,893

Certain Balance Sheet Items (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Assets

The following table summarizes other current assets (in thousands):


	June 30, 2026		December 31, 2025
Prepaid mining and hosting services	$	1,005	$	259
Bitcoin mining deposits	312		870
Prepaid insurance	172		364
Prepaid services	119		137
Other	123		77
Other current assets	$	1,731	$	1,707

Schedule of Property and Equipment

The following table summarizes property and equipment, net (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	7,424	$	24,019
Infrastructure	6,402		1,516
Land	160		—

Total	13,986		25,535
Accumulated depreciation	(3,280)		(10,927)
Property and equipment, net	$	10,706	$	14,608

Schedule of Other Assets, Noncurrent

The following table summarizes other non-current assets (in thousands):


	June 30, 2026		December 31, 2025

Utility deposits	$	1,900	$	225
Other investments	654		—


Other non-current assets	$	2,554	$	225

Other Current Liabilities

The following table summarizes other current liabilities (in thousands):


	June 30, 2026		December 31, 2025
Customer deposits	$	1,042	$	—
Operating lease liabilities	136		—
Deferred revenue	27		—
Other current liabilities	$	1,205	$	—

Option Inputs (Details)	3 Months Ended	6 Months Ended
Option Inputs (Details)	Jun. 30, 2025	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	148.00%	148.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	3 years 6 months	3 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.00%	4.00%

Certain Balance Sheet Items - Other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid digital hosting services	$ 1,005	$ 259
Bitcoin mining deposits	312	870
Prepaid insurance	172	364
Prepaid services	119	137
Other	123	77
Other Assets, Current	$ 1,731	$ 1,707

Equity Incentive Plan-RSU details (Details) - Restricted Stock Units (RSUs) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Grant Date Fair Value	$ 1,100,000	$ 900,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 900,000	$ 600,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units and Stock Options Vesting Period	12 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units and Stock Options Vesting Period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Certain Balance Sheet Items

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Items

The following table summarizes other current assets (in thousands):


	June 30, 2026		December 31, 2025
Prepaid mining and hosting services	$	1,005	$	259
Bitcoin mining deposits	312		870
Prepaid insurance	172		364
Prepaid services	119		137
Other	123		77
Other current assets	$	1,731	$	1,707

The following table summarizes property and equipment, net (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	7,424	$	24,019
Infrastructure	6,402		1,516
Land	160		—

Total	13,986		25,535
Accumulated depreciation	(3,280)		(10,927)
Property and equipment, net	$	10,706	$	14,608

Depreciation expense for property and equipment was $0.9 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense for property and equipment was $1.7 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.

Mining Equipment

In February 2026, the Company completed the sale of older generation mining equipment not in service for proceeds of $1.2 million, which was applied to the purchase of new mining equipment.

Impairment of Property and Equipment

For three and six months ended June 30, 2026, the Company recorded an impairment charge, using the fair value market approach, to mining equipment of $7.0 million related to the change in market conditions and decline in Bitcoin prices. For the three and six months ended June 30, 2025, there were no impairments recognized.

The following table summarizes other non-current assets (in thousands):


	June 30, 2026		December 31, 2025

Utility deposits	$	1,900	$	225
Other investments	654		—


Other non-current assets	$	2,554	$	225

Other Investments - assumed in Acquisition

The Company holds an investment in Low Time Preference Fund II, LLC, a private venture capital fund that qualifies as an investment company and reports member-level net asset value (“NAV”). This investment is measured at fair value using NAV as a practical expedient. As of June 30, 2026, the investment had a fair value of approximately $0.3 million. The fund is a private pooled investment vehicle with no public market and no observable pricing; valuation is based on NAV information provided by the fund’s asset manager. Because the investment is measured using the NAV practical expedient, it is excluded from the fair value hierarchy. The Company has no unfunded commitments related to this investment, and no gains or losses were recognized in the condensed consolidated statement of operations.

The Company holds 35,000,000 common shares of Silvermoon Inc. (“Silvermoon”), an equity security accounted for using the measurement alternative because the security does not have a readily determinable fair value. The investment is carried at cost, adjusted for impairment and observable price changes. As of June 30, 2026, no impairments or observable price changes were identified. Although the Company holds more than 20% of Silvermoon’s outstanding shares, it has no representation on Silvermoon’s board and no participation in the policy-making processes; therefore, the equity method is not applied. As of June 30, 2026, the investment’s carrying amount was approximately $0.3 million.

Other Current Liabilities

The following table summarizes other current liabilities (in thousands):


	June 30, 2026		December 31, 2025
Customer deposits	$	1,042	$	—
Operating lease liabilities	136		—
Deferred revenue	27		—
Other current liabilities	$	1,205	$	—

Summary of Significant Accounting Policies - PPE (Details)	Jun. 30, 2026
Maximum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	10 years
Minimum
Property, Plant and Equipment [Line Items]
Useful lives of property and equipment (in years)	3 years

Fair Value Measurements - Fair Value of Financial Instruments on a Recurring Basis (Details) - Bitcoin - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Bitcoin	$ 1,197	$ 3,263
Fair Value, Inputs, Level 1
Assets:
Bitcoin	1,197	3,263
Fair Value, Inputs, Level 2
Assets:
Bitcoin	0	0
Fair Value, Inputs, Level 3
Assets:
Bitcoin	$ 0	$ 0