v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total revenues $ 477,532 $ 463,330 $ 284,106
Cost of revenues      
Total cost of revenues (448,599) (433,608) (271,393)
Gross profit 28,933 29,722 12,713
Operating expenses      
Sales and marketing expenses (3,727) (7,462) (1,863)
General and administrative expenses (9,125) (25,271) (3,682)
Research and development expenses (2,543) (5,600) (1,741)
Credit loss provision for receivables (981) (100)
Gain on sale of recovery rights on assets held by FTX 7,270
Impairment loss on digital assets (6,987)
Impairment loss on mining equipment (25,400) (8,076)
Changes in fair value of digital asset receivables or payables 1,172 (1,320)
Changes in fair value of digital assets (8,693) 76,933 18,231
Loss on disposal of mining equipment (3,395)
Total operating (expenses)/income (52,692) 36,474 3,858
Operating (loss)/income (23,759) 66,196 16,571
Investment income 462 416
Interest expense (8,562) (6,328) (5,535)
Interest income 2,284 1,624 1,055
Other income/(expense), net 311 (277) 587
(Loss)/income before income taxes (29,264) 61,631 12,678
Income tax expense 1,878 7,668 2,183
Net (loss)/income and total comprehensive (loss)/income attributable to ordinary shareholders (31,142) 53,963 10,495
Less: Net income attributable to non-controlling interests 110
Total Comprehensive (loss)/income attributable to ordinary shareholders of the Company $ (31,252) $ 53,963 $ 10,495
Weighted average shares outstanding used in calculating basic and diluted earnings per share:      
Ordinary shares - basic (in Shares) [1] 164,334,429 160,988,011 150,000,000
Ordinary shares - diluted (in Shares) [1] 169,684,142 165,500,289 150,000,000
Earnings per share:      
Ordinary shares - basic (in Dollars per share) [1] $ (0.19) $ 0.34 $ 0.07
Ordinary shares - diluted (in Dollars per share) [1] $ (0.18) $ 0.33 $ 0.07
Related Party      
Cost of revenues      
Total cost of revenues $ (224,040) $ (177,162) $ (166,541)
Third Parties      
Cost of revenues      
Total cost of revenues (196,529) (231,756) (80,397)
Depreciation and Amortization      
Cost of revenues      
Total cost of revenues $ (28,030) $ (24,690) $ (24,455)
[1] The share and per share data has been retroactively restated to reflect the current capital structure of the Company.