Search every filing
2,477,667 paragraphs from 10-Ks, 10-Qs and 8-Ks with press releases.
Matching paragraphs
Restructuring costs reflect expenses resulting from restructuring initiatives the Company undertakes to improve operational efficiency and align resources with its strategic objectives. Restructuring costs primarily include asset write-off charges, contract termination costs, costs to vacate facilities, and other direct expenses associated with approved restructuring plans. Costs are recognized when the Company’s management approves a restructuring plan and the related amounts are both probable and estimable.
Read in the filing ↗ Also in 10-K of Mar 2, 2026, 10-Q of May 11, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 9, 2026
• During the quarter, we committed to and initiated a restructuring plan (the “2026 Restructuring Plan”) focused on improving operational efficiency and aligning resources with our strategic objectives. As a result, we incurred restructuring costs of approximately $45.9 million.
Read in the filing ↗
(1) Represents stock-based compensation expenses recognized in connection with the 2026 Restructuring Plan. Refer to Note 2 - Summary of Significant Accounting Policies, “Restructuring Costs,” for further information.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026
direct expenses associated with approved restructuring plans. Costs are recognized when the Company’s management approves a restructuring plan and the related amounts are both probable and estimable.
Read in the filing ↗
During the third quarter of 2025, management committed to and initiated a restructuring plan in order to support data center initiatives and sovereign AI solutions, by reallocating our technology resources. Restructuring costs
Read in the filing ↗ Also in 10-K of Mar 2, 2026
As of September 30, 2026, the majority of the actions under the 2026 Restructuring Plans were completed. The remaining restructuring liability of $ 10.1 million, principally related to employee separation costs and contract terminations, is included in “Accrued expenses” on the Condensed Consolidated Balance Sheets. The actions of the prior year restructuring plan were completed as of December 31, 2025.
Read in the filing ↗
Restructuring costs for the nine months ended September 30, 2026 were $66.6 million, primarily consisting of $54.0 million related to the elimination of certain business activities, $6.9 million of employee-related separation costs and $5.6 million of contract terminations. As of September 30, 2026 the 2026 Restructuring Plans were substantially completed, and the remaining accrued restructuring liabilities were approximately $10.1 million.
Read in the filing ↗
During the first quarter of 2026, management committed to and initiated a restructuring plan (the “2026 Restructuring Plan”) in response to our strategic decision to reallocate resources as part of the strategic shift toward AI and critical IT. As part of the 2026 Restructuring Plan, we realigned our business operations and reduced our workforce by approximately 15%, providing combined annualized savings of $12.0 million. Restructuring costs were $47.6 million for the six months ended June 30, 2026, primarily consisting of $42.0 million related to the elimination of certain business activities and $5.4 million of employee-related separation costs. As of June 30, 2026, an additional restructuring reserve of $1.8 million was established. There were no such expenses in the prior year period.
Read in the filing ↗
Restructuring costs were $20.9 million for the nine months ended September 30, 2025, primarily consisting of asset write-off charges, contract termination expenses and facility exit costs incurred in connection with our restructuring plan. There were no such expenses in the prior year period.
Read in the filing ↗
restructuring costs of $19.0 million for the three months ended September 30, 2026. The plan is expected to reduce our ongoing operating costs and improve operating efficiencies by eliminating redundant functions. During the third quarter of 2025, management implemented a separate restructuring plan to reallocate technology resources to support data center initiatives and sovereign AI solutions. Restructuring costs incurred for the three months ended September 30, 2025 were $20.9 million, primarily consisting of asset write-off charges, contract termination expenses and facility exit costs.
Read in the filing ↗
Additionally, during the three months ended March 31, 2026, the Company recognized an impairment charge of $ 41.8 million related to the elimination of certain business activities involving mining rigs and equipment as part of the 2026 Restructuring Plan. This charge is included in “Restructuring costs” on the Condensed Consolidated
Read in the filing ↗
Restructuring costs for the three months ended June 30, 2026 were $1.8 million, reflecting an additional reserve established during the quarter in connection with the 2026 Restructuring Plan (as defined below) relating to contract termination and employee separation costs. There were no such costs in the prior year period.
Read in the filing ↗
During the first quarter of 2026, management committed to and initiated a restructuring plan (“Project Pivot”) to reallocate resources toward AI initiatives and related critical IT. Under Project Pivot, we realigned our business operations and reduced our workforce by approximately 15%, resulting in expected annualized savings of $12.0 million. During the third quarter of 2026, management initiated a separate restructuring plan, Project Align (and, collectively with Project Pivot, the “2026 Restructuring Plans”) to further streamline our operations and consolidate certain functions with our majority-owned subsidiary, Exaion.
Read in the filing ↗
Restructuring costs incurred during the year ended December 31, 2025, primarily consisted of asset write-off charges, contract termination costs and facility exit costs of $ 23.8 million, recorded on the Consolidated Statements of Operations. The majority of the actions of the restructuring plan were completed in the third quarter of 2025.
Read in the filing ↗
Restructuring costs incurred during the three and nine months ended September 30, 2025, primarily consisted of asset write-off charges, contract termination costs and facility exit costs of $ 20.9 million, recorded on the Condensed Consolidated Statements of Operations. The majority of the actions of the restructuring plan were completed as of September 30, 2025.
Read in the filing ↗
During the three months ended March 31, 2026, the Company’s management committed to and initiated a restructuring plan (the “2026 Restructuring Plan”) in response to the Company’s strategic decision to reallocate resources toward AI initiatives and related critical IT and HPC opportunities, as well as a significant decline in bitcoin prices. Restructuring costs incurred during the period were $ 45.9 million and primarily consisted of $ 41.8 million related to the elimination of certain business activities and $ 3.9 million of employee-related separation costs, including severance, termination benefits, and equity award modifications. Restructuring costs were recorded on the Condensed Consolidated Statements of Operations. Costs related to employee separation benefits of $ 2.9 million were accrued as of March 31, 2026, and are expected to be paid out in the following quarter.
Read in the filing ↗
Additionally, during the three and nine months ended September 30, 2026, the Company wrote-off $ 12.0 million and $ 54.0 million, respectively, related to the elimination of certain business activities involving mining rigs and equipment as part of the 2026 Restructuring Plans. This charge is included in “Restructuring costs” on the Condensed Consolidated Statements of Operations.
Read in the filing ↗
(2) Includes approximately $1.4 million of stock-based compensation expense related to the 2026 Restructuring Plan.
Read in the filing ↗
During the six months ended June 30, 2026, the Company’s management committed to and initiated a restructuring plan (the “2026 Restructuring Plan”) in response to the Company’s strategic decision to reallocate resources toward AI initiatives and related critical IT and HPC opportunities, as well as a significant decline in bitcoin prices. Restructuring costs incurred during the period were $ 47.6 million and primarily consisted of $ 42.0 million related to the elimination of certain business activities and $ 5.4 million of employee-related separation costs, including severance, termination benefits, and equity award modifications. Restructuring costs were recorded on the Condensed Consolidated Statements of Operations. During the quarter ended June 30, 2026, an additional reserve of $ 1.8 million related to employee separation benefits and contract termination was established and is expected to be paid out in the following quarter.
Read in the filing ↗
Restructuring costs incurred during the three and nine months ended September 30, 2026 were $ 19.0 million and $ 66.6 million, respectively, and are recorded in “Restructuring costs” on the Condensed Consolidated Statements of Operations. Costs for the nine months ended September 30, 2026 primarily consisted of $ 54.0 million related to the elimination of certain business activities involving mining rigs and equipment and $ 6.9 million of employee-related separation costs, including severance, termination benefits, and equity award modifications. Restructuring costs for the three months ended September 30, 2026 primarily consisted of $ 12.0 million of asset write-offs and other expenses.
Read in the filing ↗
• During the quarter, we initiated a restructuring plan of our technology operations to better align resources with our strategic priorities, moving from a centralized unit to embedding technology across the business. As part of this plan, we exited our two-phase immersion cooling product line, which represented a majority of our technology operations, incurring $20.9 million in restructuring costs during the quarter.
Read in the filing ↗
In the first quarter of 2026, the Company’s management committed to and initiated a restructuring plan (“Project Pivot”) in response to the Company’s strategic decision to reallocate resources toward AI initiatives and related critical IT and HPC opportunities, as well as a significant decline in bitcoin prices. During the third quarter of 2026, the Company’s management committed to and initiated a new restructuring plan (“Project Align”, and, together with Project Pivot, the “2026 Restructuring Plans”) to further streamline its operations, including the consolidation of certain functions with its majority owned subsidiary, Exaion, which resulted in the write-off of certain long-lived assets, contract terminations and a workforce reduction.
Read in the filing ↗
Additionally, during the six months ended June 30, 2026, the Company recognized an impairment charge of $ 42.0 million related to the elimination of certain business activities involving mining rigs and equipment as part of the 2026 Restructuring Plan. This charge is included in “Restructuring costs” on the Condensed Consolidated Statements of Operations. The Company did not incur any impairment charges related to its property and equipment in the prior year period.
Read in the filing ↗
restructuring plan in the third quarter of 2025, partially offset by continued investment in ongoing development initiatives supporting our strategic expansion, including activities at Exaion.
Read in the filing ↗
value of derivative instrument, (iii) restructuring costs, (iv) acquisition and integration costs, (v) net gain from extinguishment of debt and (vi) net gain/loss on investments.
Read in the filing ↗
(1) Represents stock-based compensation expenses recognized in connection with Project Pivot. Refer to Note 2 - Summary of Significant Accounting Policies, “Restructuring Costs,” for further information.
Read in the filing ↗
During the first quarter of 2026, management committed to and initiated the 2026 Restructuring Plan in response to our strategic decision to reallocate resources as part of the strategic shift toward AI and critical IT. As part of the 2026 Restructuring Plan, we realigned our business operations and reduced our workforce by approximately 15%, providing combined annualized savings of $12.0 million. Restructuring costs were $45.9 million for the three months ended March 31, 2026, primarily consisting of $41.8 million related to the elimination of certain business activities and $3.9 million of employee-related separation costs. Costs related to employee separation benefits of $2.9 million were accrued as of March 31, 2026, and are expected to be paid out in the following quarter. There were no such expenses in the prior year period.
Read in the filing ↗
(2) In connection with the restructuring activities during the year ended December 31, 2025, the Company fully eliminated $ 1.1 million of internal intellectual property associated with its technology operations.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Nov 9, 2026
(2) Includes approximately $0.2 million and $1.6 million of stock-based compensation expense related to the 2026 Restructuring Plan for the three and six months ended June 30, 2026.
Read in the filing ↗
During the three months ended September 30, 2025, in connection with the restructuring activities, the Company fully eliminated $ 1.1 million of internal intellectual property associated with its technology operations. Refer to Note 2 - Summary of Significant Accounting Policies, Restructuring Costs, for further information. In 2024, the Company fully amortized the customer relationship intangible assets acquired in the GC Data Center Acquisition for $ 22.0 million due to the Company’s strategic decision to exit the hosting services business and termination of customer relationships during the period.
Read in the filing ↗
During the third quarter of 2025, in connection with the restructuring activities, the Company fully eliminated $ 1.1 million of internal intellectual property associated with its technology operations. Refer to Note 2 - Summary of Significant Accounting Policies, “Restructuring Costs”, for further information. During the year ended December 31, 2024, the Company fully amortized the customer relationship intangible assets acquired in the GC Data Center Acquisition for $ 22.0 million due to the Company’s strategic decision to exit the hosting services business and termination of customer relationships during the period.
Read in the filing ↗
Any such regulatory developments could require us to incur significant compliance costs, restructure aspects of our operations, or limit certain activities, any of which could materially and adversely affect our business, financial condition and results of operations.
Read in the filing ↗
Restructuring costs for the nine months ended September 30, 2025 were $20.9 million, primarily consisting of asset write-off charges, contract termination expenses and facility exit costs under a plan implemented in the third quarter of 2025.
Read in the filing ↗
• During the quarter, we initiated a new restructuring plan (“Project Align”) to further streamline our operations and eliminate redundant functions, which included a workforce reduction, contract terminations and the write-off of certain long-lived assets no longer needed to support our strategic objectives.
Read in the filing ↗
During the third quarter of 2026, management committed to and initiated a new restructuring plan, Project Align, to further streamline our operations, including consolidating certain functions with our majority-owned subsidiary, Exaion. Project Align included asset write-offs, contract terminations and workforce reductions, and resulted in
Read in the filing ↗
incurred for the three months ended September 30, 2025 were $20.9 million, primarily consisting of asset write-off charges, contract termination expenses and facility exit costs. The majority of the restructuring plan actions were completed during the quarter. There were no such expenses in the prior year period.
Read in the filing ↗
Stock-based compensation expense decreased $19.8 million compared to the prior year period primarily due to the reversal of stock-based compensation expense associated with forfeitures related to our 2026 Restructuring Plan, partially offset by incremental expense related to equity awards granted under our new long-term incentive plan.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Nov 9, 2026
Acquisitions may require us to issue common stock, thereby diluting existing stockholders, or take on liabilities from acquired businesses. They may also result in recording goodwill and intangible assets that require regular impairment testing, which could lead to periodic write-downs. Additionally, acquisitions often involve significant costs, including integration expenses, restructuring charges and potential litigation risks.
Read in the filing ↗ Also in 10-K of Mar 2, 2026
Research and development expenses were $30.1 million for the year ended December 31, 2025 compared to $13.2 million in the prior year period. The $16.9 million, or approximately 128% increase, was primarily due to ongoing innovation initiatives and development activities to support our strategic expansion, following the reallocation of resources related to our restructuring plan.
Read in the filing ↗
Research and development expenses were $8.7 million for the three months ended September 30, 2025 compared to $2.8 million in the prior year period. The $5.9 million, or approximately 210% increase, was primarily due to ongoing innovation initiatives and development activities to support our strategic expansion, following the reallocation of resources related to our restructuring plan.
Read in the filing ↗ Also in 10-Q of Nov 9, 2026
During the third quarter of 2025, the Company’s management committed to and initiated a restructuring plan to reorganize its technology operations, transitioning from a centralized technology unit to a model that embeds technological expertise and capabilities across the business. As part of this strategic shift, the Company decided to exit its two-phase immersion cooling product line and reallocate resources to other strategic opportunities.
Read in the filing ↗ Also in 10-Q of Nov 4, 2025
Research and development expenses were $8.2 million for the three months ended March 31, 2026 compared to $9.3 million in the prior year period. The $1.1 million, or approximately 11% decrease, was primarily due to reduced spending following the exit of certain technology initiatives in the prior year period as part of our previously disclosed restructuring plan, partially offset by continued initiatives and development activities to support our strategic expansion.
Read in the filing ↗
acceptable to us, in amounts sufficient to meet our needs, or at all. Our inability to service our debt obligations or refinance our debt could harm our business. Further, if we are unable to repay, refinance or restructure our secured indebtedness, the holder of such debt could proceed against the collateral securing the indebtedness. Refinancing our indebtedness may also require us to expense previous debt issuance costs or to incur new debt issuance costs.
Read in the filing ↗
We define Adjusted EBITDA as (a) GAAP net income (loss) plus (b) adjustments to add back the impacts of (1) interest, (2) income taxes, (3) depreciation and amortization and (4) adjustments for non-cash and/or non-recurring items, which currently include (i) stock-based compensation expense, (ii) change in fair value of derivative instrument, (iii) impairment of goodwill and other assets, (iv) restructuring costs, (v) acquisition and integration costs, (vi) litigation settlement, (vii) net gain from extinguishment of debt and (viii) net gain on investments.
Read in the filing ↗ Also in 10-Q of Nov 9, 2026
We define Adjusted EBITDA as (a) GAAP net income (loss) attributable to common stockholders plus (b) adjustments to add back the impacts of (1) interest, (2) income taxes, (3) depreciation and amortization and (4) adjustments for non-cash and/or non-recurring items, which currently include (i) stock-based compensation expense, (ii) change in fair value of derivative instrument, (iii) impairment of assets, (iv) restructuring costs, (v) acquisition and integration costs, (vi) net gain from extinguishment of debt, (vii) net gain/loss on investments and (viii) early termination expenses.
Read in the filing ↗ Also in 10-K of Mar 2, 2026
Three Months Ended March 31, (in thousands, except share and per 2026 2025 share data) Reconciliation to Adjusted EBITDA: Netlossattributable to common $(1,259,619) $(533,199) stockholders Interestexpense (income), net 188 -2,054 Income taxbenefit -30,932 -119,172 Depreciation and amortization 194,739 161,002 EBITDA -1,095,624 -493,423 Stock-based compensation 30,506 49,115 expense Change in fair value of derivative 41,045 -26,828 instrument Restructuring costs 45,885 — Acquisition and integration 11,018 — costs Netgainfrom extinguishment of -70,557 — debt Netgainon investments — -12,429 Adjusted EBITDA(1) $(1,037,727) $(483,565)
Read in the filing ↗
Major disruptions in the cryptocurrency market, such as those in late 2022, could significantly impact the value of our mining equipment. In the fourth quarter of 2022, bitcoin’s price fell from nearly $21,500 to a low of approximately $15,500. This decline, combined with negative market sentiment following the collapse of FTX Trading Ltd. in November 2022 and the bankruptcies and restructurings of multiple digital asset companies, caused a material decline in the fair value of our mining rigs and deposits for future mining rig purchases. As a result, we recorded a $332.9 million impairment charge for the quarter ended December 31, 2022. Similar market downturns in the future could force us to record further impairments on our current and future assets, which could negatively impact our financial condition.
Read in the filing ↗
In addition, we have incurred, and may in the future incur, indebtedness secured by our bitcoin holdings. If bitcoin’s price drops significantly, we may face margin calls on our borrowings, requiring us to post additional collateral or risk liquidation of collateralized bitcoin. We also utilize convertible debt in our capital structure. In the event that holders of our convertible debt exercise conversion rights, we may be required to settle the principal amount of any converted notes in cash. If we do not have sufficient funds available to repay indebtedness when due, whether at maturity, by acceleration or upon conversion, or to post additional collateral upon the issuance of a margin call, we may be required to sell important strategic assets; refinance our existing debt; incur additional debt or issue common stock or other equity securities, which we may not be able to do on terms acceptable to us, in amounts sufficient to meet our needs, or at all. Our inability to service our debt obligations or refinance our debt could harm our business. Further, if we are unable to repay, refinance or restructure our secured indebtedness, the holder of such debt could proceed against the collateral securing the indebtedness. Refinancing our indebtedness may also require us to expense previous debt issuance costs or to incur new debt issuance costs.
Read in the filing ↗
On September 21, 2026, Buyer, Seller and Guarantor entered into the First Amendment to the Purchase Agreement (the “Amendment” and the Original Purchase Agreement as amended by the Amendment, the “Purchase Agreement”). Pursuant to the Amendment, Buyer posted a security deposit of $100.0 million (the “Security Deposit”) with the Electric Utility Company in respect of the power capacity contemplated for the Site, which Buyer may elect to withdraw in its sole discretion, subject to the sale process described below. The Amendment, among other things, also revises the Milestones and corresponding Milestone Payments, principally by (i) restructuring the payments tied to the receipt of certain regulatory approvals to be payable in two installments upon (x) the successful conclusion of an audit of the data center project being developed on the Site (the “Project”) by Texas regulatory authorities (the “Audit”) and (y) Buyer’s election, in its sole discretion, to proceed with the Project following completion of the applicable interconnection study, and (ii) increasing the maximum payments tied to the Site being authorized to receive power. The Milestone consisting of Seller’s retention of a minority interest in the Site upon execution of a data center lease with a third-party tenant is unchanged. Assuming all Milestones are achieved, the aggregate purchase price pursuant to the Purchase Agreement would remain $600 million.
Read in the filing ↗
Three Months Ended March 31, (in thousands, except share and per 2026 2025 share data) Revenues $174,614 $213,884 Costs and operatingexpense Purchased energy costs 44,732 43,481 Operating and maintenance 30,632 19,794 costs Third-party hosting and other energy 70,048 68,183 costs General and administrative 86,857 85,865 Depreciation and amortization 191,556 157,897 Change in fair value of 714,677 394,162 digital assets Change in fair value of derivative 41,045 -26,828 instrument Taxes other than on income 2,430 3,095 Research and development 8,248 9,298 Restructuring costs 45,885 — Total costs and 1,236,110 754,947 operatingexpense Operatingloss -1,061,496 -541,063 Otherloss Change in fair value of digital assets - -303,912 -116,067 receivable, net Netgainfrom extinguishment of 70,557 — debt Interest income 10,532 11,995 Interest expense -10,720 -9,941 Equity in net earnings of unconsolidated -2,171 -13 affiliate Other 3,881 2,474 Total otherloss -231,833 -111,552 Lossbefore income taxes -1,293,329 -652,615 Income taxbenefit 30,932 119,172 Netloss $(1,262,397) $(533,443) Less: netlossattributable to noncontrolling 2,778 244 interest, including redeemable noncontrollinginterest Netlossattributable to common $(1,259,619) $(533,199) stockholders Netlossper share of common stock - basic $(3.31) $(1.55) and diluted Weighted average shares of common stock 380,157,050 344,098,009 - basic and diluted
Read in the filing ↗ Also in 10-Q of May 11, 2026
… gain on investments — (12,429) Stock-based compensation expense 105,635 142,237 Change in fair value of derivative instrument 61,766 (42,717) Early termination expenses — 5,000 Restructuring costs 66,617 20,905 Equity in net earnings of unconsolidated affiliate 7,849 2,626 Net gain on extinguishment of debt (70,557) (1,029) Other adjustments from operations …
Read in the filing ↗
… and/or non-recurring items, which currently include (i) stock- based compensation expense, (ii) change in fair value of derivative instrument, (iii) impairment of goodwill and other assets, (iv) restructuring costs, (v) acquisition and integration costs, (vi) litigation settlement, (vii) net gain from extinguishment of debt, and (viii) net gain on investments. Management uses Adjusted EBITDA, together with the supplemental …
Read in the filing ↗ Also in 8-K of Nov 9, 2026, 8-K of May 11, 2026, 8-K of Feb 26, 2026, 8-K of Nov 4, 2025
… Depreciation and amortization 191,556 157,897 Deferred tax benefit (31,394) (112,115) Change in fair value of digital assets and digital assets - receivable, net 1,018,589 510,229 Net gain on investments — (12,429) Stock-based compensation 30,506 49,115 Change in fair value of derivative instrument 41,045 (26,828) Restructuring costs 45,885 — Equity …
Read in the filing ↗
… other assets — 26,253 Net gain on investments — (12,429) Stock-based compensation expense 77,189 103,771 Change in fair value of derivative instrument 42,814 (47,139) Restructuring costs 47,638 — Equity in net earnings of unconsolidated affiliate 5,027 915 Net gain on extinguishment of debt (70,557) — Other adjustments from operations, net (19,420) 4,260 …
Read in the filing ↗
… Adjusted EBITDA is defined as (a) EBITDA plus (b) adjustments to add back non - cash and/or non - recurring items, which currently include (i) stock - based compensat ion expense, (ii) change in fair value of derivat ive instrument, (iii) restructuring costs, (iv) acquisition and integration cost s, (v) net gain from extinguishment of debt, and (vi) loss on sale of …
Read in the filing ↗
… The $729.0 million increase in net loss was primarily driven by a $520.4 million increase in operating loss , largely due to unfavorable bitcoin mark-to-market adjustments of ($1.0 billion) and restructuring costs of $45.9 million during the quarter. The price of BTC declined 22% from December 31, 2025 to March 31, 2026 , resulting in net …
Read in the filing ↗