- Revenue: $111.4 million, down 7% YoY; down 3.30% QoQ
- Gross Profit: $80.5 million, with a gross profit margin of 72.2%, maintaining strong profitability amid revenue transition.
- Operating Expenses: $100.7 million, largely stable with rigorous cost management in G&A.
- Net Income: -$102.6 million, a notable dip due to significant bitcoin impairment charges of $180 million this quarter, reflecting an increased vulnerability to bitcoin market volatility.
- Cash Flow: Negative cash flow from operations of $23.3 million, indicating pressures on liquidity despite the cash reserve of $68.8 million at the end of the quarter.
- Debt Position: Total debt stood at $3.9 billion, with a favorable blended interest rate of 1.6%. Management emphasized their commitment to leveraging capital for accumulating bitcoin, citing $800 million raised via convertible notes in June 2024, reflecting an ability to access capital markets under favorable conditions.