Riot Blockchain, Inc
(NASDAQ:RIOT)

Riot Blockchain, Inc., together with its subsidiaries, focuses on cryptocurrency mining operation in North America. The company primarily focuses on bitcoin mining. As of December 31, 2020, it operated a fleet of 7,043 miners. The company was formerly known as Bioptix, Inc. and changed its name to R...

Website: http://www.riotblockchain.com

Founded: 2000

Full Time Employees: 6

CEO: Jeffrey Mcgonegal

Sector: Technology

Industry: Software-Application

Blockchain

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At a glance:

Business Model Centered on Bitcoin Mining and Infrastructure: Riot Blockchain, Inc. (commonly branded as Riot Platforms) primarily generates value through large-scale Bitcoin mining operations and related infrastructure development, making results highly sensitive to Bitcoin network economics.
Earnings and Cash Flow Tied to Bitcoin Price and Hashrate Dynamics: Revenue and profitability tend to fluctuate with Bitcoin price, network difficulty, and Riot’s deployed hashrate; changes in any of these can materially impact mining margins and operating performance.
Capital-Intensive Growth with Ongoing Expansion Needs: Operations require significant capital for miners, power, and facilities; growth often depends on continued investment to expand capacity, refresh hardware, and secure reliable energy access.
Key Operational Risks: Energy Costs, Reliability, and Regulatory Scrutiny: Power pricing and availability are critical cost drivers, while downtime can reduce output; the sector also faces evolving regulatory and policy risks around energy use, mining operations, and digital assets.
Balance Sheet and Liquidity Often Influenced by Bitcoin Holdings and Funding Strategy: Liquidity can be affected by the company’s approach to holding vs. selling mined Bitcoin and its use of equity, debt, or asset-backed financing, which may impact dilution and financial flexibility.

Bull Thesis:

Direct Leverage to Bitcoin Price Appreciation: As a primary Bitcoin miner and holder, Riot Blockchain's financial performance and stock valuation are highly correlated with the price of Bitcoin. A sustained increase in Bitcoin's value directly boosts Riot's mining revenue, the value of its treasury holdings, and its overall profitability, driving shareholder value.
Aggressive Hash Rate Expansion and Operational Efficiency: Riot consistently invests in state-of-the-art mining hardware and expands its data center capacity (e.g., Corsicana facility). This strategic growth in hash rate, coupled with efforts to improve operational efficiency, allows Riot to capture a larger share of the global Bitcoin network and mine more Bitcoin over time, even amidst increasing network difficulty.
Strategic Vertical Integration and Infrastructure Ownership: By owning and operating its own large-scale data centers, such as Whinstone and Corsicana, Riot gains significant control over its operational costs, energy procurement, and infrastructure development. This vertical integration reduces reliance on third-party hosting providers and offers greater flexibility and potential for future diversification.
Robust Energy Strategy and Grid Services Revenue: Riot's operations, particularly in Texas (ERCOT), allow it to participate in demand response programs. By curtailing mining operations and selling power back to the grid during peak demand, Riot generates substantial revenue that offsets mining costs and enhances profitability, demonstrating a sophisticated approach to energy management and grid stability.

Bear Thesis:

Extreme Sensitivity to Bitcoin Price Volatility: Riot's business model is inherently exposed to the extreme volatility of Bitcoin's price. A significant or prolonged downturn in Bitcoin's value would severely impact Riot's mining revenue, the market value of its treasury Bitcoin, and its overall financial health, leading to potential stock price declines and reduced investor confidence.
Escalating Network Difficulty and Mining Competition: The global Bitcoin network difficulty continuously increases as more miners come online. This means Riot must deploy increasingly more hash rate to maintain its share of block rewards, putting constant pressure on its mining margins and requiring significant ongoing capital expenditure to remain competitive, potentially leading to diminishing returns.
High Energy Costs and Regulatory Uncertainty: Bitcoin mining is highly energy-intensive, making Riot's profitability vulnerable to fluctuations in electricity prices, especially in regions like Texas. Furthermore, the industry faces increasing scrutiny regarding its environmental impact and potential regulatory changes related to energy consumption or cryptocurrency mining, which could impose additional costs or operational restrictions.
Risk of Shareholder Dilution to Fund Growth: To finance its aggressive expansion plans, including the acquisition of new miners and the development of large-scale data centers, Riot frequently resorts to issuing new equity. While necessary for growth, this practice can lead to significant shareholder dilution, potentially depressing earnings per share and per-share valuation metrics for existing investors.

Main Competitors:

Marathon Digital Holdings ($MARA) (Bitcoin mining operations), Competes directly with Riot Blockchain in large-scale Bitcoin mining, focusing on expanding its hashrate, optimizing energy efficiency, and securing strategic partnerships for power generation to maximize Bitcoin production and accumulation.
CleanSpark Inc. ($CLSK) (Bitcoin mining operations), A direct competitor in the Bitcoin mining sector, CleanSpark emphasizes sustainable energy sources and operational efficiency to scale its hashrate and increase its share of the global Bitcoin network, similar to Riot's strategy.
Hut 8 Mining Corp. ($HUT) (Bitcoin mining operations, high-performance computing (HPC)), Competes in Bitcoin mining through large-scale operations and also diversifies into high-performance computing (HPC) services, leveraging its infrastructure. Both companies vie for market share in Bitcoin production and efficient energy utilization.
Cipher Mining Inc. ($CIFR) (Bitcoin mining operations), A pure-play Bitcoin mining company that competes on hashrate expansion, operational efficiency, and securing favorable energy contracts to maximize Bitcoin production and profitability, directly challenging Riot's position in the market.

Moat:

The Bitcoin mining industry is highly competitive and capital-intensive, with companies like Riot Blockchain primarily competing on scale, operational efficiency, and access to low-cost, reliable energy. Moats are generally weak, relying on factors such as securing favorable long-term power purchase agreements, efficient deployment of capital for new mining hardware, and expertise in managing large-scale data centers. Competition is fierce for hashrate dominance, which directly translates to a greater share of mined Bitcoin, and for achieving the lowest cost per Bitcoin mined, driven by energy costs and operational overhead. The ability to adapt to fluctuating Bitcoin prices and network difficulty, while maintaining a strong balance sheet for expansion, is crucial for survival and growth in this sector.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31

revenue:
bitcoin mining	111,895,000	131,736,000	160,792,000	140,889,000	142,859,000	126,351,000	67,491,000	55,764,000	74,597,000	60,009,000	31,222,000	49,742,000	48,023,000
data center	33,150,000
engineering	22,174,000	21,095,000	19,097,000	10,576,000	13,920,000	11,551,000	12,638,000	9,627,000	4,675,000	13,308,000	15,536,000	19,312,000	16,147,000	20,456,000	15,824,000	16,938,000	11,549,000
other			340,000	1,523,000	4,608,000	4,656,000	4,657,000	4,627,000																																																		-31,475.25	-52,241		4,000					10,783.75
total revenue	167,219,000	152,831,000	180,229,000	152,988,000	161,387,000	142,558,000	84,786,000	70,018,000	79,296,000	78,812,000	51,891,000	76,739,000	73,236,000	60,147,000	46,290,000	72,947,000	79,787,000	90,890,000	64,808,000	34,348,000	23,197,000	5,291,000	2,462,000	1,942,000	2,386,000	1,200,525	1,739,165	2,467,050	1,430,260	1,685,403	2,366,683	2,792,794	925,554
yoy	3.61%	7.21%	112.57%	118.50%	103.52%	80.88%	63.39%	-8.76%	8.27%	31.03%	12.10%	5.20%	-8.21%	-33.82%	-28.57%	112.38%	243.95%	1617.82%	2532.33%	1668.69%	872.21%	340.72%	41.56%	-21.28%	66.82%	-28.77%	-26.51%	-11.66%	54.53%
qoq	9.41%	-15.20%	17.81%	-5.20%	13.21%	68.14%	21.09%	-11.70%	0.61%	51.88%	-32.38%	4.78%	21.76%	29.94%	-36.54%	-8.57%	-12.22%	40.25%	88.68%	48.07%	338.42%	114.91%	26.78%	-18.61%	98.75%	-30.97%	-29.50%	72.49%	-15.14%	-28.79%	-15.26%	201.74%
costs and expenses:
cost of revenue
acquisition-related costs				111,000	76,000	2,462,000	3,079,000											2,304,000	552,000	17,032,000
selling, general, and administrative	76,180,000	81,594,000	69,832,000	75,902,000	71,448,000	81,138,000	66,936,000	61,189,000	57,652,000	38,768,000	29,067,000	19,836,000	12,675,000
depreciation and amortization	97,734,000	102,759,000	82,929,000	83,197,000	77,926,000	82,384,000	60,000,000	37,326,000	32,343,000	62,283,000	64,569,000	66,162,000	59,340,000	46,584,000	26,559,000	20,562,000	14,245,000	5,533,000	12,207,000	5,738,000	2,846,000	1,733,000	1,267,000	830,000	663,000	48,518	23,414	23,229	23,839	-418,292	658,338	2,870,899	2,156,427
change in fair value of bitcoin	326,669,000	511,772,000	-133,120,000	-470,812,000	208,040,000	-291,178,000	-8,554,000	76,403,000	-234,080,000
change in fair value of derivatives	51,852,000
power curtailment credits	-21,023,000	-9,981,000	-30,634,000	-8,313,000	-7,801,000	-2,240,000	-12,417,000	-13,897,000	-5,131,000	-5,069,000	-49,601,000	-13,470,000	-3,075,000	-6,017,000	-13,070,000	-5,706,000
change in fair value of contingent consideration		-430,000	1,000	-9,390,000	-8,252,000									-335,000			176,000	531,000	259,000	185,000
loss on sale of equipment
total costs and expenses	667,088,000	837,320,000	100,178,000	-63,158,000	395,261,000	-45,644,000	206,299,000	187,059,000	-124,646,000	4,718,000	99,722,000	109,222,000	130,063,000	218,233,000	86,301,000	438,960,000	41,878,000	111,241,000	69,020,000	39,499,000	15,842,000	6,122,000	4,569,000	13,912,000	6,794,000	4,801,280	3,633,694	3,836,711	4,647,315	11,044,786	8,824,471	26,670,071	20,364,533
operating income	-499,869,000	-684,489,000	80,051,000	216,146,000	-233,874,000	188,202,000	-121,513,000	-117,041,000	203,942,000	74,094,000	-47,831,000	-32,483,000	-56,827,000	-158,086,000	-40,011,000	-366,013,000	37,909,000	-20,351,000	-4,212,000	-5,151,000	7,355,000	-831,000	-2,107,000	-11,970,000	-4,408,000													-2,311,448	-1,745,402	-871,746	-1,378,537	-2,951,520	-1,590,633	-1,994,421	-2,212,137	-2,354,064	-2,544,536	-2,600,692	-2,903,744	-3,075,504	-3,072,803	-3,133,603	-2,821,273	-2,438,737	-2,401,628	-2,247,095	-1,874,202	-2,445,513	-3,011,209	-2,746,252	-2,773,214	-3,199,854	-3,027,295	-3,387,093	-3,835,320	-5,155,139	-3,808,864
yoy	113.73%	-463.70%	-165.88%	-284.68%	-214.68%	154.00%	154.05%	260.31%	-458.88%	-146.87%	19.54%	-91.13%	-249.90%	676.80%	849.93%	7005.67%	415.42%	2348.98%	99.91%	-56.97%	-266.86%																	-21.69%	9.73%	-56.29%	-37.68%	25.38%	-37.49%	-23.31%	-23.82%	-23.46%	-17.19%	-17.01%	2.92%	26.11%	27.95%	39.45%	50.53%	-0.28%	-20.24%	-18.18%	-32.42%	-23.57%	-0.53%	-18.92%	-27.69%	-37.93%	-20.52%
qoq	-26.97%	-955.07%	-62.96%	-192.42%	-224.27%	-254.88%	3.82%	-157.39%	175.25%	-254.91%	47.25%	-42.84%	-64.05%	295.11%	-89.07%	-1065.50%	-286.28%	383.17%	-18.23%	-170.03%	-985.08%	-60.56%	-82.40%	171.55%														32.43%	100.22%	-36.76%	-53.29%	85.56%	-20.25%	-9.84%	-6.03%	-7.49%	-2.16%	-10.44%	-5.58%	0.09%	-1.94%	11.07%	15.69%	1.55%	6.88%	19.90%	-23.36%	-18.79%	9.65%	-0.97%	-13.33%	5.70%	-10.62%	-11.69%	-25.60%	35.35%
operating margin %	-298.93%	-447.87%	44.42%	141.28%	-144.92%	132.02%	-143.32%	-167.16%	257.19%	94.01%	-92.18%	-42.33%	-77.59%	-262.83%	-86.44%	-501.75%	47.51%	-22.39%	-6.50%	-15.00%	31.71%	-15.71%	-85.58%	-616.37%	-184.74%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income:
interest income	2,313,000	3,334,000	3,919,000	3,334,000	3,397,000	6,034,000	5,175,000	8,152,000	7,805,000	4,891,000	2,318,000	4,843,000	-3,830,000	463,000	348,000			73,750	40,000	80,000	175,000	58,000	12,000	16,000																																				3,112	8,247	14,088	23,451	11,848	12,309	18,187	27,616
interest expense	-2,618,000	-7,691,000	-8,052,000	-6,093,000	-2,308,000																				-2,000	-2,689	-2,129	-48,819	-68,363	-84,975	-21,836	-15,093	-1,069	-4,341	-4,773,397	-24,065	-4,834	-2,278	-2,384	-148	-25,598	-18,663	-25,393	-24,195	-25,064	-22,436.5	-27,188	-25,768	-36,790											-44,152	-44,867	-50,846	-48,206	-47,005	-48,425	-50,021	-49,141
loss on equity method investment - marketable securities
other income	-12,000	1,263,000	1,344,000	244,000	93,000	732,000	90,000	33,000	8,000	164,000	31,000	65,000				-59,000		953,000	-85,000	1,510,000		-1,000	-2,000	-12,000				729,154	78,872																		34,000			41,852	713	-11,016	19,104
total other income	-317,000	-8,851,000	26,114,000	3,628,000	-62,056,000	-51,088,000	-32,817,000	32,647,000	7,813,000	5,055,000	2,349,000	4,908,000	-3,830,000	-603,000	490,000	-6,520,000	-1,968,000	-2,575,000	-11,131,000	28,218,000	175,000	4,748,000	390,000	1,380,000	131,000	-2,595,400.75	60,409	91,360				-1,028,561	-275,503	-167,076	-4,742,494	2,059	21,386	26,060	34,317	35,871	1,938,048	-3,353	7,549	-38,814	25,764	-16,473	11,155	9,173	-43,905													207,871	-24,755	-35,157	-36,116	16,065.5	-21,525
net income before taxes	-500,186,000	-693,340,000	106,165,000	219,774,000	-295,930,000	137,114,000	-154,330,000	-84,394,000	211,755,000	79,149,000	-45,482,000	-27,575,000	-60,657,000	-158,689,000	-39,521,000	-372,533,000	35,941,000	3,813,500	-15,343,000
current income tax benefit	-291,000	2,592,000	-1,685,000	-320,000	-437,000	-679,000	-32,000	-55,000	22,000	79,000	157,000	-112,000	-76,000	39,000	-89,000	-427,000
net income	-500,477,000	-690,748,000	104,480,000	219,454,000	-296,367,000	136,435,000	-154,362,000	-84,449,000	211,777,000	79,228,000	-45,325,000	-27,687,000	-55,688,000	-155,779,000	-36,569,000	-366,334,000	35,629,000	-19,450,000	-15,343,000	19,337,000	7,530,000	3,917,000	-1,717,000	-10,590,000	-4,277,000	-3,440,152	-1,834,120	-1,278,301	-13,750,427	-12,686,400	-6,526,940	-24,433,838	-16,565,350	-9,003,312	-5,302,073	-1,311,771	-4,353,776	-2,285,388	-1,711,085	-835,875	559,511	-2,954,873	-1,583,084	-2,033,235	-2,186,373	-2,370,537	-2,533,381	-2,591,519	-2,947,649	-3,129,777	-3,072,090	-3,144,619	-2,802,169	-2,504,098	-2,460,087	-2,309,759	-1,938,271	-1,557,225	-3,063,450	-2,787,292	-2,805,834	-2,991,983	-3,052,050	-3,422,250	-3,871,436	-5,186,973	-3,830,389
yoy	68.87%	-606.28%	-167.69%	-359.87%	-239.94%	72.21%	240.57%	205.01%	-480.29%	-150.86%	23.94%	-92.44%	-256.30%	700.92%	138.34%	-1994.47%	373.16%	-596.55%	793.59%	-282.60%	-276.06%	-213.86%	-6.39%	728.44%	-68.90%	-72.88%	-71.90%	-94.77%	-16.99%	40.91%	23.10%	1762.66%	280.48%	293.95%	209.87%	56.93%	-878.14%	-22.66%	8.09%	-58.89%	-125.59%	24.65%	-37.51%	-21.54%	-25.83%	-24.26%	-17.54%	-17.59%	5.19%	24.99%	24.88%	36.14%	44.57%	60.81%	-19.70%	-17.13%	-30.92%	-47.95%	0.37%	-18.55%	-27.52%	-42.32%	-20.32%
qoq	-27.55%	-761.13%	-52.39%	-174.05%	-317.22%	-188.39%	82.79%	-139.88%	167.30%	-274.80%	63.70%	-50.28%	-64.25%	325.99%	-90.02%	-1128.19%	-283.18%	26.77%	-179.35%	156.80%	92.24%	-328.13%	-83.79%	147.60%	24.33%	87.56%	43.48%	-90.70%	8.39%	94.37%	-73.29%	47.50%	83.99%	69.81%	304.19%	-69.87%	90.50%	33.56%	104.71%	-249.39%	-118.94%	86.65%	-22.14%	-7.00%	-7.77%	-6.43%	-2.24%	-12.08%	-5.82%	1.88%	-2.31%	12.22%	11.90%	1.79%	6.51%	19.17%	24.47%	-49.17%	9.91%	-0.66%	-6.22%	-1.97%	-10.82%	-11.60%	-25.36%	35.42%
net income margin %	-299.29%	-451.97%	57.97%	143.45%	-183.64%	95.70%	-182.06%	-120.61%	267.07%	100.53%	-87.35%	-36.08%	-76.04%	-259.00%	-79.00%	-502.19%	44.66%	-21.40%	-23.67%	56.30%	32.46%	74.03%	-69.74%	-545.31%	-179.25%	-286.55%	-105.46%	-51.81%	-961.39%	-752.72%	-275.78%	-874.89%	-1789.78%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
basic and diluted net income per share	-1.44					-0.025	-0.54	-0.32		0.48	-0.25	-0.17	-0.33
basic and diluted weighted-average number of shares outstanding	347,624,244						286,243,674	264,625,308		175,026,051	180,952,689	167,342,813	167,342,500	139,433,901				93,452,764				41,976,704	44,773,870	34,528,836	28,585,915	19,597,977	23,371,856	15,995,092	14,449,628	13,403,846	14,197,763	13,511,427	12,289,785	6,019,817	5,401,552	5,103,739	4,599,184		3,999,637	3,876,961			30,990,029	30,990,029
change in fair value of derivative asset		-2,484,750	-10,792,000	42,747,000	-41,894,000	-21,879,000	24,318,000	-27,484,000	-20,232,000	4,553,000	-3,943,000	-13,109,000	5,778,000	15,447,000	17,749,000	-60,931,000	-46,235,000	8,830,000	-9,920,000	-17,536,000
loss on contract settlement				158,137,000
gain on acquisition post-close dispute settlement				-26,007,000
loss on sale/exchange of equipment		-565,750	-2,742,000	350,000	129,000	17,361,000		68,000			5,306,000
casualty-related charges (recoveries)		-8,000	-47,000	-119,000		-308,000		-187,000	-2,300,000				1,526,000
impairment of property and equipment		14,457,000	15,279,000
gain on equity method investment - marketable securities		-7,048,000	28,903,000	6,143,000
basic net income per share		-2.03	0.3	0.65	-0.9				0.82					-0.66	-0.24	-2.81	0.3	0.033	-0.16	0.22	0.09
diluted net income per share		-2.03	0.26	0.58	-0.9				0.81					-0.66	-0.24	-2.81	0.3	0.033	-0.16	0.22	0.09
basic weighted-average number of shares outstanding		340,719,298	347,085,375	336,278,380	329,508,458	275,980,010			259,506,242						153,895,123	130,405,502	117,042,347		96,064,036	88,681,338	83,163,400
diluted weighted-average number of shares outstanding		340,719,298	403,179,486	382,677,364	329,508,458	318,925,961			262,358,332						153,895,123	130,405,502	117,042,347		96,064,036	89,241,044	83,712,151
unrealized gain on equity method investment - marketable securities					-63,238,000	-55,869,000	-38,082,000
deferred income tax benefit													5,045,000	2,871,000	3,041,000	6,626,000														-2,826,000		472,000	3,053,000
total income tax benefit						-679,000	-32,000	-55,000	22,000	79,000	157,000	-112,000	4,969,000	2,910,000	2,952,000	6,199,000
cost of revenue:
unrealized gain on marketable equity securities								24,462,000						-1,576,500	142,000	-4,837,000				339,000
data center hosting										5,471,000	5,108,000	7,661,000	9,042,000	8,963,000	8,371,000	9,834,000
other revenue									24,000	24,000	25,000	24,000	24,000	24,000	25,000	24,000	24,000	24,000	25,000	24,000
realized gain on sale of bitcoin										-11,774,500	-13,495,000	-19,828,000	-13,775,000
casualty-related charges										381,500
impairment of bitcoin										3,537,750	4,041,000	5,638,000	4,472,000	15,288,000	5,900,000
impairment of goodwill																349,148,000
realized loss on sale of marketable equity securities														-7,372,000		-1,624,000
gain on sale/exchange of equipment												30,000
unrealized loss on marketable equity securities																	-1,611,000	-2,843,000	-11,151,000
revenue, net:
mining														31,541,500	22,070,000	46,151,000	19,094,000
cost of revenues																					7,534,000	2,102,000	1,302,000	1,439,000	1,407,000	1,561,544	1,476,135	1,587,983	1,471,338	1,886,544	2,031,885	1,477,587	349,011
selling, general and administrative														9,387,250	16,004,000	10,713,000	10,910,000	39,458,000	40,307,000	3,512,000	5,462,000	2,287,000	2,000,000	2,230,000	3,735,000	2,019,342	1,762,021	2,225,499	3,152,138	4,557,587	5,970,411	6,422,883	3,906,197	4,599,382	597,018	1,062,540	1,034,653	1,978,970	1,715,475	822,835	1,030,126	2,507,514	1,231,101	1,482,608	1,535,851	1,517,178	1,473,301	1,674,719	1,894,442	1,411,243	1,322,976	1,354,330	1,427,955	1,240,043	1,346,391	1,393,714	1,204,675	1,205,513	1,405,979	1,360,256	1,603,473				1,883,677	1,107,008.75	1,602,242
realized gain on sale/exchange of bitcoin														-4,903,000	-1,854,000
gain on exchange of equipment															-7,667,000	-8,614,000
realized gain on sale/exchange of long-term investment																				26,260,000
realized gain on sale/exchange of cryptocurrencies																-14,353,000	-9,236,000	-347,000	65,000	29,000
impairment of cryptocurrencies																99,787,000	26,390,000	18,955,000		17,507,000					989,000
revenue, net - mining																	57,945,000
revenue, net - hosting																	9,694,000
revenue, net - engineering																	12,124,000
hosting																	14,985,000
interest and other income																	-357,000
current income tax expense																	-312,000
revenue, net - cryptocurrency mining																		27,053,250	53,590,000	31,450,000	23,173,000	5,267,000	2,437,000
revenue, net - data center hosting																		3,516,750	11,193,000	2,874,000
cost of revenues, cryptocurrency mining																		7,473,250	13,034,000	9,325,000
cost of revenues, data center hosting																		4,079,250	12,581,000	3,736,000
impairment of long-term investment																								9,413,000
reversal of registration rights penalty																								1,358,000
gain on sale of equipment																						-2,000	-5,000	18,000	17,000
deferred income tax expense																		-932,500		-3,730,000
license fees																					24,000	24,000	25,000	24,000	24,000	23,477	24,174	24,174	24,175
loss on issuance of convertible notes, common stock and warrants																										-340			-6,154,660
change in fair value of warrant liability																										726		-116,498	-2,753,228
change in fair value of convertible notes																										-767		-2,250,651	-1,644,582
gain on deconsolidation of tess																										213		1,138,787
realized gain on exchange of cryptocurrencies																						122,750	385,000		106,000
net loss attributable to non-controlling interest																										42,616	-19	-19	221,422	1,275,597	296,982	416,918	215,258					288.25	1,153
net loss attributable to riot blockchain																						3,910,000	-1,717,000	-10,590,000	-4,277,000	-3,397,536	-1,834,139	-1,278,320	-13,529,005	-11,410,803	-6,229,958	-24,016,920	-16,350,092
basic and diluted net loss per share:																						0.16	-0.04	-0.31	-0.15
revenue - cryptocurrency mining																								1,918,000	2,362,000					1,521,851.25	2,342,508	2,768,619	901,380
investment income																									9,000	11,132	5,765	3,261	16,842	322	683	6,690	62,586	16,008	30,903	26,124	26,220	18,693	23,639	35,107	44,285	12,849	32,942	-14,619	50,828	9,961	4,343	34,941	-7,115
other expense																									1,000	-1,529	-1,734	-696	-13,041																									-46,298	-58,459	-62,664	-64,069
revenue - digital currency mining																										1,390,988	1,714,991	2,442,876	1,406,085
impairment of digital currencies																										93,031	372,124			126,274	163,837
operating loss from continuing operations																										-3,600,755	-1,894,529	-1,369,661	-3,217,055	-9,359,383	-6,457,788	-23,877,277	-19,438,979	-10,466,148	-590,501	-1,066,024	-1,028,170
non-compliance penalty for sec registration requirement
gain on extinguishment of debt																										210,731.25	34,899
loss on extinguishment of bmss payable																															-265,500
realized gain on sale of digital currencies																										166,304.5	23,608	636,822	4,788	-424,898	219,247
loss from continuing operations before income taxes																										-3,583,152	-1,834,120	-1,278,301	-13,750,427	-9,860,400	-6,526,940	-24,905,838	-19,714,482
loss from continuing operations																										-3,440,152	-1,834,120	-1,278,301	-13,750,427	-12,686,400	-6,526,940	-24,433,838	-16,661,482	-9,024,224	-5,332,995	-1,063,965
discontinued operations																																		-3,542,963.29	0.01	-0.05	-0.73
income from operations																																	96,132	-236,139.25	30,922	-332,843	-642,636
income from discontinued operations																																	96,132
continuing operations attributable to riot blockchain																										-0.09	-0.08	-0.08	-0.94	-0.77	-0.46	-1.81	-1.36
discontinued operations attributable to riot blockchain																																	0.01
net income per share																										-0.09	-0.08	-0.08	-0.94	-0.77	-0.46	-1.81
total other expense																													-10,533,372	-501,017	-69,152																													-41,040	-32,620
other revenue - fee																														18,131	24,175	24,175	24,174									24,174	24,175	24,174		24,175	24,175	24,174		23,008	21,708	21,249						8,882	17,766	17,766	17,765	12,657.25	17,766	16,876	15,987	11,990	15,987
research and development																														3,633		10,000	4,532	-42,975	17,658	27,658	17,692	362,655	54,458	73,085	372,586	472,724	426,263	552,408	707,742	912,820	1,119,315	950,147	1,052,298	1,687,306	1,806,373	1,800,522	1,411,973	1,215,180	1,065,967	880,610	676,618	1,292,896	1,644,995	1,456,335	1,271,995	1,620,785	1,043,156	1,311,235	2,044,197	2,780,202	2,275,175
impairment of property, plant & equipment																														6,714,505.75
other expenses																														-339,731	-1,746	-1,020,158	-337,020
escrow forfeiture gain																																				134,812
impairment loss																																					-2,704,356
impairment expense																																15,377,532	11,480,491
change in fair value of digital currencies																																511,170	2,467,875
other revenue – fee																																		24,174	24,175	24,174	24,175	18,131	24,175	24,174	24,175				24,175				23,175				18,655	1,122.5	4,490
operating expenses:
total operating expenses																																		689,304.75	614,676	1,090,198	1,052,345	2,341,625	1,769,933	895,920	1,402,712	2,980,238	1,657,364	2,035,016	2,243,593	2,429,998	2,592,616	2,624,866	2,946,740	3,098,549	3,129,349	3,154,852	2,839,928	2,455,223	2,412,358	2,274,324	1,881,293	2,498,409	3,050,974	2,816,591	2,875,468	3,197,899	2,975,177	3,429,141	3,927,874	4,983,075	3,877,417
gain on property and equipment sale
impairment																																				-49,775
total income from discontinued operations																																		-890,969	30,922
continuing operations																																		-16,302,907.53	-0.99	-0.21	-0.22
basic and diluted net loss per share																																		-0.545	-0.98	-0.26		-0.54	-0.43	-0.22	0.14	-0.09	-0.05	-0.07	-0.07	-0.07	-0.08	-0.08	-0.14	-0.14	-0.14	-0.21	-0.28	-0.06	-0.32	-1.19	-0.2	-0.19	-0.38	-0.35	-0.07	-0.07	-0.08	-0.09	-0.1	-0.15	-0.12
gain on sale of property and equipment																																						9,645	13,062	912	1,919,361
total loss from discontinued operations																																				-247,806	-3,346,992
income from continuing operations																																					-1,006,784
sales																																						7,493	1,923			8,494	57,089	24,517	11,288	78,931	36,296		51,728		56,068			801	6,240	27,241	7,275	44,401	22,381	55,322	97,316	88,481	80,483	59,132	142,133	68,621	69,212
cost of sales																																						1,491	1,567			3,950	14,533	8,096	4,007	27,172	12,391		31,907	-37	21,230			396		12	184	387	382	2,749	12,827	108,201	150,367	33,960	65,566	406,672	16,646
gross profit																																						6,002	356			4,544	42,556	16,421	7,281	51,759	23,905		19,821	37	34,838			405	6,240	27,229	7,091	44,014	21,999	52,573	84,489	-19,720	-69,884	25,172	76,567	-338,051	52,566
yoy																																						32.09%	-99.16%			-91.22%	78.02%	NaN%	-63.27%	139789.19%	-31.38%	NaN%	NaN%	-90.86%	458.30%	NaN%	NaN%	-99.08%	-71.64%	-48.21%	-91.61%	-323.19%	-131.48%	108.86%	10.35%	-94.17%	-232.95%
qoq																																						1585.96%				-89.32%	159.16%	125.53%	-85.93%	116.52%	NaN%	NaN%	53470.27%	-99.89%	NaN%	NaN%	NaN%	-93.51%	-77.08%	283.99%	-83.89%	100.07%	-58.16%	-37.78%	-528.44%	-71.78%	-377.63%	-67.12%	-122.65%	-743.10%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
net loss attributable to venaxis, inc.																																						-496,574	-1,709,932
basic and diluted weighted-average number
of shares outstanding																																									3,876,960				30,990,029	6,959,564.25	30,990,029	30,782,937	21,639,049	3,857,642.5	21,454,380	14,756,578	9,954,380	943,057	7,716,480	1,948,717	9,633,321	2,007,080.25	8,028,321	8,027,665	40,138,324	9,736,858.75	40,138,324	39,174,507	37,500,486	7,958,475	32,158,512
(includes non-cash compensation
of 724,924; 417,870; 1,319,676
and 805,997)																																																																2,117,906

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30

assets
current assets
cash and cash equivalents	205,666,000	233,517,000	330,745,000	255,371,000	163,719,000	277,860,000	355,709,000	481,168,000	688,497,000	597,169,000	290,107,000	289,176,000	158,272,000	230,328,000	254,974,000	270,483,000	113,581,000	312,315,000	57,880,000	147,183,000	241,012,000	223,382,000	30,086,000	9,140,000	13,956,000	7,440,000	15,162,781	16,110,630	1,016,019	225,390	1,607,085	1,654,034	5,257,534	41,651,965	13,139,722	11,933,573	11,981,618	5,529,848	2,447,320	4,489,809	3,841,065	2,012,283	3,230,308	4,867,832	4,202,035	3,539,911	4,371,246	3,752,767	3,985,102	5,658,683	4,355,340	9,736,747	2,491,838	10,977,974	9,836,750	10,949,955	1,316,462	2,968,104	2,400,866	6,108,117	8,140,814	8,908,080	8,922,955	12,523,434	10,769,909	13,366,777	7,643,571
restricted cash	76,873,000	76,272,000	75,612,000	74,877,000	74,152,000	73,441,000	72,673,000						29,498,000
accounts receivable	66,569,000	29,788,000	26,539,000	25,427,000	19,524,000	27,124,000	15,348,000	13,680,000	14,185,000	24,706,000	12,683,000	13,181,000	19,837,000	26,932,000	17,385,000	16,091,000	16,019,000	15,398,000	3,632,000	27,000																		4,539	21,508																3,238	25,196	6,988	35,016	2,739	20,480	68,039	73,176	39,259	22,140	38,826	47,959	34,006
contract assets	14,100,000	8,308,000	2,084,000	6,498,000	8,407,000	6,478,000
prepaid expenses and other current assets	76,053,000	59,447,000	47,080,000	50,196,000	45,177,000	40,288,000	30,638,000	30,654,000	33,589,000	29,107,000	35,989,000	20,132,000	22,233,000	32,661,000	22,100,000	12,999,000	20,958,000	7,135,000	1,552,000	1,060,000	629,000	1,257,000	1,516,000	846,000	806,000	1,349,000	2,004,237	331,642	793,690	1,378,534	1,955,819	317,670	511,374	538,812	295,059	51,741	155,757	286,495	322,867	111,042	241,817	251,778	462,763	155,325	260,316	357,083	536,353	268,681	423,891	459,396	503,034	121,164	286,761	387,480	465,117	146,047	205,757	314,800	530,479	192,644	297,652	376,047	127,731	150,133	134,638	163,029	100,503
derivative assets, current portion	23,404,000	41,378,000
total current assets	462,665,000	448,710,000	528,593,000	516,103,000	449,558,000	599,476,000	716,865,000	743,824,000	785,097,000	1,008,571,000	513,388,000	482,754,000	365,679,000	443,381,000	476,895,000	496,431,000	439,704,000	573,539,000	179,024,000	221,323,000	276,208,000	236,265,000	40,589,000	17,210,000	20,044,000	12,628,000	20,324,236	18,366,085	2,894,727	2,310,549	6,862,912	9,445,721	13,612,276	42,390,985	13,446,313	11,986,390	12,337,542	13,743,490	15,619,888	16,258,263	16,841,991	16,412,052	19,394,973	20,586,054	22,363,951	24,895,783	27,251,992	29,369,590	13,282,196	14,760,727	17,847,009	20,114,239	9,554,399	12,528,358	10,694,271	11,331,170	2,090,985	4,321,044	5,327,946	7,274,609	9,750,876	12,306,621	14,492,642	16,846,022	11,238,735	14,427,431	10,282,740
property and equipment	1,585,891,000	1,528,716,000	1,360,530,000	1,301,732,000	1,307,055,000	1,338,787,000	1,173,275,000	1,040,182,000	821,685,000	704,194,000	667,808,000	699,637,000	717,310,000	692,555,000	650,191,000	411,244,000	325,132,000	262,980,000	200,751,000	128,815,000	28,306,000	10,143,000	8,568,000	4,945,000	5,866,000	5,051,000	127,581	27,977	27,507	26,269	4,853,744	5,420,262	22,492,426	4,294,166	4,113	4,587	5,063	41,133	95,387	539	896	1,954,496	1,990,138	2,026,365	2,064,006	2,103,880	2,131,756	2,166,600	2,217,042	2,266,982	2,319,067	2,376,700	2,428,789	2,484,539	2,560,243	2,608,950	2,701,548	2,795,149	2,889,886	2,969,818	3,051,345	3,107,134	3,197,943	3,270,187	3,265,782	3,310,844	3,296,017
bitcoin	673,885,000	1,227,462,000	1,823,630,000	1,711,908,000	1,586,545,000					311,178,000	151,825,000	140,931,000	121,850,000	109,420,000	125,151,000
restricted bitcoin	395,810,000	347,979,000	376,423,000	353,672,000
deposits	38,740,000	76,511,000	65,198,000	88,659,000	45,232,000	30,115,000	136,376,000	201,754,000	261,519,000	215,009,000	120,936,000	30,414,000	32,205,000	42,433,000	178,502,000	363,010,000	330,360,000	266,170,000	94,416,000	78,861,000
finite-lived intangible assets	29,246,000	30,187,000	31,128,000	32,070,000	33,011,000	34,053,000	11,331,000	12,778,000	14,214,000	15,697,000	17,159,000	18,622,000	20,072,000	21,477,000
derivative assets, less current portion	73,714,000	106,670,000
right-of-use assets	38,896,000	30,171,000	34,492,000
goodwill	122,499,000	122,499,000	122,499,000	122,499,000	122,152,000	121,887,000	96,763,000										349,148,000	349,063,000	267,237,000	267,409,000											1,186,496	1,186,496	1,186,496	1,186,496
other long-term assets	16,674,000	17,862,000	23,422,000	20,539,000	19,434,000	18,965,000	12,571,000	13,036,000	11,980,000	13,121,000	5,620,000	816,000	923,000	310,000	310,000	310,000	310,000																																														1,747,282	1,775,392		1,639,836
total assets	3,438,020,000	3,936,767,000	4,478,816,000	4,285,401,000	3,719,017,000	3,935,307,000	2,922,296,000	2,723,587,000	2,611,243,000	2,051,080,000	1,455,384,000	1,358,930,000	1,250,315,000	1,319,964,000	1,453,622,000	1,436,225,000	1,549,755,000	1,530,939,000	954,407,000	906,369,000	375,905,000	280,147,000	62,631,000	29,868,000	37,074,000	30,380,000	32,985,302	30,967,408	15,446,596	13,860,328	25,703,410	28,394,409	49,583,552	52,335,540	17,349,745	12,906,664	13,321,896	17,040,815	19,322,797	17,589,516	18,474,453	20,862,197	23,083,872	24,326,705	26,142,679	28,723,853	31,050,944	33,210,644	17,124,030	18,639,869	21,781,887	24,100,827	13,594,152	16,614,791	14,823,696	15,521,909	6,366,610	8,727,845	9,965,366	12,025,856	14,606,773	17,159,105	19,437,867	21,891,601	16,182,306	19,378,111	15,708,147
liabilities and stockholders’ equity
current liabilities
accounts payable	10,686,000	23,420,000	12,698,000	18,057,000	7,935,000	17,609,000	12,512,000	5,093,000	13,504,000	23,157,000	8,898,000	12,616,000	19,685,000	18,445,000	12,664,000	18,761,000	11,269,000	20,037,000	14,651,000	28,607,000	2,904,000	718,000	780,000	858,000	582,000	717,000	815,713	817,454	3,455,171	3,829,315	3,393,970	2,713,639	1,511,227	410,029	248,820	239,403	269,767	428,204	297,044	194,599	321,054	701,064	212,203	293,726	402,812	437,519	521,447	499,949	694,992	780,514	870,356	874,917	704,782	613,925	642,030	435,807	460,578	581,713	1,451,819	1,257,327	1,350,761	1,126,172	1,029,934	834,085	1,562,059	1,545,549	1,144,452
contract liabilities	64,707,000	37,117,000	18,206,000	21,601,000	8,823,000	9,644,000	8,806,000	6,367,000	3,732,000	4,073,000	5,787,000	3,117,000
accrued expenses and other current liabilities	82,171,000
contingent consideration liabilities, current portion	8,195,000	6,185,000	6,185,000	6,084,000	15,514,000	23,626,000	26,085,000
current portion of debt	254,502,000	253,887,000	253,243,000	252,627,000
operating lease liability, current portion	9,058,000	6,314,000	6,143,000	5,726,000	5,716,000	4,621,000	4,291,000	3,022,000	2,879,000	2,421,000	2,388,000	2,343,000	1,323,000	2,009,000	1,699,000	1,518,000	1,507,000	1,182,000	1,125,000	1,680,000					336,000
total current liabilities	429,319,000	469,775,000	358,548,000	374,907,000	139,302,000	160,385,000	126,228,000	97,295,000	92,647,000	121,015,000	71,115,000	74,331,000	112,066,000	121,543,000	107,058,000	100,567,000	116,177,000	109,878,000	25,574,000	37,475,000	7,433,000	2,397,000	1,260,000	1,331,000	3,071,000	3,369,000	3,804,430	3,802,514	21,455,439	6,658,605	8,041,087	6,572,187	4,697,345	1,040,524	890,959	849,540	871,251	1,055,140	1,178,481	457,307	658,582	1,790,767	1,116,631	950,423	1,017,122	1,781,968	1,788,481	1,566,560	1,695,419	2,249,023	2,400,881	2,034,446	3,219,604	4,078,953	4,298,225	1,977,815	1,654,095	2,071,926	3,312,339	2,608,056	2,650,254	2,731,350	2,489,066	2,372,629	3,226,246	3,274,820	3,037,408
operating lease liability, less current portion	25,964,000	19,648,000	25,963,000	25,422,000	27,582,000	23,915,000	20,550,000	19,977,000	20,767,000	18,924,000	19,516,000	19,510,000	20,997,000	20,242,000	20,510,000	19,968,000	20,346,000	12,257,000	7,254,000	6,620,000							47,644	61,055	73,994
contingent consideration liabilities, less current portion		2,010,000	3,029,000	3,129,000	3,089,000	3,229,000	589,000
debt, less current portion	587,661,000	586,909,000	586,501,000	585,750,000			5,600,000
other long-term liabilities	373,000	19,000	25,000	34,000	6,192,000	6,192,000	6,144,000	6,500,000	6,574,000	6,680,000	7,083,000	6,688,000	7,104,000	8,230,000	8,319,000	8,274,000	6,220,000	6,241,000	6,120,000	2,693,000
total liabilities	1,043,317,000	1,078,361,000	974,066,000	989,485,000	774,179,000	791,622,000	173,267,000	139,074,000	135,839,000	163,058,000	114,683,000	118,020,000	158,170,000	168,522,000	154,251,000	147,660,000	162,071,000	173,619,000	184,092,000	192,206,000	8,088,000	3,076,000	1,963,000	2,059,000	3,843,000	4,145,000	4,794,179	4,829,848	24,215,969	9,369,316	9,171,890	7,727,165	6,348,497	2,708,141	1,883,751	1,894,096	1,916,296	2,120,456	2,267,971	1,570,972	1,796,422	4,791,561	4,182,374	4,080,207	4,210,527	5,038,730	5,107,558	4,947,950	5,139,125	5,690,072	5,912,581	5,491,681	5,221,099	5,923,791	6,061,288	4,554,352	4,257,007	4,901,967	6,354,456	5,696,540	5,781,822	5,911,668	5,714,868	5,644,326	6,473,234	6,564,383	6,467,260
commitments and contingencies - note 16
stockholders’ equity
preferred stock, no par value, 15,000,000 shares authorized:
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2026 and december 31, 2025
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of march 31, 2026 and december 31, 2025
common stock	4,248,780,000	4,212,006,000	4,167,381,000	4,063,053,000	3,931,379,000	3,833,882,000	3,575,694,000	3,257,024,000	3,063,438,000	2,687,692,000	2,225,743,000	2,080,627,000	1,904,175,000	1,907,784,000	1,890,983,000	1,857,108,000	1,589,893,000	1,595,147,000	988,692,000	917,197,000	590,188,000	506,961,000	294,475,000	259,899,000	254,731,000	243,458,000	241,974,307	238,082,374	203,407,485	202,917,443	201,793,176	196,396,764	193,335,481	180,387,518	131,490,219
accumulated deficit	-1,854,077,000	-1,353,600,000	-662,852,000	-767,332,000	-986,786,000	-690,419,000	-826,854,000	-672,492,000	-588,043,000	-799,820,000	-885,042,000	-839,717,000	-812,030,000	-756,342,000	-591,612,000	-568,543,000	-202,209,000	-237,838,000	-218,388,000	-203,045,000	-222,382,000	-229,912,000	-233,822,000	-232,105,000	-221,515,000	-217,238,000	-213,840,661	-212,006,522	-210,728,202	-197,199,197	-185,796,070	-179,630,492	-155,613,572	-139,263,480	-120,822,896	-115,520,823	-114,209,052	-109,855,276	-107,568,735	-105,858,803	-105,022,928	-105,582,439	-102,627,566	-101,044,482	-99,011,247	-96,824,874	-94,454,337	-91,920,956	-89,329,437	-86,381,788	-83,252,011	-80,179,921	-77,035,302	-74,233,133	-71,729,035	-69,268,948	-66,959,189	-65,020,918	-63,463,693	-60,400,243	-57,612,951	-54,807,117	-51,815,134	-48,763,084	-45,340,834	-41,469,398	-36,282,425
total stockholders’ equity	2,394,703,000	2,858,406,000	3,504,750,000	3,295,916,000	2,944,838,000	3,143,685,000	2,749,029,000	2,584,513,000	2,475,404,000	1,888,022,000	1,340,701,000	1,240,910,000	1,092,145,000	1,151,442,000				1,357,320,000	770,315,000	714,163,000	367,817,000	277,071,000	60,668,000	27,809,000											15,465,994	11,012,568						16,070,636				23,685,123
total liabilities and stockholders’ equity	3,438,020,000	3,936,767,000	4,478,816,000	4,285,401,000	3,719,017,000	3,935,307,000	2,922,296,000	2,723,587,000	2,611,243,000	2,051,080,000	1,455,384,000	1,358,930,000	1,250,315,000	1,319,964,000				1,530,939,000	954,407,000	906,369,000	375,905,000	280,147,000	62,631,000	29,868,000																		20,862,197				28,723,853
equity method investment - marketable securities, at fair value				62,508,000	71,027,000	134,265,000	190,134,000
accrued expenses		142,852,000	60,090,000	70,006,000	72,312,000	75,672,000	45,352,000	54,348,000	44,067,000	62,628,000	25,200,000	27,307,000	82,666,000	65,464,000	33,725,000	13,524,000	13,801,000	22,071,000	7,252,000	4,464,000	4,432,000	1,582,000	383,000	376,000	2,056,000	2,187,000	1,984,775	1,982,790	2,506,769	1,516,252	1,487,996	1,469,955	743,472	216,883	122,990	242,631	77,565	334,761	233,506	152,602	171,129	241,882	244,405	342,561	255,656	325,400	463,365	543,873	421,736	907,732	972,245	884,108	452,749	642,055	658,888	366,632	209,753	368,406	1,294,127	1,150,142	1,054,050		607,550	686,502	743,695
deferred gain on acquisition post-close dispute settlement					26,007,000	26,007,000	26,007,000	26,007,000	26,007,000	26,007,000	26,007,000	26,007,000
deferred revenue, current portion			1,983,000	806,000	2,681,000	2,892,000	2,518,000	2,458,000	2,458,000	2,458,000	2,564,000	2,670,000	2,776,000	2,882,000	2,555,000	2,651,000	2,747,000	2,843,000	2,546,000	2,724,000	97,000	97,000	97,000	97,000	97,000	97,000	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	96,698	92,084	92,868	84,995	84,995	79,803	63,444				71,062	71,062	71,062	746,062	746,062	746,062	813,947	813,947	913,947
deferred revenue, less current portion				243,000	13,015,000	13,590,000	14,156,000	14,713,000	15,262,000	15,801,000	16,331,000	16,853,000	17,365,000	17,869,000	18,364,000	18,851,000	19,328,000	19,796,000	20,256,000	20,789,000	655,000	679,000	703,000	728,000	752,000	776,000	799,396	823,570	847,744	871,919	896,094	920,269	944,443	968,617	992,792	1,016,967	1,041,141	1,065,316	1,089,490	1,113,665	1,137,840	1,162,015	1,186,189	1,210,364	1,234,538	1,258,713	1,282,888	1,307,062	1,331,237	1,290,441	1,324,514	1,233,470	1,254,719	1,081,706	968,286				580,339	598,105	615,871	633,636	651,401	669,167	618,158	634,145	750,132
commitments and contingencies - note 17
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2025 and december 31, 2024
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of december 31, 2025 and december 31, 2024
accumulated other comprehensive income			221,000	195,000	245,000	222,000	189,000	-19,000	9,000	150,000
derivative asset, current portion			46,533,000	41,226,000	67,552,000	40,020,000	36,995,000	46,419,000	35,609,000	30,781,000
derivative asset, less current portion			112,901,000	107,416,000	123,837,000	109,475,000	90,621,000	105,515,000	88,841,000	73,437,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2025 and december 31, 2024
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of september 30, 2025 and december 31, 2024
operating lease right-of-use assets				30,803,000	32,193,000	27,492,000	23,555,000	20,855,000	21,723,000	20,413,000	21,064,000	21,221,000	21,769,000	21,673,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2025 and december 31, 2024
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of june 30, 2025 and december 31, 2024
current portion of long-term debt					314,000	314,000
long-term debt, less current portion					584,999,000	584,311,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2025 and december 31, 2024
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of march 31, 2025 and december 31, 2024
future power credits, current portion										271,000	271,000	271,000	271,000	24,297,000	39,996,000	54,477,000	79,261,000	58,481,000
future power credits, less current portion						589,000	589,000	589,000	589,000	638,000	638,000	638,000	638,000	638,000				25,447,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2024 and 2023
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of december 31, 2024 and 2023
contract assets, including retainage of 1,097 and 3,166, respectively							15,368,000	14,281,000
debt, current portion							657,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2024 and december 31, 2023
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of september 30, 2024 and december 31, 2023
investments in marketable equity securities, at fair value								157,622,000							2,170,000	2,028,000	9,193,000	10,804,000	13,647,000	24,799,000
contingent consideration liability - future power credits, current portion										271,000	271,000	271,000	271,000	24,297,000	39,996,000	54,477,000	79,261,000	58,481,000
contingent consideration liability - future power credits, less current portion								589,000	589,000	638,000	638,000	638,000	638,000	638,000				25,447,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2024 and december 31, 2023
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of june 30, 2024 and december 31, 2023
contract assets, including retainage of 2,517 and 3,166, respectively									13,217,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2024 and december 31, 2023
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of march 31, 2024 and december 31, 2023
contract assets, including retainage of 3,166 and 3,012, respectively										15,359,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2023 and december 31, 2022
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of december 31, 2023 and december 31, 2022
contract assets, including retainage of 3,997 and 3,012, respectively											22,513,000
derivative asset											108,771,000	104,828,000	91,719,000	97,497,000	112,944,000	130,693,000	69,762,000	26,079,000	37,773,000	30,360,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2023 and december 31, 2022
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of september 30, 2023 and december 31, 2022
contract assets, including retainage of 4,222 and 3,012, respectively												19,063,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2023 and december 31, 2022
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of june 30, 2023 and december 31, 2022
contract assets, including retainage of 3,970													13,718,000
contract liabilities, net of retainage of 3,970													5,345,000
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2023 and december 31, 2022
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of march 31, 2023 and december 31, 2022
costs and estimated earnings in excess of billings														19,743,000	15,119,000	13,779,000	11,058,000	9,862,000
billings in excess of costs and estimated earnings														8,446,000	11,229,000	6,389,000	4,963,000	5,264,000
commitments and contingencies - note 19
2% series a convertible preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2022 and 2021
0% series b convertible preferred stock, 1,750,001 shares authorized; no shares and 2,199 shares issued and outstanding as of december 31, 2022 and 2021, respectively, liquidation preference equal to carrying value
intangible assets															13,017,000	13,371,000	13,723,000	14,162,000	84,807,000	89,713,000
right of use assets															21,763,000	21,166,000	21,616,000	13,189,000	6,692,000	6,440,000					282,000	367,000	937,395	957,332	980,368
liabilities and stockholders' equity
accrued compensation															5,190,000	3,247,000	2,629,000																		4,659	6,726	22,499	55,866	329,098	13,408	12,549	449,873	179,210	61,810	43,555	609,417	299,752	275,922	264,101	148,922	43,543	46,464	31,695	452,878	323,684	275,722	17,753	47,622	55,757	22,070	22,972	227,570				243,485	153,997
stockholders' equity
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2022 and december 31, 2021
0% series b convertible stock, 1,750,001 shares authorized; no shares issued and outstanding as of september 30, 2022 and 2,199 shares issued and outstanding as of december 31, 2021, liquidation preference over common stock, equal to carrying value
total stockholders' equity															1,299,371,000	1,288,565,000	1,387,684,000								33,231,000	26,235,000	28,191,123	26,137,560		4,491,012	16,531,520	20,667,244	43,235,055							16,018,544	16,678,031		18,901,498	20,246,498	21,932,152		25,943,386	28,262,694	11,984,905	12,949,797	15,869,306	18,609,146	8,373,053	10,691,000	8,762,408	10,967,557	2,109,603	3,825,878	3,610,910	6,329,316	8,824,951	11,247,437	13,722,999	16,247,275	9,709,072	12,813,728	9,240,887
total liabilities and stockholders' equity															1,453,622,000	1,436,225,000	1,549,755,000								37,074,000	30,380,000	32,985,302	30,967,408		13,860,328	25,703,410	28,394,409	49,583,552	52,335,540	17,349,745	12,906,664	13,321,896	17,040,815	19,322,797	17,589,516	18,474,453		23,083,872	24,326,705	26,142,679		31,050,944	33,210,644	17,124,030	18,639,869	21,781,887	24,100,827	13,594,152	16,614,791	14,823,696	15,521,909	6,366,610	8,727,845	9,965,366	12,025,856	14,606,773	17,159,105	19,437,867	21,891,601	16,182,306	19,378,111	15,708,147
cryptocurrencies																126,574,000	189,634,000	159,544,000	102,313,000	48,254,000	34,567,000	11,626,000	8,987,000	7,224,000	5,282,000	3,839,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2022 and december 31, 2021
0% series b convertible stock, 1,750,001 shares authorized; no shares issued and outstanding as of june 30, 2022 and 2,199 shares issued and outstanding as of december 31, 2021, liquidation preference over common stock, equal to carrying value
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2022 and december 31, 2021
0% series b convertible stock, 1,750,001 shares authorized; no shares issued and outstanding as of march 31, 2022 and 2,199 shares issued and outstanding as of december 31, 2021, liquidation preference over common stock, equal to carrying value
long-term investments																		310,000	310,000	310,000	310,000	310,000	310,000	310,000	9,723,000	9,723,000	9,723,100	9,502,900	9,412,726	9,412,726	9,412,726	9,412,726	9,412,726	3,000,000							250,000	972,000
commitments and contingencies - note 15
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2021 and 2020
0% series b convertible stock, 1,750,001 shares authorized; 2,199 and 4,199 shares issued and outstanding as of december 31, 2021 and 2020, respectively, liquidation preference over common stock, equal to carrying value																		11,000
future power credits																			83,397,000	83,138,000
contingent consideration liability - future power credits																			83,397,000	83,138,000
deferred tax liability																			41,491,000	41,491,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2021 and december 31, 2020
0% series b convertible stock, 1,750,001 shares authorized; 2,199 and 4,199 shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively, liquidation preference over common stock, equal to carrying value																			11,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2021 and december 31, 2020
0% series b convertible stock, 1,750,001 shares authorized; 2,199 and 4,199 shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively, liquidation preference over common stock, equal to carrying value																				11,000
deposits on equipment																					70,730,000	33,093,000	12,803,000	6,969,000		1,449,000
patents																					351,000	336,000	361,000	434,000	456,000	459,000	469,548	490,094	511,248	507,342	498,670	511,498	519,113	509,649
commitments and contingencies - note 10
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2021 and december 31, 2020
0% series b convertible stock, 1,750,001 shares authorized; 2,199 and 4,199 shares issued and outstanding as of march 31, 2021 and december 31, 2020, respectively, liquidation preference over common stock, equal to carrying value																					11,000
security deposits																									703,000	703,000	703,275	703,275	703,275	703,275	703,275	703,275	673,463
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2020 and 2019, respectively
0% series b convertible stock, 1,750,001 shares authorized; 4,199 shares issued and outstanding as of december 31, 2020 and 2019, respectively, liquidation preference over common stock, equal to carrying value																						22,000
total riot blockchain stockholders’ equity																						277,071,000	60,675,000	27,816,000
non-controlling interest																							-7,000	-7,000	-7,000	-7,000	35,171	35,152	-1,517,715	-1,296,293	-20,695	166,460	583,378	758,095					25,016
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2020 and december 31, 2019
0% series b convertible stock, 1,750,001 shares authorized; 4,199 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively, liquidation preference over common stock, equal to carrying value																							22,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2020 and december 31, 2019
0% series b convertible stock, 1,750,001 shares authorized; 4,199 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively, liquidation preference over common stock, equal to carrying value																								22,000
operating lease liability																									20,000	368,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2020 and december 31, 2019
0% series b convertible stock, 1,750,001 shares authorized; 4,199 shares issued and outstanding as of march 31, 2020 and december 31, 2019, respectively, liquidation preference over common stock, equal to carrying value																									22,000
total riot blockchain stockholders' equity																									33,238,000	26,242,000	28,155,952	26,102,408		5,787,305	16,552,215	20,500,784	42,651,677	48,869,304
intangible rights acquired																											700,167	700,167	700,167	700,167	1,985,587	1,514,431	1,487,052	754,244				1,851,736	2,291,966
convertible note and accrued interest																												219,578	216,578
deferred purchase price - bmss																													1,200,000	1,200,000	1,350,000	1,500,000	1,500,000
notes payable																													1,696,083
deferred income tax liability																											142,709	142,709	142,709	142,709	234,709	234,709	706,709	699,000
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2019 and 2018
0% series b convertible stock, 1,750,001 shares authorized; 4,199 and 13,000 shares issued and outstanding as of december 31, 2019 and 2018, respectively, liquidation preference over common stock, equal to carrying value																										22,000
digital currencies																											3,157,218	1,923,813	1,085,018	706,625	1,715,309	4,889,318	4,258,669	200,164
operating lease liability, current																											890,904	889,232	882,991
current liabilities of discontinued operations																											16,340	16,340	16,340	16,340	16,340	16,340	16,340	181,340	202,080	264,082	348,564
commitments and contingencies - note 14
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of september 30, 2019 and december 31, 2018
0% series b convertible stock, 1,750,001 shares authorized; 4,199 and 13,000 shares issued and outstanding as of september 30, 2019 and december 31, 2018, respectively, liquidation preference over common stock, equal to carrying value																											22,306
other long-term assets, net:
commitments and contingencies - note 13
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of june 30, 2019 and december 31, 2018
0% series b convertible stock, 1,750,001 shares authorized; 4,999 and 13,000 shares issued and outstanding as of june 30, 2019 and december 31, 2018, respectively, liquidation preference over common stock, equal to carrying value																												26,556
liabilities and stockholders' (deficit) equity
convertible notes payable, at fair value																													7,975,308
warrant liability																													5,322,162
commitments and contingencies - note 12
stockholders' (deficit) equity
preferred stock, no par value, 15,000,000 share authorized:
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of march 31, 2019 and december 31, 2018, respectively
0% series b convertible stock, 1,750,001 shares authorized; 13,000 shares issued and outstanding as of march 31, 2019 and december 31, 2018, liquidation preference over common stock, equal to carrying value																													69,059
total riot blockchain stockholders' (deficit) equity																													-7,251,658
total stockholders' (deficit) equity																													-8,769,373
total liabilities and stockholders' (deficit) equity																													15,446,596
revenue:
revenue - digital currency mining																													1,406,085
license fees																													24,175
total revenue																													1,430,260
costs and expenses:
cost of revenues																													1,471,338
selling, general and administrative																													3,152,138
depreciation and amortization																													23,839
impairment of property and equipment
impairment of digital currencies
total costs and expenses																													4,647,315
operating income from continuing operations																													-3,217,055
other income																													78,872
loss on issuance of convertible notes, common stock and warrants																													-6,154,660
change in fair value of warrant liability																													-2,753,228
change in fair value of convertible notes																													-1,644,582
non-compliance penalty for sec registration requirement
interest expense																													-68,363
investment income																													16,842
realized gain on sale of digital currencies																													4,788
total other income																													-10,533,372
income from continuing operations before income taxes																													-13,750,427
deferred income tax benefit
income from continuing operations																													-13,750,427
discontinued operations
income from operations
income from discontinued operations
net income																													-13,750,427
net income attributable to non-controlling interest																													221,422
net income attributable to riot blockchain																													-13,529,005
basic and diluted net income per share:
continuing operations attributable to riot blockchain																													-0.94
discontinued operations attributable to riot blockchain
net income per share																													-0.94
basic and diluted weighted-average number of shares outstanding																													14,449,628
current assets of discontinued operations																																		44	11,532	1,076	200,167
convertible note																														200,000	200,000	200,000	200,000	200,000
notes and other obligations, current																																	54,534	135,574
demand note, tess subsidiary																														1,696,083
2% series a convertible stock, 2,000,000 shares authorized; no shares issued and outstanding as of december 31, 2018 and 2017, respectively
0% series b convertible stock, 1,750,001 shares authorized; 13,000 and 1,458,001 shares issued and outstanding as of december 31, 2018 and 2017, respectively; liquidation preference over common stock, equal to carrying value																														69,059
prepaid contracts																															1,584,699	2,584,699	3,584,699
demand note																															1,696,083	775,555	775,074
commitments and contingencies
2% series a convertible stock shares authorized 2,000,000 and no shares issued and outstanding as of september 30, 2018 and december 31, 2017, respectively
0% series b convertible stock, 1,750,001 shares authorized; 104,946 and 1,458,001 shares issued and outstanding as of september 30, 2018 and december 31, 2017, respectively																															555,109
2% series a convertible stock shares authorized 2,000,000 and no shares issued and outstanding as of june 30, 2018 and december 31, 2017, respectively
0% series b convertible stock, 1,750,001 shares authorized; 703,000 and 1,458,001 shares issued and outstanding as of june 30, 2018 and december 31, 2017, respectively																																3,734,512
2% series a convertible stock shares authorized 2,000,000 and no shares issued and outstanding as of march 31, 2018 and december 31, 2017, respectively
0% series b convertible stock, 1,750,001 shares authorized; 928,000 and 1,458,001 shares issued and outstanding as of march 31, 2018 and december 31, 2017, respectively																																	4,929,768
short-term investments																																						7,506,761	12,416,087	11,657,412	12,759,109	14,147,991	15,701,902	15,562,897	17,901,600	20,998,789	22,344,393	25,348,142	8,873,203	8,642,648	12,932,567	10,256,328	6,775,800	1,162,904					2,392,550	951,675	1,239,929	2,932,188	5,262,787	3,874,531		510,120	1,808,528
noncurrent assets of discontinued operations																																					47,000
current liabilities:
preferred stock, no par value, 15,000,000 (2017) and 0 (2016) shares authorized:
2% series a convertible stock shares authorized 2,000,000
0% series b convertible stock shares authorized 1,750,001																																		7,745,266
total equity																																		49,627,399			11,405,600	14,920,359	17,054,826
investment in coinsquare
other long term assets																																			899,319	915,687	932,291	1,404,456	1,315,556	1,330,714	1,381,566	1,523,649	1,698,761	1,714,286	1,714,722	1,724,190	1,667,196	1,674,454	1,624,792	1,612,160	1,615,811	1,609,888	1,610,964	1,601,894	1,569,182	1,581,789	1,574,077	1,611,652	1,747,534	1,781,429	1,804,552				1,677,789		2,129,390
notes and other obligations, current portion																																			215,712		56,158	139,611	222,135		57,152	301,250	384,115	155,628	218,401	312,934	407,219	150,118	217,892	319,771	421,869	143,962	1,945,383	2,290,292	2,610,179	899,654	966,011	1,074,185	439,574	107,455
preferred stock, no par value, 15,000,000																																			4,798,671
private placement notes held in escrow – representing 2% convertible notes payable amounting to 4,750,000 and 1,900,000 warrants, all net of 4,750,000 of proceeds held in escrow
accrued interest																																				27,589	3,904
5,392,503																																				126,533,391
(2017) and 4,503,971 (2016) and shares outstanding 5,410,013, including 500,000
common shares in escrow																																					125,614,652
private placement units held in escrow – representing 500,000 common shares
and 500,000 warrants, all net of 1,250,000 of proceeds held in escrow
current assets:
inventories																																						415,847	412,106																							17,130	139,910	275,784	295,362	339,546	696,132
notes and other obligations, less current portion																																										1,838,779	1,879,554	1,919,420	1,958,867	1,998,049	2,036,189	2,074,328	2,112,469	2,150,608	2,187,186	2,223,765	746,776	763,132	794,777	2,372,537	2,602,912	2,830,041	2,461,778	2,490,379	2,515,697		2,574,401	2,602,530	2,628,830		2,679,720
4,503,971 (2016) and 3,876,961 (2015) shares issued and outstanding																																						124,775,635
venaxis' stockholders' equity:
3,876,961 shares issued and outstanding																																							124,598,545	121,877,347
total venaxis stockholders' equity																																							17,029,810
3,876,960 shares issued and outstanding																																									121,700,959
30,990,029 and 30,990,029 shares issued and outstanding																																										121,653,075
30,990,029 shares issued and outstanding																																											121,529,064	121,290,980	120,943,399
30,990,029 and 21,454,380 shares issued and outstanding																																														120,509,997	120,397,723	120,183,650
22,615,950 and 21,454,380 shares issued and outstanding																																																	101,314,342
21,454,380 and 9,954,380 shares issued and outstanding																																																		99,331,585	99,121,317	98,789,067
accounts receivable - trade																																																			56,068
9,954,380 shares issued and outstanding																																																					85,408,355
9,954,380 and 1,608,146 shares issued and outstanding																																																						84,924,133
short term investments																																																							389,166	209,972	561,778	1,003,124
7,716,480 and 1,608,146 shares issued and outstanding																																																							80,491,443	80,236,505
deferred revenue																																																								204,000
9,633,321 shares issued and outstanding, each period																																																									69,068,792
9,633,321 and 8,028,321 shares issued and outstanding																																																										68,846,796
inventories, finished goods																																																											1,312	1,693	4,442
8,028,321 shares issued and outstanding, each period																																																											67,074,603
8,027,665 shares issued and outstanding, each period																																																												66,729,559
current portion of notes and other obligations																																																													151,409		105,520	105,980	106,545		150,243
40,138,324 shares issued and outstanding, each period																																																													66,437,902
other non-current assets																																																														1,745,350
accrued expenses – other																																																														357,685				564,422	674,769
current portion of notes payable																																																														273,861				107,417
notes payable, less current portion																																																														2,546,682				2,655,418
40,138,324 and 37,467,642 shares issued and outstanding																																																														66,054,554	65,538,133	65,010,359
37,668,685 and 37,467,642 shares issued and outstanding																																																																	55,049,906
37,467,642 and 31,175,807 shares issued and outstanding																																																																		54,283,126
32,312,642 and 31,175,807 shares issued and outstanding																																																																			45,523,312

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30

operating activities
net income	-500,477,000	104,480,000	219,454,000	-296,367,000	136,435,000	-154,362,000	-84,449,000	211,777,000	79,228,000	-45,325,000	-27,687,000	-55,688,000	-155,779,000	-23,069,000	-366,334,000	35,629,000		-15,343,000	19,337,000	7,530,000															-4,353,776			559,511
adjustments to reconcile net income to net cash from operating activities:
stock-based compensation	39,166,000	32,858,000	30,120,000	29,576,000	30,502,000	30,567,000	32,135,000	32,000,000	17,518,000	13,519,000	3,429,000	-2,296,000	17,251,000	3,561,000	701,000	3,042,000	30,563,000	36,023,000	969,000	936,000	559,000	467,000	467,000	1,914,000	313,570	81,362	115,026	235,042	513,217	1,655,160	1,608,086	883,943
depreciation and amortization	97,734,000	82,929,000	83,197,000	77,926,000	82,384,000	60,000,000	37,326,000	32,343,000	62,283,000	64,569,000	66,162,000	59,340,000	46,584,000	26,559,000	20,562,000	14,245,000	5,533,000	12,207,000	5,738,000	2,846,000	1,733,000	1,268,000	830,000	663,000	48,518	23,414	23,229	23,839	-418,292	658,338	2,870,899	2,156,427	55,899	37,767	18,133	96,997	46,031	19,401	194,438	129,794	64,021	222,048	153,592	82,595	251,900	171,797	86,808	334,715	224,452	112,325	371,008	252,963	134,103	354,279	234,889	108,887	287,037
amortization of license fee revenue		-364,000	0	-24,000	-24,000	-25,000	-24,000	-24,000	-24,000	-25,000	-24,000	-24,000	-24,000	-25,000	-24,000	-24,000	-24,000	-25,000	-24,000	-24,000	-24,000	-25,000	-24,000	-24,000	-23,477	-24,174	-24,174	-24,175	-24,175	-24,174	-24,175	-24,174
noncash lease expense	2,158,000	1,614,000	1,390,000	1,261,000	1,199,000	1,033,000	868,000	808,000	651,000	724,000
amortization of debt issuance costs	1,367,000	1,367,000	1,124,000	752,000
change in fair value of bitcoin	326,669,000	-133,120,000	-470,812,000	208,040,000	-291,178,000	-8,554,000	76,403,000	-234,080,000
change in fair value of derivatives	51,852,000
change in fair value of contingent consideration		1,000	-9,390,000	-8,252,000									-335,000	0	0	176,000	531,000
loss on equity method investment - marketable securities		-28,903,000
loss on sale of equipment
revenue recognized from bitcoin mined	-111,895,000	-160,792,000	-140,889,000	-142,859,000	-126,351,000	-67,491,000	-55,764,000	-71,396,000
changes in assets and liabilities:
decrease in operating assets	-58,121,000	3,438,000	-11,440,000	39,000	-13,138,000	10,433,000	8,801,000	1,743,000	749,000	-23,623,000	-62,172,000	91,398,000
increase in operating liabilities	-31,104,000	-19,268,000	19,456,000	-13,625,000	30,451,000	9,668,000	-5,930,000	-20,310,000	34,487,000	-6,363,000	-30,554,000	-5,886,000
net cash from operating activities	-182,651,000	-114,015,000	-231,325,000	-122,060,000	-98,356,000	-56,331,000	-42,512,000	-57,853,000	45,035,000	-6,166,000	-38,147,000	32,363,000	1,270,000	13,653,000	30,925,000	-45,318,000	-25,390,000	-33,794,000	-21,204,000	-5,989,000	-2,325,000	-3,536,000	-2,627,000	-2,659,000	-3,931,154	-4,750,563	-4,997,631	-3,184,652	-3,086,944	-6,384,709	-3,950,406	-5,629,597	-3,163,871	-2,575,978	-1,663,825	-3,841,067	-2,546,076	-1,902,962	-5,216,437	-3,825,014	-2,286,671	-7,254,829	-4,961,637	-2,837,457	-6,930,204	-4,356,790	-2,471,847	-3,602,026	-3,064,834	-1,734,586	-6,414,763	-4,347,366	-2,152,211			-3,135,879	-7,773,519
capital expenditures	-115,465,000	-25,688,000	-60,377,000	-32,858,000	-58,206,000	-71,286,000	-53,539,000	-57,309,000	-45,495,000	-40,785,000	-56,469,000	-50,955,000	-18,740,000	-52,269,000	-40,324,000	-37,079,000	-68,258,000	-71,732,000	0	-2,270,000	-1,874,000	-4,816,000	0		0	-3,000	-2,545	-3,024	116,146	-227,211	-1,161,656	-18,922,569	0	0	0	0	0	0	0	0	0	-14,512	-2,200	-2,200	-24,241	-22,911	-10,844	-42,024			-83,201	-65,128	-43,974			-48,912	-132,640
free cash flows	-298,116,000	-139,703,000	-291,702,000	-154,918,000	-156,562,000	-127,617,000	-96,051,000	-115,162,000	-460,000	-46,951,000	-94,616,000	-18,592,000	-17,470,000	-38,616,000	-9,399,000	-82,397,000	-93,648,000	-105,526,000	-21,204,000	-8,259,000	-4,199,000	-8,352,000	-2,627,000		-3,931,154	-4,753,563	-5,000,176	-3,187,676	-2,970,798	-6,611,920	-5,112,062	-24,552,166	-3,163,871	-2,575,978	-1,663,825	-3,841,067	-2,546,076	-1,902,962	-5,216,437	-3,825,014	-2,286,671	-7,269,341	-4,963,837	-2,839,657	-6,954,445	-4,379,701	-2,482,691	-3,644,050			-6,497,964	-4,412,494	-2,196,185			-3,184,791	-7,906,159
investing activities
deposits on equipment	-16,184,000	-51,668,000	-59,748,000	-26,655,000	-111,297,000	-52,189,000	-139,658,000	-139,329,000	-139,885,000				0	-2,438,000	-89,324,000	-103,161,000	-171,675,000	-18,172,000	-28,633,000	-56,353,000	-21,739,000	-5,834,000
proceeds from sale of bitcoin	289,484,000				0	0	0	9,518,000	57,386,000	29,671,000			27,038,000
security deposits	-42,000	-146,000	0	286,000	313,000	-4,227,000	-26,000	-155,000				-23,000,000					-79,000												0	0	-29,812	-673,463
purchases of property and equipment, including construction in progress	-115,465,000	-25,688,000	-60,377,000	-32,858,000	-58,206,000	-71,286,000	-53,539,000	-57,309,000	-45,495,000	-40,785,000	-56,469,000	-50,955,000	-18,740,000	-52,269,000	-40,324,000	-37,079,000	-68,258,000	-71,732,000
net cash from investing activities	157,793,000	118,654,000	19,208,000	-59,227,000	-782,617,000	-205,499,000	-326,196,000	-194,493,000	-182,380,000	-124,928,000	-33,470,000	-73,988,000	-25,466,000	-59,476,000	-129,655,000	-140,266,000	-269,332,000	-89,824,000	-72,513,000	-58,661,000	-16,307,000	-9,626,000	-6,890,000	-9,000	-4,961,175	-3,607	2,189,501	975,281					4,496,510	7,497,800	7,493,074	4,505,342	5,197,685	3,848,675	5,236,973	5,388,870	3,082,510	-13,809,603	-16,820,998	-275,842	-11,872,959	-9,168,327	-5,653,024	512,065	740,208	418,247	281,570	1,770,112	1,538,382	-5,196,639	-3,750,424	394,443	3,412,438
financing activities
proceeds from the issuance of common stock / at-the-market offering		75,738,000	53,868,000	70,035,000	230,604,000	219,416,000	173,786,000	353,224,000	453,830,000	136,170,000			0	32,112,000			564,301,000	35,699,000	0	84,817,000	215,176,000	34,941,000	5,115,000	9,495,000	1,214,358	3,938,930
offering costs for the issuance of common stock / at-the-market offering	-372,000	-1,619,000	-1,211,000	-1,630,000	-4,746,000	-4,603,000	-3,564,000	-7,480,000	-9,289,000	-3,599,000			-185,000	-740,000			-11,856,000	-908,000	0	-2,137,000	-5,661,000	-1,090,000	-193,000	-311,000	-44,420	-132,609
debt issuance costs		0	-2,332,000	-64,000					5,000
repurchase of common shares to pay employee withholding taxes	-2,020,000	-2,649,000	-103,000	-484,000	-84,000	-709,000	-8,771,000	-1,998,000	-110,000	-974,000	-11,638,000	-1,313,000	-265,000	-1,058,000	-508,000	-8,307,000	-3,288,000	-476,000	-112,000	-1,206,000	-94,000	-131,000
net cash from financing activities	-2,392,000	71,470,000	304,494,000	67,857,000	803,892,000	209,044,000	161,379,000	343,674,000	444,407,000	132,025,000	173,023,000	-933,000	-450,000	30,314,000	255,632,000	-13,150,000	549,157,000	34,315,000	-112,000	82,280,000	211,928,000	34,108,000	4,701,000	9,184,000												-229,238	-174,083	-116,931	-330,139	-235,935	-133,715	19,776,995	19,876,719	1,439,718	12,180,529	12,283,890	-361,265	9,958,607	10,306,477	-335,303	-374,021	-222,709	-153,437	9,324,643	9,353,232	144,568	185,147
net increase in cash and cash equivalents and restricted cash	-27,250,000	76,109,000	92,377,000	-113,430,000	-77,081,000
cash and cash equivalents and restricted cash at beginning of period	309,789,000	0	0	351,301,000	0
cash and cash equivalents and restricted cash at end of period	282,539,000	76,109,000	92,377,000	237,871,000	-77,081,000
change in fair value of derivative asset		-10,792,000	42,747,000	-41,894,000	-21,879,000	24,318,000	-27,484,000	-20,232,000	4,553,000	-3,943,000	-13,109,000	5,778,000	15,447,000	17,749,000	-60,931,000	-43,683,000	11,694,000	-7,413,000
loss on contract settlement		0
gain on acquisition post-close dispute settlement		0
impairment of property and equipment
loss on sale/exchange of equipment		-2,742,000	350,000	129,000	17,361,000	0
block mining acquisition, net of cash acquired
acquisition of assets from rhodium		0
acquisition of land
proceeds from the sale of equity method investment - marketable securities		91,411,000
investment in equity method investment - marketable securities					0
purchases of right-of-use assets
casualty-related recoveries		47,000			618,000	0	187,000	2,300,000
proceeds from revolving credit facilities		0
repayments of revolving credit facilities		0
proceeds from credit facility		0
repayment of debt assumed in block mining acquisition
unrealized loss on equity method investment - marketable securities				63,238,000	55,869,000
repayments of credit and security facility					-664,000	-58,000	-72,000	-72,000	-2,529,000	-3,030,000	0	-500,000
issuance of common stock to a third-party advisor
deferred income tax expense									0	0	0	-5,045,000						0
impairment of bitcoin										4,041,000	5,638,000	4,472,000	15,288,000
impairment of goodwill													0	-13,500,000
impairment of miners
realized gain on sale of bitcoin										-13,495,000	-19,828,000	-13,775,000
casualty-related charges									0	0	0	1,526,000

proceeds from the sale of marketable equity securities													1,104,000	0
e4a solutions acquisition, net of cash acquired
acquisition of bitcoin
investment in convertible debt
proceeds from the sale of equipment									0
patent costs incurred									0	0	-1,000	-33,000	-9,500,000	1,000	-2,000	-26,000	-14,000	0	22,000	-38,000	-13,000	-3,000	-1,000	-27,000	-11,434
proceeds from issuance of convertible notes																									0	0	0	3,000,000
payments on contingent consideration liability - future power credits													0
proceeds from credit and security facility									2,500,000	3,540,000	0	880,000
repayment of note payable
acquisition of block mining, net of cash acquired
repayment of debt assumed in acquisition of block mining
unrealized gain on marketable equity securities
investment in marketable equity securities
net increase in cash and cash equivalents							-207,329,000	91,328,000	307,062,000	931,000						-198,734,000	254,435,000	-89,303,000	-93,829,000	17,630,000	193,296,000	20,946,000	-4,816,000	6,516,000	-7,722,391	-947,849	15,094,611	790,629	-1,381,695	-46,949	-3,603,500	-36,394,431	7,609,874	6,403,725	6,451,770										-6,622,634	-1,241,227		6,868,646	7,981,851							-2,596,868
cash and cash equivalents at beginning of period							0	597,169,000	0	0				0	0	312,315,000		0	0	223,382,000		0	0	7,440,000	-390	0	0	225,390		0	0	41,651,965	5,529,848	5,529,848	5,529,848	2,012,283	2,012,283	2,012,283	3,539,911	3,539,911	3,539,911	5,658,683	5,658,683	5,658,683	10,977,974	10,977,974	10,977,974	2,968,104	2,968,104	2,968,104	8,908,080	8,908,080	8,908,080	13,366,777	13,366,777	13,366,777	11,819,505
cash and cash equivalents at end of period							-207,329,000	688,497,000	307,062,000	931,000				-15,509,000	156,902,000	113,581,000		-89,303,000	-93,829,000	241,012,000		20,946,000	-4,816,000	13,956,000	-7,722,781	-947,849	15,094,611	1,016,019		-46,949	-3,603,500	5,257,534	13,139,722	11,933,573	11,981,618	2,447,320	4,489,809	3,841,065	3,230,308	4,867,832	4,202,035	4,371,246	3,752,767	3,985,102	4,355,340	9,736,747	2,491,838	9,836,750	10,949,955	1,316,462	2,400,866	6,108,117	8,140,814	8,922,955	12,523,434	10,769,909	7,643,571
issuance of common stock warrant for settlement of advisory fees																	0
realized loss on sale of marketable equity securities
realized gain on sale/exchange of long-term investment																	0	0
unrealized loss on marketable equity securities														-142,000	4,837,000	1,611,000	2,843,000
bitcoin mining revenue									-60,009,000	-31,222,000	-49,742,000	-48,023,000
acquisition of whinstone, net of cash acquired																	0	0
acquisition of ess metron, net of cash acquired
proceeds from the sale of long-term investments																	0	0
proceeds from exercise of common stock warrants																	0	0	0	806,000	2,507,000
gain on sale/exchange of equipment										5,306,000
amortization of right of use assets												586,000	9,290,000	2,084,000	450,000	357,000	300,000	-79,000			0	-281,000	5,000	643,000		578,250	581,350	567,131
net increase in cash, cash equivalents, and restricted cash												-42,558,000
cash, cash equivalents, and restricted cash at beginning of period												230,328,000
cash, cash equivalents, and restricted cash at end of period												187,770,000
cash flows from operating activities
income tax expense													-2,910,000	-2,952,000	-6,199,000	312,000
impairment of long-term investment																					0	0
reversal of registration rights penalty																					0	0
realized gain on sale/exchange of bitcoin													-4,903,000
gain on exchange of equipment													0	-7,667,000
accounts receivable													-9,547,000	-1,294,000	-72,000	-621,000	-1,887,000	-3,604,000																		-602			-59,677	-30,260	7,077	4,730	-18,943	-38,042				31,778	9,820	28,028	70,437	52,696	5,137	8,700	25,819	9,133	29,188
costs and estimated earnings in excess of billings													-4,624,000	-1,340,000	-2,721,000	-1,196,000
prepaid expenses and other current assets													-10,561,000	-9,101,000	7,959,000	-13,817,000	-3,771,000	-492,000	1,745,000	628,000	259,000	-670,000	663,000	543,000	655,135	-1,672,595	331,616	584,844	577,285	-1,638,149	193,704	27,438	192,071	166,749	62,733	224,246	193,930	69,155	236,822	232,018	89,690	236,999	209,658	73,547	229,135	266,316	100,719	330,318	168,753	109,043	300,398	183,403	78,395	35,298	12,896	28,391	675,815
future power credits													15,061,000	14,481,000	24,784,000	4,667,000	-531,000
accounts payable													5,780,000	-6,097,000	7,492,000	-8,768,000	-3,850,000	-13,956,000	12,850,000	2,186,000		-78,000	276,000	-135,000	-87,461	33,158	-1,457,553	-374,144	435,345	680,330	1,202,413	1,101,198	-4,997	-14,414	15,950	-521,600	-506,465	-380,010	-225,316	-143,793	-34,707	-259,067	-280,565	-85,522	256,431	260,992	90,857	60,317	-145,906	-121,135	325,647	131,155	224,589	-515,615	-711,464	16,510	311,212
billings in excess of costs and estimated earnings													-2,783,000	4,840,000	1,426,000	-301,000
accrued expenses													15,491,000	8,671,000	-7,979,000	-2,628,000	12,690,000	1,001,000	-471,000	2,850,000		7,000	-323,000	45,000	186,805	1,985	-110,307	990,517	28,255	18,042	726,482	526,590	-133,014	-34,455	-223,206	-94,869	9,531	28,058	-80,995	17,161	-69,744	-444,367	-363,859	-485,996	330,190	242,053	-189,306	290,482		-188,522			491,767			-64,212
customer deposits													-89,000	46,000	2,054,000	-22,000	4,000	3,427,000
deferred revenue													-144,000	-558,000	-549,000	-540,000	-138,000	-686,000																								68,585	68,584	68,585	317,485	196,860	196,860	1,036,220	204,000			-675,000	-675,000
lease liability													-9,158,000	-1,959,000	-367,000	-369,000	-1,653,000	78,000			0	281,000	-78,000	-571,000	-570,422	-570,052	-565,012	-590,514
cash flows from investing activities
other deposits													1,670,000	-4,770,000
cash flows from financing activities
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
realized loss on sale of marketable securities
bitcoin - mining
accrued compensation														1,943,000	618,000	-3,298,000																	3,139	5,206	20,979	-120,775	-436,465	-437,324	-430,207	-547,607	-565,862	150,830	127,000	115,179	-409,335	-406,414	-421,183	276,062	228,100		-171,813	-205,500		-14,021	-14,332		-2,057
net decrease in cash and cash equivalents														-15,509,000																												-1,287,437	-1,905,916	-1,673,581			-8,486,136			-1,651,642	-6,507,214	-2,799,963	-767,266	-4,443,822	-843,343		-4,175,934
supplemental disclosure of cash flow information:
cash paid for interest																													0	5,059	307	1,219
cash paid for taxes
supplemental disclosure of noncash investing and financing activities:
issuance of common stock for business combination																		0
reclassification of deposits to property and equipment														191,716,000	57,383,000	38,965,000	0	5,718,000	22,277,000	18,716,000
conversion of preferred stock to common stock														0	0	11,000	0	0	0	11,000					247	4,250			0	3,179,402	1,195,257	2,815,498
property and equipment obtained in exchange transaction														0
construction in progress included in accrued expenses																946,000	636,000
impairment of cryptocurrencies															99,787,000	26,390,000	18,955,000	0			0	0	0	989,000
realized gain on sale/exchange of cryptocurrencies															-14,353,000	-9,236,000	-159,000	-65,000
cryptocurrencies - mining															-46,072,000	-56,662,000	-76,209,000
proceeds from sale of cryptocurrencies															23,698,000	9,418,000	182,000				7,269,000
payments on contingent consideration liability – future power credits
payments on contingent consideration liability																-4,843,000
net loss																					3,917,000	-1,717,000	-10,590,000	-4,277,000	-3,440,152	-1,834,120	-1,278,301	-13,750,427	-12,686,400	-6,526,940	-24,433,838	-16,565,350				-1,987,449	-276,364		-5,802,692	-4,219,608	-2,186,373	-8,072,549	-5,539,168	-2,947,649	-9,018,878	-5,946,788	-2,802,169	-6,708,117	-4,248,030	-1,938,271	-8,656,576	-5,593,126	-2,805,834	-10,345,736	-7,293,686	-3,871,436	-10,330,592
adjustments to reconcile net loss to net cash from operating activities:
loss on issuance of convertible notes, common stock and warrants																									340	0	0	6,154,660
change in fair value of convertible notes																									767	0	2,250,651	1,644,582
change in fair value of warrant liability																									-726	0	116,498	2,753,228
gain on deconsolidation of tess																									-213	0
impairment of intangible rights acquired
gain on extinguishment of accounts payable, other liabilities and accrued interest
gain on sale of equipment																							-18,000	-17,000																		-34,000
accrued interest on verady investment																									200
repayment of notes payable and other obligations																									0	0			0	0	-54,534	-81,040	-192,539	-139,611	-83,453	-229,238	-174,083	-116,931	-330,139	-235,935	-133,715	-345,657	-245,933	-140,018	-789,058	-685,697	-361,265			-335,303	-374,021
issuance of common stock for business combinations
issuance of common stock to settle previously accrued executive compensation																					0	0	0	175,000
cryptocurrencies received from sale of equipment																					0	0
conversion of notes payable to common stock																									41	0
reclassification of warrant liability to equity																									340	0
common stock issued in connection with conversion of notes payable
cryptocurrencies used to purchase miners
cryptocurrencies - mining, net of mining pool operating fees																			-31,198,000	-22,941,000	-5,215,000	-2,407,000	-1,890,000	-2,326,000
proceeds from sale of digital currencies																										0	2,192,046	1,004,264	1,866,053	5,744,372
purchases of property and equipment																				-2,270,000	-1,874,000	-4,816,000				-3,000	-2,545	-3,024	116,146	-227,211	-1,161,656	-18,922,569										-14,512	-2,200	-2,200	-24,241	-22,911	-10,844	-42,024			-83,201	-65,128	-43,974	-177,998	-150,189	-48,912	-132,640
deferred income tax benefit																													2,826,000	0	-472,000	-3,053,000
accounts payable and accrued expenses
proceeds from sale of equipment																					50,000	-2,000	80,000	18,000																		34,000
reclassification of deposits for miners
gain on extinguishment of accounts payable, other liabilities and accrued expenses
realized gain on exchange of cryptocurrencies																						-385,000	0	-106,000
gain on sale of equipment
accrued interest																											-3,000	-16,578
reclassification of deposits on equipment to property and equipment																								1,449,000
income from discontinued operations																													0	0	192,264	-96,132
loss from continuing operations																									-3,440,152	-1,834,120	-1,278,301	-13,750,427	-12,686,400	-6,526,940	-24,433,838	-16,661,482
adjustments to reconcile net loss from continuing operations to net cash from operating activities of continuing operations:
non-cash lease expense
common stock issued for services																													125,001	0	257,940	20,000
common stock issued for the extinguishment of the bmss payable
goodwill impairment charge
realized gain on sale of cryptocurrencies
cash flows from investing activities - continuing operations:
purchase of cryptocurrencies
purchases of equipment
purchases of other investments																													0	0	0	-6,412,726
investment in logical brokerage, net of cash acquired																													1	0	0	-516,918
purchase of developed technology by tess pay, inc.
cash flows from financing activities - continuing operations:
proceeds from notes payable																													0	920,528	481	775,074
payments on bmss purchase agreement
proceeds from exercise of warrants																													0	0	0	350,000
proceeds from exercise of stock options																													0	0	0	78,522
proceeds from sale of riot shares held by tess pay, inc.
proceeds form the sale of common shares sold by tess pay, inc.
refund of escrow dividend																													7,676
value of shares issued for prive asset acquisition																													0	0	0	8,480,000
deferred purchase price for bmss																													150,000	-150,000	0	1,500,000
preferred stock canceled
deferred tax liability for logical brokerage
gain on extiguishment of accounts payable, other liabilities and accrued interest																										-34,899
impairment of digital currencies																													126,274
realized gain on sale of digital currencies																										-23,608	-636,822	-4,788	424,898
prepaid contracts																														1,000,000	1,000,000	-3,584,699
digital currencies - mining, net of mining pool operating fees																										-1,680,786	-2,394,019	-1,377,869
net cash from operating activities of continuing operations																										-4,750,563	-4,997,631	-3,184,652	-3,086,944	-6,384,709	-3,950,406	-5,560,773	-2,233,548	-1,687,191	-1,001,827
net cash from operating activities of discontinued operations																													0	0	0	-68,824	-930,323	-888,787	-661,998
purchase of digital currencies																													97,713	-97,545
net cash from financing activities of continuing operations																										3,806,321	17,902,741	3,000,000	-292,324	1,391,083	-54,053	1,442,556	6,277,235	1,481,903	622,521
digitial currencies used to purchase miners
purchases of patent costs
purchase of developed technology by tess
purchases of patent and trademark application costs																												-25,959	-26,747	-1,782	-6,994	-24,074	-14,255	-12,965	-11,911	-14,378	-14,378	-10,778	-59,914	-47,022	-14,679			-43,087			-29,284			-23,099			-109,903			-66,765	-285,602
purchase of developed technology by 1172767 b.c. ltd.
proceeds from sale of riot shares held by 1172767 b.c. ltd.
amortization of debt discount
loss on extinguishment of bmss payable
inducement expense on warrant exercises
acquired rights impairment charge
loss on sale of property and equipment
proceeds from sale of short-term investments
net cash acquired from purchase of subsidiaries
net cash from investing activities of continuing operations																													1,997,573	4,946,677	400,959	-32,207,390	4,492,506	7,493,796	7,494,850
net cash from investing activities of discontinued operations																																	4,004	4,004	-1,776
net cash (used in ) provided by investing activities																													1,997,573	4,946,677	400,959	-32,207,390
proceeds from issuance of common stock, net of 500,000 in offering expenses
redemption of equity rights																																	-291,995	-291,995
special dividend payment
proceeds from common shares sold by 1172767 b.c. ltd.
value of preferred shares issued for kairos asset acquisition
value of common shares issued for tess asset acquisition
acquisition of assets for installment obligations
amortization of discount on convertible debt																																	4,750,000
stock issued for the extinguishment of the bmss payable
property, plant & equipment impairment charge
digital currencies - mining
investment in coinsquare																																	-3,000,000
purchase of developed technology by 1172767
proceeds from issuance of common stock, net of 336,491 in offering expenses
proceeds from sale of riot shares held by 1172767
proceeds from common shares sold by 1172767
conversion of notes payable and accrued interest to preferred stock																																	4,798,671
adjustments to reconcile net loss from continuing operations to net cash from operating activities of continuing operations :
asset impairment charge																															15,377,532	11,480,491
revaluation of digital currencies																															511,170	2,467,875
digital currencies																															-2,768,619	-901,380
continuing operations:
purchase of developed technology																															-27,379	-32,640
proceeds from issuance of common stock, net of 336,476 in offering expenses
proceeds from sale of riot shares held by tess																															0	320,000
other non-cash charges																																			1,500	200,385	168,077	133,899
cash flows from investing activities continuing operations:
purchase of digital currency																																-5,625,000
cash flows from operating activities:
(loss) from discontinued operations																																	-3,563,876	-3,594,798	-3,346,992
income from continuing operations																																			-1,006,784
adjustments to reconcile net income from continuing operations to net cash from operating activities of continuing operations:
stock-based compensation for services																																	379,622	271,054	133,043	368,459	224,272	47,884	1,019,067	780,983	433,402	943,486	729,413	403,021	1,227,597	895,347	484,222	706,135	451,197	221,996	1,020,049	675,005	383,348
amortization of license fees																																	-72,524	-48,349	-24,175	-72,524	-48,350	-24,175	-72,524	-48,349	-24,175	-71,524	-47,349	-23,175	-61,612	-39,904	-18,655
amortization of discount on debt
asset impairment charges
change in:
cash flows from investing activities:
purchases of short-term investments																																				-13,818,949	-10,149,937	-7,537,862	-21,208,206	-16,216,718	-11,305,556	-32,486,785	-28,420,458	-4,871,863	-17,759,448	-12,504,775	-5,612,896	-598,775	-209,714		-793,527	-312,763		-6,904,888	-3,909,994		-2,307,248
proceeds from sales of short-term investments																																	7,506,761	7,506,761	7,506,761
proceeds from sale of property and equipment																																				1,799,143	1,749,484	1,748,571
cash acquired in purchase of subsidiaries
acquisition of minority interest
cash flows from financing activities – continuing operations:
net proceeds from issuance of convertible notes																																	4,750,000
net proceeds from issuance of common stock																																										20,122,652	20,122,652		12,969,587	12,969,587		10,938,512	10,938,512					9,116,529	9,116,529
payment of special cash dividend
payments for redemptions of equity rights
cash paid during the year for interest
supplemental disclosure of investing information:
liability payoffs upon property sale																																				2,064,758	2,064,758	2,064,758
value of shares issued for acquisitions
acquisitions of assets for installment obligations
conversion of shares of preferred stock to common stock
net																																	-10,967,620	-5,665,547
(loss) from continuing operations																																	-7,403,744	-2,070,749
adjustments to reconcile net loss from continuing operations to net cash used
in operating activities of continuing operations:
other non-cash (credits) charges
gain on sale of property and equipment																																				-1,933,335	-1,920,273	-1,919,361
cash flows from financing activities:
net proceeds from issuance of common stock, net of 336,491 in offering expenses																																	1,913,509
net proceeds from exercise of stock options																																	98,260
cash paid during the period for interest																																	1,571	1,571	1,256	33,331	31,362	31,140	74,936	49,740	25,286	79,879	52,928	26,894	110,519	81,647	47,120	187,885	125,163	64,768	139,004	89,314	44,686	144,363	93,110	48,238	144,024
net proceeds from issuance of common stock, net of 336,476 in offering expenses																																		1,913,509
adjustments to reconcile net income from continuing operations to net cash used
net proceeds from issuance of common stock, net of 294,026 in offering expenses																																			705,974
adjustments to reconcile net loss to
net cash from operating activities:
patent impairment charges
amortization of deferred revenue
change in
inventories																																																			14,990	14,609	12,688	96,195	63,762	44,184	-123,846
sales of short-term investments																																				16,522,853	13,612,516	9,648,744	26,505,093	21,652,610	14,402,745	18,785,040	11,714,964	4,641,308	5,989,785	3,411,351		1,212,733	1,002,866	441,346	1,333,165	2,293,276	1,692,259	2,152,221	545,583	510,120	6,137,928
purchases of patent and other assets																																													-79,055	-51,992
cash acquired in purchase of bdi
acquisition of bdi remaining interest
cash and cash equivalents, at beginning of year
cash and cash equivalents, at end of year
cash paid during the year for:
interest
schedule of non-cash investing and financing transactions:
value of common shares issued for bdi purchase
cash acquired in purchase of bioptix																																				16,673
net change in cash and cash equivalents																																				435,037	2,477,526	1,828,782	-309,603	1,327,921	662,124
value of common shares issued for bioptix purchase																																				2,577,011
net cash used by operating activities:
other noncash charges																																							4,647	4,647
amortization of license fee																																																-4,490			-53,297	-35,531	-17,765	-50,629	-32,863	-15,987	-47,960
gain on equipment disposals
net proceeds from exercise of warrants
loss on equipment disposals
impairment charges																																													2,951	2,951		44,554	44,554	41,950	102,952	59,503	16,361			13,899
purchases of patents and other assets																																										-127,346	-113,304
net proceeds from sale of common stock																																												1,579,736
gain on contract termination
net cash from (provided by) investing activities
accounts receivable - trade																																													-56,068
decrease in:
increase in:
purchases of investment securities
sales of investment securities
patent and trademark application costs
proceeds from exercise of warrants and options
patent and trademark acquisition costs																																																-59,869	-52,944		-174,867	-145,273		-265,974	-235,824
repayment of notes payable and other obligation																																																-979,905	-632,035			-222,709
acquisitions of current assets for installment obligations																																																480,635			454,830
accrued liabilities																																																	-1,774			792,457		-186,336	-107,073		190,832
non-cash charges
accrued liabilities and deferred revenue																																																			261,442
proceeds from exercise of stock warrants and options																																																						291,028	291,028	172,028	468,640
repayment of notes payable																																																					-153,437	-82,914	-54,325	-27,460	-283,493
repurchase of common stock
net cash used by operating activities																																																						-8,571,826	-6,446,151
stock based compensation for services																																																						1,847,450	1,319,676	594,752	1,214,887
write-down of assets																																																						198,589	56,225
increase (decrease) in:
(increase) decrease in:
purchase of other assets
acquisition of patent rights for installment obligation
noncash charges																																																									21,965
other long-term assets
acquisition of patent rights for deferred installment obligation

Riot Blockchain, Inc(NASDAQ:RIOT)

Riot Blockchain, Inc
(NASDAQ:RIOT)