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ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW - Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash	$ 715,516	$ 573,462	$ 85,439
Restricted cash	53,377	57,500	25,000
Total cash and restricted cash	$ 768,893	$ 630,962	$ 110,439	$ 59,542

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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+ Details

LONG-TERM DEBT - Schedule of Movement in Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Long Term Debt [Roll Forward]
Balance as of January 1,	$ 669,469	$ 1,576
Proceeds from long-term debt, net of transaction costs	458,650	689,306
Addition from business combination	0	880
Repayments	(117,194)	(1,930)
Interest on long-term debt	5,975	7,841
Transaction costs and debt discount	(13,526)	(31,447)
Amortization of transaction costs and debt discount	2,656	3,148
Loss on extinguishment of long-term debt	19,858	0
Foreign exchange	(59)	95
Balance as of period end	$ 1,025,829	$ 669,469

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Disaggregated Revenues

Disaggregated revenues


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Bitcoin Mining	25,859	55,418	55,752	101,312
Energy sales	2,386	2,949	8,257	3,269
Electrical services	2,006	1,006	2,543	2,100
Cryptocurrency Hosting	179	1,535	870	1,878
	30,430	60,908	67,422	108,559

Schedule of Cost of Revenues

Cost of revenues


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Energy expenses	(19,197)	(21,411)	(40,311)	(37,411)
Depreciation and amortization	(84,149)	(26,439)	(111,843)	(44,887)
Infrastructure expenses	(12,530)	(16,114)	(26,472)	(20,429)
Electrical components and salaries	(1,307)	(830)	(1,854)	(1,707)
Hosting expenses	—	—	—	(7,735)
	(117,183)	(64,794)	(180,480)	(112,169)

Schedule of General and Administrative Expenses

General and administrative expenses


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Salaries and wages	(10,347)	(7,241)	(19,040)	(12,638)
Stock-based compensation	(9,848)	(3,426)	(12,554)	(7,552)
Professional services	(6,603)	(3,973)	(18,699)	(9,312)
Insurance, duties and other	(3,046)	(2,898)	(5,072)	(5,033)
Travel, motor vehicle and meals	(888)	(621)	(1,414)	(953)
Advertising and promotion	(415)	(1,090)	(1,101)	(1,205)
Telecom hosting and telecommunications	(164)	(135)	(268)	(309)
	(31,311)	(19,384)	(58,148)	(37,002)

Schedule of Other Expenses

Other expenses


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Credit loss expense on derivatives receivable	—	—	(4,218)	—
Amortization of transaction costs and debt discount	(916)	(491)	(2,538)	(491)
Gain (loss) on exchange rates	160	(180)	10	(248)
Other financial (expenses) income	(215)	396	(377)	251
	(971)	(275)	(7,123)	(488)

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS - Schedule of Cost of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Principal Transaction Revenue [Line Items]
Cost of revenue	$ (117,183)	$ (64,794)	$ (180,480)	$ (112,169)
Energy expenses
Principal Transaction Revenue [Line Items]
Cost of revenue	(19,197)	(21,411)	(40,311)	(37,411)
Depreciation and amortization
Principal Transaction Revenue [Line Items]
Cost of revenue	(84,149)	(26,439)	(111,843)	(44,887)
Infrastructure expenses
Principal Transaction Revenue [Line Items]
Cost of revenue	(12,530)	(16,114)	(26,472)	(20,429)
Electrical components and salaries
Principal Transaction Revenue [Line Items]
Cost of revenue	(1,307)	(830)	(1,854)	(1,707)
Hosting expenses
Principal Transaction Revenue [Line Items]
Cost of revenue	$ 0	$ 0	$ 0	$ (7,735)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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+ Details

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2026

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

BUSINESS COMBINATION

On March 14, 2025 (the "Acquisition Date"), the Company acquired 100% of the issued share capital of Stronghold Digital Mining, Inc. ("Stronghold") in a stock-for-stock merger transaction. Under the terms of the merger agreement, each Stronghold shareholder received 2.52 shares of Bitfarms for each Stronghold share they owned. A total of 59,866,609 common shares and 12,893,650 warrants were issued. In addition, the Company paid $51,060 on closing to retire Stronghold's outstanding loans and other closing costs. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The fair value of the 59,866,609 shares issued as part of the consideration paid for Stronghold was based on the published share price on March 14, 2025 of $1.11 per share. Issuance costs of $196, which were directly attributable to the issuance of the shares, were netted against the deemed proceeds.

As a result of the business combination, the pre-existing hosting agreements between the Company and Stronghold were effectively settled. A gain of $945 was recognized on the settlement of the Refundable Hosting Deposits.

Stronghold is a vertically integrated power generation and data center company focused on environmental remediation and reclamation services in Pennsylvania, United States. The Stronghold transaction is aligned with the Company's strategic objectives to diversify its operations and expand its presence in the United States through vertical integration of power generation and energy arbitrage capabilities.

NOTE 3: BUSINESS COMBINATION (Continued)

Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:


						As of March 14,
						2025
Purchase consideration
Cash paid through repayment of debts						44,982
Reimbursement of Stronghold's acquisition-related costs						6,078
Fair value of shares issued						66,452
Fair value of warrants issued						11,477
Fair value of replacement stock-based compensation						232
Settlement of Refundable Hosting Deposits						15,474
Fair value of consideration transferred						144,695
Net identifiable assets acquired
Cash						2,976
Accounts receivable						1,095
Short-term prepaid deposits						1,732
Other assets (current)						118
Rights to renewable energy credits and waste tax credits						8,989
Inventories						3,269
Property, plant and equipment						152,264
Intangible assets						51
Operating and finance lease right-of-use assets						1,594
Other non-current assets						1,550
Accounts payable and accrued expenses						(23,488)
Current portion of long-term debt						(420)
Current portion of operating and finance lease liabilities						(800)
Long-term debt						(460)
Non-current operating and finance lease liabilities						(756)
Other non-current liabilities						(3,019)
Total net identifiable assets acquired						144,695

Total acquisition-related costs that were not directly attributable to the issuance of shares amounted to $7,081, of which $1,571 were incurred during the first quarter of 2025, and $5,510 were expensed during the year ended December 31, 2024. These amounts were included in general and administrative expenses in the consolidated statements of operations.

The following table presents the supplemental cash flow information:


	Year ended December 31,
		2025
Cash outflow, net of cash acquired
Cash consideration		51,060
Less: cash balances acquired		(2,976)
Net cash outflow related to investing activities		48,084

- Definition

The entire disclosure for business combination.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities ("VIEs") for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP") and regulations of the U.S. Securities and Exchange Commission (the "SEC") applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited consolidated balance sheets as of June 30, 2026 and its results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026, and 2025. The consolidated balance sheets as of December 31, 2025, was derived from the 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the "Annual Report"). Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements. Accounting for the U.S. Redomiciliation Transaction The U.S. Redomiciliation Transaction (Note 1) is accounted for as a transaction between entities under common control under ASC 805-50, because the same shareholder group held Bitfarms immediately before the transaction and holds Keel immediately after the transaction, in substantially the same proportions, through a one-for-one exchange of shares. The transaction is not a business combination within the scope of ASC 805-10 because there is no change in control over the underlying business, and Keel, as a newly formed entity that issued only equity to affect the transaction, is disregarded for accounting continuity purposes. NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounting for the U.S. Redomiciliation Transaction (Continued) Accordingly, the Company recognizes the assets and liabilities of Bitfarms and its subsidiaries at their historical carrying amounts, with no step-up in basis, no fair value remeasurement, and no goodwill. The Company's condensed consolidated financial statements are presented as a continuation of Bitfarms' historical consolidated financial statements, and all periods presented have been retrospectively recast to reflect Keel's capital structure as if the U.S. Redomiciliation Transaction had occurred at the beginning of the earliest period presented. The reorganization and the retrospective recast of the capital structure had no effect on previously reported revenues, operating results, net loss, accumulated deficit, or total stockholders' equity for any period presented, other than the reclassification within stockholders' equity described in Note 14. Before the U.S. Redomiciliation Transaction, Bitfarms was authorized to issue an unlimited number of common shares without par value. Keel common stock has a par value of $0.001 per share. For all periods presented, the Company presents common stock at the aggregate par value of the equivalent number of shares of Keel common stock and presents the historical carrying amount in excess of that par value as additional paid-in capital. This reclassification did not change total stockholders' equity, accumulated deficit, or the income statement for any period presented. Note 14 presents the recast of the comparative common stock and additional paid-in capital balances. During the three and six months ended June 30, 2026, the Company incurred $374 and $5,371, respectively, of legal, accounting, and other professional fees directly related to the U.S. Redomiciliation Transaction, which are included in general and administrative expenses. As the U.S. Redomiciliation Transaction was a one-for-one exchange with the Company's existing shareholders and did not raise new capital, these costs are expensed as incurred rather than charged against additional paid-in capital. The U.S. Redomiciliation Transaction changed the jurisdiction of the Company's ultimate parent from Canada to the United States. Total income tax expense recognized by the Company for the three and six months ended June 30, 2026 was not material, and the U.S. Redomiciliation Transaction did not have a material effect on the Company's current or deferred income tax provision for those periods. The Company's position with respect to the recognition of its deferred tax assets remained unchanged during the six months ended June 30, 2026. As of June 30, 2026, the Company concluded that it is not more likely than not that sufficient taxable profit is expected to utilize these deferred tax assets. Segment Reporting Following the cessation of Bitcoin Mining operations at the Company's United States sites described in Note 1, the Company evaluated whether its continuing energy sales activities at its Panther Creek and Scrubgrass sites, and its data center development activities, constitute operating segments separate from Bitcoin Mining. The chief operating decision maker ("CODM") does not regularly review discrete revenue, cost, or profitability information for the Company's continuing energy sales activities to assess their performance or allocate resources to them as a business line, and no segment manager is directly accountable to the CODM for the operating results of the Company's HPC development activities separately from its Bitcoin Mining operations. Accordingly, Bitcoin Mining remained the Company's only reportable segment as of June 30, 2026, and no change in the composition of the Company's reportable segments occurred during the period. NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments. Adopted accounting pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) ("ASU 2026-02"). ASU 2026-02 establishes a comprehensive accounting model for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2028, is to be applied using a modified retrospective transition method through a cumulative-effect adjustment as of the beginning of the period of adoption, and permits early adoption. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software ("ASU 2025-06"). ASU 2025-06 eliminates the distinction between software project development stages and clarifies the threshold applied to begin capitalizing costs. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2028, and permits prospective, modified prospective, retrospective or early adoption. The Company is currently evaluating the impact of adopting the standard. NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently issued accounting pronouncements not yet adopted (Continued) In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"), which amends the guidance for identifying the accounting acquirer in transactions involving the acquisition of a variable interest entity that meets the definition of a business. The guidance is intended to reduce diversity in practice and improve consistency in the application of acquisition accounting. The new standard is effective for the Company for its annual periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures of certain expenses in the notes of the financial statements, to provide enhanced transparency into the expense captions presented on the condensed consolidated statements of operations. Additionally, in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"), to clarify the effective date of ASU 2024-03. The new standard is effective for the Company for its annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

STOCK-BASED COMPENSATION - Schedule of Options Grants Using the Black-Scholes Model (Details) - Option	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield (%)	0.00%	0.00%
Expected share price volatility (%)	76.00%	80.00%
Risk-free interest rate (%)	3.80%	4.46%
Expected life of Options (years)	3 years	3 years

- Definition

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

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+ Details

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Net change in cash generated by the discontinued operations	$ 11,735	$ 3,806
Discontinued Operations \| Argentina And Paraguay Disposal Groups
Disposal Group, Including Discontinued Operations [Line Items]
Net change in cash related to operating activities	(7,220)	(16,698)
Net change in cash related to investing activities	19,105	20,730
Net change in cash related to financing activities	(150)	(226)
Net change in cash generated by the discontinued operations	$ 11,735	$ 3,806

- Definition

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+ Details

LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equipment and construction prepayments	$ 71,885	$ 20,164
Insurance prepaids, security deposits for energy and rent	9,443	9,199
Deferred transaction fees - undrawn tranche of the credit facility	0	1,670
Long term deposits and equipment prepayments	$ 81,328	$ 31,033

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Capped Call Transactions
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Unrealized change in fair value	$ 77,040	$ 0	$ 73,600	$ 0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

STOCKHOLDERS' EQUITY - Schedule of Reclassification of Stockholders Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock	$ 617		$ 602
Additional paid-in capital	1,150,928		1,172,254
Accumulated deficit	(822,829)		(612,481)
Total stockholders' equity	$ 328,716	$ 419,135	560,375	$ 662,151	$ 661,434	$ 611,146
As Previously Reported
Class of Stock [Line Items]
Common stock			1,064,572
Additional paid-in capital			108,284
Accumulated deficit			(612,481)
Total stockholders' equity			560,375
Reclassification
Class of Stock [Line Items]
Common stock			(1,063,970)
Additional paid-in capital			1,063,970
Accumulated deficit			0
Total stockholders' equity			$ 0

- Definition

Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.

+ References + Details

- Definition

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

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+ Details

- Definition

Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.

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- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) miner	Dec. 31, 2024 USD ($) miner	Jan. 31, 2027 USD ($)
Other Commitments [Line Items]
Imported miners \| miner							34,179	9,399
Delivered asset values							$ 130,698	$ 25,782
Percentage of importation tariffs								22.40%
Tariff rate	27.60%
Property, plant and equipment adjustments					$ 583
Recovery of direct costs					325
Restricted cash			$ 53,377	$ 25,000	53,377	$ 25,000	57,500
Required to provide letter of credit			12,241		12,241
Sale and delivery agreement, term		4 years
Estimated credit support required			82,900		82,900
Forecast
Other Commitments [Line Items]
Required to provide letter of credit									$ 60,800
Restricted cash as collateral for the letters of credit
Other Commitments [Line Items]
Restricted cash			53,377		53,377		$ 0
Restricted cash as collateral for the letters of credit \| Restricted cash as collateral for the letters of credit
Other Commitments [Line Items]
Restricted cash	$ 41,075	$ 41,075	12,302		12,302
Restricted cash as collateral for the letters of credit \| Restricted Cash, Covenant for Letters of Credit, Utility Provider
Other Commitments [Line Items]
Restricted cash			40,200		40,200
Letter of Credit, Supply Agreement with Utility Provider
Other Commitments [Line Items]
Letters of credit outstanding, amount	40,000	40,000	12,241		12,241
Letter of Credit, Sale and Delivery Agreement
Other Commitments [Line Items]
Letters of credit outstanding, amount	$ 875	$ 875
IEEPA Tariff Refund
Other Commitments [Line Items]
Proceeds from income tax refunds			908	$ 0	$ 908	$ 0
Property, plant and equipment adjustments			583
Recovery of direct costs			$ 325
Minimum
Other Commitments [Line Items]
Percentage of importation tariffs							22.40%
Maximum
Other Commitments [Line Items]
Percentage of importation tariffs							150.50%

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The following table provides the components of the assets or disposal groups that either met the criteria of "assets held for sale" as of June 30, 2026 or December 31, 2025.


	As of June 30,	As of December 31,
	2026	2025
Miners	13,013	166
Mining electrical components	2,901	3,198
Assets of disposal group classified as held for sale:
Other assets	—	1,404
Inventories - electronic and networking components	—	426
Property, plant and equipment	—	17,168
Long-term deposits and equipment prepayments	—	1,145
Refundable deposits - security deposits for energy	—	5,157
	15,914	28,664

The combined results of the Company's Argentina and Paraguay operations for the three and six months ended June 30, 2026 and 2025 are presented below:


	Three months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	1,296	1,296	3,657	12,217	15,874
Cost of revenues	—	(1,287)	(1,287)	(5,775)	(12,430)	(18,205)
Gross profit (loss)	—	9	9	(2,118)	(213)	(2,331)
Operating expenses
General and administrative expenses	(572)	(343)	(915)	(1,438)	(575)	(2,013)
Gain (loss) on disposition of property, plant and equipment and deposits	(287)	128	(159)	70	4	74
Impairment of long-lived assets	—	—	—	(14,872)	—	(14,872)
Operating loss	(859)	(206)	(1,065)	(18,358)	(784)	(19,142)
Interest expense	—	—	—	—	(29)	(29)
Other (expense) income	(9)	(23)	(32)	22	106	128
Total other (expense) income	(9)	(23)	(32)	22	77	99
Loss before income taxes	(868)	(229)	(1,097)	(18,336)	(707)	(19,043)
Income tax recovery (expense)	—	53	53	457	(111)	346
Loss from discontinued operations	(868)	(176)	(1,044)	(17,879)	(818)	(18,697)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.


	Six months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	7,378	7,378	10,612	24,231	34,843
Cost of revenues	—	(7,149)	(7,149)	(13,828)	(24,084)	(37,912)
Gross profit (loss)	—	229	229	(3,216)	147	(3,069)
Operating expenses
General and administrative expenses	(4,420)	(1,302)	(5,722)	(3,001)	(1,454)	(4,455)
Gain (loss) on disposition of property, plant and equipment and deposits	37	123	160	(126)	4	(122)
Impairment of long-lived assets	(811)	(12,806)	(13,617)	(33,696)	—	(33,696)
Operating loss	(5,194)	(13,756)	(18,950)	(40,039)	(1,303)	(41,342)
Interest income	—	—	—	—	74	74
Interest expense	—	—	—	—	(62)	(62)
Other income	70	4	74	386	36	422
Total other income	70	4	74	386	48	434
Loss before income taxes	(5,124)	(13,752)	(18,876)	(39,653)	(1,255)	(40,908)
Income tax recovery (expense)	—	53	53	(1)	(193)	(194)
Loss from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	(1,448)	(41,102)
Gain on disposition of Yguazu Bitcoin data center	—	—	—	—	5,225	5,225
(Loss) gain from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	3,777	(35,877)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

The net cash flows incurred by Argentina's and Paraguay's operations are, as follows:


	Six months ended June 30,
	2026	2025
Net change in cash related to operating activities	(7,220)	(16,698)
Net change in cash related to investing activities	19,105	20,730
Net change in cash related to financing activities	(150)	(226)
Net change in cash generated by the discontinued operations	11,735	3,806

The transaction details are as follows:


						As of March 17,
						2025
Consideration
Advance received in January 2025 upon signing the LOI						20,000
Cash received upon closing						12,038
Receivable over 6 equal monthly payments following the closing date*						31,000
Other costs assumed by HIVE						222
Total consideration received						63,260
Net assets transferred
Current assets						2,590
Property, plant and equipment						34,006
Intangible asset						309
Long-term deposits and equipment prepayments						18,321
Security deposit for energy						2,809
Total net assets transferred						58,035
Gain on disposal of subsidiary						5,225

* The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

The transaction details are as follows:


						As of April 21,
						2026
Consideration
Cash received upon closing						13,000
Total consideration received						13,000
Net assets transferred
Other assets						1,435
Inventories - electronic and networking components						426
Property, plant and equipment						4,503
Long-term deposits and equipment prepayments						1,414
Other non-current assets						5,157
Accounts payable and accrued expenses						(59)
Total net assets transferred						12,876
Gain on disposal of subsidiary						124


	Six months ended June 30,
	2026	2025
Changes in non-cash working capital components:
Increase in accounts receivable, net	(3,895)	(374)
Decrease in other current assets	3	7,121
Increase in inventories	(177)	(2,663)
(Increase) decrease in deposits	(730)	8,569

(Decrease) increase in accounts payable and accrued expenses	(7,222)	1,576
(Decrease) increase in operating lease liabilities	(1,056)	1,883

Decrease in other non-current liabilities	(854)	(296)
	(13,931)	15,816
Significant non-cash transactions:

Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold	—	78,161
Issuance of warrants in connection with debt issuance	—	2,900
Equipment prepayments realized as additions to PPE	474	41,045

Capitalization of interest relating to construction in progress	757	—
Addition of ROU assets and related lease liabilities	—	239
Purchase of PPE financed by short-term credit	7,270	934


Computational power revenue and its related service expense	831	1,750
Depreciation and amortization*
Property, plant and equipment, net	111,478	63,158
Finance lease right-of-use assets	197	482
Intangible assets, net	168	337
	111,843	63,977

*Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.

Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow

The following table provides a reconciliation of cash and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same amounts shown in the unaudited consolidated statements of cash flows:


	Six months ended June 30,
	2026	2025

Cash	715,516	85,439
Restricted cash	53,377	25,000
Total cash and restricted cash	768,893	110,439

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147483474/205-20-55-102

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 11
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-Topic 205
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Miners and Mining electrical components

As of June 30, 2026 and December 31, 2025, the Company determined it had surplus Miners and Mining electrical equipment that met the criteria as "assets held for sale" under ASC 360-10-45 as of the respective balance sheet dates. These assets were measured at the lower of their carrying amount and fair value less costs to sell at the time of the classification. These surplus assets are not determined to be discontinued operations as their planned sale did not represent a strategic shift on the Company's operations and financial results.

The significant net increase in surplus Miners and Mining electrical components classified as held for sale as of June 30, 2026 compared to December 31, 2025 is primarily attributable to the Company's cessation of Bitcoin Mining operations at its United States sites. Following the shutdown of the Washington State site in April 2026 and the subsequent cessation of operations at Panther Creek, Scrubgrass, and Sharon in Pennsylvania effective June 2026, the associated Miners and electrical equipment were no longer required for ongoing Bitcoin Mining operations and were identified for sale.

The fair value of these assets was determined using the market approach, which is based on recent sales prices for similar Miners and equipment. Such fair value measurements are a non-recurring Level 3 measurement under the fair value hierarchy. The key assumption used by Management to determine fair value is the most recent amount contracted with a third party for a comparable Miner or equipment sold.

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Assets of disposal group classified as held for sale

In addition to surplus Miners and equipment, the Company classified assets in Paraguay which met the criteria as "assets held for sale" during the year ended December 31, 2025, which have been classified as discontinued operations as detailed in this note. The Paraguay disposal group included the Paso Pe Bitcoin data center which met the "held for sale" criteria during the third quarter of 2025 and was sold during the three and six months ended June 30, 2026, as further described below.

The following table provides the components of the assets or disposal groups that either met the criteria of "assets held for sale" as of June 30, 2026 or December 31, 2025.


	As of June 30,	As of December 31,
	2026	2025
Miners	13,013	166
Mining electrical components	2,901	3,198
Assets of disposal group classified as held for sale:
Other assets	—	1,404
Inventories - electronic and networking components	—	426
Property, plant and equipment	—	17,168
Long-term deposits and equipment prepayments	—	1,145
Refundable deposits - security deposits for energy	—	5,157
	15,914	28,664

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Discontinued operations

In 2025, the Company began a significant transformation of its corporate strategy, exiting its Latin American Bitcoin Mining operations in Paraguay and Argentina to fully concentrate on the U.S. and Canadian HPC infrastructure markets. As a result of these strategic decisions, the Company classified certain of its Latin American asset groups as "held for sale" and its operations as discontinued operations. As discussed below, the Argentina asset group was abandoned, and therefore its assets were not classified as "held for sale". The Company sold Backbone Argentina during the three and six months ended June 30, 2026, as further described below and completed the sale and discontinuation of the Company's South American operations.

The combined results of the Company's Argentina and Paraguay operations for the three and six months ended June 30, 2026 and 2025 are presented below:


	Three months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	1,296	1,296	3,657	12,217	15,874
Cost of revenues	—	(1,287)	(1,287)	(5,775)	(12,430)	(18,205)
Gross profit (loss)	—	9	9	(2,118)	(213)	(2,331)
Operating expenses
General and administrative expenses	(572)	(343)	(915)	(1,438)	(575)	(2,013)
Gain (loss) on disposition of property, plant and equipment and deposits	(287)	128	(159)	70	4	74
Impairment of long-lived assets	—	—	—	(14,872)	—	(14,872)
Operating loss	(859)	(206)	(1,065)	(18,358)	(784)	(19,142)
Interest expense	—	—	—	—	(29)	(29)
Other (expense) income	(9)	(23)	(32)	22	106	128
Total other (expense) income	(9)	(23)	(32)	22	77	99
Loss before income taxes	(868)	(229)	(1,097)	(18,336)	(707)	(19,043)
Income tax recovery (expense)	—	53	53	457	(111)	346
Loss from discontinued operations	(868)	(176)	(1,044)	(17,879)	(818)	(18,697)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Discontinued operations (Continued)


	Six months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	7,378	7,378	10,612	24,231	34,843
Cost of revenues	—	(7,149)	(7,149)	(13,828)	(24,084)	(37,912)
Gross profit (loss)	—	229	229	(3,216)	147	(3,069)
Operating expenses
General and administrative expenses	(4,420)	(1,302)	(5,722)	(3,001)	(1,454)	(4,455)
Gain (loss) on disposition of property, plant and equipment and deposits	37	123	160	(126)	4	(122)
Impairment of long-lived assets	(811)	(12,806)	(13,617)	(33,696)	—	(33,696)
Operating loss	(5,194)	(13,756)	(18,950)	(40,039)	(1,303)	(41,342)
Interest income	—	—	—	—	74	74
Interest expense	—	—	—	—	(62)	(62)
Other income	70	4	74	386	36	422
Total other income	70	4	74	386	48	434
Loss before income taxes	(5,124)	(13,752)	(18,876)	(39,653)	(1,255)	(40,908)
Income tax recovery (expense)	—	53	53	(1)	(193)	(194)
Loss from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	(1,448)	(41,102)
Gain on disposition of Yguazu Bitcoin data center	—	—	—	—	5,225	5,225
(Loss) gain from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	3,777	(35,877)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

The net cash flows incurred by Argentina's and Paraguay's operations are, as follows:


	Six months ended June 30,
	2026	2025
Net change in cash related to operating activities	(7,220)	(16,698)
Net change in cash related to investing activities	19,105	20,730
Net change in cash related to financing activities	(150)	(226)
Net change in cash generated by the discontinued operations	11,735	3,806

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Discontinued operations (Continued)

i.Argentina's operations as discontinued operations

During the second quarter of 2025, the Company's energy supplier halted the supply of electricity to the Company's Rio Cuarto, Argentina Bitcoin data center. Following this event, on August 11, 2025, the Company determined that it would discontinue and abandon its operations in Rio Cuarto, Argentina. The Company negotiated to eliminate its asset retirement obligation and reduced the reserved power to a minimum. As of September 30, 2025, the Company's Argentina operations were abandoned and classified as a discontinued operation. As these operations represent an asset group that was abandoned, it is not classified as "held for sale" of a disposal group. Notwithstanding, commencing in the second quarter of 2025, the Company also identified certain electrical equipment and BVVE that could be sold separately and not abandoned.

Impairment on Argentina asset group in the first quarter of 2025

During the first quarter of 2025, due to indicators of impairment that included the decline of the Company's market capitalization and Bitcoin price, the Company performed recoverability tests for operating Bitcoin data centers in Canada, United States, Paraguay and Argentina. The Company also experienced an increase in gas prices which affected the Company's cost of energy in Argentina.

In performing a recoverability test, the Company calculated the sum of the estimated undiscounted future cash flows from continued use and eventual disposition for the Argentina asset group, and determined it was lower than its carrying amount, therefore the Argentina asset group was not recoverable, and an impairment loss in the amount of $17,504 was recognized to write down the carrying amount of the asset group to its fair value.

To measure the impairment loss, fair value was determined using an income approach under ASC 820 based on a discounted cash flow model incorporating management’s estimates of future cash flows, expected Bitcoin prices, projected operating expenses, and a market-based discount rate. Due to the use of significant unobservable inputs, the fair value measurement was classified within Level 3 of the fair value hierarchy.

Also, the Company wrote down the carrying amount of Miners held for sale to their fair value less costs to sell for $1,320.

Impairment in Argentina asset group in the second quarter of 2025

Management considered the suspension of the Bitcoin Mining activities in Argentina as an indicator of impairment and performed a recoverability test for its operating Bitcoin data center in Argentina. The sum of the estimated undiscounted future cash flows for the Argentina asset group was determined to be lower than its carrying amount, therefore the Argentina asset group is not recoverable and an impairment loss in the amount of $14,872 was recognized to write down the carrying amount of the asset group to its fair value less cost to sell. Fair value was determined using an income approach under ASC 820 based on a discounted cash flow model as previously described above.

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Discontinued operations (Continued)

i.Argentina's operations as discontinued operations (Continued)

Sale of Argentina Subsidiary

On May 8, 2026, the Company entered into a definitive share purchase agreement for the sale of its wholly-owned Argentina subsidiary, Backbone Hosting Solutions SAU ("Backbone Argentina"). The agreement included the transfer of all assets and liabilities of Backbone Argentina, which previously operated the Company’s Bitcoin mining data center in Rio Cuarto, Argentina. The total cash consideration received on June 24, 2026 ("Closing Date") was $129.

As of the Closing Date, the Backbone Argentina asset group subject to the proposed sale agreement had a carrying value of $781 in total assets (excluding cash) and $452 in total liabilities recorded on the Company’s consolidated balance sheets, resulting in a loss of $200 during the three and six months ended June 30, 2026.

ii. Paraguay's operations as discontinued operations and assets held for sale

During the first quarter of 2025, the Company finalized the sale of its Yguazu Bitcoin data center in Paraguay. Subsequently, during the third quarter of 2025, the Company determined that the Paso Pe Bitcoin data center met the criteria to be classified as "held for sale", and that all operations in Paraguay should be classified as discontinued operations as the Company makes a strategic shift towards HPC data center projects in North America.

Sale of the Yguazu Bitcoin Data Center

On March 17, 2025, the Company completed the sale of its 200 gross MW Bitcoin data center under development in Yguazu, Paraguay to HIVE Digital Technologies Ltd. ("HIVE") pursuant to a January 24, 2025 share purchase agreement. The transaction involved the sale of the Company's 100% ownership stake in the Yguazu Bitcoin data center and resulted in the derecognition of the subsidiary’s assets and liabilities. The transaction details are as follows:


						As of March 17,
						2025
Consideration
Advance received in January 2025 upon signing the LOI						20,000
Cash received upon closing						12,038
Receivable over 6 equal monthly payments following the closing date*						31,000
Other costs assumed by HIVE						222
Total consideration received						63,260
Net assets transferred
Current assets						2,590
Property, plant and equipment						34,006
Intangible asset						309
Long-term deposits and equipment prepayments						18,321
Security deposit for energy						2,809
Total net assets transferred						58,035
Gain on disposal of subsidiary						5,225

* The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Continued)

Discontinued operations (Continued)

ii. Paraguay's operations as discontinued operations and assets held for sale (Continued)

Impairment during the first quarter of 2026

During the first quarter of 2026, the Company used the most recent agreed upon selling price to estimate the fair value less costs to sell of the Paso Pe Bitcoin data center and recognized a further impairment loss of $12,806. This impairment loss is presented within loss from discontinued operations in the consolidated statements of operations.

Sale of the Paso Pe Bitcoin data center

On April 21, 2026, the Company completed the sale of Paso Pe Bitcoin data center pursuant to a January 2026 definitive share purchase agreement. The transaction involved the sale of the Company's 100% ownership stake in the Company's subsidiary, D&N Ingeniería S.A. The total agreed purchase price was approximately $13,000, which was fully received as of April 21, 2026.

The transaction details are as follows:


						As of April 21,
						2026
Consideration
Cash received upon closing						13,000
Total consideration received						13,000
Net assets transferred
Other assets						1,435
Inventories - electronic and networking components						426
Property, plant and equipment						4,503
Long-term deposits and equipment prepayments						1,414
Other non-current assets						5,157
Accounts payable and accrued expenses						(59)
Total net assets transferred						12,876
Gain on disposal of subsidiary						124

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

Disaggregated revenues


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Bitcoin Mining	25,859	55,418	55,752	101,312
Energy sales	2,386	2,949	8,257	3,269
Electrical services	2,006	1,006	2,543	2,100
Cryptocurrency Hosting	179	1,535	870	1,878
	30,430	60,908	67,422	108,559

Cost of revenues


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Energy expenses	(19,197)	(21,411)	(40,311)	(37,411)
Depreciation and amortization	(84,149)	(26,439)	(111,843)	(44,887)
Infrastructure expenses	(12,530)	(16,114)	(26,472)	(20,429)
Electrical components and salaries	(1,307)	(830)	(1,854)	(1,707)
Hosting expenses	—	—	—	(7,735)
	(117,183)	(64,794)	(180,480)	(112,169)

Accelerated depreciation

Depreciation and amortization for the three and six months ended June 30, 2026 included $62,993 and $67,662, respectively, of accelerated depreciation resulting from the change in estimated useful lives and residual values related to the Company's cessation of Bitcoin Mining operations at its Washington State, Panther Creek, Scrubgrass and Sharon sites.

Inventories

During the three and six months ended June 30, 2026, the cost of electrical component inventory and waste, limestone and fuel oil recognized as an expense and included in cost of revenues was $5,768 and $21,056, respectively (three and six months ended June 30, 2025: $15,150 and $15,828, respectively).

Energy costs are net of RECs and WTCs

During the three and six months ended June 30, 2026, RECs amounted to $3,124 and $4,201, respectively, and the WTCs amounted to $1,114 and $1,918, respectively (three and six months ended June 30, 2025: RECs amounted to $6,540, and WTCs amounted to nil for both periods), all of which offset energy expenses in the cost of revenues.

NOTE 19: ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS (Continued)

General and administrative expenses


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Salaries and wages	(10,347)	(7,241)	(19,040)	(12,638)
Stock-based compensation	(9,848)	(3,426)	(12,554)	(7,552)
Professional services	(6,603)	(3,973)	(18,699)	(9,312)
Insurance, duties and other	(3,046)	(2,898)	(5,072)	(5,033)
Travel, motor vehicle and meals	(888)	(621)	(1,414)	(953)
Advertising and promotion	(415)	(1,090)	(1,101)	(1,205)
Telecom hosting and telecommunications	(164)	(135)	(268)	(309)
	(31,311)	(19,384)	(58,148)	(37,002)

Other expenses


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Credit loss expense on derivatives receivable	—	—	(4,218)	—
Amortization of transaction costs and debt discount	(916)	(491)	(2,538)	(491)
Gain (loss) on exchange rates	160	(180)	10	(248)
Other financial (expenses) income	(215)	396	(377)	251
	(971)	(275)	(7,123)	(488)

ORGANIZATION (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Financial Statement Terms

In these financial statements, the terms below have the following definitions:


	Term	Definition











1	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
2	MW	Megawatt

3	CAD	Canadian dollars
4	USD	United States dollars

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense related to Options, RSUs and PSUs for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Options	5,169	1,431	6,783	3,494
RSUs	2,811	440	3,402	2,345
PSUs	1,868	—	2,369	—
Share awards	—	1,555	—	1,713
	9,848	3,426	12,554	7,552

Schedule of Outstanding Options

Details of the outstanding Options are as follows:


	Six months ended June 30,
	2026		2025

	Number of Options	Weighted Average Exercise Price (CAD)	Number of Options	Weighted Average Exercise Price (CAD)
Outstanding, January 1,	16,696,665	2.67	26,865,764	2.64
Granted	5,600,050	3.51	2,536,227	1.40
Exercised	(3,738,563)	2.61	(13,900)	0.55
Forfeited	(92,198)	2.30	(60,000)	3.09
Expired	(103,075)	3.05	(55,000)	3.25
Outstanding, June 30,	18,362,879	2.94	29,273,091	2.53
Exercisable, June 30,	12,934,734	2.77	2,100,000	0.54

Schedule of Options Grants Using the Black-Scholes Model

The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:


	Six months ended June 30,
	2026		2025
Dividend yield (%)	—		—
Expected share price volatility (%)*	76	%	80	%
Risk-free interest rate (%)	3.80	%	4.46	%
Expected life of Options (years)	3.0 years		3.0 years

* Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

Schedule of RSU

Details of the RSUs are as follows:


	Six months ended June 30,
	2026		2025

	Number of RSUs	Weighted Average Grant Price (CAD)	Number of RSUs	Weighted Average Grant Price (CAD)
Outstanding, January 1,	4,847,575	1.56	897,666	3.61
Granted	7,391,366	2.73	2,783,425	1.43
Settled	(1,814,533)	1.35	(2,347,500)	2.15
Forfeited	(27,688)	1.11	(10,500)	1.59
Outstanding, June 30,	10,396,720	2.43	1,323,091	1.63

Schedule of PSU

Details of the PSUs are as follows:


	Six months ended June 30,
	2026

	Number of PSUs	Weighted Average Grant Price (CAD)
Outstanding, January 1,	3,508,275	1.41
Granted	5,494,362	2.73
Settled	(77,525)	1.52
Forfeited	(63,178)	2.73
Outstanding, June 30,	8,861,934	2.22

RESTRICTED CASH (Tables)

6 Months Ended

Jun. 30, 2026

Restricted Cash [Abstract]

Schedule of Restricted Cash


	As of June 30,	As of December 31,
	2026	2025
Restricted cash as covenant for the Credit Facility	—	57,500
Restricted cash as collateral for the letters of credit	53,377	—
	53,377	57,500

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses


	As of June 30,	As of December 31,
	2026	2025
Accounts payable	18,281	16,271
Accrued expenses	16,675	18,703
Government remittances payable	11,737	11,469
	46,693	46,443

IMPAIRMENT FROM CONTINUING OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impairment Loss

The following table summarizes the impairment loss in the unaudited consolidated statements of operations:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025



Impairment of assets held for sale*	698	—	2,684	—
Property, plant and equipment	885	—	885	—
Impairment from continuing operations	1,583	—	3,569	—

* Upon classification as "held for sale", the assets were measured at the lower of carrying amount or fair value less cost to sell.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The following table provides the components of the assets or disposal groups that either met the criteria of "assets held for sale" as of June 30, 2026 or December 31, 2025.


	As of June 30,	As of December 31,
	2026	2025
Miners	13,013	166
Mining electrical components	2,901	3,198
Assets of disposal group classified as held for sale:
Other assets	—	1,404
Inventories - electronic and networking components	—	426
Property, plant and equipment	—	17,168
Long-term deposits and equipment prepayments	—	1,145
Refundable deposits - security deposits for energy	—	5,157
	15,914	28,664

The combined results of the Company's Argentina and Paraguay operations for the three and six months ended June 30, 2026 and 2025 are presented below:


	Three months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	1,296	1,296	3,657	12,217	15,874
Cost of revenues	—	(1,287)	(1,287)	(5,775)	(12,430)	(18,205)
Gross profit (loss)	—	9	9	(2,118)	(213)	(2,331)
Operating expenses
General and administrative expenses	(572)	(343)	(915)	(1,438)	(575)	(2,013)
Gain (loss) on disposition of property, plant and equipment and deposits	(287)	128	(159)	70	4	74
Impairment of long-lived assets	—	—	—	(14,872)	—	(14,872)
Operating loss	(859)	(206)	(1,065)	(18,358)	(784)	(19,142)
Interest expense	—	—	—	—	(29)	(29)
Other (expense) income	(9)	(23)	(32)	22	106	128
Total other (expense) income	(9)	(23)	(32)	22	77	99
Loss before income taxes	(868)	(229)	(1,097)	(18,336)	(707)	(19,043)
Income tax recovery (expense)	—	53	53	457	(111)	346
Loss from discontinued operations	(868)	(176)	(1,044)	(17,879)	(818)	(18,697)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.


	Six months ended June 30,
	2026			2025

	Argentina	Paraguay	Total	Argentina	Paraguay	Total
Revenues*	—	7,378	7,378	10,612	24,231	34,843
Cost of revenues	—	(7,149)	(7,149)	(13,828)	(24,084)	(37,912)
Gross profit (loss)	—	229	229	(3,216)	147	(3,069)
Operating expenses
General and administrative expenses	(4,420)	(1,302)	(5,722)	(3,001)	(1,454)	(4,455)
Gain (loss) on disposition of property, plant and equipment and deposits	37	123	160	(126)	4	(122)
Impairment of long-lived assets	(811)	(12,806)	(13,617)	(33,696)	—	(33,696)
Operating loss	(5,194)	(13,756)	(18,950)	(40,039)	(1,303)	(41,342)
Interest income	—	—	—	—	74	74
Interest expense	—	—	—	—	(62)	(62)
Other income	70	4	74	386	36	422
Total other income	70	4	74	386	48	434
Loss before income taxes	(5,124)	(13,752)	(18,876)	(39,653)	(1,255)	(40,908)
Income tax recovery (expense)	—	53	53	(1)	(193)	(194)
Loss from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	(1,448)	(41,102)
Gain on disposition of Yguazu Bitcoin data center	—	—	—	—	5,225	5,225
(Loss) gain from discontinued operations	(5,124)	(13,699)	(18,823)	(39,654)	3,777	(35,877)

*Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

The net cash flows incurred by Argentina's and Paraguay's operations are, as follows:


	Six months ended June 30,
	2026	2025
Net change in cash related to operating activities	(7,220)	(16,698)
Net change in cash related to investing activities	19,105	20,730
Net change in cash related to financing activities	(150)	(226)
Net change in cash generated by the discontinued operations	11,735	3,806

The transaction details are as follows:


						As of March 17,
						2025
Consideration
Advance received in January 2025 upon signing the LOI						20,000
Cash received upon closing						12,038
Receivable over 6 equal monthly payments following the closing date*						31,000
Other costs assumed by HIVE						222
Total consideration received						63,260
Net assets transferred
Current assets						2,590
Property, plant and equipment						34,006
Intangible asset						309
Long-term deposits and equipment prepayments						18,321
Security deposit for energy						2,809
Total net assets transferred						58,035
Gain on disposal of subsidiary						5,225

* The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

The transaction details are as follows:


						As of April 21,
						2026
Consideration
Cash received upon closing						13,000
Total consideration received						13,000
Net assets transferred
Other assets						1,435
Inventories - electronic and networking components						426
Property, plant and equipment						4,503
Long-term deposits and equipment prepayments						1,414
Other non-current assets						5,157
Accounts payable and accrued expenses						(59)
Total net assets transferred						12,876
Gain on disposal of subsidiary						124


	Six months ended June 30,
	2026	2025
Changes in non-cash working capital components:
Increase in accounts receivable, net	(3,895)	(374)
Decrease in other current assets	3	7,121
Increase in inventories	(177)	(2,663)
(Increase) decrease in deposits	(730)	8,569

(Decrease) increase in accounts payable and accrued expenses	(7,222)	1,576
(Decrease) increase in operating lease liabilities	(1,056)	1,883

Decrease in other non-current liabilities	(854)	(296)
	(13,931)	15,816
Significant non-cash transactions:

Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold	—	78,161
Issuance of warrants in connection with debt issuance	—	2,900
Equipment prepayments realized as additions to PPE	474	41,045

Capitalization of interest relating to construction in progress	757	—
Addition of ROU assets and related lease liabilities	—	239
Purchase of PPE financed by short-term credit	7,270	934


Computational power revenue and its related service expense	831	1,750
Depreciation and amortization*
Property, plant and equipment, net	111,478	63,158
Finance lease right-of-use assets	197	482
Intangible assets, net	168	337
	111,843	63,977

- Definition

+ References

+ Details

STOCKHOLDERS' EQUITY - Schedule of Outstanding Number of Warrants (Details) - Equity Warrants - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of Warrants
Beginning balance (in shares)	13,907,295	10,841,482
Granted (in shares)	0	18,224,596
Exercised (in shares)	(11,680,913)	0
Expired (in shares)	(29,255)	0
Ending balance (in shares)	2,197,127	29,066,078
Weighted Average Exercise Price ($)
Beginning balance (in dollars per share)	$ 1.97	$ 1.17
Granted (in dollars per share)	0	1.20
Exercised (in dollars per share)	1.18	0
Expired (in dollars per share)	35.89	0
Ending balance (in dollars per share)	$ 5.69	$ 1.19

RIGHTS TO RENEWABLE ENERGY CREDITS ("RECs") AND WASTE TAX CREDITS ("WTCs")

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

RIGHTS TO RENEWABLE ENERGY CREDITS ("RECs") AND WASTE TAX CREDITS ("WTCs")


	As of June 30,			As of December 31,
	2026			2025

	RECs	WTCs	Total	RECs	WTCs	Total
Balance as of January 1,	6,906	11,572	18,478	—	—	—
Additions related to business combination	—	—	—	3,104	5,885	8,989
Additions during the period	4,201	1,918	6,119	17,076	5,687	22,763
Less: sale of credits to third parties	(9,098)	(4,291)	(13,389)	(13,274)	—	(13,274)
Balance as of period end	2,009	9,199	11,208	6,906	11,572	18,478
Less: current portion	(2,009)	(7,130)	(9,139)	(6,906)	(11,572)	(18,478)
Non-current portion	—	2,069	2,069	—	—	—

RIGHTS TO RENEWABLE ENERGY CREDITS ("RECs") AND WASTE TAX CREDITS ("WTCs") (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Rights to Renewable Energy Credits and Waste Tax Credits


	As of June 30,			As of December 31,
	2026			2025

	RECs	WTCs	Total	RECs	WTCs	Total
Balance as of January 1,	6,906	11,572	18,478	—	—	—
Additions related to business combination	—	—	—	3,104	5,885	8,989
Additions during the period	4,201	1,918	6,119	17,076	5,687	22,763
Less: sale of credits to third parties	(9,098)	(4,291)	(13,389)	(13,274)	—	(13,274)
Balance as of period end	2,009	9,199	11,208	6,906	11,572	18,478
Less: current portion	(2,009)	(7,130)	(9,139)	(6,906)	(11,572)	(18,478)
Non-current portion	—	2,069	2,069	—	—	—

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's long-term debt is as follows:


	As of June 30,	As of December 31,
	2026	2025
Building financing	1,679	1,704
Equipment financing	2,058	1,642
Credit Facility	—	104,857
Unamortized transaction costs - Credit Facility	—	(10,049)
2025 Convertible Notes	593,607	589,565
Unamortized debt discount - 2025 Convertible Notes	(16,323)	(18,250)
2026 Convertible Notes	458,334	—
Unamortized debt discount - 2026 Convertible Notes	(13,526)	—
Total long-term debt, net of transaction cost and debt discount	1,025,829	669,469
Current portion of long-term debt	(6,754)	(97,022)
Non-current portion of long-term debt	1,019,075	572,447

Movement in long-term debt is as follows:


	As of June 30,	As of December 31
	2026	2025

Balance as of January 1,	669,469	1,576
Issuance of long-term debt	458,650	689,306
Addition from business combination	—	880
Repayments	(117,194)	(1,930)
Interest on long-term debt	5,975	7,841
Transaction costs and debt discount	(13,526)	(31,447)
Amortization of transaction costs and debt discount	2,656	3,148
Loss on extinguishment of long-term debt	19,858	—
Foreign exchange	(59)	95
Balance as of period end	1,025,829	669,469

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Revenues by Country

Revenues by country are as follows:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

North America
United States	11,354	31,251	30,650	49,780
Canada	19,076	29,657	36,772	58,779
Total	30,430	60,908	67,422	108,559

Schedule of Property, Plant and Equipment and Other Non-Current Assets

The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:


	As of June 30,			As of December 31,
	2026			2025
	PPE	Other	Total non-current assets	PPE	Other	Total non-current assets
North America
United States	235,620	74,530	310,150	292,208	26,865	319,073
Canada	51,435	18,933	70,368	66,125	17,362	83,487
Total	287,055	93,463	380,518	358,333	44,227	402,560

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities ("VIEs") for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America ("U.S. GAAP") and regulations of the U.S. Securities and Exchange Commission (the "SEC") applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited consolidated balance sheets as of June 30, 2026 and its results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026, and 2025. The consolidated balance sheets as of December 31, 2025, was derived from the 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the "Annual Report"). Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements.
Accounting for the U.S. Redomiciliation Transaction	Accounting for the U.S. Redomiciliation Transaction The U.S. Redomiciliation Transaction (Note 1) is accounted for as a transaction between entities under common control under ASC 805-50, because the same shareholder group held Bitfarms immediately before the transaction and holds Keel immediately after the transaction, in substantially the same proportions, through a one-for-one exchange of shares. The transaction is not a business combination within the scope of ASC 805-10 because there is no change in control over the underlying business, and Keel, as a newly formed entity that issued only equity to affect the transaction, is disregarded for accounting continuity purposes. NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounting for the U.S. Redomiciliation Transaction (Continued) Accordingly, the Company recognizes the assets and liabilities of Bitfarms and its subsidiaries at their historical carrying amounts, with no step-up in basis, no fair value remeasurement, and no goodwill. The Company's condensed consolidated financial statements are presented as a continuation of Bitfarms' historical consolidated financial statements, and all periods presented have been retrospectively recast to reflect Keel's capital structure as if the U.S. Redomiciliation Transaction had occurred at the beginning of the earliest period presented. The reorganization and the retrospective recast of the capital structure had no effect on previously reported revenues, operating results, net loss, accumulated deficit, or total stockholders' equity for any period presented, other than the reclassification within stockholders' equity described in Note 14.
Segment Reporting	Segment Reporting Following the cessation of Bitcoin Mining operations at the Company's United States sites described in Note 1, the Company evaluated whether its continuing energy sales activities at its Panther Creek and Scrubgrass sites, and its data center development activities, constitute operating segments separate from Bitcoin Mining. The chief operating decision maker ("CODM") does not regularly review discrete revenue, cost, or profitability information for the Company's continuing energy sales activities to assess their performance or allocate resources to them as a business line, and no segment manager is directly accountable to the CODM for the operating results of the Company's HPC development activities separately from its Bitcoin Mining operations. Accordingly, Bitcoin Mining remained the Company's only reportable segment as of June 30, 2026, and no change in the composition of the Company's reportable segments occurred during the period.
Use of estimates	Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments.
Adopted accounting pronouncements/Recently issued accounting pronouncements not yet adopted	Adopted accounting pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) ("ASU 2026-02"). ASU 2026-02 establishes a comprehensive accounting model for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2028, is to be applied using a modified retrospective transition method through a cumulative-effect adjustment as of the beginning of the period of adoption, and permits early adoption. The Company is currently evaluating the impact of adopting the standard. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software ("ASU 2025-06"). ASU 2025-06 eliminates the distinction between software project development stages and clarifies the threshold applied to begin capitalizing costs. The new standard is effective for the Company for its annual and interim periods beginning January 1, 2028, and permits prospective, modified prospective, retrospective or early adoption. The Company is currently evaluating the impact of adopting the standard. NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently issued accounting pronouncements not yet adopted (Continued) In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"), which amends the guidance for identifying the accounting acquirer in transactions involving the acquisition of a variable interest entity that meets the definition of a business. The guidance is intended to reduce diversity in practice and improve consistency in the application of acquisition accounting. The new standard is effective for the Company for its annual periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures of certain expenses in the notes of the financial statements, to provide enhanced transparency into the expense captions presented on the condensed consolidated statements of operations. Additionally, in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"), to clarify the effective date of ASU 2024-03. The new standard is effective for the Company for its annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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+ Details

FINANCIAL INSTRUMENTS - Future Principal Capital Payment of Long-term Debt and Future Minimum Lease Payments under Non-Cancellable Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Long-term debt
2026	$ 383
2027	744
2028	716
2029	601
2030 +	1,049,158
Total long-term debt, net of transaction cost and debt discount	1,051,602
Lease liabilities
2026	2,504
2027	3,758
2028	3,769
2029	3,673
2030 +	13,337
Total	27,041
Contractual Obligation, Fiscal Year Maturity [Abstract]
2026	2,887
2027	4,502
2028	4,485
2029	4,274
2030 +	1,062,495
Total	$ 1,078,643

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Schedule of Argentina’s and Paraguay’s Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Loss from discontinued operations	$ (1,044)	$ (18,697)	$ (18,823)	$ (35,877)
Discontinued Operations \| Total
Disposal Group, Including Discontinued Operations [Line Items]
Revenues	1,296	15,874	7,378	34,843
Cost of revenues	(1,287)	(18,205)	(7,149)	(37,912)
Gross profit (loss)	9	(2,331)	229	(3,069)
Operating expenses
General and administrative expenses	(915)	(2,013)	(5,722)	(4,455)
Gain (loss) on disposition of property, plant and equipment and deposits	(159)	74	160	(122)
Impairment of long-lived assets	0	(14,872)	(13,617)	(33,696)
Operating loss	(1,065)	(19,142)	(18,950)	(41,342)
Interest income			0	74
Interest expense	0	(29)	0	(62)
Other (expense) income	(32)	128	74	422
Total other (expense) income	(32)	99	74	434
Loss before income taxes	(1,097)	(19,043)	(18,876)	(40,908)
Income tax recovery (expense)	53	346	53	(194)
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(41,102)
Gain on disposal of subsidiary				5,225
(Loss) gain from discontinued operations			(18,823)	(35,877)
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment \| Argentina
Disposal Group, Including Discontinued Operations [Line Items]
Revenues	0	3,657	0	10,612
Cost of revenues	0	(5,775)	0	(13,828)
Gross profit (loss)	0	(2,118)	0	(3,216)
Operating expenses
General and administrative expenses	(572)	(1,438)	(4,420)	(3,001)
Gain (loss) on disposition of property, plant and equipment and deposits	(287)	70	37	(126)
Impairment of long-lived assets	0	(14,872)	(811)	(33,696)
Operating loss	(859)	(18,358)	(5,194)	(40,039)
Interest income			0	0
Interest expense	0	0	0	0
Other (expense) income	(9)	22	70	386
Total other (expense) income	(9)	22	70	386
Loss before income taxes	(868)	(18,336)	(5,124)	(39,653)
Income tax recovery (expense)	0	457	0	(1)
Loss from discontinued operations	(868)	(17,879)	(5,124)	(39,654)
Gain on disposal of subsidiary	(200)		(200)	0
(Loss) gain from discontinued operations			(5,124)	(39,654)
Discontinued Operations, Held-for-Sale \| Paraguay
Disposal Group, Including Discontinued Operations [Line Items]
Revenues	1,296	12,217	7,378	24,231
Cost of revenues	(1,287)	(12,430)	(7,149)	(24,084)
Gross profit (loss)	9	(213)	229	147
Operating expenses
General and administrative expenses	(343)	(575)	(1,302)	(1,454)
Gain (loss) on disposition of property, plant and equipment and deposits	128	4	123	4
Impairment of long-lived assets	0	0	(12,806)	0
Operating loss	(206)	(784)	(13,756)	(1,303)
Interest income			0	74
Interest expense	0	(29)	0	(62)
Other (expense) income	(23)	106	4	36
Total other (expense) income	(23)	77	4	48
Loss before income taxes	(229)	(707)	(13,752)	(1,255)
Income tax recovery (expense)	53	(111)	53	(193)
Loss from discontinued operations	$ (176)	$ (818)	(13,699)	(1,448)
Gain on disposal of subsidiary				5,225
(Loss) gain from discontinued operations			$ (13,699)	$ 3,777

IMPAIRMENT FROM CONTINUING OPERATIONS - Schedule of Impairment Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Asset, Impairment Loss [Abstract]
Impairment of assets held for sale	$ 698	$ 0	$ 2,684	$ 0
Property, plant and equipment	885	0	885	0
Impairment from continuing operations	$ 1,583	$ 0	$ 3,569	$ 0

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

Reportable segment

The Company's CEO is its CODM. The Company has aggregated all of its Bitcoin Mining operating segments into a single operating segment, which is the Company's only reportable segment, Bitcoin Mining. The CODM manages segment performance and resource allocation based upon consolidated net income (loss). The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company's Bitcoin Mining operations and its HPC development activities. The measure of segment assets is reported on the unaudited consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the unaudited condensed consolidated statements of operations and the more detailed component disclosed in Note 19.

Following the cessation of Bitcoin Mining operations at the Company's United States sites described in Note 1, the Company evaluated whether its continuing energy sales activities at its Panther Creek and Scrubgrass sites constitute an operating segment separate from Bitcoin Mining. The CODM does not regularly review discrete revenue, cost, or profitability information for this activity to assess its performance or allocate resources to it as a business line. The recurring financial information the CODM reviews presents energy sales as a revenue line but organizes costs by expense type and by site rather than by activity, and does not include a discrete profit or performance measure for this activity. Accordingly, the Company's continuing energy sales activities at its Panther Creek and Scrubgrass sites did not constitute a separate operating segment as of June 30, 2026.

The Company also evaluated its HPC development activities and determined that they did not constitute a separate operating segment as of June 30, 2026. The information the CODM receives regarding these activities, including development milestones, power capacity, contractual commitments, and capital expenditures, is distinct from the discrete operating results the CODM reviews for the Company's reportable segment. Accordingly, Bitcoin Mining remained the Company's only reportable segment as of June 30, 2026, and no change in the composition of the Company's reportable segments occurred during the period. The Company expects to reassess this conclusion, and may identify a separate HPC reportable segment, if HPC capacity is placed in service under executed customer contracts and the CODM begins regularly reviewing discrete operating results for the Company's HPC activities.

NOTE 18: SEGMENT AND GEOGRAPHICAL INFORMATION (Continued)

Revenues

Revenues by country are as follows:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

North America
United States	11,354	31,251	30,650	49,780
Canada	19,076	29,657	36,772	58,779
Total	30,430	60,908	67,422	108,559

Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

Property, Plant and Equipment and other non-current assets

The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:


	As of June 30,			As of December 31,
	2026			2025
	PPE	Other	Total non-current assets	PPE	Other	Total non-current assets
North America
United States	235,620	74,530	310,150	292,208	26,865	319,073
Canada	51,435	18,933	70,368	66,125	17,362	83,487
Total	287,055	93,463	380,518	358,333	44,227	402,560

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

SEGMENT AND GEOGRAPHICAL INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segment	1
Number of operating segments	1

LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Long-Term Deposits, Equipment Prepayments and Other


	As of June 30,	As of December 31,
	2026	2025
Equipment and construction prepayments*	71,885	20,164
Insurance prepaids, security deposits for energy and rent	9,443	9,199
Deferred transaction fees - undrawn tranche of the credit facility	—	1,670
	81,328	31,033

*Deposits for construction work and materials mainly related to the development of HPC data centers.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands				3 Months Ended				6 Months Ended
	Jun. 24, 2026 USD ($)	Apr. 21, 2026 USD ($)	Mar. 17, 2025 USD ($) MW	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Assets Held For Sale and Discontinued Operations [Line Items]
Impairment loss				$ 698		$ 0		$ 2,684	$ 0
Argentina \| Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Assets Held For Sale and Discontinued Operations [Line Items]
Impairment loss						$ 14,872	$ 17,504
Cash received upon closing	$ 129
Total net assets transferred	781
Liabilities	$ 452
Gain (loss) on disposition of business				(200)				(200)	0
Argentina \| Discontinued Operations, Held-for-Sale
Assets Held For Sale and Discontinued Operations [Line Items]
Miners				1,320				1,320
Yguazu Bitcoin Data Center \| Discontinued Operations, Disposed of by Sale
Assets Held For Sale and Discontinued Operations [Line Items]
Cash received upon closing			$ 12,038
Total net assets transferred			58,035
Gain (loss) on disposition of business			$ 5,225
Generating capacity of facility \| MW			200
Percentage of business sold			100.00%
Paraguay \| Discontinued Operations, Disposed of by Sale
Assets Held For Sale and Discontinued Operations [Line Items]
Cash received upon closing		$ 13,000
Gain (loss) on disposition of business		$ 124
Percentage of business sold		100.00%
Paraguay \| Discontinued Operations, Held-for-Sale
Assets Held For Sale and Discontinued Operations [Line Items]
Impairment loss					$ 12,806
Miners				13,013				13,013		$ 166
Total net assets transferred				$ 15,914				$ 15,914		$ 28,664
Gain (loss) on disposition of business									$ 5,225

ORGANIZATION (Details)	Jun. 30, 2026 site MW shares	Jun. 29, 2026 MW	Apr. 28, 2026 MW
Crypto Asset, Activity [Line Items]
Transaction between entities under common control, exchange ratio (in shares) \| shares	1
Number of sites impacted by transition \| site	4
Washington State Site
Crypto Asset, Activity [Line Items]
Site conversion, generating capacity (in MW)			18
Panther Creek Site
Crypto Asset, Activity [Line Items]
Sale of site, generating capacity (in MW)		60
Scrubgrass Site
Crypto Asset, Activity [Line Items]
Sale of site, generating capacity (in MW)		63
MW Sharon Site
Crypto Asset, Activity [Line Items]
Site, generating capacity (in MW)	110

LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER


	As of June 30,	As of December 31,
	2026	2025
Equipment and construction prepayments*	71,885	20,164
Insurance prepaids, security deposits for energy and rent	9,443	9,199
Deferred transaction fees - undrawn tranche of the credit facility	—	1,670
	81,328	31,033

*Deposits for construction work and materials mainly related to the development of HPC data centers.

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy

The following table presents the fair values of the Company’s financial instruments, excluding accounts receivable, net and accounts payable and accrued expenses and their level within the fair value hierarchy:


		As of June 30,	As of December 31,
Measurement		2026	2025
Financial assets at amortized cost
Cash	Level 1	715,516	573,462
Restricted cash	Level 1	53,377	57,500
Other receivables	Level 2	1,820	1,405
Security deposits for energy	Level 2	—	5,157
Other refundable deposits	Level 3	350	350
Financial assets at fair value through profit and loss
Derivative assets	Level 2	78,800	7,487
Total fair value of financial assets		849,863	645,361
Financial liabilities at amortized cost
Long-term debt*	Level 2	1,055,678	699,657
Financial liabilities at fair value through profit and loss
Derivative liabilities	Level 2	—	2,922
Total fair value of financial liabilities		1,055,678	702,579
Net fair value		(205,815)	(57,218)

*The Credit Facility and the 2025 Convertible Notes are recognized at amortized cost using the effective interest rate method. As of December 31, 2025, their carrying amounts amounted to $94,808 and $571,315, respectively, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively. As of June 30, 2026, the carrying amount and the fair value of the Convertible Notes amounted to $1,022,092 and $1,051,941, respectively.

Schedule of Future Principal Capital Payment of Long-term Debt and Future Minimum Lease Payments under Non-Cancellable Leases

The following table presents the future principal capital payment of long-term debt and the future minimum lease payments required under non-cancellable leases as of June 30, 2026:


	2026	2027	2028	2029	2030 +	Total
Long-term debt	383	744	716	601	1,049,158	1,051,602
Lease liabilities	2,504	3,758	3,769	3,673	13,337	27,041
	2,887	4,502	4,485	4,274	1,062,495	1,078,643

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Feb. 28, 2026	Dec. 31, 2025	Jun. 30, 2025
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 53,377		$ 57,500	$ 25,000
Restricted cash as covenant for the Credit Facility
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	0	$ 57,500	57,500
Restricted cash as collateral for the letters of credit
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 53,377		$ 0

BUSINESS COMBINATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Business Combination [Line Items]
Cash consideration	$ 0	$ 48,084
Stronghold Digital Mining, Inc.
Business Combination [Line Items]
Cash consideration			$ 51,060
Less: cash balances acquired			(2,976)
Net cash outflow related to investing activities			$ 48,084

- Definition

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

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+ Details

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW - Schedule of Additional Details to the Statements of Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Changes in non-cash working capital components:
Increase in accounts receivable, net	$ (3,895)	$ (374)
Decrease in other current assets	3	7,121
Increase in inventories	(177)	(2,663)
(Increase) decrease in deposits	(730)	8,569
(Decrease) increase in accounts payable and accrued expenses	(7,222)	1,576
(Decrease) increase in operating lease liabilities	(1,056)	1,883
Decrease in other non-current liabilities	(854)	(296)
Total	(13,931)	15,816
Significant non-cash transactions:
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold	0	78,161
Issuance of warrants in connection with debt issuance	0	2,900
Equipment prepayments realized as additions to PPE	474	41,045
Capitalization of interest relating to construction in progress	757	0
Addition of ROU assets and related lease liabilities	0	239
Purchase of PPE financed by short-term credit	7,270	934
Computational power revenue and its related service expense	831	1,750
Depreciation and amortization
Depreciation and amortization	111,843	63,977
Property, plant and equipment, net
Depreciation and amortization
Depreciation and amortization	111,478	63,158
Finance lease right-of-use assets
Depreciation and amortization
Depreciation and amortization	197	482
Intangible assets, net
Depreciation and amortization
Depreciation and amortization	$ 168	$ 337

DERIVATIVE ASSETS AND LIABILITIES - Schedule of Derivatives and Reconciles the Fair Value Measurement (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Total derivative assets	$ 0	$ 2,287
Total long-term derivative assets	78,800	5,200
Total derivative liabilities	0	2,922
Level 2 \| Bitcoin option and selling contracts \| Derivative Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of period beginning	(2,922)	(128)
Initial recognition	0	0
Purchases	4,122	64,965
Settlement	0	(99,256)
Remeasurement recognized in statement of operations	(1,200)	31,497
Balance as of period end	0	(2,922)
Derivative Assets \| Level 2 \| Capped Call Transactions
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of period beginning	5,200	0
Initial recognition	0	69,090
Purchases	0	0
Settlement	0	0
Remeasurement recognized in statement of operations	73,600	(63,890)
Balance as of period end	78,800	5,200
Total derivative assets	0	2,287
Total long-term derivative assets	78,800	5,200
Total derivative liabilities	0	(2,922)
Derivative Assets \| Level 2 \| Bitcoin option and selling contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of period beginning	2,287	0
Initial recognition	0	0
Purchases	0	89,478
Settlement	(5,363)	(73,659)
Remeasurement recognized in statement of operations	3,076	(13,532)
Balance as of period end	0	2,287
Derivative Assets \| Level 2 \| Bitcoin redemption options
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of period beginning	$ 0	3,418
Initial recognition		1,072
Purchases		0
Settlement		0
Remeasurement recognized in statement of operations		(4,490)
Balance as of period end		$ 0

BUSINESS COMBINATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended	15 Months Ended
	Mar. 14, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2025	Jun. 30, 2026	Jun. 04, 2026	Oct. 16, 2025
Business Combination [Line Items]
Share price (in dollars per share)	$ 1.11				$ 5.93	$ 5.93	$ 5.28
Stronghold Digital Mining, Inc.
Business Combination [Line Items]
Share capital acquired percentage	100.00%
Consideration transferred, equity interests issued and issuable, entity shares issued per acquiree share (in shares)	2.52
Payments for acquiree's outstanding loans and other closing costs	$ 51,060
Issuance costs	196
Gain on settlement of refundable deposits	$ 945
Total acquisition-related costs		$ 1,571	$ 5,510	$ 7,081
Stronghold Digital Mining, Inc. \| Common stock
Business Combination [Line Items]
Shares issued as part of consideration (in shares)	59,866,609
Stronghold Digital Mining, Inc. \| Warrants
Business Combination [Line Items]
Shares issued as part of consideration (in shares)	12,893,650

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

As of June 30, 2026 and December 31, 2025, property, plant and equipment ("PPE") consisted of the following:


	As of June 30,	As of December 31,
	2026	2025
BVVE	193,762	344,075
Energy infrastructure	102,925	102,133
Leasehold improvements	14,381	14,538
Buildings	11,432	13,536
Machinery and equipment	12,682	11,989
Vehicles	1,485	1,544
Land	51,758	48,119
Construction in progress	64,781	12,169
	453,206	548,103
Accumulated depreciation	(166,151)	(189,770)
Carrying amount	287,055	358,333

Assets not subject to depreciation

As of June 30, 2026, property, plant and equipment that are not yet placed into service amounted to $64,781 (December 31, 2025: $12,169) and land was $51,758 (December 31, 2025: $48,119). These assets are not depreciated. Depreciation begins when assets are ready and available for their intended use; land is not depreciated.

Changes in the useful life, residual value

During the three and six months ended June 30, 2026, the Company continued its strategic transition from Bitcoin Mining operations to HPC and AI workloads infrastructure and ceased Bitcoin Mining operations at its Washington State, Panther Creek, Scrubgrass and Sharon sites, as described in Note 1. This change in operations caused management to evaluate the estimated useful lives and residual values of certain long-lived assets with an aggregate carrying value of $82,880 immediately before the revision. This constitutes a change in accounting estimate under ASC 250-10-45-17.

Management revised the useful lives and residual values of the affected assets to align with the decommissioning dates, which resulted in accelerated depreciation to ensure the carrying value is reduced to residual value by the end of each asset's service period. This change in estimate was applied prospectively effective June 29, 2026. As a result, the Company recognized additional depreciation expense of approximately $62,993 and $67,662 for the three and six months ended June 30, 2026, respectively. The impact on basic and diluted loss per share was $(0.10) and $(0.11) for the three and six months ended June 30, 2026, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

LOSS PER SHARE - Narrative (Details)	Jun. 30, 2026 shares
Earnings Per Share [Abstract]
Transaction between entities under common control, shares received under exchange ratio (in shares)	1
Transaction between entities under common control, exchange ratio (in shares)	1

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40370
Entity Registrant Name	Keel Infrastructure Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-4266374
Entity Address, Address Line One	120 Broadway
Entity Address, Address Line Two	Suite 1375
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	(929)
Local Phone Number	264-5151
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	KEEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		617,573,212
Entity Central Index Key	0001812477
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
General and Administrative Expense [Abstract]
Salaries and wages	$ (10,347)	$ (7,241)	$ (19,040)	$ (12,638)
Stock-based compensation	(9,848)	(3,426)	(12,554)	(7,552)
Professional services	(6,603)	(3,973)	(18,699)	(9,312)
Insurance, duties and other	(3,046)	(2,898)	(5,072)	(5,033)
Travel, motor vehicle and meals	(888)	(621)	(1,414)	(953)
Advertising and promotion	(415)	(1,090)	(1,101)	(1,205)
Telecom hosting and telecommunications	(164)	(135)	(268)	(309)
General and administrative expenses	$ (31,311)	$ (19,384)	$ (58,148)	$ (37,002)

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Other Commitments

The Company is committed to purchase the following property, plant and equipment as of June 30, 2026:


	2026		2027






HPC data center projects	$	146,857	$	72,745

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

The Company's long-term debt is as follows:


	As of June 30,	As of December 31,
	2026	2025
Building financing	1,679	1,704
Equipment financing	2,058	1,642
Credit Facility	—	104,857
Unamortized transaction costs - Credit Facility	—	(10,049)
2025 Convertible Notes	593,607	589,565
Unamortized debt discount - 2025 Convertible Notes	(16,323)	(18,250)
2026 Convertible Notes	458,334	—
Unamortized debt discount - 2026 Convertible Notes	(13,526)	—
Total long-term debt, net of transaction cost and debt discount	1,025,829	669,469
Current portion of long-term debt	(6,754)	(97,022)
Non-current portion of long-term debt	1,019,075	572,447

Movement in long-term debt is as follows:


	As of June 30,	As of December 31
	2026	2025

Balance as of January 1,	669,469	1,576
Issuance of long-term debt	458,650	689,306
Addition from business combination	—	880
Repayments	(117,194)	(1,930)
Interest on long-term debt	5,975	7,841
Transaction costs and debt discount	(13,526)	(31,447)
Amortization of transaction costs and debt discount	2,656	3,148
Loss on extinguishment of long-term debt	19,858	—
Foreign exchange	(59)	95
Balance as of period end	1,025,829	669,469

Credit Facility

In April 2025, the Company signed a credit facility for up to $300,000 (the ''Credit Facility'') with Macquarie.

An initial $50,000 was drawn (the ''Initial Tranche''), bearing interest at 8% per annum, with monthly payments and a term of two years. Interest for the first three months was paid in kind and added to the loan. The payments shall be solely interest until the Initial Tranche maturity date, April 1, 2027, at which time the principal debt of $50,000 and interest paid in kind would be payable in full. In connection with the Initial Tranche, Macquarie received 5,330,946 equity warrants convertible for common shares of the Company with an initial fair value of $2,900. Refer to Note 14 for more details. The $50,000 proceeds from the Initial Tranche were allocated to the equity warrants and debt based on relative fair value. Therefore, a discount on debt of $2,711 is deducted from the carrying amount of the debt and is amortized over the term of the Initial Tranche.

An additional $250,000 (''Second Tranche'') was made available to the Company as it achieves specific development milestones at the Panther Creek, Pennsylvania, United States location.

In October 2025, the Company converted the entirety of the loan into a $300,000 project debt facility for the development of the Panther Creek property and secured at the project level with a parent company guarantee, with the Initial Tranche rolled into the project debt facility. The Company drew an additional $50,000 from the converted facility, for a total of $100,000 drawn and issued an additional 2,197,127 equity warrants convertible for common shares of the Company with an initial fair value of $7,093. Refer to Note 14 for more details. The $50,000 proceeds from the Second Tranche were allocated to the equity warrants and debt based on relative fair values. Therefore, a discount on debt of $5,899 is deducted from the carrying amount of the debt and is amortized over the term of the Second Tranche.

In February 2026, the Credit Facility was fully repaid for a total of $116,855, including interest, principal and additional base return fees and the cash balance of $57,500 is no longer restricted. The Company recorded a total $21,596 loss related to the termination of the Credit Facility, which included $19,858 from the extinguishment itself and $1,738 in transaction costs recorded in long-term deposits and other related fees. These amounts are presented within Loss on extinguishment of long-term debt in the unaudited consolidated statements of operations.

2025 Convertible Notes

In October 1, 2025, the Company issued $588,000 aggregate principal amount of convertible senior notes (the "2025 Convertible Notes"), which included the full exercise of the purchasers’ option to purchase up to an additional $88,000 principal amount of 2025 Convertible Notes. The 2025 Convertible Notes are unsecured, bear interest at 1.375% per annum, payable semi-annually and mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The Company purchased the 2025 Capped Calls to reduce the potential dilution to its common stock (or reduce the Company's cash payment obligation if the 2025 Convertible Notes are settled in cash) if the trading price of the Company's common stock price exceeds the conversion price of the 2025 Convertible Notes at the time of conversion. The 2025 Capped Calls are a legally separate derivative instrument which is accounted for separately from the 2025 Convertible Notes. Refer to Notes 6 and 16 for more details.

Prior to October 15, 2030, the 2025 Convertible Notes may be converted only upon the occurrence of certain events, including: (i) during specified periods when the market price of the Company’s common shares exceeds 130% of the applicable conversion price, (ii) during specified periods when the trading price of the 2025 Convertible Notes is less than 98% of the product of the last reported sale price of the Company’s common shares and the applicable conversion rate, (iii) following a notice of redemption by the Company, or (iv) upon the occurrence of specified corporate events. On or after October 15, 2030 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Convertible Notes at any time, regardless of these conditions.

Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1 principal amount, which is equivalent to an initial conversion price of approximately $6.86 per share, representing a 30% premium over the $5.28 reference price. The $5.28 reference price is the last reported sale price of the Company's common shares on Nasdaq on October 16, 2025. The conversion rate is subject to customary anti-dilution adjustments and, in certain circumstances, may be increased for conversions in connection with a make-whole fundamental change or following a notice of redemption.

The 2025 Convertible Notes are not redeemable prior to October 20, 2028, except upon the occurrence of certain changes in laws governing Canadian withholding taxes. On or after October 20, 2028, the Company may redeem the 2025 Convertible Notes, in whole or in part, for cash if the last reported sale price of its common shares has been at least 130% of the conversion price for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. In the event of a fundamental change, holders may require the Company to repurchase their 2025 Convertible Notes for cash at 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the repurchase date.

Transaction costs of $18,937 relating to agent fees and legal fees were capitalized and deducted from the carrying amount of the 2025 Convertible Notes. Net proceeds from the offering were $569,063.

As of June 30, 2026, none of the conditions permitting the holders of the 2025 Convertible Notes to convert their notes early or to require the Company to repurchase the 2025 Convertible Notes for cash have been met. Accordingly, the 2025 Convertible Notes are classified as long-term debt.

NOTE 13: LONG-TERM DEBT (Continued)

U.S. Redomiciliation Transaction

On April 1, 2026, the Company, Bitfarms, and the trustee entered into a supplemental indenture in connection with the U.S. Redomiciliation Transaction. Under the supplemental indenture, the Company became a co-obligor with Bitfarms for the payment, performance, and conversion-delivery obligations under the indenture governing the 2025 Convertible Notes. Bitfarms remains the issuer of the 2025 Convertible Notes and remains fully liable for its obligations under the indenture. Following the U.S. Redomiciliation Transaction, the reference property deliverable upon conversion of the 2025 Convertible Notes changed from Bitfarms common shares to Keel common stock. The supplemental indenture did not change the principal amount, interest rate, maturity date, conversion rate, or other economic terms of the 2025 Convertible Notes. The Company concluded that the addition of a co-obligor did not change the substantive terms or contractual cash flows of the 2025 Convertible Notes as between the Company and the note holders and, accordingly, did not result in a debt extinguishment or a substantial modification under ASC 470-50. The existing carrying amount, unamortized debt discount, and effective interest rate of the 2025 Convertible Notes continued without adjustment.

2026 Convertible Notes

In June 2026, the Company issued $458,000 aggregate principal amount of 1.250% convertible senior notes due 2032 (the "2026 Convertible Notes"), which included the full exercise of the purchasers’ option to purchase up to an additional $58,000 principal amount of 2026 Convertible Notes. The 2026 Convertible Notes are senior, unsecured obligations of the Company and are fully and unconditionally guaranteed, on a senior unsecured basis, by Bitfarms Ltd., a consolidated subsidiary of the Company. The 2026 Convertible Notes bear interest at 1.250% per annum, payable semi-annually, and mature on January 15, 2032, unless earlier converted, redeemed or repurchased. In connection with the offering, the Company entered into privately negotiated capped call transactions (the "2026 Capped Calls") to reduce the potential dilution to its common shares (or to reduce the Company's cash payment obligation if the 2026 Convertible Notes are settled in cash) to the extent the trading price of the Company's common shares exceeds the conversion price of the 2026 Convertible Notes at the time of conversion, subject to a cap. The 2026 Capped Calls are freestanding instruments entered into separately from, and accounted for separately from, the 2026 Convertible Notes. Refer to Notes 14 and 17 for more details.

Prior to October 15, 2031, the 2026 Convertible Notes may be converted only upon the occurrence of certain events, including: (i) during specified periods when the market price of the Company's common shares exceeds 130% of the applicable conversion price, (ii) during specified periods when the trading price of the 2026 Convertible Notes is less than 98% of the product of the last reported sale price of the Company's common shares and the applicable conversion rate, (iii) following a notice of redemption by the Company, or (iv) upon the occurrence of specified corporate events. On or after October 15, 2031 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2026 Convertible Notes at any time, regardless of these conditions.

NOTE 13: LONG-TERM DEBT (Continued)

2026 Convertible Notes (Continued)

Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 134.9073 common shares per $1 principal amount, which is equivalent to an initial conversion price of approximately $7.41 per share, representing a 25% premium over the $5.93 reference price. The $5.93 reference price is the last reported sale price of the Company's common shares on Nasdaq on June 4, 2026. The conversion rate is subject to customary anti-dilution adjustments and, in certain circumstances, may be increased for conversions in connection with a make-whole fundamental change or following a notice of redemption, subject to a maximum conversion rate of 168.6340 common shares per $1 principal amount.

The 2026 Convertible Notes are not redeemable prior to July 20, 2029. On or after July 20, 2029, the Company may redeem the 2026 Convertible Notes, in whole or in part, at its option, for cash if the last reported sale price of its common shares has been at least 130% of the conversion price for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. No sinking fund is provided for the notes. In the event of a fundamental change, holders may require the Company to repurchase their 2026 Convertible Notes for cash at 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the fundamental change repurchase date.

Transaction costs of $13,526 relating to agent fees and legal fees were capitalized and deducted from the carrying amount of the 2026 Convertible Notes. Net proceeds from the offering were $444,474.

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9,848	$ 3,426	$ 12,554	$ 7,552
Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,169	1,431	6,783	3,494
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,811	440	3,402	2,345
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,868	0	2,369	0
Share awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 1,555	$ 0	$ 1,713

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Apr. 01, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Transaction between entities under common control, exchange ratio (in shares)	1	1
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Legal fees incurred	$ 374	$ 5,371

LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

LOSS PER SHARE

In connection with the U.S. Redomiciliation Transaction, each outstanding Bitfarms common share was exchanged for one share of Keel common stock on a one-for-one basis, and no shares were subject to dissent rights, see Note 14 for more details. Because the exchange ratio was one-for-one, the U.S. Redomiciliation Transaction did not change the number of common shares used to compute basic or diluted loss per share. Share and per-share amounts for all periods presented are stated on the basis of Keel common stock.

The following table presents the computation of basic and diluted loss per share from continuing operations:


	Three months ended June 30,		Six months ended June 30,
From continuing operations:	2026	2025	2026	2025
Numerator:
(Loss) gain from continuing operations	(63,951)	13,196	(191,525)	(25,177)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(63,951)	13,196	(191,525)	(25,177)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Options	—	1,392,564	—	—
Dilutive impact of Warrants	—	215,742	—	—
Dilutive impact of RSUs	—	2,693,503	—	—
Dilutive impact of PSUs	—	—	—	—
Dilutive impact of Share awards	—	423,989	—	—
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	560,569,145	603,983,769	528,157,206

(Loss) earnings from continuing operations per common share attributable to common shareholders:
Basic	(0.11)	0.02	(0.32)	(0.05)
Diluted	(0.11)	0.02	(0.32)	(0.05)

NOTE 17: LOSS PER SHARE (Continued)

The following table presents the computation of basic and diluted loss per share from discontinued operations:


	Three months ended June 30,		Six months ended June 30,
From discontinued operations	2026	2025	2026	2025
Numerator:
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(35,877)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(1,044)	(18,697)	(18,823)	(35,877)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206

Loss from discontinuing operations per common share attributable to common shareholders:
Basic	—	(0.03)	(0.03)	(0.07)
Diluted	—	(0.03)	(0.03)	(0.07)

Earnings per share

For the three and six months ended June 30, 2026 and the six months ended June 30, 2025, potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect. The 2026 Capped Calls entered into in connection with the 2026 Convertible Notes were excluded from the computation of diluted loss per share because their effect would be anti-dilutive. In accordance with ASC 260-10-45-37, the common shares that may be received by the Company upon exercise of the 2026 Capped Calls are anti-dilutive and are therefore excluded from the diluted share count. The 2026 Capped Calls are expected to reduce dilution from the 2026 Convertible Notes only upon their actual conversion.

The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Options	12,691,228	—	7,655,590	1,487,809
Warrants	6,288,015	—	5,669,755	108,520
RSUs	10,423,066	—	6,956,680	3,163,509
PSUs	8,904,537	—	6,146,634	—
Share awards	—	—	—	666,867
Convertible notes shares	100,601,957	—	93,174,397	—
	138,908,803	—	119,603,056	5,426,705

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the effect of the reclassification on the Company's stockholders' equity within the consolidated balance sheets as of December 31, 2025:


	As Previously Reported	Reclassification	As Recast
Common stock	1,064,572	(1,063,970)	602
Additional paid-in capital	108,284	1,063,970	1,172,254
Accumulated deficit	(612,481)	—	(612,481)
Total stockholders' equity	560,375	—	560,375

Schedule of Movement in Number of Common Shares

The following table details the movement in number of common shares:


	Six months ended June 30,
	2026	2025
Outstanding, January 1,	601,579,999	479,332,885
Issuance through at-the market equity offering program	—	14,444,643
Issuance through business combination	—	59,866,609
Exercise of options	3,738,563	13,900
Exercise of warrants	9,525,487	—
Settlement of share awards	—	1,543,320
Settlement of restricted share units	1,814,533	2,347,500
Settlement of performance share units	77,525	—
Outstanding, June 30,	616,736,107	557,548,857

Schedule of Outstanding Number of Warrants

Details of the outstanding number of warrants are as follows:


	Six months ended June 30,
	2026		2025
	Number of Warrants	Weighted Average Exercise Price ($)	Number of Warrants	Weighted Average Exercise Price ($)
Outstanding, January 1,	13,907,295	1.97	10,841,482	1.17
Granted	—	—	18,224,596	1.20
Exercised	(11,680,913)	1.18	—	—
Expired	(29,255)	35.89	—	—
Outstanding, June 30,	2,197,127	5.69	29,066,078	1.19

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted

The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:



Dividend yield (%)	—	%
Expected share price volatility (%)*	98	%
Risk-free interest rate (%)	4.03	%
Expected life of warrants (years)	5.61
Share price (USD)	$1.41
Exercise price (USD)	$1.74
Fair value of warrants (USD)	$1.05
Number of warrants issued	20,421,723

* Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Share from Continuing Operations

The following table presents the computation of basic and diluted loss per share from continuing operations:


	Three months ended June 30,		Six months ended June 30,
From continuing operations:	2026	2025	2026	2025
Numerator:
(Loss) gain from continuing operations	(63,951)	13,196	(191,525)	(25,177)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(63,951)	13,196	(191,525)	(25,177)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Options	—	1,392,564	—	—
Dilutive impact of Warrants	—	215,742	—	—
Dilutive impact of RSUs	—	2,693,503	—	—
Dilutive impact of PSUs	—	—	—	—
Dilutive impact of Share awards	—	423,989	—	—
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	560,569,145	603,983,769	528,157,206

(Loss) earnings from continuing operations per common share attributable to common shareholders:
Basic	(0.11)	0.02	(0.32)	(0.05)
Diluted	(0.11)	0.02	(0.32)	(0.05)

NOTE 17: LOSS PER SHARE (Continued)

The following table presents the computation of basic and diluted loss per share from discontinued operations:


	Three months ended June 30,		Six months ended June 30,
From discontinued operations	2026	2025	2026	2025
Numerator:
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(35,877)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(1,044)	(18,697)	(18,823)	(35,877)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206

Loss from discontinuing operations per common share attributable to common shareholders:
Basic	—	(0.03)	(0.03)	(0.07)
Diluted	—	(0.03)	(0.03)	(0.07)

Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share

The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Options	12,691,228	—	7,655,590	1,487,809
Warrants	6,288,015	—	5,669,755	108,520
RSUs	10,423,066	—	6,956,680	3,163,509
PSUs	8,904,537	—	6,146,634	—
Share awards	—	—	—	666,867
Convertible notes shares	100,601,957	—	93,174,397	—
	138,908,803	—	119,603,056	5,426,705

LOSS PER SHARE - Schedule of Computation of Basic and Diluted Loss Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
(Loss) gain from continuing operations	$ (63,951)	$ 13,196	$ (191,525)	$ (25,177)
Effect of Convertible Notes	0	0	0	0
Numerator for diluted loss per share	$ (63,951)	$ 13,196	$ (191,525)	$ (25,177)
Denominator:
Denominator for basic loss per share - weighted average shares outstanding (in shares)	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of warrants (in shares)	0	215,742	0	0
Dilutive impact of convertible notes (in shares)	0	0	0	0
Denominator for diluted loss per share - weighted average shares outstanding (in shares)	605,370,634	560,569,145	603,983,769	528,157,206
(Loss) earnings from continuing operations per common share attributable to common shareholders:
Basic (in dollars per share)	$ (0.11)	$ 0.02	$ (0.32)	$ (0.05)
Diluted (in dollars per share)	$ (0.11)	$ 0.02	$ (0.32)	$ (0.05)
Numerator:
Loss from discontinued operations	$ (1,044)	$ (18,697)	$ (18,823)	$ (35,877)
Effect of Convertible Notes	0	0	0	0
Numerator for diluted loss per share	$ (1,044)	$ (18,697)	$ (18,823)	$ (35,877)
Denominator:
Denominator for basic loss per share - weighted average shares outstanding (in shares)	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of convertible notes (in shares)	0	0	0	0
Denominator for diluted loss per share - weighted average shares outstanding (in shares)	605,370,634	555,843,347	603,983,769	528,157,206
Loss from discontinuing operations per common share attributable to common shareholders:
Basic (in dollars per share)	$ 0	$ (0.03)	$ (0.03)	$ (0.07)
Diluted (in dollars per share)	$ 0	$ (0.03)	$ (0.03)	$ (0.07)
Option
Denominator:
Dilutive impact of share-based awards (in shares)	0	1,392,564	0	0
RSUs
Denominator:
Dilutive impact of share-based awards (in shares)	0	2,693,503	0	0
PSUs
Denominator:
Dilutive impact of share-based awards (in shares)	0	0	0	0
Share awards
Denominator:
Dilutive impact of share-based awards (in shares)	0	423,989	0	0

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

STOCKHOLDERS' EQUITY

Common and Preferred shares

Before the U.S. Redomiciliation Transaction, Bitfarms Ltd. was authorized to issue an unlimited number of common shares without par value. At the effective time of the U.S. Redomiciliation Transaction on April 1, 2026, 602,851,137 issued and outstanding Bitfarms common shares were exchanged, on a one-for-one basis, for 602,851,137 shares of Keel common stock. No holder of Bitfarms common shares validly exercised dissent rights available under Section 185 of the Business Corporations Act (Ontario) in connection with the U.S. Redomiciliation Transaction. Accordingly, no dissenting-shareholder liability or temporary equity was recognized, and the full population of Bitfarms common shares outstanding was exchanged for Keel common stock.

As a result of the U.S. Redomiciliation Transaction, on April 1, 2026, the Company's authorized share capital became the authorized share capital of Keel, which consists of 1,500,000,000 shares of Common Stock, with a par value of $0.001 per share, and 120,000,000 shares of Class A Preferred Stock, with a par value of $0.001 per share. Each share entitles the holder to one vote per share and to receive equally any dividends declared by the Company and the remaining property and assets of the Company in the event Keel undergoes a liquidation, dissolution or winding up. As of June 30, 2026, the Company did not have any outstanding Class A Preferred Stock.

NOTE 14: STOCKHOLDERS' EQUITY (Continued)

Common and Preferred shares (Continued)

The aggregate par value of the Keel common stock issued in the exchange was $603 (602,851,137 shares at $0.001 par value). For financial reporting purposes, the U.S. Redomiciliation Transaction and the related legal-capital presentation have been retrospectively reflected for all periods presented, as described in Note 2. The historical carrying amount of Bitfarms' common share capital in excess of the aggregate par value of the equivalent number of shares of Keel common stock is presented as additional paid-in capital. This reclassification did not change accumulated deficit or total stockholders' equity for any period presented. The one-for-one share exchange and the related reclassification within stockholders' equity were noncash transactions and are not reflected in the accompanying unaudited condensed consolidated statement of cash flows.

The following table presents the effect of the reclassification on the Company's stockholders' equity within the consolidated balance sheets as of December 31, 2025:


	As Previously Reported	Reclassification	As Recast
Common stock	1,064,572	(1,063,970)	602
Additional paid-in capital	108,284	1,063,970	1,172,254
Accumulated deficit	(612,481)	—	(612,481)
Total stockholders' equity	560,375	—	560,375

The following table details the movement in number of common shares:


	Six months ended June 30,
	2026	2025
Outstanding, January 1,	601,579,999	479,332,885
Issuance through at-the market equity offering program	—	14,444,643
Issuance through business combination	—	59,866,609
Exercise of options	3,738,563	13,900
Exercise of warrants	9,525,487	—
Settlement of share awards	—	1,543,320
Settlement of restricted share units	1,814,533	2,347,500
Settlement of performance share units	77,525	—
Outstanding, June 30,	616,736,107	557,548,857

Corporate Share Buyback Program

On July 22, 2025, the Company announced that the Toronto Stock Exchange ("TSX") had approved a normal course issuer bid ("NCIB"), for twelve months, under which the Company may repurchase up to 49,943,031 of its common shares, representing approximately 10% of the Company’s public float as of July 14, 2025. Purchases under the NCIB commenced on July 28, 2025. All common shares purchased on the TSX or Nasdaq under the NCIB were cancelled. Following the U.S. Redomiciliation Transaction, Keel is continuing the NCIB under the same terms.

NOTE 14: STOCKHOLDERS' EQUITY (Continued)

Equity warrants

Details of the outstanding number of warrants are as follows:


	Six months ended June 30,
	2026		2025
	Number of Warrants	Weighted Average Exercise Price ($)	Number of Warrants	Weighted Average Exercise Price ($)
Outstanding, January 1,	13,907,295	1.97	10,841,482	1.17
Granted	—	—	18,224,596	1.20
Exercised	(11,680,913)	1.18	—	—
Expired	(29,255)	35.89	—	—
Outstanding, June 30,	2,197,127	5.69	29,066,078	1.19

The weighted average contractual life of the warrants as of June 30, 2026, was 4.3 years (December 31, 2025: 2.2 years).

On March 14, 2025, the Company issued 12,893,650 warrants at an average exercise price of $1.30 as part of the consideration paid to acquire Stronghold. The total value was $11,477 using the Black-Scholes valuation model. Refer to Note 3 for more details. The warrants are convertible into a fixed number of common shares of the Company, which are classified as equity instruments.

In April 2025, in connection with the Credit Facility, the Company granted Macquarie 5,330,946 warrants (the "2025 Warrants") with an exercise price of $1.17. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.

In October 2025, in connection with the Credit Facility with Macquarie (see Note 13 for more details), the Company granted Macquarie 2,197,127 warrants with a strike price of $5.69 and a term of 5 years. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.

On April 1, 2026, 24,676 warrants issued as part of the consideration paid to acquire Stronghold expired unexercised. These warrants had a strike price of $34.44 and were classified as equity instruments.

On May 14, 2026, 4,579 warrants issued as part of the consideration paid to acquire Stronghold expired unexercised. These warrants had a strike price of $43.69 and were classified as equity instruments.

On June 3, 2026, 2,061,653 warrants issued in connection with the Stronghold acquisition were exercised on a cashless basis. These warrants had a strike price of $1.24 and resulted in the issuance of 1,630,469 common shares. These warrants were classified as equity instruments.

NOTE 14: STOCKHOLDERS' EQUITY (Continued)

Equity warrants (Continued)

On June 8, 2026, 360,000 broker warrants issued in connection with the 2023 private placement warrants were exercised on a cashless basis. These warrants had a strike price of $1.23 and resulted in the issuance of 286,153 common shares. These warrants were classified as equity instruments.

On June 30, 2026, 9,259,260 warrants issued in connection with the 2023 private placement were exercised. These warrants had a strike price of $1.17 and resulted in the issuance of 7,608,865 common shares. These warrants were classified as equity instruments.

The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:



Dividend yield (%)	—	%
Expected share price volatility (%)*	98	%
Risk-free interest rate (%)	4.03	%
Expected life of warrants (years)	5.61
Share price (USD)	$1.41
Exercise price (USD)	$1.74
Fair value of warrants (USD)	$1.05
Number of warrants issued	20,421,723

* Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

2026 Capped Calls

In connection with the issuance of the 2026 Convertible Notes, the Company entered into privately negotiated capped call transactions with five financial institutions. The 2026 Capped Calls are generally expected to reduce potential dilution to the Company's common shares upon any conversion of the 2026 Convertible Notes, and to offset any cash payments the Company is required to make in excess of the principal amount of converted notes, with such reduction and offset subject to a cap. The 2026 Capped Calls have an initial strike price of $7.4125 per share, equal to the initial conversion price of the 2026 Convertible Notes, and an initial cap price of $11.86 per share, representing a 100% premium over the $5.93 reference price. The 2026 Capped Calls cover, subject to customary anti-dilution adjustments, the number of common shares initially underlying the 2026 Convertible Notes, or 61,787,543 common shares. The 2026 Convertible Notes expire on January 15, 2032, concurrently with the maturity of the 2026 Convertible Notes, subject to earlier exercise.

The Company paid aggregate premiums, including transaction fees of $41,840 for the 2026 Capped Calls. The 2026 Capped Calls are freestanding instruments that are indexed to the Company's own common shares and meet the criteria for equity classification under ASC 815-40. Accordingly, they qualify for the scope exception from derivative accounting in ASC 815-10-15-74(a), and the aggregate premium paid was recorded as a reduction of additional paid-in capital within stockholders' equity. Consistent with equity classification, the 2026 Capped Calls are not remeasured in subsequent periods.

NOTE 14: STOCKHOLDERS' EQUITY (Continued)

2026 Capped Calls (Continued)

The 2026 Capped Calls are settled by net share settlement by default, or otherwise in accordance with the settlement method the Company elect for the 2026 Convertible Notes, which may be physical settlement, cash settlement, or a combination thereof, in each case an election with the Company's control.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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+ Details

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2026

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

Schedule of Final Purchase Price Allocation and the Fair Value of the Net Assets

Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:


						As of March 14,
						2025
Purchase consideration
Cash paid through repayment of debts						44,982
Reimbursement of Stronghold's acquisition-related costs						6,078
Fair value of shares issued						66,452
Fair value of warrants issued						11,477
Fair value of replacement stock-based compensation						232
Settlement of Refundable Hosting Deposits						15,474
Fair value of consideration transferred						144,695
Net identifiable assets acquired
Cash						2,976
Accounts receivable						1,095
Short-term prepaid deposits						1,732
Other assets (current)						118
Rights to renewable energy credits and waste tax credits						8,989
Inventories						3,269
Property, plant and equipment						152,264
Intangible assets						51
Operating and finance lease right-of-use assets						1,594
Other non-current assets						1,550
Accounts payable and accrued expenses						(23,488)
Current portion of long-term debt						(420)
Current portion of operating and finance lease liabilities						(800)
Long-term debt						(460)
Non-current operating and finance lease liabilities						(756)
Other non-current liabilities						(3,019)
Total net identifiable assets acquired						144,695

Schedule of Supplemental Cash Flow Information

The following table presents the supplemental cash flow information:


	Year ended December 31,
		2025
Cash outflow, net of cash acquired
Cash consideration		51,060
Less: cash balances acquired		(2,976)
Net cash outflow related to investing activities		48,084

- Definition

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

+ References + Details

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Property, Plant and Equipment and Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Property, plant and equipment, net	$ 287,055	$ 358,333
Other	93,463	44,227
Total non-current assets	380,518	402,560
United States
Segment Reporting [Line Items]
Property, plant and equipment, net	235,620	292,208
Other	74,530	26,865
Total non-current assets	310,150	319,073
Canada
Segment Reporting [Line Items]
Property, plant and equipment, net	51,435	66,125
Other	18,933	17,362
Total non-current assets	$ 70,368	$ 83,487

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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

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+ Details

DERIVATIVE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE ASSETS AND LIABILITIES

Bitcoin option and selling contracts

The Company purchased Bitcoin option contracts that provide it with the right, but not the obligation, to sell digital assets at a fixed price. The Company also entered into contracts and earned premiums by agreeing to sell Bitcoin if the Bitcoin price reached specific targets.

On March 16, 2026, Reliz Ltd., the operating entity of BlockFills, a Chicago‑based cryptocurrency brokerage, trading platform, and liquidity provider, filed voluntary petitions for relief under Chapter 11 restructuring proceedings of the United States Bankruptcy Code. Prior to March 16, 2026, in connection with its Bitcoin option and selling contracts, the Company closed all outstanding contracts with BlockFills. During the six months ended June 30, 2026, the Company recorded a credit loss expense for the $4,218 receivable from BlockFills related to the closed contracts and was recorded in Other Expenses in the unaudited condensed consolidated statements of operations.

Bitcoin redemption options

Starting in November 2024, the Company entered into purchase orders of Miners with a supplier which allows the Company to pay for the Miners in cash, Bitcoin or a combination of both. The right to redeem the Bitcoin ("Bitcoin Redemption Option") meets the definition of an embedded derivative. As of December 31, 2025, the Company no longer held any Bitcoin Redemption Options.

Capped call transactions

In October 2025, in connection with the 2025 Convertible Notes (as defined in Note 13 below), the Company entered into capped call transactions ("2025 Capped Calls"), with a cap price of $11.88 per share (representing a 125% premium over the reference price). The 2025 Capped Calls do not meet the scope exception from derivative accounting, as they fail the equity classification requirements as the Company cannot settle these transactions by means other than cash and are therefore treated as a derivative asset, which are measured at fair value.

In connection with the U.S. Redomiciliation Transaction, the reference security under the 2025 Capped Calls became Keel common stock on the same one-for-one basis applicable to the exchange of Bitfarms common shares for Keel common stock. The number of underlying shares, strike price, cap price, and other substantive economic terms of the 2025 Capped Calls were unchanged. The Company evaluated the conformed terms under ASC 815 and concluded that the substitution did not change the existing derivative-asset classification or valuation model and did not result in a modification gain or loss.

NOTE 6: DERIVATIVE ASSETS AND LIABILITIES (Continued)

The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:


	As of June 30,			As of December 31,
	2026			2025
	six-month period			twelve-month period
	2025 Capped Calls	Bitcoin option and selling contracts		2025 Capped Calls	Bitcoin redemption options	Bitcoin option and selling contracts
	Derivative Assets	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Assets	Derivative Assets	Derivative Liabilities
Balance as of January 1,	5,200	2,287	(2,922)	—	3,418	—	(128)
Initial recognition	—	—	—	69,090	1,072	—	—
Purchases	—	—	4,122	—	—	89,478	64,965
Settlement	—	(5,363)	—	—	—	(73,659)	(99,256)
Remeasurement recognized in statement of operations	73,600	3,076	(1,200)	(63,890)	(4,490)	(13,532)	31,497
Balance as of period end	78,800	—	—	5,200	—	2,287	(2,922)

Total derivative assets	—			2,287
Total long-term derivative assets	78,800			5,200
Total derivative liabilities	—			(2,922)

The following Gain on derivative assets and liabilities is recognized in the unaudited consolidated statements of operations:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Gain (loss) on Bitcoin options and selling contracts
Unrealized change in fair value of outstanding contracts	—	6,566	(1,553)	228
Realized (loss) gain on settled contracts	—	(4,564)	3,429	225
	—	2,002	1,876	453
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value	—	1,672	—	(1,508)
Realized gain on settled options	—	110	—	1,125
	—	1,782	—	(383)
Gain on 2025 Capped Calls
Unrealized change in fair value	77,040	—	73,600	—

Gain on derivative assets and liabilities	77,040	3,784	75,476	70

Refer to Note 16 for more details of derivative instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Schedule of Subsidiary’s Assets and Liabilities Transaction (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	Apr. 21, 2026	Mar. 17, 2025
Yguazu Bitcoin Data Center
Disposal Group, Including Discontinued Operations [Line Items]
Advance received in January 2025 upon signing the LOI		$ 20,000
Cash received upon closing		12,038
Receivable over 6 equal monthly payments following the closing date		31,000
Other costs assumed by HIVE		222
Total consideration received		63,260
Other assets		2,590
Property, plant and equipment		34,006
Intangible asset		309
Long-term deposits and equipment prepayments		18,321
Security deposit for energy		2,809
Total assets held for sale		58,035
Gain on disposal of subsidiary		$ 5,225
Paraguay
Disposal Group, Including Discontinued Operations [Line Items]
Cash received upon closing	$ 13,000
Total consideration received	13,000
Other assets	1,435
Inventories - electronic and networking components	426
Property, plant and equipment	4,503
Long-term deposits and equipment prepayments	1,414
Other non-current assets	5,157
Accounts payable and accrued expenses	(59)
Total net assets transferred	12,876
Gain on disposal of subsidiary	$ 124

STOCK-BASED COMPENSATION - Schedule of Outstanding Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of Options
Beginning balance (in shares)	16,696,665	26,865,764
Granted (in shares)	5,600,050	2,536,227
Exercised (in shares)	(3,738,563)	(13,900)
Forfeited (in shares)	(92,198)	(60,000)
Expired (in shares)	(103,075)	(55,000)
Ending balance (in shares)	18,362,879	29,273,091
Weighted Average Exercise Price (CAD)
Beginning balance (in dollars per share)	$ 2.67	$ 2.64
Granted (in dollars per share)	3.51	1.40
Exercised (in dollars per share)	2.61	0.55
Forfeited (in dollars per share)	2.30	3.09
Expired (in dollars per share)	3.05	3.25
Ending balance (in dollars per share)	$ 2.94	$ 2.53
Stock Options Additional Disclosures
Exercisable, Number of options (in shares)	12,934,734	2,100,000
Exercisable, Weighted average exercise price per share (in dollars per share)	$ 2.77	$ 0.54

STOCK-BASED COMPENSATION - Schedule of PSUs (Details) - PSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of PSUs
Beginning balance (in shares) \| shares	3,508,275
Granted (in shares) \| shares	5,494,362
Settled (in shares) \| shares	(77,525)
Forfeited (in shares) \| shares	(63,178)
Ending balance (in shares) \| shares	8,861,934
Weighted Average Grant Price (CAD)
Beginning balance (in dollars per share) \| $ / shares	$ 1.41
Granted (in dollars per share) \| $ / shares	2.73
Settled (in dollars per share) \| $ / shares	1.52
Forfeited (in dollars per share) \| $ / shares	2.73
Ending balance (in dollars per share) \| $ / shares	$ 2.22

BUSINESS COMBINATION - Schedule of Final Purchase Price Allocation and the Fair Value of the Net Assets (Details) - Stronghold Digital Mining, Inc. $ in Thousands	Mar. 14, 2025 USD ($)
Purchase consideration
Cash paid through repayment of debts	$ 44,982
Reimbursement of Stronghold's acquisition-related costs	6,078
Fair value of replacement stock-based compensation	232
Settlement of Refundable Hosting Deposits	15,474
Total consideration received	144,695
Net identifiable assets acquired
Cash	2,976
Accounts receivable	1,095
Short-term prepaid deposits	1,732
Other assets (current)	118
Rights to renewable energy credits and waste tax credits	8,989
Inventories	3,269
Property, plant and equipment	152,264
Intangible assets	51
Operating and finance lease right-of-use assets	1,594
Other non-current assets	1,550
Accounts payable and accrued expenses	(23,488)
Current portion of long-term debt	(420)
Current portion of operating and finance lease liabilities	(800)
Long-term debt	(460)
Non-current operating and finance lease liabilities	(756)
Other non-current liabilities	(3,019)
Total net identifiable assets acquired	144,695
Common stock
Purchase consideration
Fair value of equity issued	66,452
Warrants
Purchase consideration
Fair value of equity issued	$ 11,477

IMPAIRMENT FROM CONTINUING OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Write-off related to sites retired	$ 885	$ 0	$ 885	$ 0
Impairment loss	$ 698	$ 0	$ 2,684	$ 0

RIGHTS TO RENEWABLE ENERGY CREDITS ("RECs") AND WASTE TAX CREDITS ("WTCs") (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Total
Intangible Asset, Finite-Lived [Roll Forward]
January 1,	$ 18,478	$ 0
Additions related to business combination	0	8,989
Additions during the period	6,119	22,763
Less: sale of credits to third parties	(13,389)	(13,274)
Balance as of period end	11,208	18,478
Less: current portion	(9,139)	(18,478)
Non-current portion	2,069	0
RECs
Intangible Asset, Finite-Lived [Roll Forward]
January 1,	6,906	0
Additions related to business combination	0	3,104
Additions during the period	4,201	17,076
Less: sale of credits to third parties	(9,098)	(13,274)
Balance as of period end	2,009	6,906
Less: current portion	(2,009)	(6,906)
Non-current portion	0	0
WTCs
Intangible Asset, Finite-Lived [Roll Forward]
January 1,	11,572	0
Additions related to business combination	0	5,885
Additions during the period	1,918	5,687
Less: sale of credits to third parties	(4,291)	0
Balance as of period end	9,199	11,572
Less: current portion	(7,130)	(11,572)
Non-current portion	$ 2,069	$ 0

DIGITAL ASSETS (Details) $ in Thousands	3 Months Ended		6 Months Ended
DIGITAL ASSETS (Details) $ in Thousands	Jun. 30, 2026 USD ($) cryptoAsset	Jun. 30, 2025 USD ($) cryptoAsset	Jun. 30, 2026 USD ($) cryptoAsset Quantity	Jun. 30, 2025 USD ($) cryptoAsset Quantity	Dec. 31, 2025 USD ($)
Quantity
Beginning balance, crypto assets \| cryptoAsset	2,469	1,492	2,060	1,285
Bitcoin earned \| cryptoAsset	354	556	742	1,048
Bitcoin earned from discontinued operations \| cryptoAsset	18	162	96	363
Hosting revenue received in Bitcoin \| cryptoAsset	2	15	9	21
Bitcoin received in exchange for goods \| cryptoAsset	0	2	0	2
Change in Bitcoin earned, not received \| cryptoAsset	3	1	3	(8)
Bitcoin exchanged for cash \| cryptoAsset	(585)	(1,052)	(649)	(1,480)
Bitcoin exchanged for services \| Quantity			0	(55)
Ending balance, crypto assets \| cryptoAsset	2,261	1,176	2,261	1,176
Value ($)
Beginning balance	$ 168,481	$ 123,232	$ 180,285	$ 120,124
Bitcoin earned	25,495	54,456	54,921	99,562
Bitcoin earned from discontinued operations	1,296	15,874	7,378	34,843
Hosting revenue received in Bitcoin	54	379	254	722
Bitcoin received in exchange for goods	0	181	0	181
Change in Bitcoin earned, not received	238	12	358	(800)
Bitcoin exchanged for cash	(42,971)	(100,471)	(47,344)	(137,734)
Bitcoin exchanged for services			0	(5,179)
Realized (loss) gain on disposition of digital assets	(11,180)	16,005	(12,990)	20,982
Unrealized (loss) gain on digital assets	(9,029)	16,283	(50,478)	(6,750)
Ending balance	$ 132,384	$ 125,951	$ 132,384	$ 125,951
Less: Restricted digital assets \| cryptoAsset	0	(625)	0	(625)
Less: Restricted digital assets	$ 0	$ (66,922)	$ 0	$ (66,922)	$ (5,559)
Balance of digital assets excluding restricted digital assets \| cryptoAsset	2,261	551	2,261	551
Balance of digital assets excluding restricted digital assets	$ 132,384	$ 59,029	$ 132,384	$ 59,029
Crypto asset, cost	$ 205,946	$ 102,852	$ 205,946	$ 102,852
Bitcoin pledged \| cryptoAsset		198		198
Bitcoin held by financial institution \| cryptoAsset		427		427

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current
Cash	$ 715,516	$ 573,462
Accounts receivable, net	5,015	5,471
Digital assets	132,384	174,726
Digital assets - restricted	0	5,559
Other assets	4,316	2,825
Rights to renewable energy credits and waste tax credits	9,139	18,478
Assets held for sale	15,914	28,664
Short-term prepaid deposits	5,329	6,317
Inventories	8,853	8,676
Derivative assets	0	2,287
Total current assets	896,466	826,465
Non-current
Rights to waste tax credits	2,069	0
Long-term derivative assets	78,800	5,200
Operating lease right-of-use assets, net	10,219	11,103
Finance lease right-of-use assets, net	1,916	2,127
Restricted cash	53,377	57,500
Long-term deposits and equipment prepayments	81,328	31,033
Property, plant and equipment, net	287,055	358,333
Intangible assets, net	2,936	2,983
Other non-current assets	1,600	1,600
Total assets	1,415,766	1,296,344
Current
Accounts payable and accrued expenses	46,693	46,443
Current portion of long-term debt	6,754	97,022
Current portion of operating lease liabilities	1,387	1,490
Current portion of finance lease liabilities	288	235
Derivative liabilities	0	2,922
Total current liabilities	55,122	148,112
Non-current
Long-term debt	1,019,075	572,447
Operating lease liabilities	9,232	10,606
Finance lease liabilities	1,619	1,978
Deferred tax liability	65	65
Other non-current liabilities	1,937	2,761
Total liabilities	1,087,050	735,969
Commitments and contingencies (Note 21)
Stockholders’ equity
Preferred stock Class A - $0.001 par value; 120,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value per share; 1,500,000,000 shares authorized; 616,736,107 and 601,579,999 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	617	602
Additional paid-in capital	1,150,928	1,172,254
Accumulated deficit	(822,829)	(612,481)
Total stockholders' equity	328,716	560,375
Total liabilities and stockholders' equity	$ 1,415,766	$ 1,296,344

DERIVATIVE ASSETS AND LIABILITIES - Schedule of Gain on Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives	$ 77,040	$ 3,784	$ 75,476	$ 70
Bitcoin option and selling contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value	0	6,566	(1,553)	228
Realized gain (loss) on derivatives	0	(4,564)	3,429	225
Realized gain (loss) on derivatives	0	2,002	1,876	453
Bitcoin option redmptions
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value	0	1,672	0	(1,508)
Realized gain (loss) on derivatives	0	110	0	1,125
Realized gain (loss) on derivatives	0	1,782	0	(383)
Capped calls
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized change in fair value	$ 77,040	$ 0	$ 73,600	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

+ References + Details

PROPERTY, PLANT AND EQUIPMENT, NET- Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment not placed in service	$ 453,206		$ 453,206		$ 548,103
Depreciation and amortization			$ 111,843	$ 63,977
Basic loss per share (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.35)	$ (0.12)
Diluted loss per share (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.35)	$ (0.12)
Service Life
Property, Plant, and Equipment [Line Items]
Depreciation and amortization	$ 62,993		$ 67,662
Basic loss per share (in dollars per share)	$ (0.10)		$ (0.11)
Diluted loss per share (in dollars per share)	$ (0.11)		$ (0.10)
Miners
Property, Plant, and Equipment [Line Items]
Long-lived assets	$ 82,880		$ 82,880
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment not placed in service	64,781		64,781		12,169
Land
Property, Plant, and Equipment [Line Items]
Property, plant and equipment not placed in service	$ 51,758		$ 51,758		$ 48,119

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 30,430	$ 60,908	$ 67,422	$ 108,559
Cost of revenues	(117,183)	(64,794)	(180,480)	(112,169)
Gross loss	(86,753)	(3,886)	(113,058)	(3,610)
Operating expenses
General and administrative expenses	(31,311)	(19,384)	(58,148)	(37,002)
Change in fair value of digital assets	(9,029)	16,283	(50,478)	(6,750)
Realized (loss) gain on disposition of digital assets	(11,180)	16,005	(12,990)	20,982
(Loss) gain on disposition of property, plant and equipment and deposits	(918)	1,791	(919)	2,348
Impairment of long-lived assets	(1,583)	0	(3,569)	0
Operating (loss) income	(140,774)	10,809	(239,162)	(24,032)
Interest income	2,885	460	6,608	1,262
Interest expense	(2,114)	(1,582)	(5,714)	(1,767)
Gain on derivative assets and liabilities	77,040	3,784	75,476	70
Loss on extinguishment of long-term debt	0	0	(21,596)	0
Other expenses	(971)	(275)	(7,123)	(488)
Total other income (expense)	76,840	2,387	47,651	(923)
(Loss) income before taxes from continuing operations	(63,934)	13,196	(191,511)	(24,955)
Income tax expense	(17)	0	(14)	(222)
(Loss) income from continuing operations	(63,951)	13,196	(191,525)	(25,177)
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(35,877)
Net loss	$ (64,995)	$ (5,501)	$ (210,348)	$ (61,054)
Earnings (loss) per common share
Basic earnings (loss) per share (in dollars per share)	$ (0.11)	$ 0.02	$ (0.32)	$ (0.05)
Diluted earnings (loss) per share (in dollars per share)	(0.11)	0.02	(0.32)	(0.05)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.03)	(0.03)	(0.07)
Diluted loss per share from discontinued operations (in dollars per share)	0	(0.03)	(0.03)	(0.07)
Basic loss per share (in dollars per share)	(0.11)	(0.01)	(0.35)	(0.12)
Diluted loss per share (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.35)	$ (0.12)
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding, basic (in shares)	605,370,634	555,843,347	603,983,769	528,157,206
Weighted average number of common shares outstanding, diluted, continuing operations (in shares)	605,370,634	560,569,145	603,983,769	528,157,206
Weighted average number of common shares outstanding, diluted, discontinued operations (in shares)	605,370,634	555,843,347	603,983,769	528,157,206

IMPAIRMENT FROM CONTINUING OPERATIONS

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

IMPAIRMENT FROM CONTINUING OPERATIONS

The following table summarizes the impairment loss in the unaudited consolidated statements of operations:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025



Impairment of assets held for sale*	698	—	2,684	—
Property, plant and equipment	885	—	885	—
Impairment from continuing operations	1,583	—	3,569	—

* Upon classification as "held for sale", the assets were measured at the lower of carrying amount or fair value less cost to sell.

Impairment loss

During the three and six months ended June 30, 2026, the Company recognized a write-off of $885 (three and six months ended June 30, 2025: nil), related to non-functional Miners at the Panther Creek and Scrubgrass sites that were retired during the period.

During the three and six months ended June 30, 2026, the Company recognized $698 and $2,684, respectively (three and six months ended June 30, 2025: nil), of impairment on Miners "held for sale" as a result of the reassessment of the fair value less costs to sell.

COMMITMENTS AND CONTINGENCIES - Schedule of Property, Plant and Equipment Commitments (Details) - HPC data center projects $ in Thousands	Jun. 30, 2026 USD ($)
Other Commitments [Line Items]
2026	$ 146,857
2027	$ 72,745

LONG-TERM DEBT - Narrative (Details)			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
LONG-TERM DEBT - Narrative (Details)	Feb. 28, 2026 USD ($)	Oct. 01, 2025 USD ($) day $ / shares	Jun. 30, 2026 USD ($) day $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 04, 2026 $ / shares	Oct. 31, 2025 USD ($)	Oct. 16, 2025 $ / shares	Apr. 30, 2025 USD ($) shares	Mar. 14, 2025 $ / shares
Debt Instrument [Line Items]
Restricted cash			$ 53,377,000	$ 53,377,000	$ 25,000,000	$ 53,377,000	$ 25,000,000	$ 57,500,000
Gain (loss) on extinguishment of debt				$ 0	$ 0	(21,596,000)	$ 0
Loss on debt extinguishment, net						$ 19,858,000		0
Share price (in dollars per share) \| $ / shares			$ 5.93	$ 5.93		$ 5.93			$ 5.93		$ 5.28		$ 1.11
Restricted cash as covenant for the Credit Facility
Debt Instrument [Line Items]
Restricted cash	$ 57,500,000		$ 0	$ 0		$ 0		57,500,000
Additional Equity Warrants
Debt Instrument [Line Items]
Warrants outstanding, value			$ 7,093,000	$ 7,093,000		7,093,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Proceeds from long-term lines of credit						$ 50,000,000
Interest rate			8.00%	8.00%		8.00%
Debt instrument, term						2 years
Unamortized debt discount			$ 2,711,000	$ 2,711,000		$ 2,711,000
Line of credit, accordion feature increase limit												$ 250,000,000
Project Debt Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 300,000,000
Proceeds from long-term lines of credit						50,000,000
Unamortized debt discount			5,899,000	5,899,000		5,899,000
Credit Facility			100,000,000	100,000,000		100,000,000
Repayments of long-term lines of credit	116,855,000
Gain (loss) on extinguishment of debt	(21,596,000)
Loss on debt extinguishment, net	19,858,000
Transaction cost	$ 1,738,000
2025 Convertible Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount			16,323,000	16,323,000		16,323,000		18,250,000
2025 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Interest rate		1.375%
Transaction cost						18,937,000
Debt instrument, face amount		$ 588,000,000
Debt instrument, accordion feature increase limit		$ 88,000,000
Debt instrument, convertible, conversion ratio		145.6876
Conversion price (in dollars per share) \| $ / shares		$ 6.86
Premium over reference price, percent		30.00%
Repurchase cash percentage		100.00%
Proceeds from convertible debt						569,063,000
2025 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Threshold trading days \| day		20
Consecutive trading days \| day		30
2025 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		98.00%
2026 Convertible Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount			$ 13,526,000	$ 13,526,000		$ 13,526,000		$ 0
2026 Convertible Senior Notes \| Convertible Debt
Debt Instrument [Line Items]
Interest rate			1.25%	1.25%		1.25%
Transaction cost						$ 13,526,000
Debt instrument, face amount			$ 458,000,000	$ 458,000,000		458,000,000
Debt instrument, accordion feature increase limit			$ 58,000,000	$ 58,000,000		$ 58,000,000
Debt instrument, convertible, conversion ratio			134.9073
Conversion price (in dollars per share) \| $ / shares			$ 7.41	$ 7.41		$ 7.41
Premium over reference price, percent			25.00%	25.00%		25.00%
Repurchase cash percentage			100.00%
Proceeds from convertible debt						$ 444,474,000
2026 Convertible Senior Notes \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio			168.6340
2026 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Threshold trading days \| day			20
Consecutive trading days \| day			30
2026 Convertible Senior Notes \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger			98.00%
Macquarie \| Macquarie Equity Warrants
Debt Instrument [Line Items]
Warrants outstanding (in shares) \| shares			5,330,946	5,330,946		5,330,946						5,330,946
Warrants outstanding, value			$ 2,900,000	$ 2,900,000		$ 2,900,000
Macquarie \| Additional Equity Warrants
Debt Instrument [Line Items]
Warrants outstanding (in shares) \| shares			2,197,127	2,197,127		2,197,127
Macquarie \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity												$ 300,000,000

STOCKHOLDERS' EQUITY - Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted (Details)	Dec. 31, 2025 shares $ / shares year
Dividend yield (%)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	0
Expected share price volatility (%)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	0.98
Risk-free interest rate (%)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	0.0403
Expected life of warrants (years)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants \| year	5.61
Share price (USD)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	1.41
Exercise price (USD)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	1.74
Fair value of warrants (USD)
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants	1.05
Number of warrants issued
Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]
Fair value of warrants \| shares	20,421,723

RESTRICTED CASH

6 Months Ended

Jun. 30, 2026

Restricted Cash [Abstract]

RESTRICTED CASH


	As of June 30,	As of December 31,
	2026	2025
Restricted cash as covenant for the Credit Facility	—	57,500
Restricted cash as collateral for the letters of credit	53,377	—
	53,377	57,500

In February 2026, the Credit Facility was fully repaid and the cash balance of $57,500 is no longer restricted. Refer to Note 13 for more details.

In March 2026, the Company issued two letters of credit requiring a total of $41,075 of restricted cash pledged as collateral as of June 30, 2026. Refer to Note 21 for more details.

In June 2026, the Company issued one letter of credit requiring $12,302 of restricted cash pledged as collateral as of June 30, 2026. Refer to Note 21 for more details.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Revenues by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenues	$ 30,430	$ 60,908	$ 67,422	$ 108,559
United States
Segment Reporting [Line Items]
Revenues	11,354	31,251	30,650	49,780
Canada
Segment Reporting [Line Items]
Revenues	$ 19,076	$ 29,657	$ 36,772	$ 58,779

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

- Definition

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

+ References

+ Details

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

a.Measurement categories and fair value


		As of June 30,	As of December 31,
Measurement		2026	2025
Financial assets at amortized cost
Cash	Level 1	715,516	573,462
Restricted cash	Level 1	53,377	57,500
Other receivables	Level 2	1,820	1,405
Security deposits for energy	Level 2	—	5,157
Other refundable deposits	Level 3	350	350
Financial assets at fair value through profit and loss
Derivative assets	Level 2	78,800	7,487
Total fair value of financial assets		849,863	645,361
Financial liabilities at amortized cost
Long-term debt*	Level 2	1,055,678	699,657
Financial liabilities at fair value through profit and loss
Derivative liabilities	Level 2	—	2,922
Total fair value of financial liabilities		1,055,678	702,579
Net fair value		(205,815)	(57,218)

There were no transfers between Level 1, 2 or 3 of the fair value hierarchy during the six months ended June 30, 2026 and 2025.

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s long-lived assets, including intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are measured at fair value only when an impairment loss is recognized.

The carrying amounts of cash, restricted cash, other receivables, security deposits for energy, and other refundable deposits presented in the table above are a reasonable approximation of their fair value due to their short-term maturity or they are valued using the income approach valuation technique.

NOTE 16: FINANCIAL INSTRUMENTS (Continued)

a.Measurement categories and fair value (Continued)

Derivative assets and liabilities

The fair value of derivatives is categorized as Level 2 as applicable, in the fair value hierarchy and is presented under derivative assets and liabilities in the unaudited consolidated balance sheets when there is an outstanding contract at period end. The derivatives are measured at fair values on a recurring basis. Refer to Note 6 for more details.

i.Bitcoin option and selling contracts (derivatives)

Fair value of derivative financial instruments generally reflects the estimated amounts that the Company would receive or pay, taking into consideration the counterparty credit risk or the Company’s credit risk at each reporting date. The Company uses market data such as Bitcoin option futures to estimate the fair value of option contracts at each reporting date. Refer to Note 6 for more details.

Bitcoin Redemption Options (embedded derivatives)

The purchase order agreements explained in Note 6 provide the Company with the option to redeem the Bitcoin Pledged at a market price determined when the Bitcoin was first pledged ("Agreed Bitcoin Price").

The right to redeem the Bitcoin Pledged meets the definition of an embedded derivative as the derivative that is embedded in the non-financial contract is not closely related to the economic characteristics and risks of the host non-financial contract. The fair value of the embedded derivative is determined using a combination of the Monte Carlo simulation model to simulate future Bitcoin prices based on probability factors and the Black-Scholes Model to estimate the value of each Bitcoin Redemption Option.

At each reporting date, the fair value is determined by multiplying the number of redeemable Bitcoin pledged by the present value of the difference between the Agreed Bitcoin Price and the simulated spot price of Bitcoin while considering the likelihood of exercising the quarterly installments. Change in fair value is recognized in Other expenses.

ii.Capped call transactions (derivative assets)

In October 2025, the Company entered into the 2025 Capped Calls in connection with the issuance of the 2025 Convertible Notes. The fair value of the 2025 Capped Calls is determined using an option pricing model that incorporates observable market inputs, including the Company’s share price, expected volatility, risk-free interest rate, expected term and contractual terms of the instruments. As the valuation primarily incorporates observable inputs, the fair value measurement is classified within Level 2 of the fair value hierarchy. The most significant input in the model is the Company's share price and expected volatility. Due to the increase in the share price, there was a gain of $77,040 and $73,600 during the three and six months ended June 30, 2026, respectively (three and six months ended June 30, 2025: nil), presented within gain from derivative assets and liabilities in the unaudited consolidated statements of operations.

b. Risk management policy

The Company is exposed to liquidity risk. The Company's Management monitors this risk.

Liquidity risk

Liquidity risk is a risk that the Company will not be able to meet its financial obligations as they become due. The Company manages liquidity risk by monitoring its cash balances and forecasted cash flows generated from operations to ensure that sufficient liquidity is maintained to meet projected financial liabilities.

The following table presents the future principal capital payment of long-term debt and the future minimum lease payments required under non-cancellable leases as of June 30, 2026:


	2026	2027	2028	2029	2030 +	Total
Long-term debt	383	744	716	601	1,049,158	1,051,602
Lease liabilities	2,504	3,758	3,769	3,673	13,337	27,041
	2,887	4,502	4,485	4,274	1,062,495	1,078,643

Management has evaluated the Company’s liquidity position, including contractual obligations due within 12 months from the date the condensed consolidated financial statements are issued.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS - Schedule of Assets Held for Sale (Details) - Discontinued Operations, Held-for-Sale - Paraguay - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Assets Held For Sale [Abstract]
Miners	$ 13,013	$ 166
Mining electrical components	2,901	3,198
Assets of disposal group classified as held for sale:
Other assets	0	1,404
Inventories - electronic and networking components	0	426
Property, plant and equipment	0	17,168
Long-term deposits and equipment prepayments	0	1,145
Refundable deposits - security deposits for energy	0	5,157
Total assets held for sale	$ 15,914	$ 28,664

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant And Equipment (“PPE”)

As of June 30, 2026 and December 31, 2025, property, plant and equipment ("PPE") consisted of the following:


	As of June 30,	As of December 31,
	2026	2025
BVVE	193,762	344,075
Energy infrastructure	102,925	102,133
Leasehold improvements	14,381	14,538
Buildings	11,432	13,536
Machinery and equipment	12,682	11,989
Vehicles	1,485	1,544
Land	51,758	48,119
Construction in progress	64,781	12,169
	453,206	548,103
Accumulated depreciation	(166,151)	(189,770)
Carrying amount	287,055	358,333

DERIVATIVE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives and Reconciles the Fair Value Measurement

The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:


	As of June 30,			As of December 31,
	2026			2025
	six-month period			twelve-month period
	2025 Capped Calls	Bitcoin option and selling contracts		2025 Capped Calls	Bitcoin redemption options	Bitcoin option and selling contracts
	Derivative Assets	Derivative Assets	Derivative Liabilities	Derivative Assets	Derivative Assets	Derivative Assets	Derivative Liabilities
Balance as of January 1,	5,200	2,287	(2,922)	—	3,418	—	(128)
Initial recognition	—	—	—	69,090	1,072	—	—
Purchases	—	—	4,122	—	—	89,478	64,965
Settlement	—	(5,363)	—	—	—	(73,659)	(99,256)
Remeasurement recognized in statement of operations	73,600	3,076	(1,200)	(63,890)	(4,490)	(13,532)	31,497
Balance as of period end	78,800	—	—	5,200	—	2,287	(2,922)

Total derivative assets	—			2,287
Total long-term derivative assets	78,800			5,200
Total derivative liabilities	—			(2,922)

Schedule of Gain on Derivative Assets and Liabilities

The following Gain on derivative assets and liabilities is recognized in the unaudited consolidated statements of operations:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Gain (loss) on Bitcoin options and selling contracts
Unrealized change in fair value of outstanding contracts	—	6,566	(1,553)	228
Realized (loss) gain on settled contracts	—	(4,564)	3,429	225
	—	2,002	1,876	453
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value	—	1,672	—	(1,508)
Realized gain on settled options	—	110	—	1,125
	—	1,782	—	(383)
Gain on 2025 Capped Calls
Unrealized change in fair value	77,040	—	73,600	—

Gain on derivative assets and liabilities	77,040	3,784	75,476	70

STOCKHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($) vote financialInstitution $ / shares $ / Unit shares	Jun. 08, 2026 $ / shares shares	Jun. 03, 2026 $ / shares shares	Apr. 01, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) vote financialInstitution $ / shares $ / Unit shares	Jun. 30, 2026 USD ($) vote financialInstitution $ / shares $ / Unit shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 04, 2026 $ / shares	May 14, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares	Oct. 31, 2025 $ / shares	Oct. 16, 2025 $ / shares	Jul. 22, 2025 shares	Jul. 14, 2025	Apr. 30, 2025 $ / shares shares	Mar. 14, 2025 USD ($) $ / shares shares	Dec. 31, 2024 $ / shares shares
Class of Stock [Line Items]
Transaction between entities under common control, exchange ratio (in shares)	1				1	1
Common stock, shares authorized (in shares)	1,500,000,000			1,500,000,000	1,500,000,000	1,500,000,000				1,500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001			$ 0.001	$ 0.001	$ 0.001				$ 0.001
Preferred stock, share authorized (in shares)	120,000,000				120,000,000	120,000,000				120,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001				$ 0.001	$ 0.001				$ 0.001
Common and preferred stock, voting rights per share \| vote	1				1	1
Preferred stock, shares outstanding (in shares)	0				0	0				0
Conversion of shares, shares issued, aggregate par value \| $				$ 603
Percentage of common shares														10.00%
Warrants at an average exercise price (in dollars per share) \| $ / shares				$ 34.44					$ 43.69
Shares issued from exercise of warrants (in shares)						9,525,487	0
Share price (in dollars per share) \| $ / shares	$ 5.93				$ 5.93	$ 5.93		$ 5.93				$ 5.28				$ 1.11
Purchase of capped calls \| $						$ 41,840	$ 0
Capped Calls 2026
Class of Stock [Line Items]
Derivative instrument, number of financial institutions \| financialInstitution	5				5	5
Capped call initial strike price (in dollars per share) \| $ / shares	$ 7.4125				$ 7.4125	$ 7.4125
Cap price (in dollars per share) \| $ / Unit	11.86				11.86	11.86
Derivative, premium over reference price, percent	100.00%				100.00%	100.00%
Derivative, underlying investment (in shares)	61,787,543				61,787,543	61,787,543
Purchase of capped calls \| $					$ 41,840
Equity Warrants
Class of Stock [Line Items]
Weighted average contractual life of the warrants	4 years 3 months 18 days				4 years 3 months 18 days	4 years 3 months 18 days				2 years 2 months 12 days
Warrants outstanding (in shares)	2,197,127				2,197,127	2,197,127	29,066,078			13,907,295							10,841,482
Warrants at an average exercise price (in dollars per share) \| $ / shares	$ 5.69				$ 5.69	$ 5.69	$ 1.19			$ 1.97							$ 1.17
Warrants exercised (in shares)						11,680,913	0
Stronghold Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)																12,893,650
Warrants at an average exercise price (in dollars per share) \| $ / shares			$ 1.24													$ 1.30
Warrants outstanding, value \| $																$ 11,477
Warrants, expired (in shares)				24,676					4,579
Warrants exercised (in shares)			2,061,653
Shares issued from exercise of warrants (in shares)			1,630,469
Macquarie Equity Warrants \| Macquarie
Class of Stock [Line Items]
Warrants outstanding (in shares)	5,330,946				5,330,946	5,330,946									5,330,946
Warrants at an average exercise price (in dollars per share) \| $ / shares															$ 1.17
Warrants outstanding, value \| $	$ 2,900				$ 2,900	$ 2,900
Additional Equity Warrants
Class of Stock [Line Items]
Warrants outstanding, value \| $	$ 7,093				$ 7,093	$ 7,093
Additional Equity Warrants \| Macquarie
Class of Stock [Line Items]
Weighted average contractual life of the warrants											5 years
Warrants outstanding (in shares)	2,197,127				2,197,127	2,197,127
Warrants at an average exercise price (in dollars per share) \| $ / shares											$ 5.69
2023 Warrants
Class of Stock [Line Items]
Warrants at an average exercise price (in dollars per share) \| $ / shares		$ 1.23
Warrants exercised (in shares)		360,000
Shares issued from exercise of warrants (in shares)		286,153
2023 Private Placement Warrants
Class of Stock [Line Items]
Warrants at an average exercise price (in dollars per share) \| $ / shares	$ 1.17				$ 1.17	$ 1.17
Warrants exercised (in shares)	9,259,260
Shares issued from exercise of warrants (in shares)	7,608,865
Corporate Share Buyback Program
Class of Stock [Line Items]
Repurchase of common shares (in shares)													49,943,031
Common stock
Class of Stock [Line Items]
Convertible issued shares (in shares)				602,851,137
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001
Bitfarms Common Shares
Class of Stock [Line Items]
Convertible shares converted (in shares)				602,851,137
Class A Preferred Stock
Class of Stock [Line Items]
Preferred stock, share authorized (in shares)				120,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001
Preferred stock, shares outstanding (in shares)	0				0	0

RESTRICTED CASH - Narrative (Details) $ in Thousands	Jun. 30, 2026 USD ($) debt_instrument	Mar. 31, 2026 USD ($) debt_instrument	Feb. 28, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 53,377			$ 57,500	$ 25,000
Restricted cash as collateral for the letters of credit
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	53,377			0
Restricted cash as covenant for the Credit Facility
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	0		$ 57,500	$ 57,500
Restricted cash as collateral for the letters of credit \| Restricted cash as collateral for the letters of credit
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 12,302	$ 41,075
Debt instrument, number issued \| debt_instrument	1	2

STOCK-BASED COMPENSATION - Narrative (Details)	1 Months Ended	6 Months Ended
STOCK-BASED COMPENSATION - Narrative (Details)	Jul. 31, 2025	Jun. 30, 2026 $ / shares shares	Jun. 30, 2025 $ / shares shares	Jun. 30, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Transaction between entities under common control, exchange ratio (in shares)		1
Options grants to purchase (in shares)		5,600,050	2,536,227	2,536,227
Scenario One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares awarded		0.00%
Scenario Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares awarded		50.00%
Scenario Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares awarded		100.00%
Scenario Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of shares awarded		200.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		7,391,366	2,783,425	2,783,425
Granted (in dollars per share) \| $ / shares		$ 2.73		$ 1.43
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		33.00%
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		33.00%
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		33.00%
Performance Share Units (PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		5,494,362
Award vesting period		3 years
Share-based payment arrangement, conversion ratio (in shares)		1
Granted (in dollars per share) \| $ / shares		$ 2.73
Share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			1,543,320	1,543,320
Granted (in dollars per share) \| $ / shares			$ 1.11
2025 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of rolling plan	10.00%
Percentage of outstanding stock maximum	10.00%
Options grants to purchase (in shares)		5,600,050	0	0
2025 LTIP \| Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award, expiration period		5 years
2025 LTIP \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		7,391,366
Award vesting period		3 years
2025 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period		1 year
2025 LTIP \| Performance Share Units (PSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		5,494,362	0	0
2021 LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options grants to purchase (in shares)			2,536,227	2,536,227
2021 LTIP \| Stronghold Digital Mining, Inc.
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options grants to purchase (in shares)			302	302
2021 LTIP \| Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award, expiration period		5 years
2021 LTIP \| Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			1,890,000	1,890,000
Award vesting period			18 months	18 months
Awards vested (in shares)			1,631,700	1,631,700
Awards vest (in shares)			258,300	258,300
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			893,425	893,425
Award vesting period			9 months	9 months
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%
2021 LTIP \| Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Six
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights, percentage		16.67%

DIGITAL ASSETS

6 Months Ended

Jun. 30, 2026

Crypto Asset, Cost [Abstract]

Digital Assets

DIGITAL ASSETS

Bitcoin transactions and the corresponding values for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three months ended June 30,
	2026		2025
	Quantity	Value ($)	Quantity	Value ($)
Balance of digital assets including restricted digital assets as of April 1,	2,469	168,481	1,492	123,232
Bitcoin earned*	354	25,495	556	54,456
Bitcoin earned from discontinued operations	18	1,296	162	15,874
Hosting revenue received in Bitcoin	2	54	15	379
Bitcoin received in exchange for goods	—	—	2	181
Change in Bitcoin earned, not received	3	238	1	12
Bitcoin exchanged for cash	(585)	(42,971)	(1,052)	(100,471)
Realized (loss) gain on disposition of digital assets	—	(11,180)	—	16,005
Unrealized (loss) gain on digital assets	—	(9,029)	—	16,283
Balance of digital assets including restricted digital assets as of June 30,	2,261	132,384	1,176	125,951
Less: Restricted digital assets as of June 30,**	—	—	(625)	(66,922)
Balance of digital assets excluding restricted digital assets as of June 30,	2,261	132,384	551	59,029

NOTE 5: DIGITAL ASSETS (Continued)


	Six months ended June 30,
	2026		2025

	Quantity	Value ($)	Quantity	Value ($)
Balance of digital assets including restricted digital assets as of January 1,	2,060	180,285	1,285	120,124
Bitcoin earned*	742	54,921	1,048	99,562
Bitcoin earned from discontinued operations	96	7,378	363	34,843
Hosting revenue received in Bitcoin	9	254	21	722
Bitcoin received in exchange for goods	—	—	2	181
Change in Bitcoin earned, not received	3	358	(8)	(800)
Bitcoin exchanged for cash	(649)	(47,344)	(1,480)	(137,734)
Bitcoin exchanged for services	—	—	(55)	(5,179)
Realized (loss) gain on disposition of digital assets	—	(12,990)	—	20,982
Unrealized loss on digital assets	—	(50,478)	—	(6,750)
Balance of digital assets including restricted digital assets as of June 30,	2,261	132,384	1,176	125,951
Less: Restricted digital assets as of June 30,**	—	—	(625)	(66,922)
Balance of digital assets excluding restricted digital assets as of June 30,	2,261	132,384	551	59,029

The Company's Bitcoin, including restricted digital assets, had a cost basis of $205,946 as of June 30, 2026 (June 30, 2025: $102,852).

* Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement.

** As of June 30, 2025, the digital assets comprise i) 198 Bitcoin for the Bitcoin payment ("Bitcoin Pledged") to a third party as deposits of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 427 Bitcoin held by a financial institution in connection with Bitcoin selling contracts.

ORGANIZATION

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

Keel Infrastructure Corp. ("Keel" or the "Company") is a North American digital and energy infrastructure company that develops data centers and energy infrastructure to lease for high-performance computing ("HPC") and artificial intelligence ("AI") workloads. Keel was formed solely to effect the U.S. Redomiciliation Transaction described below and conducted no operations before the transaction was completed. On April 1, 2026, Keel became the ultimate parent company of Bitfarms Ltd. ("Bitfarms"), an Ontario corporation founded in 2017 that was previously the publicly traded parent of the Company's consolidated group. Bitfarms was not dissolved and, together with its subsidiaries, continues to conduct the business previously conducted as Bitfarms, now as an indirect wholly owned subsidiary of Keel. In connection with an internal corporate reorganization completed on June 15, 2026, Bitfarms was renamed "Backbone Hosting Solutions Inc."; for continuity, the Company continues to refer to this subsidiary as "Bitfarms" in these financial statements.

On April 1, 2026, Keel completed the U.S. Redomiciliation Transaction pursuant to a statutory plan of arrangement under Section 182 of the Business Corporations Act (Ontario) (the "Arrangement"). At the effective time, Keel indirectly acquired all issued and outstanding common shares of Bitfarms, and each Bitfarms common share was exchanged for one share of Keel common stock. No holder of Bitfarms common shares validly exercised dissent rights available under Section 185 of the Business Corporations Act (Ontario) in connection with the Arrangement. Keel is the successor issuer to Bitfarms under Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended, and Keel common stock is deemed registered under Section 12(b) of the Exchange Act. Successor issuer status is a securities registration concept and is distinct from, and does not itself determine, the Company's basis of accounting for the U.S. Redomiciliation Transaction, which is described in Note 2.

For accounting and financial reporting purposes, the U.S. Redomiciliation Transaction is a transaction between entities under common control that resulted in a change in reporting entity. Bitfarms is the Company's accounting predecessor, and the Company's condensed consolidated financial statements are presented as a continuation of Bitfarms' historical financial statements, as described in Note 2.

In addition to its pipeline of energy assets being developed in the United States for HPC and AI workloads, Keel currently maintains its legacy Bitcoin Mining operations in Canada while working to secure the legal and regulatory approvals to convert its energy purchase agreements in the United States and Canada from Bitcoin Mining to HPC and AI workloads. As part of the Bitcoin Mining operations, the Company owns and operates data centers housing specialized computers (referred to as "Miners") designed for validating transactions on the Bitcoin Blockchain (referred to as "Mining"). Keel generally operates its Miners 24 hours per day to produce computational power (measured in hashrate) used to perform hashing calculations. The Company sells this hashrate to Mining Pool operators under a formula-derived rate commonly known in the industry as Full Pay Per Share ("FPPS"). Under FPPS, Mining Pool operators compensate Mining companies for their hashrate based on the expected value of the revenue that would be generated by that hashrate over a given period, regardless of the Mining Pool's actual results during that period. This compensation may be paid in cryptocurrency, U.S. dollar, or another currency. Keel receives payments from Mining Pool operators in Bitcoin (as defined herein) on a daily basis and accumulates the Bitcoin it receives or exchanges it for U.S. dollar through reputable and established cryptocurrency trading platforms.

NOTE 1: ORGANIZATION (Continued)

Effective June 29, 2026, the Company ceased its Bitcoin Mining operations in the United States as part of its strategic transition to HPC and AI infrastructure development. The accelerated cessation is driven by HPC and AI infrastructure construction timelines as well as macro factors affecting the profitability of Bitcoin Mining.

The Company's transition from Bitcoin Mining to HPC and AI infrastructure affected all four of its United States sites during the three and six months ended June 30, 2026. On April 28, 2026, the Company ceased Bitcoin Mining operations at its Washington State site and began converting the site to an 18 gross MW HPC data center. On June 29, 2026, the Company ceased Bitcoin Mining operations at its Panther Creek, Scrubgrass and Sharon sites in Pennsylvania. The Company continues to generate revenue from the sale of energy at its Panther Creek and Scrubgrass sites, which had current gross energized capacity of approximately 60 gross MW and 63 gross MW, respectively, as of June 30, 2026, that is not yet contracted under an electric supply agreement, while the Company evaluates and develops these sites for HPC and AI workloads. The Company is planning on converting its 110 gross MW Sharon site to an HPC data center.

Terms and definitions

In these financial statements, the terms below have the following definitions:


	Term	Definition











1	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
2	MW	Megawatt

3	CAD	Canadian dollars
4	USD	United States dollars

LOSS PER SHARE - Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	138,908,803	0	119,603,056	5,426,705
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	12,691,228	0	7,655,590	1,487,809
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	6,288,015	0	5,669,755	108,520
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	10,423,066	0	6,956,680	3,163,509
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	8,904,537	0	6,146,634	0
Share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	0	0	0	666,867
Convertible notes shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share (in dollars per share)	100,601,957	0	93,174,397	0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities
Net loss	$ (210,348)	$ (61,054)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	111,843	63,977
Impairment of long-lived assets	17,186	33,696
Total other (income) expenses	(47,725)	489
Digital assets earned and hosting revenue received in Bitcoin	(62,553)	(135,127)
Stock-based compensation	13,512	7,768
Renewable energy credits earned	(6,119)	(6,540)
(Gain) loss on disposition of assets	759	(7,451)
Digital assets exchanged for services	0	5,125
Realized loss (gain) on sale of digital assets	12,990	(20,982)
Other	1,205	250
Change in fair value of digital assets	50,478	6,750
Interest income received	6,217	873
Interest expenses paid	(3,641)	(1,145)
Income tax paid	(877)	(237)
Proceeds from disposition of renewable energy and waste tax credits	13,389	4,070
Changes in non-cash working capital components	(13,931)	15,816
Net change in cash related to operating activities	(117,615)	(93,722)
Cash flows (used in) from investing activities
Proceeds from sale of digital assets	47,344	137,734
Purchase of property, plant and equipment and intangible assets	(53,413)	(62,063)
Proceeds from sale of property, plant and equipment and assets held for sale	2,330	3,045
Purchase of marketable securities	(2,783)	(9,628)
Proceeds from disposition of marketable securities	2,828	10,048
Purchase of derivative assets and liabilities	0	(78,463)
Settlement of derivative assets and liabilities	1,396	79,924
Equipment and construction prepayments	(51,721)	(4,771)
Proceeds from disposal of businesses	13,129	47,538
Acquisition of business	0	(48,084)
Investment in equity securities	0	(1,250)
Net change in cash related to investing activities	(40,890)	74,030
Cash flows from financing activities
Repayment of long-term debt	(113,637)	(209)
Repayment of finance lease liabilities	(280)	(394)
Issuance of common shares and warrants	0	23,608
Proceeds from long-term debt, net of transaction costs	445,124	47,544
Exercise of stock options	7,017	3
Purchase of capped calls	(41,840)	0
Net change in cash related to financing activities	296,384	70,552
Net increase in cash and restricted cash	137,879	50,860
Cash and restricted cash, beginning of the period	630,962	59,542
Exchange rates differences on currency translation	52	37
Cash and restricted cash, end of the period	768,893	110,439
Cash flows from discontinued operations	$ 11,735	$ 3,806

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total long-term debt, net of transaction cost and debt discount	$ 1,025,829	$ 669,469	$ 1,576
Current portion of long-term debt	(6,754)	(97,022)
Non-current portion of long-term debt	1,019,075	572,447
Building Financing
Debt Instrument [Line Items]
Total long-term debt, net of transaction cost and debt discount	1,679	1,704
Equipment Financing
Debt Instrument [Line Items]
Total long-term debt, net of transaction cost and debt discount	2,058	1,642
Credit Facility
Debt Instrument [Line Items]
Unamortized transaction costs - Credit Facility	0	(10,049)
Total long-term debt, net of transaction cost and debt discount	0	104,857
2025 Convertible Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount	(16,323)	(18,250)
Total long-term debt, net of transaction cost and debt discount	593,607	589,565
2026 Convertible Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount	(13,526)	0
Total long-term debt, net of transaction cost and debt discount	$ 458,334	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, share authorized (in shares)	120,000,000	120,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	616,736,107	601,579,999
Common stock, shares outstanding (in shares)	616,736,107	601,579,999

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

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

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW


	Six months ended June 30,
	2026	2025
Changes in non-cash working capital components:
Increase in accounts receivable, net	(3,895)	(374)
Decrease in other current assets	3	7,121
Increase in inventories	(177)	(2,663)
(Increase) decrease in deposits	(730)	8,569

(Decrease) increase in accounts payable and accrued expenses	(7,222)	1,576
(Decrease) increase in operating lease liabilities	(1,056)	1,883

Decrease in other non-current liabilities	(854)	(296)
	(13,931)	15,816
Significant non-cash transactions:

Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold	—	78,161
Issuance of warrants in connection with debt issuance	—	2,900
Equipment prepayments realized as additions to PPE	474	41,045

Capitalization of interest relating to construction in progress	757	—
Addition of ROU assets and related lease liabilities	—	239
Purchase of PPE financed by short-term credit	7,270	934


Computational power revenue and its related service expense	831	1,750
Depreciation and amortization*
Property, plant and equipment, net	111,478	63,158
Finance lease right-of-use assets	197	482
Intangible assets, net	168	337
	111,843	63,977


	Six months ended June 30,
	2026	2025

Cash	715,516	85,439
Restricted cash	53,377	25,000
Total cash and restricted cash	768,893	110,439

As of June 30, 2026, restricted cash represents letters of credit contractually required by electric service arrangements. Refer to Note 21 for more details.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES


	As of June 30,	As of December 31,
	2026	2025
Accounts payable	18,281	16,271
Accrued expenses	16,675	18,703
Government remittances payable	11,737	11,469
	46,693	46,443

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Contingent Liability

As the Company continues to periodically import products into the United States, it is subject to review by the Customs and Border Protection ("CBP") regarding the classification and origin of such imports. Refer to Note 25 of the consolidated financial statements in the Annual Report for more details regarding the Company's Miners imported in 2021. There were no Miners imported into the United States in 2022, 2023 or during the three and six months ended June 30, 2026; and for 2024 and 2025, the Company has not received any assessment or communication of a potential assessment.

Furthermore, the Company took several steps to ensure compliance with CBP rules and regulations by sourcing non-Chinese origin equipment including, but not limited to, the specifications of which non-Chinese production facilities could be supplied under our purchase agreements with Bitmain Development PTE. Ltd., in person factory inspections by the Company's employees to verify production, and the collection of various importation documents that confer non-Chinese origin. While the Company has addressed certain concerns related to previous importations, additional assessments may be made by the CBP in connection with other importations.

The Company imported 34,179 Miners in the United States during 2025 (2024: 9,399) and had delivered asset values of $130,698 (2024: $25,782). Importation tariffs from China fluctuated between 22.4% and 150.5% in 2025 (2024: 22.4%). Any assessments made on previous importations by the CBP could also include penalties and interest.

In March 2026, the U.S. Supreme Court IEEPA Tariff Ruling determined that certain tariffs previously imposed under the International Emergency Economic Powers Act were not lawful. Based on currently available guidance, the tariff rate for imports of Chinese origin is expected to be approximately 27.6%. However, the timing, scope, and implementation of such changes remain subject to regulatory interpretation and potential further governmental action.

The Company will apply a gain model in accordance with Accounting Standards Codification Topic 450, Contingencies, to account for potential refunds of previously paid IEEPA tariffs. Under this model, a gain contingency is not recognized in the unaudited condensed consolidated financial statements until the gain is realized or realizable. Any refunds, when recognized, would be reflected as a reduction of property, plant and equipment on the unaudited consolidated balance sheets to the extent the related Miners remain on hand, or as a reduction of cost of sales in the condensed consolidated statements of operations for the amounts related to Miners already depreciated or sold.

During the three and six months ended June 30, 2026, the Company has received and recognized IEEPA tariff refunds totaling $908, $583 of which reduced property, plant and equipment and $325 reduced cost of revenues (three and six months ended June 30, 2025: nil).

At this time, while the Company believes it has taken the appropriate steps to reduce the risk of potential exposure, the Company is unable to predict the outcome of any future assessments or to reasonably estimate the amount, if any, that may be payable in connection with these matters. The facts surrounding each importation may vary and the Company reserves the right and may challenge any assessments.

(Continued)

Letters of Credit

In March 2026, the Company entered into an agreement with a utility provider to supply high-voltage electricity to a large-scale, energy-intensive facility to its Panther Creek property in Pennsylvania, United States. The utility provider is responsible for providing electrical power and, if necessary, designing and constructing essential infrastructure such as transmission links and substations. As part of the arrangement, the Company issued a letter of credit in the amount of $40,000 to the utility provider, which is secured by an amount of $40,200 of restricted cash pledged as collateral as of June 30, 2026. In addition, the Company is required to provide a letter of credit in the amount of $60,800 by January 31, 2027, contingent upon the utility provider’s completion of specified transmission infrastructure upgrades.

In March 2026, the Company entered into an agreement for the sale and delivery of electricity to its Sharon property in Pennsylvania, United States, over a four-year term. As part of the arrangement, the Company issued a letter of credit in the amount of $875 to the utility provider, which is secured by an equivalent amount of restricted cash pledged as collateral as of June 30, 2026.

In June 2026, the Company entered into an arrangement with a utility provider to supply high-voltage electricity to a large-scale, energy-intensive data center facility at its Panther Creek property in Pennsylvania, United States. The utility provider is responsible for providing electrical power and, if necessary, designing and constructing essential infrastructure such as transmission lines and substations. As part of the arrangement, the Company is required to provide minimum credit support of $12,241 to fund project development, engineering, permitting, regulatory, and procurement activities. Accordingly, during June 2026 the Company issued a letter of credit in the amount of $12,241 to the utility provider, which is secured by $12,302 of restricted cash pledged as collateral as of June 30, 2026. In addition, the Company is required to provide total credit support currently estimated at $82,900 prior to the commencement of construction, as set out in the electric service agreement and construction service agreement expected to be executed. The estimated total credit support is based on information available as of the reporting date and may be reduced to the extent collateral obligations are shared with other projects in the surrounding area.

Lawsuits

Class Action Lawsuit

On May 9, 2025, and as amended on October 21, 2025, a purported shareholder filed a putative class action complaint in the United States District Court for the Eastern District of New York, in a case now titled In re: Bitfarms Securities Litigation, case no 1:25-cv-02630. Co-Lead Plaintiffs Zhao Jun, Gong Lanfang, Michael Pearl, Kazim Khan, and Michael Lawarre sued Bitfarms Ltd., Benjamin Gagnon, Jeffrey Lucas and Geoffrey Morphy alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder. The lawsuit alleges that the Company, its current CEO, its former CFO and its former CEO made materially false and/or misleading statements regarding the Company's business, operations and internal controls over financial reporting. The Plaintiff seeks class certification, unspecified damages plus interest and attorney and expert witness fees and other costs on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired Company common stock from March 21, 2023 through December 9, 2024. The lawsuit was filed by Pomerantz Law Firm. The Company cannot predict the duration or outcome of this lawsuit at this time. As a result, the Company is unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this lawsuit and no provision was recognized as of June 30, 2026. The Company intends to vigorously defend itself in this matter.

Commitments

The Company is committed to purchase the following property, plant and equipment as of June 30, 2026:


	2026		2027






HPC data center projects	$	146,857	$	72,745

Commitment for HPC Data Center Projects

As of June 30, 2026, the Company has entered into agreements with suppliers for the purchase and construction of property, plant and equipment related to its HPC infrastructure projects. These agreements encompass a range of services, including but not limited to engineering, project management support, procurement and manufacturing, site management, and factory acceptance testing. These commitments are related to the expansion of the Company’s HPC infrastructure across its operating sites in the United States.

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 30,430	$ 60,908	$ 67,422	$ 108,559
Bitcoin Mining
Disaggregation of Revenue [Line Items]
Revenues	25,859	55,418	55,752	101,312
Energy sales
Disaggregation of Revenue [Line Items]
Revenues	2,386	2,949	8,257	3,269
Electrical services
Disaggregation of Revenue [Line Items]
Revenues	2,006	1,006	2,543	2,100
Cryptocurrency Hosting
Disaggregation of Revenue [Line Items]
Revenues	$ 179	$ 1,535	$ 870	$ 1,878

- Definition

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

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2024	479,332,885	479,332,885
Beginning balance at Dec. 31, 2024	$ 611,146	$ 479	$ 938,604	$ (327,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(61,054)			(61,054)
Stock-based compensation	7,768		7,768
Issuance of replacement stock-based compensation	232		232
Issuance of common shares (in shares)		74,311,252
Issuance of common shares	89,864	$ 74	89,790
Issuance of equity warrants	$ 14,192		14,192
Settlement of restricted share units (in shares)	2,347,500	2,347,500
Settlement of restricted share units	$ 0	$ 2	(2)
Settlement of performance share units/share awards (in shares)	1,543,320	1,543,320
Settlement of share awards	$ 0	$ 2	(2)
Exercise of stock options and warrants (in shares)		13,900
Exercise of stock options and warrants	$ 3		3
Ending balance (in shares) at Jun. 30, 2025	557,548,857	557,548,857
Ending balance at Jun. 30, 2025	$ 662,151	$ 557	1,050,585	(388,991)
Beginning balance (in shares) at Mar. 31, 2025		553,644,137
Beginning balance at Mar. 31, 2025	661,434	$ 553	1,044,371	(383,490)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,501)			(5,501)
Stock-based compensation	3,500		3,500
Issuance of equity warrants	2,715		2,715
Settlement of restricted share units (in shares)		2,347,500
Settlement of restricted share units	0	$ 2	(2)
Settlement of performance share units/share awards (in shares)		1,543,320
Settlement of share awards	0	$ 2	(2)
Exercise of stock options and warrants (in shares)		13,900
Exercise of stock options and warrants	$ 3		3
Ending balance (in shares) at Jun. 30, 2025	557,548,857	557,548,857
Ending balance at Jun. 30, 2025	$ 662,151	$ 557	1,050,585	(388,991)
Beginning balance (in shares) at Dec. 31, 2025	601,579,999	601,579,999
Beginning balance at Dec. 31, 2025	$ 560,375	$ 602	1,172,254	(612,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(210,348)			(210,348)
Stock-based compensation	13,512		13,512
Purchase of capped calls, including transaction costs	$ (41,840)		(41,840)
Settlement of restricted share units (in shares)	1,814,533	1,814,533
Settlement of restricted share units	$ 0	$ 2	(2)
Settlement of performance share units/share awards (in shares)	0	77,525
Exercise of stock options and warrants (in shares)		13,264,050
Exercise of stock options and warrants	$ 7,017	$ 13	7,004
Ending balance (in shares) at Jun. 30, 2026	616,736,107	616,736,107
Ending balance at Jun. 30, 2026	$ 328,716	$ 617	1,150,928	(822,829)
Beginning balance (in shares) at Mar. 31, 2026		602,851,137
Beginning balance at Mar. 31, 2026	419,135	$ 603	1,176,366	(757,834)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(64,995)			(64,995)
Stock-based compensation	9,848		9,848
Purchase of capped calls, including transaction costs	(41,840)		(41,840)
Settlement of restricted share units (in shares)		882,258
Settlement of restricted share units	0	$ 1	(1)
Settlement of performance share units/share awards (in shares)		77,525
Exercise of stock options and warrants (in shares)		12,925,187
Exercise of stock options and warrants	$ 6,568	$ 13	6,555
Ending balance (in shares) at Jun. 30, 2026	616,736,107	616,736,107
Ending balance at Jun. 30, 2026	$ 328,716	$ 617	$ 1,150,928	$ (822,829)

STOCKHOLDERS' EQUITY- Schedule of Movement in Number of Common Shares (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Common Stock Outstanding Roll Forward [Roll Forward]
Beginning balance (in shares)	601,579,999	479,332,885
Issuance through at-the market equity offering program (in shares)	0	14,444,643
Issuance through business combination (in shares)	0	59,866,609
Exercise of options (in shares)	3,738,563	13,900
Exercise of warrants (in shares)	9,525,487	0
Settlement of performance share units/share awards (in shares)	0	1,543,320
Settlement of restricted share units (in shares)	1,814,533	2,347,500
Ending balance (in shares)	616,736,107	557,548,857
PSUs
Common Stock Outstanding Roll Forward [Roll Forward]
Settlement of performance share units/share awards (in shares)	77,525	0

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.

+ References

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Number, after forfeiture, of shares or units issued under share-based payment arrangement. Excludes shares or units issued under employee stock ownership plan (ESOP).

+ References

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- Definition

Number of share options (or share units) exercised during the current period.

+ References

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+ Details

STOCK-BASED COMPENSATION - Schedule of RSUs (Details) - RSUs - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of RSUs
Beginning balance (in shares)	4,847,575	897,666
Granted (in shares)	7,391,366	2,783,425
Settled (in shares)	(1,814,533)	(2,347,500)
Forfeited (in shares)	(27,688)	(10,500)
Ending balance (in shares)	10,396,720	1,323,091
Weighted Average Grant Price (CAD)
Beginning balance (in dollars per share)	$ 1.56	$ 3.61
Granted (in dollars per share)	2.73	1.43
Settled (in dollars per share)	1.35	2.15
Forfeited (in dollars per share)	1.11	1.59
Ending balance (in dollars per share)	$ 2.43	$ 1.63

DIGITAL ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Crypto Asset, Cost [Abstract]

Schedule of Bitcoin Transactions and Corresponding Values

Bitcoin transactions and the corresponding values for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three months ended June 30,
	2026		2025
	Quantity	Value ($)	Quantity	Value ($)
Balance of digital assets including restricted digital assets as of April 1,	2,469	168,481	1,492	123,232
Bitcoin earned*	354	25,495	556	54,456
Bitcoin earned from discontinued operations	18	1,296	162	15,874
Hosting revenue received in Bitcoin	2	54	15	379
Bitcoin received in exchange for goods	—	—	2	181
Change in Bitcoin earned, not received	3	238	1	12
Bitcoin exchanged for cash	(585)	(42,971)	(1,052)	(100,471)
Realized (loss) gain on disposition of digital assets	—	(11,180)	—	16,005
Unrealized (loss) gain on digital assets	—	(9,029)	—	16,283
Balance of digital assets including restricted digital assets as of June 30,	2,261	132,384	1,176	125,951
Less: Restricted digital assets as of June 30,**	—	—	(625)	(66,922)
Balance of digital assets excluding restricted digital assets as of June 30,	2,261	132,384	551	59,029


	Six months ended June 30,
	2026		2025

	Quantity	Value ($)	Quantity	Value ($)
Balance of digital assets including restricted digital assets as of January 1,	2,060	180,285	1,285	120,124
Bitcoin earned*	742	54,921	1,048	99,562
Bitcoin earned from discontinued operations	96	7,378	363	34,843
Hosting revenue received in Bitcoin	9	254	21	722
Bitcoin received in exchange for goods	—	—	2	181
Change in Bitcoin earned, not received	3	358	(8)	(800)
Bitcoin exchanged for cash	(649)	(47,344)	(1,480)	(137,734)
Bitcoin exchanged for services	—	—	(55)	(5,179)
Realized (loss) gain on disposition of digital assets	—	(12,990)	—	20,982
Unrealized loss on digital assets	—	(50,478)	—	(6,750)
Balance of digital assets including restricted digital assets as of June 30,	2,261	132,384	1,176	125,951
Less: Restricted digital assets as of June 30,**	—	—	(625)	(66,922)
Balance of digital assets excluding restricted digital assets as of June 30,	2,261	132,384	551	59,029

The Company's Bitcoin, including restricted digital assets, had a cost basis of $205,946 as of June 30, 2026 (June 30, 2025: $102,852).

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 18,281	$ 16,271
Accrued expenses	16,675	18,703
Government remittances payable	11,737	11,469
Accounts payable and accrued expenses	$ 46,693	$ 46,443

DERIVATIVE ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) shares	Oct. 31, 2025 $ / item
Derivative Assets and Liabilities [Line Items]
Transaction between entities under common control, exchange ratio (in shares) \| shares	1
Bitcoin option and selling contracts
Derivative Assets and Liabilities [Line Items]
Other expenses \| $	$ 4,218
Capped Call Transactions
Derivative Assets and Liabilities [Line Items]
Cap price (in dollars per share) \| $ / item		11.88
Cap premium percentage		125.00%

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant And Equipment (“PPE”) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	$ 453,206	$ 548,103
Accumulated depreciation	(166,151)	(189,770)
Carrying amount	287,055	358,333
BVVE
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	193,762	344,075
Energy infrastructure
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	102,925	102,133
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	14,381	14,538
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	11,432	13,536
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	12,682	11,989
Vehicles
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	1,485	1,544
Land
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	51,758	48,119
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment gross	$ 64,781	$ 12,169

FINANCIAL INSTRUMENTS - Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial assets at fair value through profit and loss
Total fair value of financial assets	$ 849,863	$ 645,361
Financial liabilities at fair value through profit and loss
Total fair value of financial liabilities	1,055,678	702,579
Net fair value	(205,815)	(57,218)
Reported Value Measurement \| Credit Facility \| Line of Credit
Financial liabilities at amortized cost
Long-term debt		94,808
Reported Value Measurement \| Convertible Notes \| Convertible Debt
Financial liabilities at amortized cost
Long-term debt	1,022,092	571,315
Estimate of Fair Value Measurement \| Credit Facility \| Line of Credit
Financial liabilities at amortized cost
Long-term debt		106,060
Estimate of Fair Value Measurement \| Convertible Notes \| Convertible Debt
Financial liabilities at amortized cost
Long-term debt	1,051,941	590,252
Level 1 \| Reported Value Measurement
Financial assets at amortized cost
Cash	715,516	573,462
Restricted cash	53,377	57,500
Level 2 \| Reported Value Measurement
Financial assets at amortized cost
Other receivables	1,820	1,405
Security deposits for energy	0	5,157
Financial liabilities at amortized cost
Long-term debt	1,055,678	699,657
Level 2 \| Estimate of Fair Value Measurement
Financial assets at fair value through profit and loss
Derivative assets	78,800	7,487
Financial liabilities at fair value through profit and loss
Derivative liabilities	0	2,922
Level 3 \| Reported Value Measurement
Financial assets at amortized cost
Other refundable deposits	$ 350	$ 350

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS - Schedule of Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Expenses [Abstract]
Credit loss expense on derivatives receivable	$ 0	$ 0	$ (4,218)	$ 0
Amortization of transaction costs and debt discount	(916)	(491)	(2,538)	(491)
Gain (loss) on exchange rates	160	(180)	10	(248)
Other financial (expenses) income	(215)	396	(377)	251
Other expenses	$ (971)	$ (275)	$ (7,123)	$ (488)

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Additional Details to the Statement of Operations [Line Items]
Depreciation and amortization			$ 111,843	$ 63,977
Cost of revenues	$ 117,183	$ 64,794	180,480	112,169
Amount of renewable energy credits	3,124	6,540	4,201	6,540
Amount of waste tax credits	1,114	0	1,918	0
Electrical Component Inventory and Waste Limestone and Fuel Oil
Additional Details to the Statement of Operations [Line Items]
Cost of revenues	5,768	$ 15,150	21,056	$ 15,828
Service Life
Additional Details to the Statement of Operations [Line Items]
Depreciation and amortization	$ 62,993		$ 67,662

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References

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+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Assumption of Equity Incentive Plans and Awards

In connection with the U.S. Redomiciliation Transaction, the Company assumed the Bitfarms 2021 Long-Term Incentive Plan, and the Bitfarms 2025 Long-Term Incentive Plan (the "2025 LTIP"), together with each award outstanding under those plans. Each outstanding Stock Option ("Option"), Restricted Share Unit ("RSU"), and Performance Share Unit ("PSU") relating to Bitfarms common shares was assumed and converted into a corresponding award relating to Keel common stock on the same one-for-one basis as the exchange of common shares, with no change to vesting conditions, expiration dates, or other substantive terms. The Company concluded that the assumption of these awards was not a modification under ASC 718 because it did not change the fair value, vesting conditions, or other terms of the awards; accordingly, no incremental compensation cost was recognized.

Stock-based compensation expense is recognized within general and administrative expenses in the unaudited condensed consolidated statements of operations. The stock-based compensation expense related to Options, RSUs and PSUs for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Options	5,169	1,431	6,783	3,494
RSUs	2,811	440	3,402	2,345
PSUs	1,868	—	2,369	—
Share awards	—	1,555	—	1,713
	9,848	3,426	12,554	7,552

2025 LTIP

The 2025 LTIP Plan was adopted in July 2025 and provides the Company with the ability to grant various share-based compensation such as, but not limited to, Options, RSUs and PSUs. The 2025 LTIP was a 10% rolling plan, permitting the issuance of up to 10% of the Company's outstanding shares in respect of the awards granted. In April 2026, the 2025 LTIP was amended to eliminate the rolling plan feature and fix the number of shares available for issuance under the 2025 LTIP as of the date of such amendment.

NOTE 15: STOCK-BASED COMPENSATION (Continued)

Options

Under 2025 LTIP

During the six months ended June 30, 2026, the Board approved Options grants to purchase 5,600,050 common shares in accordance with the 2025 LTIP (for June 30, 2025: nil common shares). All Options issued according to the 2025 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant.

Under 2021 LTIP

During the six months ended June 30, 2025, the Board approved Options grants to purchase 2,536,227 common shares in accordance with the 2021 Long Term-Incentive Plan (the "2021 LTIP") adopted on May 18, 2021. All Options issued according to the 2021 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant. As part of the options granted during the six months ended June 30, 2025, the Company granted 302 Options to certain employees of Stronghold as part of the business combination described in Note 3.

Details of the outstanding Options are as follows:


	Six months ended June 30,
	2026		2025

	Number of Options	Weighted Average Exercise Price (CAD)	Number of Options	Weighted Average Exercise Price (CAD)
Outstanding, January 1,	16,696,665	2.67	26,865,764	2.64
Granted	5,600,050	3.51	2,536,227	1.40
Exercised	(3,738,563)	2.61	(13,900)	0.55
Forfeited	(92,198)	2.30	(60,000)	3.09
Expired	(103,075)	3.05	(55,000)	3.25
Outstanding, June 30,	18,362,879	2.94	29,273,091	2.53
Exercisable, June 30,	12,934,734	2.77	2,100,000	0.54

The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:


	Six months ended June 30,
	2026		2025
Dividend yield (%)	—		—
Expected share price volatility (%)*	76	%	80	%
Risk-free interest rate (%)	3.80	%	4.46	%
Expected life of Options (years)	3.0 years		3.0 years

* Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

NOTE 15: STOCK-BASED COMPENSATION (Continued)

RSUs

Details of the RSUs are as follows:


	Six months ended June 30,
	2026		2025

	Number of RSUs	Weighted Average Grant Price (CAD)	Number of RSUs	Weighted Average Grant Price (CAD)
Outstanding, January 1,	4,847,575	1.56	897,666	3.61
Granted	7,391,366	2.73	2,783,425	1.43
Settled	(1,814,533)	1.35	(2,347,500)	2.15
Forfeited	(27,688)	1.11	(10,500)	1.59
Outstanding, June 30,	10,396,720	2.43	1,323,091	1.63

Under the 2025 LTIP

During the six months ended June 30, 2026, the Board approved the grant of 7,391,366 RSUs to certain Members of Management and to the independent directors of the Board. Management's RSUs vest 1/3 annually over three years and the Board's RSUs vest over one year.

Under the 2021 LTIP

During the six months ended June 30, 2025, the Board approved the grant of 1,890,000 RSUs to certain employees and executive Management of Stronghold as part of the business combination described in Note 3. 1,631,700 RSUs were fully vested upon grant and 258,300 RSUs vest in equal quarterly installments over approximately 18 months. The fair value of the RSUs is based on the Company's share price at the date of grant. In addition, the Company granted 893,425 RSUs to the independent directors of the Board. These RSUs fully vest in 9 months. The fair value of the RSUs is based on the Company's share price at the date of grant.

NOTE 15: STOCK-BASED COMPENSATION (Continued)

PSUs

Details of the PSUs are as follows:


	Six months ended June 30,
	2026

	Number of PSUs	Weighted Average Grant Price (CAD)
Outstanding, January 1,	3,508,275	1.41
Granted	5,494,362	2.73
Settled	(77,525)	1.52
Forfeited	(63,178)	2.73
Outstanding, June 30,	8,861,934	2.22

PSUs vest in a single tranche at the end of the performance cycle, contingent upon the attainment of certain corporate objectives. Upon vesting, each PSU converts into one common share of the Company, subject to a multiplier based on the level of achievement. The actual number of shares awarded may be 0%, 50%, 100% or 200% of the target award.

During the six months ended June 30, 2026, the Company granted 5,494,362 PSUs to senior executives as part of the 2025 LTIP, which may or upon attainment of performance criteria vest at the end of the three years (six months ended June 30, 2025: nil).

Share awards

During the six months ended June 30, 2025, following the Stronghold transaction, the Company entered into a stock award agreement as well as a consulting agreement with a former executive of Stronghold and granted 1,543,320 share awards with a grant-date fair value of $1.11 per award. The share awards fully vested in September 2025, subject to continued provision of services through this date. Notwithstanding the foregoing, the share awards can be accelerated and fully vested if certain conditions are met. In April 2025, the conditions were met and the share awards were settled.