Total Revenue

-57.8% (declined from $51,741K in Q1 2024 to $21,815K in Q1 2025)

The significant decline is driven by marked drops across all revenue segments: Compute revenue fell by $16,020K (from $32,138K to $16,118K), Power decreased by $5,558K (from $9,938K to $4,380K), and Digital Infrastructure dropped by $4,527K, with the elimination of ‘Other’ revenue. " "

Operating Income

Swing from a positive $266,887K in Q1 2024 to a loss of $(147,650)K in Q1 2025

The reversal from strong operating income to a substantial loss indicates that the revenue contraction magnified fixed operating costs and other expenses, stressing the balance between revenue scales and cost commitments. " "

Net Income

Change from $250,876K profit in Q1 2024 to $(134,319)K loss in Q1 2025

A similar trend to operating income, the net income reversal underscores margin pressure and declining operational performance, which was unable to absorb the reduced revenue levels. " "

Digital Assets Turnaround

Shift from a loss of $(274,574)K in Q1 2024 to a gain of $112,394K in Q1 2025

An improvement of approximately $386,968K in digital assets is attributed to favorable market conditions and revaluation gains, which reversed the prior losses on the digital assets portfolio. " "

Liquidity and Balance Sheet

Cash increased from $85,044K (Q4 2024) to $108,382K in Q1 2025; total assets rose modestly to $1,571,883K; liabilities increased to $584,188K; equity remained flat at $987M

The increase in cash balance reflects improved liquidity via better cash management and operational inflows, while the rise in liabilities alongside stable equity suggests reliance on financing to support operations amid the revenue decline. "