Strategic Transition to HPC Data Center Leasing
HPC lease revenue contributed 71% of total revenue in Q2 FY2026, up from zero a year ago, driven by the Core42 and Fluidstack lease commencements at Lake Mariner, reflecting the company’s deliberate pivot away from bitcoin mining.
Bitcoin Mining Curtailment and Repurposing
Bitcoin mining revenue fell 73% to $12.8 million as the company mined 179 bitcoins versus 485 a year ago; two miner buildings were repurposed for HPC, and operations were significantly curtailed.
Demand Response Credits Reduced Power Costs
During the six months ended June 30, 2026, the company recorded $16.9 million in demand response proceeds due to sustained low temperatures, contributing to a net negative realized cost of power for the period.