$CLSK

SMARTDATA CORP

CIK:0000827876|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues, net
Bitcoin mining revenue, net	$ 138,006	$ 198,644	$ 455,594	$ 542,662
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization)	85,480	90,128	262,792	245,842
Professional fees	7,108	3,004	22,166	9,872
Payroll expenses	27,807	16,398	76,514	52,522
General and administrative expenses	18,298	16,566	49,845	38,356
Loss (gain) on disposal of assets	2,925	156	6,692	(2,865)
Loss (gain) on fair value of bitcoin, net	116,250	(268,651)	587,189	(359,190)
Depreciation and amortization	111,037	94,880	333,229	240,010
Indirect tax contingency expenses	1,500	0	6,393	0
Impairment expense - other	0	0	5,406	0
Total costs and expenses	370,405	(47,519)	1,350,226	224,547
(Loss) income from operations	(232,399)	246,163	(894,632)	318,115
Other (expense) income
(Loss) gain on bitcoin collateral	(16,506)	31,354	(158,964)	73,847
Gain (loss) on derivative securities, net	5,673	(430)	12,628	(1,549)
Interest income	2,143	355	7,400	3,845
Interest expense	(2,040)	(3,454)	(7,790)	(6,280)
Other income	318	1,509	187	1,692
Total other (expense) income	(10,412)	29,334	(146,539)	71,555
(Loss) income before income tax (benefit) expense	(242,811)	275,497	(1,041,171)	389,670
Income tax (benefit) expense	(2,969)	18,107	(44,275)	24,281
Net (loss) income	(239,842)	257,390	(996,896)	365,389
Preferred stock dividends, including deemed dividend	0	5,603	30,000	10,744
Net (loss) income attributable to common shareholders	(239,842)	251,787	(1,026,896)	354,645
Other comprehensive (loss) income, net of tax	0	(223)	0	2,755
Total comprehensive (loss) income attributable to common shareholders	$ (239,842)	$ 251,564	$ (1,026,896)	$ 357,400

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net (loss) income	$ (996,896)	$ 365,389
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Bitcoin mining revenue, net	(455,594)	(542,662)
Loss (gain) on fair value of bitcoin, net	587,189	(359,190)
Bitcoin issued for services	1,857	1,386
Impairment expense - other	5,406	0
(Gain) loss on derivative securities, net	(12,628)	1,549
Loss (gain) on bitcoin collateral	158,964	(73,847)
Stock based compensation	38,734	10,609
Depreciation and amortization	333,229	240,010
Deferred income taxes, net	(44,275)	24,281
Loss (gain) on disposal of assets	6,692	(2,865)
Other	6,781	2,550
Changes in operating assets and liabilities
Decrease in operating lease liabilities	(1,237)	(656)
Decrease in accounts payable and accrued liabilities	(13,824)	1,572
Increase in prepaid expenses and other current assets	3,466	(3,886)
Increase in other long-term assets	(27,161)	(5,863)
Net cash used in operating activities	(409,297)	(341,623)
Cash Flows from Investing Activities
Payments on miners and mining equipment, including deposits	(32,374)	(382,285)
Purchase of fixed assets	(80,620)	(133,986)
Purchase of bitcoin and settlement of bitcoin-linked put options	(146,263)	(82,152)
Proceeds from sale of bitcoin and option settlement	471,278	127,625
Proceeds from sale of miners	3,744	42,832
Cash posted to collateralize derivative contracts	(5,854)	0
Purchase of derivative contracts	(20,420)	0
Proceeds from sale of derivative contracts	45,847	409
Asset acquisition - Austin County, TX Location	(35,277)	0
Asset acquisition - Brazoria County, TX Location	(38,214)	0
Asset acquisition - Other Locations	(13,293)	0
Investment in Other Entities	(44,089)
Acquisition of GRIID Infrastructure	0	1,411
Asset acquisition - LaFayette, GA Location	0	(1,413)
Asset acquisition - Twin City, GA Location	0	(5,490)
Asset acquisition - Tennessee Locations	0	(8,105)
Net cash provided by (used in) investing activities	104,465	(441,154)
Cash Flows from Financing Activities
Purchase of treasury stock	(460,000)	(145,000)
Payments for capped call	0	(90,350)
Payments on debt	(1,909)	(58,513)
Payments on lines of credit	(250,500)	0
Proceeds from lines of credit	76,000	0
Payments of debt issuance costs	(2,429)	(2,007)
Payments on preferred dividends	(30,396)	(5,141)
Payments on finance leases	(74)	(34)
Proceeds from debt, net of issuance fees	1,133,086	812,195
Payments of taxes on shares withheld for net settlement of restricted stock units	(426)	(1,943)
Proceeds from exercise of options and warrants	1,435	499
Proceeds from equity offerings, net	0	186,808
Equity issuance costs	(72)	0
Net cash provided by financing activities	464,715	696,514
Net increase in cash, cash equivalents and restricted cash	159,883	(86,263)
Cash, cash equivalents and restricted cash, beginning of the period	46,456	124,278
Cash and cash equivalents, and restricted cash, end of the period	206,339	38,015
Supplemental disclosure of cash flow information
Cash paid for interest	3,088	4,575
Non-cash investing and financing transactions
Fixed asset and miner purchases accrued not paid	4,369	2,816
Fixed assets purchased through finance transactions	2,749	1,000
Miners and derivatives purchased with bitcoin	47,050	80,878
Bitcoin transferred to collateral account	698,947	291,278
Bitcoin transferred from collateral account	463,601	171,462
Excise tax accrued on treasury stock purchases	3,161	0
Equity Issued in Asset Acquisition	36,133	0
Shares issued in connection with GRIID Acquisition	0	60,677
Software purchased with bitcoin	0	6,000
Unrealized gain on investment in available-for-sale debt security	0	2,755
Preferred shares dividends accrued	0	5,603
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	202,601	34,553
Restricted cash	3,738	3,462
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 206,339	$ 38,015

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets
Cash and cash equivalents	$ 202,601	$ 42,966
Restricted cash	3,738	3,490
Prepaid expense and other current assets	20,901	11,875
Bitcoin - current	592,058	966,829
Receivable from bitcoin collateral	100,607	294,648
Derivative investments	922	233
Total current assets	920,827	1,320,041
Bitcoin - noncurrent	122,235	222,614
Property and equipment, net	1,335,102	1,363,681
Operating lease right of use assets	4,494	4,254
Intangible assets, net	3,675	5,849
Deposits on miners and mining equipment	86,264	112,037
Other long-term assets	97,944	23,497
Goodwill	131,658	131,658
Total assets	2,702,199	3,183,631
Current liabilities
Accounts payable	11,230	15,159
Accrued liabilities	131,342	117,544
Other current liabilities	10,827	6,096
Current portion of debt	2,353	176,570
Dividends payable	0	396
Total current liabilities	155,752	315,765
Long-term liabilities
Long-term debt, net of current portion, debt discount and debt issuance costs	1,780,011	644,586
Deferred income taxes	597	44,872
Other long-term liabilities	4,556	3,281
Total liabilities	1,940,916	1,008,504
Stockholders' equity
Preferred stock; $0.001 par value; 10,000,000 shares authorized: Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share)	2	2
Common stock; $0.001 par value; 600,000,000 shares authorized; 299,161,671 and 296,087,533 shares issued; 256,796,280 and 284,327,598 shares outstanding, respectively	299	296
Additional paid-in capital	2,521,933	2,445,723
Accumulated deficit	(1,152,790)	(125,894)
Treasury stock at cost; 42,365,391 and 11,759,935 shares held, respectively	(608,161)	(145,000)
Total stockholders' equity	761,283	2,175,127
Total liabilities and stockholders' equity	$ 2,702,199	$ 3,183,631