0001213900-26-037514 | 10-K | Visualisateur XBRL

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Acquisition of Assets - Schedule of Purchase Price (Details) - Business Combination [Member] - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	Mar. 14, 2025
Prix d'achat
Contrepartie en espèces	$ 5,000
Value of 8,500,000 common shares transferred at closing	33,745
Derecognition of lease liability	(9,014)	$ (800)
Right-of-use asset surrendered	10,055
Coûts de transaction	626
Prix d'achat total	40,412
Assets acquired
Terre	39,710
Building	702
Total assets acquired	$ 40,412	$ 152,264

Business Combination - Schedule of Final Purchase Price Allocation and Fair Value of Net Assets (Details) - Business Combination [Member] - USD ($) $ in Thousands	Mar. 14, 2025	31 décembre 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
Liquidités	2,976
Accounts receivable	1,095
Dépôts prépayés à court terme	1,732
Other assets (current)	118
Rights to renewable energy credits and waste tax credits	8,989
Inventories	3,269
Biens, installations et équipements	152,264	$ 40,412
Intangible assets, net	51
Operating and finance lease right-of-use assets, net	1,594
Other non-current assets	1,550
Accounts payable and accrued expenses	(23,488)
Tranche courant de la dette à long terme	(420)
Current portion of operating and finance lease liabilities	(800)	$ (9,014)
Dette à long terme	(460)
Non-current operating and finance lease liabilities	(756)
Other non-current liabilities	(3,019)
Total net identifiable assets acquired	$ 144,695

Income Taxes - Schedule of Income Taxes Paid (Net of Refunds Received) (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Income taxes paid (net of refunds received):
Total income taxes paid (received)	$ 427	$ 566	$ 295
Canada - Federal [Member]
Income taxes paid (net of refunds received):
Total income taxes paid (received)	9	61
Canada - Provincial [Member]
Income taxes paid (net of refunds received):
Total income taxes paid (received)	(40)	47
Foreign - United States [Member]
Income taxes paid (net of refunds received):
Total income taxes paid (received)	$ 458	$ 458	$ 295

Inventories

12 mois terminés

31 décembre 2025

Inventories [Abstract]

INVENTORIES

NOTE 9: INVENTORIES

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Waste, limestone and fuel oil*		5,805		—
Electronic and networking components		2,871		1,137
		8,676		1,137

* On the Acquisition Date, inventories from the Stronghold business combination amounted to $3,269. Refer to Note 3 for more details.

Significant Accounting Policies - Schedule of Property Plant and Equipment (Details)	12 mois terminés
	31 décembre 2025
Mineurs [Membre]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Linéaire
Période d'amortissement	3 années
Mining-related equipment [Member]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Linéaire
Période d'amortissement	5 années
Améliorations locatives [Membre]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Linéaire
Période d'amortissement	La durée la plus courte entre la durée du bail et la durée de vie prévue de l'amélioration
Machinery and equipment [Member]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Linéaire
Machinery and equipment [Member] \| Minimum [Member]
Schedule of Property Plant and Equipment [Line Items]
Période d'amortissement	5 années
Machinery and equipment [Member] \| Maximum [Member]
Schedule of Property Plant and Equipment [Line Items]
Période d'amortissement	30 années
Bâtiments [Membre]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Un équilibre en baisse
Période d'amortissement	4.00%
Power Plants [Member]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Un équilibre en baisse
Période d'amortissement	4.00%
Véhicules [Membre]
Schedule of Property Plant and Equipment [Line Items]
Depreciation method	Un équilibre en baisse
Période d'amortissement	30.00%

Assets Held For Sale and Discontinued Operations - Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations [Abstract]
Variation nette de la trésorerie liée aux activités opérationnelles	$ (12,773)	$ (25,188)	$ 13,522
Variation nette de la trésorerie liée aux activités d’investissement	26,194	27,615	(14,349)
Variation nette des liquidités liées aux activités de financement	(274)	(296)	(287)
Net change in cash generated by the discontinued operations	$ 13,147	$ 2,131	$ (1,114)

Additional Details to the Statements of Operations - Schedule of Other Expense (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Other Expense [Abstract]
Gain lors de la déreconnaissance des mandats		$ 62
Gain sur le règlement des dépôts d'hébergement remboursables	945
Perte sur la comptabilisation initiale des dépôts remboursables		(933)
Amortization of transaction costs and debt discount	(3,148)
Gain (loss) on exchange rates	(422)	(896)	(590)
Autres charges financières	(3,438)	(343)	(938)
Autres dépenses	$ (6,063)	$ (2,110)	$ (1,528)

Baux

12 mois terminés

31 décembre 2025

Contrats de location [Abrégé]

LEASER

NOTE 18: LEASES

The components of lease expense are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Finance lease expense
Amortization of ROU assets		829		1,170		1,381
Interest on lease obligations		93		88		217
Operating lease expense		4,202		2,925		2,162
Amortization of initial direct costs		278		139		—
		5,402		4,322		3,760

Based on the nature of the ROU asset, amortization of finance ROU assets, operating lease expense, short-term lease expense, and variable lease expense are recognized in either cost of revenues or general and administrative expenses and interest on finance lease obligations is recognized in other income (expense) on the consolidated statement of operations. Refer to Note 25 for more details.

Other information related to leases is as follows:

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Actifs ROU
Operating lease ROU assets		11,103			21,299
Finance lease ROU assets		2,127			2,281
Total des actifs du ROU		13,230			23,580

Responsabilité relative au contrat de location
Operating lease liabilities		1,490			1,959
Finance lease liabilities		235			130
Long-term portion of lease liabilities
Operating lease liabilities		10,606			17,440
Finance lease liabilities		1,978			2,310
Total lease liabilities		14,309			21,839

Weighted-average remaining lease term (in years)
Operating lease		6 années			7 années
Finance lease		5 années			5 années

Weighted-average discount rate
Operating lease		9	%		9	%
Finance lease		7	%		8	%

Cash flow information related to leases is as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases		3,336		2,456		2,284
Operating cash flows used in finance leases		114		131		283
Financing cash flows used in finance leases		820		1,079		2,458

ROU assets obtained in exchange for lease liabilities:
Operating leases		3,276		8,960		986
Finance leases		603		968		567

Future minimum lease payments required under non-cancellable leases as of December 31, 2025, were as follows:

	Operating leases			Finance leases			Total
2026		2,728			631			3,359
2027		3,182			576			3,758
2028		3,274			495			3,769
2029		3,222			451			3,673
2030 et par la suite		12,131			1,206			13,337
Total minimum lease payments		24,537			3,359			27,896
Less: payments related to leases not yet commenced		(7,848	)		—			(7,848	)
Less: imputed interest		(4,593	)		(1,146	)		(5,739	)
Total lease liabilities		12,096			2,213			14,309

Sharon lease agreement

On August 27, 2024, the Company entered into an agreement to lease a site in Sharon, Pennsylvania, United States, providing the Company immediate capacity of 12 MW of electricity and potential for up to an additional 98 MW for a total 110 MW of development capacity by 2026.

Upon signing the lease agreement, the Company issued common shares with a total value of $3,000 as a non-refundable deposit which was capitalized as part of the ROU asset. The initial lease term is five years with options to renew for a total of seventeen years along with an option to purchase the site at fair market value through the lease term or upon a change of control, as defined therein. The lease has variable minimum monthly payments increasing over the term of the lease from $33 to $138, with annual adjustments beginning after the third year. Prior to June 30, 2026, monthly lease payments can fluctuate based on the energized MW. On initial recognition, the Company recognized $11,390 of ROU asset and $8,240 of lease liability with the difference of $3,000 recognized in share capital as explained above and in Note 20.

In October 2025, the Company acquired the leased property. Refer to Note 4 for more details.

Magog lease agreement

In November 2024, the Company agreed to terminate its lease for the Bitcoin data center in Magog, Québec, Canada, and forfeit its fixed price purchase option in exchange for $714 (CAD$1,000) from the landlord. Concurrently, the Company signed a new lease with the same party with an initial term of 10 years with monthly payments totaling $17 (CAD$24) which took effect on December 1, 2024 and maintain an option to purchase the site at fair market value for the duration of the lease.

The new lease agreement is considered a lease modification that resulted in the remeasurement of the lease liability by discounting the revised lease payments in addition with a corresponding adjustment made to the ROU asset of $708. The $714 payment from the landlord is considered a lease incentive which reduced the ROU asset carrying amount.

Refundable Deposits - Schedule of Refundable Deposits (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Schedule of Refundable Deposits [Line Items]
Total	$ 350	$ 14,216
Refundable Hosting Deposits [Member]
Schedule of Refundable Deposits [Line Items]
Total		14,216
Other [Member]
Schedule of Refundable Deposits [Line Items]
Total	$ 350

Share Capital - Schedule of Movement in Number of Common Shares (Details) - shares	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule Of Movement In Number Of Common Shares Abstract
Outstanding	479,332,885	334,153,330	224,200,170
Issuance through at-the market equity offering program	29,616,939	135,474,160	52,120,899
Issuance through business combination	59,866,609
Share buyback and cancellation	(7,807,141)
Exercise of Options	12,591,449	2,644,873	3,047,346
Settlement of share awards	1,543,320
Issuance of common shares related to right-of-use asset		1,532,745
Exercise of warrants	15,191,855	5,111,111	9,269,630
Règlement des unités d'actions restreintes	2,744,083	416,666	250,002
2023 placement privé			44,444,446
Issuance through acquisition of assets	8,500,000		820,837
Outstanding	601,579,999	479,332,885	334,153,330

Award Timing Disclosure

12 mois terminés

31 décembre 2025

Award Timing Disclosures [Line Items]

Award Timing MNPI Disclosure

Option Grant Timing:

Our practices with respect to the timing of Option grants are as follows:

●

Grant Timing and MNPI: We do not time the grant of Options in coordination with the release of material non-public information (“MNPI”) in order to benefit recipients or to otherwise affect the value of equity-based compensation.

●

Board and Committee Approval: All Option grants are approved by the Board upon recommendation of the Compensation Committee. Grant dates are established at the time of Board approval and are not subject to retroactive adjustment.

●

New Hire Grants: Option grants to newly appointed executives are approved by the Board and are made at grant prices reflecting market prices at the time of Board approval, not timed in coordination with the release of MNPI.

General Grant Practices:

Our general policies and practices regarding the timing of equity grants to NEOs are as follows:

●

Predetermined Schedule: Annual LTIP grants to NEOs are generally made in connection with the Compensation Committee’s annual compensation review cycle, following the end of the preceding fiscal year or in the first quarter of the relevant fiscal year.

●

Relationship to Financial Results: Annual grants are typically made following the completion of year-end financial reporting processes. We do not time grants in anticipation of or in coordination with the release of annual or interim financial results or other MNPI disclosures.

●

Committee Role: The Compensation Committee reviews and recommends all equity grants for approval by the Board. Grant dates are established upon Board approval and are not subject to retroactive modification.

●

Changes in Fiscal Year 2025: There were no material changes to our equity grant timing practices during fiscal year 2025.

Award Timing Method

Our practices with respect to the timing of Option grants are as follows:

●

Award Timing Predetermined

vrai

Award Timing MNPI Considered

faux

MNPI Disclosure Timed for Compensation Value

faux

Stock-Based Compensation - Schedule of Additional information on RSU (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Stock-Based Compensation [Line Items]
Total fair value of RSUs vested	$ 4,427	$ 1,160	$ 691
Unrecognized compensation cost related to the unvested RSUs	$ 2,908
Remaining weighted-average vesting period	1 année 9 mois 18 jours

- 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

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+ Details

Loss Per Share (Tables)

12 mois terminés

31 décembre 2025

Loss 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:

	Année terminée le 31 décembre,
From continuing operations:	2025			2024			2023
Numerator:
Perte due à la poursuite des opérations		(208,514	)		(7,359	)		(39,933	)
Effect of Convertible Notes		—			—			—
Numerator for diluted loss per share		(208,514	)		(7,359	)		(39,933	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117
Dilutive impact of Convertible Notes		—			—			—
Denominator for diluted loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117

Loss from continuing operations per common share attributable to common shareholders:
Basic		(0.38	)		(0.02	)		(0.15	)
diluée		(0.38	)		(0.02	)		(0.15	)

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

	Année terminée le 31 décembre,
From discontinued operations	2025			2024			2023
Numerator:
Pertes dues à l’arrêt des opérations		(76,030	)		(21,006	)		(15,578	)
Effect of Convertible Notes		—			—			—
Numerator for diluted loss per share		(76,030	)		(21,006	)		(15,578	)

Denominator:
Denominator for basis loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117
Dilutive impact of Convertible Notes		—			—			—
Denominator for diluted loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117

Loss from discontinued operations per common share attributable to common shareholders:
Basic		(0.14	)		(0.05	)		(0.06	)
diluée		(0.14	)		(0.05	)		(0.06	)

Schedule of Anti-dilutive 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:

	Année terminée le 31 décembre,
	2025		2024		2023
Options		8,995,839		6,046,226		3,864,150
bons de souscription		6,874,665		5,704,798		768,476
RSUs		4,776,810		859,942		331,735
PSUs		1,682,050		—		—
Share awards		486,252		—		—
Convertible note shares		16,663,468		—		—
		39,479,084		12,610,966		4,964,361

Stock-Based Compensation

12 mois terminés

31 décembre 2025

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 21: STOCK-BASED COMPENSATION

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

	Année terminée le 31 décembre,
	2025		2024		2023
Options		8,102		10,045		10,012
RSUs		4,140		2,034		594
PSUs		969		—		—
Share awards		1,557		—		—
		14,768		12,079		10,606

Long-Term Incentive Plan (“2025 LTIP”)

The 2025 LTIP Plan was adopted in July 2025 and provides the Company the ability to grant various share-based compensation such as, but not limited to, Options, RSUs and PSUs. The 2025 LTIP is a 10% rolling plan, permitting the issuance of up to 10% of the Company’s outstanding shares in respect of the awards granted.

Options

Under 2025 LTIP

During the year ended December 31, 2025, the Board approved Options grants to purchase 1,822,500 common shares in accordance with the 2025 LTIP (for the years ended December 31, 2024 and 2023: 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 year ended December 31, 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 (the years ended December 31, 2024 and 2023: 9,010,000 and 13,156,250 common shares, respectively). 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 year ended December 31, 2025, the Company granted 302 Options to certain employees of Stronghold as part of the business combination described in Note 3.

On March 31, 2023, upon the voluntary surrender by Option holders, the Company cancelled outstanding Options exercisable for 10,535,000 common shares. The Company intended, but had no obligation, to grant new Options no less than 90 days after the cancellation date of the original Options to the persons who formerly held the cancelled Options. As the Options were cancelled without the concurrent grant of a replacement award, the cancellation was treated as a settlement for no consideration, and all remaining unrecognized stock-based compensation expense associated with the cancelled Options was accelerated for an amount of $914 during the first quarter of 2023.

Details of the outstanding Options are as follows:

	Année terminée le 31 décembre,
	2025					2024					2023
	Nombre d'options			Prix d'exercice moyen pondéré ($CAD)		Nombre d'options			Prix d'exercice moyen pondéré ($CAD)		Nombre d'options			Prix d'exercice moyen pondéré ($CAD)
Encours, janvier 1,		26,865,764			2.64		20,939,387			2.41		21,804,233			3.47
Accordé		4,358,727			1.92		9,010,000			2.96		13,156,250			2.58
Exercé		(12,591,449	)		2.36		(2,644,873	)		1.50		(3,047,346	)		0.85
Annulé		—			—		—			—		(10,633,750	)		5.15
Confisqué		(565,625	)		2.30		(142,500	)		2.97		—			—
Expiré		(1,370,752	)		2.70		(296,250	)		5.90		(340,000	)		5.47
En cours, décembre 31,		16,696,665			2.67		26,865,764			2.64		20,939,387			2.41
Exerçables, décembre 31,		9,687,377			1.58		9,515,764			1.58		11,112,519			2.01

Additional information on Options are as follows:

	Année terminée le 31 décembre,
	2025	2024	2023
Weighted-average grant date fair value of Options granted	0.72 per share	1.12 per share	1.12 per share
Weighted-average grant date fair values of Options vested	1.08 per share	1.03 per share	1.19 per share
Weighted-average grant date fair value of non-vested Options	0.93 per share	1.19 per share	1.08 per share
Total intrinsic values of the Options exercised	21,021	5,544	6,442
Total fair value of Options vested	2,722	10,318	12,932

	Year ended December 31,
	2025
Total intrinsic values of the Options outstanding		12,757
Total intrinsic values of the Options exercisable		9,156

	As at December 31,
	2025
Weighted-average remaining contractual life of the outstanding Options		3.3 years
Weighted average remaining contractual life of the exercisable Options		3.1 years
Unrecognized compensation cost related to the non-vested Options		1,452
Remaining weighted-average vesting period		0.7 years

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

	Année terminée le 31 décembre,
	2025			2024			2023
Rendement du dividende (%)		—			—			—
Expected share price volatility (%)*		78	%		82	%		96	%
Taux d'intérêt sans risque (%)		3.70	%		3.68	%		4.33	%
Expected life of Options (years)		3.0 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.

RSUs

Les détails des RSU sont les suivants :

	Année terminée le 31 décembre,
	2025					2024					2023
	Number of RSUs			Weighted Average Grant Price ($CAD)		Number of RSUs			Weighted Average Grant Price ($CAD)		Number of RSUs			Weighted Average Grant Price ($CAD)
Encours, janvier 1,		897,666			3.61		624,998			4.05		400,000			3.73
Accordé		6,767,857			1.57		706,000			3.27		475,000			3.83
Réglé		(2,744,083	)		2.25		(416,666	)		3.64		(250,002	)		3.13
Confisqué		(73,865	)		1.45		(16,666	)		5.01		—			—
En cours, décembre 31,		4,847,575			1.56		897,666			3.61		624,998			4.05

Under the 2025 LTIP

During the year ended December 31, 2025, the Board approved the grant of 3,984,432 RSUs to certain members of Management which vest 1/3 annually over three years.

Under the 2021 LTIP

During the year ended December 31, 2025, the Company granted 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 approximately 17% every 3 months. In addition, the Company granted 893,425 RSUs to 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.

During the year ended December 31, 2024, the Board approved the grant of 706,000 RSUs to certain members of senior Management. Of the 706,000 RSUs, 175,000 RSUs vest 50% approximately one month from the grant date and an additional 25% every 6 months and 531,000 RSUs vest 33% three months from the grant date and an additional 33% every six months.

During the year ended December 31, 2023, the Board approved the grant of 475,000 RSUs to certain members of senior Management and Directors which vest 25% at the time of grant and an additional 25% every 6 months.

Additional information on RSUs are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Total fair value of RSUs vested		4,427		1,160		691

	As at December 31,
	2025
Unrecognized compensation cost related to the unvested RSUs		2,908
Remaining weighted-average vesting period		1.8 years

PSUs

Details of the PSUs are as follows:

	Année terminée le 31 décembre,
	2025
	Number of PSUs			Weighted Average Grant Price ($CAD)
Encours, janvier 1,		—			—
Accordé		4,349,985			1.41
Annulé		(841,710	)		1.41
En cours, décembre 31,		3,508,275			1.41

During the year ended December 31, 2025, the Company granted 4,349,985 PSUs to senior executives as part of the 2025 LTIP, which will vest at the end of the three years. PSUs entitle participants to receive a specified number of common shares of the Company, subject to the achievement of predetermined market and service conditions over a defined vesting period.

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.

In October 2025, in connection with the former Chief Financial Officer’s departure, the Company accelerated the vesting of certain unvested stock options and RSUs. Additionally, 841,710 outstanding PSUs were exchanged for 380,000 RSUs. The modification resulted in incremental stock-based compensation expense recognized during the year ended December 31, 2025.

Additional information on PSUs are as follows:

			Year ended December 31,
			2025
Total fair value of PSUs vested			—

	As at December 31,
	2025
Unrecognized compensation cost related to the unvested PSUs		5,135
Remaining weighted-average vesting period		2.5 years

The fair value of PSUs is determined at the grant date using a Monte Carlo simulation model, which incorporates the probability of achieving market-based performance conditions. The assumptions used to value the PSUs grants using the Monte Carlo simulation model are as follows:

	Year ended December 31,
	2025
Rendement du dividende (%)		—	%
Volatilité attendue du prix de l'action (%)		98	%
Taux d'intérêt sans risque (%)		3.85	%
Expected life of PSU (years)		3.0 years

Share awards

During the year ended December 31, 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.

Acquisition of Assets

12 mois terminés

31 décembre 2025

Acquisition of Assets [Abstract]

Acquisition of Assets

NOTE 4: ACQUISITION OF ASSETS

Acquisition of leased property and energy agreements

On October 24, 2025, the Company acquired the previously leased site in Sharon, Pennsylvania, United States (“Sharon Property”), the energy rights and energy construction agreements for $5,000 and 8,500,000 common shares. The lease agreement for the site was terminated. Refer to Note 18 for details regarding the lease.

The acquisition of the Sharon Property does not meet the definition of a business combination as its primary assets consist mainly of land, building and contractual energy rights for up to 120 MW of power capacity and electrical construction contracts. Therefore, the transaction has been recorded as an acquisition of a group of assets.

The purchase price is as follows:



Prix d'achat
Contrepartie en espèces	5,000
Value of 8,500,000 common shares transferred at closing	33,745
Derecognition of lease liability	(9,014	)
Right-of-use asset surrendered	10,055
Coûts de transaction	626
	40,412

Assets acquired
Terre	39,710
Building	702
	40,412

Property, Plant and Equipment, Net (Tables)

12 mois terminés

31 décembre 2025

Property, Plant and Equipment, Net [Abstract]

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

Aux dates de décembre 31, 2025 et 31, 2024, les immobilisations corporelles ( »EPI ») se composaient des éléments suivants :

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
BVVE		354,011			335,349
Land and buildings		63,888			5,039
Power plants		102,133			—
Machinery and Equipment		11,989			—
Améliorations locatives		14,538			59,449
Véhicules		1,544			1,754
		548,103			401,591
Amortissement cumulé		(189,770	)		(164,336	)
Valeur comptable		358,333			237,255

Refundable Deposits (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024	Nov. 30, 2024	Oct. 31, 2024
Refundable Deposits [Line Items]
Amount of refundable deposit		$ 24,634
Annual interest rate	1.00%
Panther Creek Refundable Deposit [Member]
Refundable Deposits [Line Items]
Amount of refundable deposit	$ 7,125			$ 7,800
Scrubgrass Refundable Deposit [Member]
Refundable Deposits [Line Items]
Amount of refundable deposit	$ 7,542		$ 7,800

- 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

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+ Details

Stock-Based Compensation - Schedule of Outstanding Options (Details) - Equity Option [Member] - $ / shares	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options Outstanding, Beginning	26,865,764	20,939,387	21,804,233
Weighted Average Exercise Price Outstanding, Beginning	$ 2.64	$ 2.41	$ 3.47
Number of Options Outstanding, Ending	16,696,665	26,865,764	20,939,387
Weighted Average Exercise Price Outstanding, Ending	$ 2.67	$ 2.64	$ 2.41
Number of Options Exercisable, Ending	9,687,377	9,515,764	11,112,519
Weighted Average Exercise Price Exercisable, Ending	$ 1.58	$ 1.58	$ 2.01
Weighted Average Exercise Price Number of Options Granted	4,358,727	9,010,000	13,156,250
Weighted Average Exercise Price Granted	$ 1.92	$ 2.96	$ 2.58
Nombre d'options exercées	(12,591,449)	(2,644,873)	(3,047,346)
Weighted Average Exercise Price Exercised	$ 2.36	$ 1.5	$ 0.85
Number of Options Cancelled			(10,633,750)
Weighted Average Exercise Price Cancelled			$ 5.15
Nombre d'options perdues	(565,625)	(142,500)
Weighted Average Exercise Price Forfeited	$ 2.3	$ 2.97
Nombre d'options expirées	(1,370,752)	(296,250)	(340,000)
Weighted Average Exercise Price Expired	$ 2.7	$ 5.9	$ 5.47

Significant Accounting Policies - Schedule of Amortization of Intangible assets (Details)	12 mois terminés
	31 décembre 2025
Logiciels de systèmes [Membre]
Schedule of Amortization of Intangible assets [Line Items]
Méthode d'amortissement	Somme des années
Période d'amortissement	5 années
Droits d'accès à l'électricité [Membre]
Schedule of Amortization of Intangible assets [Line Items]
Méthode d'amortissement	Linéaire
Période d'amortissement	Durée du bail du centre de données ou de la période des droits d'accès

- 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

Significant Accounting Policies

12 mois terminés

31 décembre 2025

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

These 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. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements also include the Company’s discontinued operations, consisting of the Company’s Paraguay and Argentina operations.

The consolidated financial statements are presented in USD and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) including the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding financial reporting.

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 consolidated financial statements.

Nature of variable interest entities (VIEs)

Certain of the Company’s wholly-owned subsidiaries are considered VIEs primarily because their equity investment at risk isn’t sufficient to permit the entities to finance their activities without additional subordinated financial support. The Company has determined that it is the primary beneficiary of each of its consolidated VIEs because it has the power to direct the activities that most significantly affect the economic performance of the VIEs and the obligation to absorb losses or the right to receive benefits that could potentially be significant. Accordingly, the assets, liabilities, revenues and expenses of these VIEs are included in the Company’s consolidated financial statements. The consolidated VIEs do not have assets that are restricted to settling the obligations of the VIEs, and creditors of the VIEs do not have recourse solely to the assets of the VIEs. As a result, separate presentation of VIE assets and liabilities on the consolidated balance sheets is not required. The Company’s maximum exposure to loss as a result of its involvement with the consolidated VIEs is reflected in the carrying amounts of the assets and liabilities included in the consolidated financial statements. The Company did not provide financial or other support to its consolidated VIEs during the periods presented that it was not previously contractually required to provide.

Use of estimates

The preparation of 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 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 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.

Foreign currencies

The Company’s functional currency is the USD as all of its cryptocurrency Mining revenues, most of its capital expenditures and most of its financing are measured or transacted in USD. In addition, the Company’s reporting currency is USD. Transactions in foreign currencies are initially recorded at the exchange rate in effect on the transaction date. Monetary assets and liabilities in foreign currencies are subsequently translated into the functional currency at the exchange rate in effect at each reporting date. Exchange rate differences, other than those capitalized to qualifying assets or carried to equity in hedging transactions, are included in profit or loss. Non-monetary assets and liabilities in foreign currencies stated at cost are translated at the exchange rate in effect at the transaction date. Non-monetary assets and liabilities in foreign currencies carried at fair value are translated at the exchange rate at the date on which the fair value was determined.

Business combinations

The Company first evaluates whether an acquired set of activities and assets meets the definition of a business in accordance with ASC 805, Business Combinations. If the acquired set does not meet the definition of a business, the transaction is accounted for as an asset acquisition. In an asset acquisition, the cost of the acquisition, including transaction costs, is allocated to the identifiable assets acquired and liabilities assumed based on their relative fair values at the acquisition date. No goodwill is recognized in an asset acquisition.

The Company accounts for business combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred.

When the initial accounting for a business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These measurement period adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. The cumulative impact of measurement period adjustments to the provisional amounts are recognized in the period that the adjustment is determined.

Reconnaissance des revenus

The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of the revenue standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Identify the contract with the customer

Identify the performance obligations in the contract

Determine the transaction price

Allocate the transaction price to the performance obligations in the contract, and

Recognize revenue when the company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met:

●

The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and

●

The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

●

Variable consideration

●

Constraining estimates of variable consideration

●

The existence of a significant financing component

●

Non-cash consideration

●

Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time, as appropriate.

The Company has four revenue streams: i) sale of computational power used for hashing calculations, ii) energy sales, iii) hosting agreements and iv) electrical services.

i.	Revenues from the sale of computational power used for hashing calculations

The Company has entered into arrangements with Mining pool operators, which are the Company’s customers in accordance with ASC 606, and has undertaken the single performance obligation of providing a service to perform hash calculation services in exchange for non-cash consideration in the form of Bitcoin, which is variable consideration. Providing hash calculation services to the Mining pool operators is an output of the Company’s ordinary business activities.

Bitcoin are calculated based on a formula which, in turn, is based on the hashrate contributed by the Company’s provided computing power used for hashing calculations allocated to the Mining pool operators, assessed over a 24-hour period, and distributed daily based on the FPPS formula. The Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computational power used for hashing calculations at contract inception and subsequently determines whether it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The uncertainties regarding the daily variable consideration to which the Company is entitled for providing its computational power used for hashing calculations are no longer constrained at 23:59:59 UTC regardless of the timing of the Bitcoin received.

The amount earned is calculated based on the Company’s computing power used for hashing calculations provided to the Mining pool operators and the estimated (a) block subsidies and (b) daily average transaction fees which the Mining pool operators expect to earn, less (c) a Mining pool discount.

(a) Block subsidies refer to the block rewards that are expected to be generated on the Bitcoin network as a whole. The fee earned by the Company is first calculated by dividing (1) the total amount of hashrate the Company provides to the Mining pool operator, by (2) the total Bitcoin network’s implied hashrate (as determined by the Bitcoin network difficulty), multiplied by (3) the total amount of block subsidies that are expected to be generated on the Bitcoin network as a whole.

(b) Transaction fees refer to the total fees paid by users of the network to execute transactions. The fee paid by the Mining pool operator to the Company is calculated by dividing (1) the total amount of transaction fees that are actually generated on the Bitcoin network as a whole less the 3 largest and 3 smallest blocks, divided by (2) the total amount of block subsidies that are actually generated on the Bitcoin network as a whole less the 3 largest and 3 smallest blocks, multiplied by (3) the Company’s fee earned as calculated in (a) above. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the Mining pool.

(c) Mining pool discount refers to the discount applied to the total amount earned based on the FPPS formula otherwise attributed to computing power service providers for their sale of computing power used for hashing calculations as defined in the rate schedule of the agreement with the Mining pool operator.

Revenues from the sale of computational power used for hashing calculations (Continued)

The Company is entitled to the fee from the Mining pool operators as calculated above regardless of the actual performance of the Mining pool operators. Therefore, even if the Mining pool operators do not successfully add any block to the blockchain in a given contract period, the fee remains payable by the Mining pool operators to the Company. Accordingly, the Company is not sharing in the earnings of the Mining pool operators. The Company’s enforceable right to compensation begins when, and continues as long as, the Company provides its services to the Mining pool operators, and the Company decides when to provide these services under the contracts.

The Company’s agreements with the Mining pool operators provide the Mining pool operators and the Company with the enforceable right to terminate the contract at any time without substantively compensating the other party for the termination. Upon termination, the Mining pool operators are required to pay the Company the amount due related to previously satisfied performance obligations. As a result, the Company has determined that the duration of the contract is less than 24 hours and the contract is continuously renewed throughout the day. Each contract period concludes at 23:59:59 UTC. The Company has also determined that the Mining pool operators’ renewal right is not a material right as the terms, conditions, and compensation amounts are at then-current market rates.

Bitcoin earned is received in full and can be paid in fractions of cryptocurrency. Revenues from providing a service to perform hash calculations for the Mining pool operators are recognized upon delivery of the service (i.e., when the Mining pool operators obtain control of the hash calculations) over a 24-hour period. The Company updates the estimated transaction price of the non-cash consideration received at its fair market value. Management estimates fair value daily based on the quantity of Bitcoin received multiplied by the price quoted from Coinbase Inc. (“Coinbase Prime”) on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input for fair value measurement purposes.

ii.

Recettes provenant des services électriques

The Company sells electrical components and provides electrician installation of those components as well as repair and maintenance services. Revenues are recognized according to the stage of completion of the transaction as of the balance sheet date. The stage of completion is estimated based on the costs incurred for the transaction compared to the total estimated cost of completion for the project. Under this input-based measure, revenues are recognized in the reporting period in which the services are provided. In the event that the outcome of the contract cannot be measured reliably, the revenues are recognized to the extent of the recoverable expenses incurred.

iii.

Revenue from hosting services

The Company has entered into hosting agreements under which it operates Mining-related equipment on behalf of third parties within its facilities. Revenue from hosting agreements is recognized as the Company satisfies its performance obligation of operating the hosting equipment over time.

The consideration for the Company’s hosting agreement comprises (a) the variable cost-of-power fee, denominated in cash, and (b) a portion of the Bitcoin mined by the customer’s Mining-related equipment that the Company hosts, denominated in Bitcoin. The amount of consideration does not include a significant financing component and, therefore, is not adjusted for the effects of the time value of money in determining the transaction price.

Estimates for variable cost-of-power fees and variable Bitcoin consideration are fully constrained. The Company includes these amounts in the transaction price only when it is probable that no significant revenue reversal will occur once the uncertainty is resolved. Each quarter, when uncertainty is resolved, the Company includes in the transaction price (a) the actual amount of the variable cost-of-power fee and (b) the noncash Bitcoin consideration equal to the product of (1) the Company’s share of Bitcoin Mined by customers’ hosted equipment during the period and (2) the quoted Bitcoin price in the Company’s principal market at contract inception. At the end of each reporting period, the Company also reassesses the estimated transaction price to determine whether an estimate of the variable consideration over the remaining contract term is fully constrained.

Because there is only one performance obligation to provide an integrated hosting service to the Company’s hosting customers, the entire transaction price described above is allocated to the single performance obligation and recognized over time as the integrated hosting service is provided. Since the variable consideration is fully constrained, the Company recognizes revenue based on the actual cost-of-power and Bitcoin Mining components of the transaction price each reporting period when uncertainty regarding the amount of variable consideration is resolved.

iv.

Energy revenue

The Company operates as a market participant through the Pennsylvania, New Jersey, Maryland Interconnection (“PJM”), a Regional Transmission Organization (“RTO”) that coordinates the movement of wholesale electricity. The Company sells energy from its Panther Creek and Scrubgrass generating plants in the open market in the PJM RTO in the real-time, location marginal pricing market. Revenues from the sale of energy are recognized as the energy is delivered as a series of distinct units that are substantially the same and have the same pattern of transfer to the customer over time and are, therefore, accounted for as a distinct performance obligation. Revenue from the sale of energy is recognized over time as energy volumes are generated and delivered to the RTO (which is contemporaneous with generation), using the output method based on megawatt hours for measuring progress. The Company applies the right to invoice practical expedient in recognizing revenue from the sale of energy. Under this practical expedient, revenue from the sale of energy is recognized based on the invoiced amount which corresponds directly with the value provided to the customer for the Company’s performance obligation completed to date.

Coût des revenus

Cost of revenues include costs directly attributable to the Company’s revenue-generating activities. These costs primarily consist of electricity and energy costs used in cryptocurrency mining operations, depreciation and amortization of mining equipment and related infrastructure, hosting expenses, infrastructure operating costs, and electrical components and related salaries.

Cost of revenues may also include inventory consumption, customs duties, and other costs directly associated with the operation and maintenance of Bitcoin data centers. Certain government incentives, including renewable energy credits (“RECs”), waste tax credits (“WTCs”), and sales tax recoveries are recognized as reductions of the related expenses when earned.

Cash and cash equivalents

Cash and cash equivalents consist of deposits and short-term, highly-liquid investments with original maturities of three months or less. The Company only holds cash and maintains its cash in accounts at high-quality financial institutions that are insured by the Federal Deposit Insurance Corporation.

Rights to renewable energy credits and waste tax credits

The Company uses refuse, which is classified as a Tier II Alternative Energy Source under Pennsylvania law, to produce energy for sale. RECs are generated from renewable sources (i.e., refuse) and may be sold or traded. Government grants related to WTCs are issued by the Commonwealth of Pennsylvania.

The Company recognizes rights to RECs and WTCs as intangible assets when the underlying energy generation or waste coal consumption occurs. The quantity of RECs recognized is based on net megawatt-hour (“MWh”) generation during the period and estimated conversion rates derived from recent historical experience, while WTCs are recognized based on actual waste coal consumption multiplied by the applicable statutory credit rate.

The value of RECs recognized incorporates estimates of market prices based on recent transactions or pricing information obtained from third party brokers. RECs are generally certified by PJM approximately two months after the related generation, at which time estimates are updated as necessary. WTCs are typically certified by the Commonwealth of Pennsylvania in the year following the related waste coal consumption.

Simultaneously, as the rights to RECs and WTCs are recognized as intangible assets, a corresponding contra expense within cost of revenues is recognized to offset the fuel expenses incurred to produce energy. The Company is permitted and does sell these intangibles, recognizing a gain or loss on disposal in the consolidated statement of operations.

Impôt sur le revenu

Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the asset and liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base used in the computation of income for tax purposes and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized, and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company’s interpretation of the relevant tax rules and judgment.

Income taxes are recognized in the consolidated statements of operations, except when they relate to an item that is recognized in other comprehensive loss or directly in equity, in which case, the taxes are also recognized in other comprehensive loss or directly in equity respectively. Where income taxes arise from the initial accounting for a business combination, these are included in the accounting for the business combination.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), to enhance the transparency and decision usefulness of income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation and information on income taxes paid. The Company retrospectively adopted ASU 2023-09 in the year ended December 31, 2025. Refer to Note 19 for the required disclosures.

Actifs numériques

Digital assets are received as non-cash consideration for providing computational power used for hashing calculations and hosting services, in accordance with the Company’s revenue recognition policy under ASC 606. Digital assets are classified as current assets in the consolidated balance sheets as they are highly liquid, and the Company expects to realize them in cash within twelve months.

The Company adopted ASU 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”) as of January 1, 2023. As a result, digital assets are measured at fair value each reporting period, with changes in fair value recognized in the consolidated statements of operations. The fair value of digital assets is measured using the period-end closing price from the Company’s principal market, which is Coinbase Prime. When the Company sells digital assets, gains or losses from the disposal are measured as the difference between the cash proceeds and the cost basis, determined using a weighted average cost method.

Inventories

Electronic and networking components, waste coal, limestone, and fuel oil are valued at the lower of average cost or net realizable value and include all related transportation and handling costs. The Company performs periodic assessments to determine the existence of obsolete, slow-moving and unusable inventory and recognizes an allowance to reduce such inventories to net realizable value as necessary.

Actifs détenus en vue de la vente

The Company classifies long-lived assets or an asset group to be sold as “held for sale” in the period in which all of the following criteria are met: (i) the Company is committed to their sale, (ii) the assets are available for immediate sale in their present condition, (iii) there is a program to locate a buyer, (iv) it is probable that a sale will be completed within one year from the date of classification, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. From the date of such initial classification, the assets are no longer depreciated and are presented separately as current assets at the lower of their carrying amount and fair value less costs to sell, and any related liabilities (in the asset group) are separately classified as current liabilities.

Discontinued operations

A discontinued operation is a component of the Company that has either been abandoned, sold or classified as “held for sale” and represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.

Property, Plant and Equipment, Net

Property, plant and equipment are carried at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment losses and any related investment grants, and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary equipment used in connection with plant and equipment. The cost of an item of property, plant and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which the item is located when a legal obligation exists at the time the asset is placed in service.

Interest related to construction of assets is capitalized when the financial statement effect of capitalization is material, construction of the asset has begun, and interest is being incurred. Interest capitalization ends at the earlier of the asset being substantially complete and ready for its intended use or when interest costs are no longer being incurred.

Les immobilisations corporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
BVVE
Mineurs	Linéaire	3 années
Mining-related equipment	Linéaire	5 années
Améliorations locatives	Linéaire	La durée la plus courte entre la durée du bail et la durée de vie prévue de l'amélioration
Machinery and equipment	Linéaire	5 to 30 years
Bâtiments	Un équilibre en baisse	4%
Power Plants	Un équilibre en baisse	4%
Véhicules	Un équilibre en baisse	30%

The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the earlier of the date that the asset is classified as “held for sale” and the date that the asset is derecognized.

Baux

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines whether an arrangement contains a lease at the inception of the arrangement in accordance with ASC 842, Leases.

The Company determines lease classification at lease commencement as either operating or finance. The Company recognizes a ROU asset and a corresponding lease liability at lease commencement for leases with a term greater than 12 months. Lease liabilities are measured at the present value of lease payments over the lease term.

The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The Company continues to recognize the lease payments associated with these leases as expenses as incurred over the lease term.

The Company generally uses its incremental borrowing rate to determine the present value of lease payments as the rate implicit in the lease is not readily determinable.

Additional quantitative information regarding the Company’s leases, including lease costs and maturity analyses of lease liabilities are disclosed in Note 18.

For finance leases, lease liabilities are increased to reflect the accretion of interest and reduced for the lease payments made. ROU assets are depreciated over the shorter of the lease term and the estimated useful lives of the assets, as follows:

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Locaux loués	Linéaire	4-10 ans
Machinery and equipment	Linéaire	3-4 ans
Véhicules et autres	Linéaire	3-5 ans
BVVE	Linéaire	3 années

For operating leases, the lease expense is recognized on a straight-line basis over the lease term and is included in cost of revenues and general and administrative expenses in the consolidated statements of operations, depending on the nature of the asset.

Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain performance or usage-based payments, and other charges included in the lease.

Actifs incorporels

Intangible assets consist of acquired software and access rights to electricity with finite useful lives. Intangible assets acquired separately are initially measured at cost plus direct acquisition costs. Intangible assets acquired in business combinations are measured at their fair value as of the acquisition date.

Les immobilisations incorporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Logiciels de systèmes	Somme des années	5 années
Droits d'accès à l'électricité	Linéaire	Durée du bail du centre de données ou de la période des droits d'accès

The amortization period and the amortization method for an intangible asset are reviewed at least each year end and any changes are accounted for prospectively as a change in accounting estimate.

Impairment of long-lived assets

The Company’s long-lived assets (including property, plant and equipment, right-of-use assets and intangible assets with finite useful lives) are assessed for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (“asset group”). When indicators of potential impairment are present, the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group over the remaining useful life of the asset or asset group. If the sum of the undiscounted cash flow is less than the carrying amount of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying amount over the fair value of the asset or asset group, if any. Fair value is generally determined using discounted cash flow techniques or other valuation methods consistent with the market participant assumptions, as applicable. Impairment losses are recognized in the consolidated statements of operations in the period in which the impairment is identified and are not reversed in subsequent periods.

Impairment of financial assets

The Company recognizes an allowance for potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model in accordance with ASC 326, Financial Instruments – Credit Losses, for all financial assets measured at amortized cost, including accounts receivable and refundable deposits. The CECL impairment model requires an estimate of expected credit losses measured over the contractual life of an instrument, which considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model the Company considers many factors, including the aging of the balances, collection history, the counterparty’s credit rating, current economic conditions, and reasonable and supportable forecasts, among other factors. The allowance is estimated as the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, which may be discounted at the original effective interest rate (“EIR”), when the effect of discounting is material. Bad debts are written off against the allowance after all collection efforts have ceased.

Non-hedge derivative instruments

The Company enters into Bitcoin option contracts to reduce the risk of variability of cash flows resulting from the fluctuations in the Bitcoin price that impact future sales of digital assets. In addition, the Company entered into contracts and earned premiums by agreeing to sell Bitcoin if the price reached specific targets (“Bitcoin call option’’) to reduce the risk of variability of cash flows. These derivatives are not designated for hedge accounting under ASC 815, Derivatives and Hedging and are accounted for at fair value upon initial recognition and at each balance sheet date with changes in fair value recognized as gain or loss on derivative assets and liabilities within other income (expense) in the consolidated statement of operations.

Dette convertible

Upon issuance, the Company assesses the various terms and features of the convertible debt instruments to determine whether there are any embedded derivatives that are required to be accounted for separately from the host contract that do not qualify for a scope exception under ASC 815, Derivatives and Hedging (“ASC 815”) and recognized on the consolidated balance sheets at fair value. The fair value of bifurcated derivative liabilities, if any, are required to be revalued at each balance sheet date, with corresponding changes in fair value recognized in the consolidated statements of operations.

Convertible debt instruments that do not require bifurcation are accounted for as a single liability measured at amortized cost. The Convertible debt instruments are initially recorded at principal amount, net of issuance costs. Debt issuance costs are presented as a direct deduction from the carrying amount of the debt and are amortized to interest expense over the contractual term using the effective interest method. Interest expense includes the contractual coupon and amortization of issuance costs.

The fair value of the Convertible debt instruments is disclosed in accordance with ASC 825, Financial Instruments. Fair value is estimated using a discounted cash flow model based on the Company’s current borrowing rate for similar instruments and is classified within Level 2 of the fair value hierarchy under ASC 820, Fair Value Measurement.

Transactions d’appel plafonné

Capped call transactions entered into in connection with convertible debt issuances are evaluated under ASC 815-40 to determine whether they qualify for equity classification. Instruments that do not qualify for equity classification are recognized as derivative assets or liabilities and measured at fair value at each reporting date, with changes in fair value recognized in the consolidated statements of operations.

Fair value is determined using a monte carlo option pricing model that incorporates relevant market-based inputs, including the Company’s share price, expected volatility, risk-free interest rate, expected term and contractual terms of the instruments. The fair value measurement is classified within the appropriate level of the fair value hierarchy under ASC 820 based on the nature of the inputs used.

Évaluation de la juste valeur

La juste valeur est le prix qui serait reçu pour la vente d'un actif ou payé pour le transfert d'un passif dans le cadre d'une transaction ordonnée entre des acteurs du marché à la date d'évaluation.

Fair value measurement assumes that the transaction to sell the asset occurs in the principal market or, in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. For liabilities, fair value measurement reflects the effect of nonperformance risk, including the Company’s own credit risk.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair value measurement of long-lived assets takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The fair values are measured using the cost, market or income approaches. Assets and liabilities measured at fair value, or whose fair value is disclosed, are classified into categories within the fair value hierarchy based on the lowest level input that is significant to the overall fair value measurement. The determination of the level in the fair value hierarchy requires judgment, including the assessment of the significance of a particular input to the overall fair value measurement.

Niveau	Fair Value Hierarchy Level definitions
Niveau 1	Quoted (unadjusted) prices in active markets for identical assets or liabilities
Niveau 2	Observable, market-based inputs, other than quoted prices included in Level 1, for similar assets or liabilities that are directly or indirectly observable in the marketplace
Niveau 3	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

Rémunération basée sur les actions

Compensation expense for stock-based awards granted to employees and board members is measured at the grant-date fair value of the equity instruments. The fair value of stock options (“Options”) is determined using the Black-Scholes option pricing model. Restricted share units (“RSUs”) are measured based on the grant-date fair value of the Company’s common shares. The fair value of performance share units (“PSUs”) is determined using a Monte Carlo valuation model. Stock-based awards granted to non-employees are measured based on the fair value of the equity instruments expected to be issued in exchange for goods or services received.

Stock-based compensation expense is recognized within general and administrative expenses in the consolidated statement of operations, with a corresponding increase in additional paid-in capital, over the requisite service period. The Company has elected to account for forfeitures of awards as they occur.

Options and RSUs are service-based awards that vest in installments. The Company recognizes stock-based compensation expense using the graded vesting attribution method over the requisite service period.

PSUs are performance-based awards granted to senior management as part of the Company’s long-term incentive plan. PSUs entitle participants to receive a specified number of common shares of the Company, subject to the achievement of predetermined market and service conditions over a defined vesting period. PSUs vest in a single tranche at the end of the performance cycle, contingent upon the attainment of certain corporate performance objectives. The number of common shares issued upon vesting is subject to a performance multiplier based on the level of achievement of the performance objectives and may range from 0% to 200% of the target award. The likelihood of achieving the market condition is incorporated into the fair value of the PSUs and compensation expense will be recognized if the requisite service period is fulfilled even if the market condition is never satisfied.

bons de souscription

The Company accounts for warrants issued by the Company by first assessing whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own shares of common stock and whether the warrant holders could require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment is conducted at the time of issuance of the warrants and reassessed as of each subsequent balance sheet date while the warrants are outstanding. For issued warrants that do not meet all the criteria for equity classification, such warrants are required to be classified as liabilities initially at their fair value on the date of issuance and subsequently remeasured to fair value on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified warrants are recognized in Other (expense) income within the consolidated statements of operations.

Résultat par action

Earnings per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Potential common shares are included in the calculation of diluted earnings per share if their effect dilutes earnings per share from continuing operations. Potential common shares that were converted during the period are included in diluted earnings per share only up to the conversion date, and from that date are included in basic earnings per share.

Information sectorielle

Operating segments are identified based on the manner in which the Company’s Chief Executive Officer (“CEO”) as its chief operating decision maker (“CODM”) reviews financial information, evaluates operating performance, and allocates resources. Operating segments are defined as components of the Company that engage in business activities from which they may earn revenues and incur expenses, whose operating results are regularly reviewed by the CODM, and for which discrete financial information is available. The Company operates multiple Bitcoin data centers, each of which constitutes an operating segment. The Company aggregates operating segments into a single operating segment when the segments have similar economic characteristics and meet the aggregation criteria prescribed by ASC 280, Segment Reporting. The Company has aggregated all of its mining operating segments into a single operating segment, which is the Company’s only reportable segment, Cryptocurrency Mining, as the operating segments have similar economic characteristics. The CODM evaluates segment performance based on net income (loss). Refer to Note 24 for the Company’s segment and geographical disclosures.

Recently issued accounting pronouncements

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.

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 new standard is effective for the Company for its annual and interim periods beginning January 1, 2026, with early adoption permitted. The Company is evaluating the impact of adopting the standard.

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 March 2025, the FASB issued ASU No. 2025-02, Liabilities (Topic 405): Amendments to SEC Paragraph Pursuant to SEC Staff Accounting Bulletin No. 122 (“ASU 2025-02”). ASU 2025-02 amends the Accounting Standard Codification to remove the text of SEC Staff Accounting Bulletin (“SAB”) 121, as rescinded by SAB 122. The new standard is effective immediately and 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 new standard is effective for the Company for its annual and interim periods beginning January 1, 2026, 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 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.

Business Combination - Schedule of Pro-Forma Summary Presents Consolidated Information (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024
Schedule of Pro-Forma Summary Presents Consolidated Information [Abstract]
Revenue from continuing operations	$ 231,342	$ 198,048
Perte nette liée à la poursuite des opérations	$ (216,012)	$ (63,055)

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Déficit accumulé	Total
Solde au déc. 31, 2022	$ 412,233	$ 78,370	$ (244,061)	$ 246,542
Solde (en actions) au déc. 31, 2022	224,200,170
Perte nette			(55,511)	(55,511)
Rémunération basée sur les actions		10,915		10,915
Issuance of common shares	$ 99,973			99,973
Issuance of common shares (in Shares)	97,386,182
Issuance of equity warrants		10,457		10,457
Règlement des unités d'actions restreintes	$ 692	(692)
Règlement des unités d'actions restreintes (en actions)	250,002
Exercice d'options d'achat d'actions et de bons de souscription	$ 18,503	(5,521)		12,982
Exercice d'options sur actions et de bons de souscription (en actions)	12,316,976
Solde au déc. 31, 2023	$ 531,401	93,529	(299,572)	325,358
Solde (en actions) au déc. 31, 2023	334,153,330
Perte nette			(28,365)	(28,365)
Rémunération basée sur les actions		12,681		12,681
Issuance of common shares	$ 292,534			292,534
Issuance of common shares (in Shares)	137,006,905
Règlement des unités d'actions restreintes	$ 1,116	(1,116)
Règlement des unités d'actions restreintes (en actions)	416,666
Exercice d'options d'achat d'actions et de bons de souscription	$ 12,713	(3,775)		8,938
Exercice d'options sur actions et de bons de souscription (en actions)	7,755,984
Solde au déc. 31, 2024	$ 837,764	101,319	(327,937)	611,146
Solde (en actions) au déc. 31, 2024	479,332,885
Perte nette			(284,544)	(284,544)
Rémunération basée sur les actions		14,984		14,984
Issuance of replacement stock-based compensation		232		232
Issuance of common shares	$ 172,794			172,794
Issuance of common shares (in Shares)	97,983,548
Issuance of equity warrants		20,088		20,088
Règlement des unités d'actions restreintes	$ 4,430	(4,430)
Règlement des unités d'actions restreintes (en actions)	2,744,083
Exercice d'options d'achat d'actions et de bons de souscription	$ 60,849	(25,220)		35,629
Exercice d'options sur actions et de bons de souscription (en actions)	27,783,304
Settlement of share awards	$ 1,558	(1,558)
Settlement of share awards (in Shares)	1,543,320
Repurchase and cancellation of common shares	$ (12,823)	2,869		(9,954)
Repurchase and cancellation of common shares (in Shares)	(7,807,141)
Solde au déc. 31, 2025	$ 1,064,572	$ 108,284	$ (612,481)	$ 560,375
Solde (en actions) au déc. 31, 2025	601,579,999

Financial Instruments - Schedule of Movement in the Refundable Deposits (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre	$ 14,216	$ 277
Ajouts		24,634
Perte initiale lors de la comptabilisation		(2,504)
Juste valeur lors de la comptabilisation initiale		22,407
Revenus d'intérêts	539	364
Gain on settlement	945
Derecognition	(18,283)
CECLs		(815)
Balance, before reclassification to assets held for sale	5,507	21,956
Balance as of Presented as non-current assets “held for sale”	(5,157)	(7,740)
Équilibre	350	14,216	277
Addition from business combination	350
Panther Creek [Member]
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre	6,977
Ajouts		7,800
Perte initiale lors de la comptabilisation		(675)
Juste valeur lors de la comptabilisation initiale		7,125
Revenus d'intérêts	187	261
Gain on settlement	603
Derecognition	(7,767)
CECLs		(409)
Balance, before reclassification to assets held for sale		6,977
Balance as of Presented as non-current assets “held for sale”
Équilibre		6,977
Addition from business combination
Scrubgrass [Member]
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre	7,239
Ajouts		7,800
Perte initiale lors de la comptabilisation		(258)
Juste valeur lors de la comptabilisation initiale		7,542
Revenus d'intérêts	126	103
Gain on settlement	342
Derecognition	(7,707)
CECLs		(406)
Balance, before reclassification to assets held for sale		7,239
Balance as of Presented as non-current assets “held for sale”
Équilibre		7,239
Addition from business combination
Refundable Hosting Deposits [Member]
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre	14,216
Ajouts		15,600
Perte initiale lors de la comptabilisation		(933)
Juste valeur lors de la comptabilisation initiale		14,667
Revenus d'intérêts	313	364
Gain on settlement	945
Derecognition	(15,474)
CECLs		(815)
Balance, before reclassification to assets held for sale		14,216
Balance as of Presented as non-current assets “held for sale”
Équilibre		14,216
Addition from business combination
Security Deposits for Energy [Member]
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre		277
Ajouts		9,034
Perte initiale lors de la comptabilisation		(1,571)
Juste valeur lors de la comptabilisation initiale		7,740
Revenus d'intérêts	226
Gain on settlement
Derecognition	(2,809)
CECLs
Balance, before reclassification to assets held for sale	5,157	7,740
Balance as of Presented as non-current assets “held for sale”	(5,157)	(7,740)
Équilibre			277
Addition from business combination
Other [Member]
Schedule of Movement in the Refundable Deposits [Line Items]
Équilibre
Ajouts
Perte initiale lors de la comptabilisation
Juste valeur lors de la comptabilisation initiale
Revenus d'intérêts
Gain on settlement
Derecognition
CECLs
Balance, before reclassification to assets held for sale	350
Balance as of Presented as non-current assets “held for sale”
Équilibre	350
Addition from business combination	$ 350

Méthodes comptables, par méthode (méthodes)

12 mois terminés

31 décembre 2025

Significant Accounting Policies [Abstract]

Basis of presentation and principles of consolidation

Basis of presentation and principles of consolidation

Nature of variable interest entities (VIEs)

Nature of variable interest entities (VIEs)

Use of estimates

Use of estimates

Foreign currencies

Foreign currencies

Business combinations

Business combinations

Reconnaissance des revenus

Reconnaissance des revenus

Identify the contract with the customer

Identify the performance obligations in the contract

Determine the transaction price

Allocate the transaction price to the performance obligations in the contract, and

Recognize revenue when the company satisfies a performance obligation

●

If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct.

●

Variable consideration

●

Constraining estimates of variable consideration

●

The existence of a significant financing component

●

Non-cash consideration

●

Consideration payable to a customer

The Company has four revenue streams: i) sale of computational power used for hashing calculations, ii) energy sales, iii) hosting agreements and iv) electrical services.

i.	Revenues from the sale of computational power used for hashing calculations

Revenues from the sale of computational power used for hashing calculations (Continued)

ii.

Recettes provenant des services électriques

iii.

Revenue from hosting services

iv.

Energy revenue

Coût des revenus

Coût des revenus

Cash and cash equivalents

Cash and cash equivalents

Rights to renewable energy credits and waste tax credits

Rights to renewable energy credits and waste tax credits

Impôt sur le revenu

Impôt sur le revenu

Actifs numériques

Actifs numériques

Inventories

Inventories

Actifs détenus en vue de la vente

Actifs détenus en vue de la vente

Discontinued operations

Discontinued operations

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Les immobilisations corporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
BVVE
Mineurs	Linéaire	3 années
Mining-related equipment	Linéaire	5 années
Améliorations locatives	Linéaire	La durée la plus courte entre la durée du bail et la durée de vie prévue de l'amélioration
Machinery and equipment	Linéaire	5 to 30 years
Bâtiments	Un équilibre en baisse	4%
Power Plants	Un équilibre en baisse	4%
Véhicules	Un équilibre en baisse	30%

Baux

Baux

The Company generally uses its incremental borrowing rate to determine the present value of lease payments as the rate implicit in the lease is not readily determinable.

Additional quantitative information regarding the Company’s leases, including lease costs and maturity analyses of lease liabilities are disclosed in Note 18.

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Locaux loués	Linéaire	4-10 ans
Machinery and equipment	Linéaire	3-4 ans
Véhicules et autres	Linéaire	3-5 ans
BVVE	Linéaire	3 années

Variable lease payments are generally expensed as incurred and include certain index-based changes in rent, certain performance or usage-based payments, and other charges included in the lease.

Actifs incorporels

Actifs incorporels

Les immobilisations incorporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Logiciels de systèmes	Somme des années	5 années
Droits d'accès à l'électricité	Linéaire	Durée du bail du centre de données ou de la période des droits d'accès

The amortization period and the amortization method for an intangible asset are reviewed at least each year end and any changes are accounted for prospectively as a change in accounting estimate.

Impairment of long-lived assets

Impairment of long-lived assets

Impairment of financial assets

Impairment of financial assets

Non-hedge derivative instruments

Non-hedge derivative instruments

Dette convertible

Dette convertible

Transactions d’appel plafonné

Transactions d’appel plafonné

Évaluation de la juste valeur

Évaluation de la juste valeur

Niveau	Fair Value Hierarchy Level definitions
Niveau 1	Quoted (unadjusted) prices in active markets for identical assets or liabilities
Niveau 2	Observable, market-based inputs, other than quoted prices included in Level 1, for similar assets or liabilities that are directly or indirectly observable in the marketplace
Niveau 3	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

Rémunération basée sur les actions

Rémunération basée sur les actions

bons de souscription

bons de souscription

Résultat par action

Résultat par action

Information sectorielle

Information sectorielle

Recently issued accounting pronouncements

Recently issued accounting pronouncements

Segment and Geographical Information - Schedule of Property, Plant and Equipment and Other Non-Current Assets (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Amérique du Nord
Biens, installations et équipements	$ 358,333	$ 237,255
TOTAL DES ACTIFS À LONG TERME	402,548	247,526
Property, Plant and Equipment [Member]
Amérique du Nord
Biens, installations et équipements	358,321	180,172
Other [Member]
Amérique du Nord
Other non-current assets	44,227	67,354
United States [Member]
Amérique du Nord
TOTAL DES ACTIFS À LONG TERME	319,061	77,682
United States [Member] \| Property, Plant and Equipment [Member]
Amérique du Nord
Biens, installations et équipements	292,196	63,147
United States [Member] \| Other [Member]
Amérique du Nord
Other non-current assets	26,865	14,535
Canada [Membre]
Amérique du Nord
TOTAL DES ACTIFS À LONG TERME	83,487	169,844
Canada [Member] \| Property, Plant and Equipment [Member]
Amérique du Nord
Biens, installations et équipements	66,125	117,025
Canada [Member] \| Other [Member]
Amérique du Nord
Other non-current assets	$ 17,362	$ 52,819

Financial Instruments - Schedule of Amounts Denominated in Consolidated Balance Sheets (Details) - Foreign Currency [Member] $ in Thousands, $ in Thousands	12 mois terminés
	31 décembre 2025 CAD ($)	31 décembre 2025 ARS ($)	31 décembre 2024 CAD ($)	31 décembre 2024 ARS ($)	31 décembre 2025 ARS ($)	31 décembre 2024 ARS ($)
Condensed Balance Sheet Statements, Captions [Line Items]
Liquidités	$ 9,278		$ 5,362		$ 14,203	$ 1,983
Accounts receivable, net	127		1,259
Accounts payable and accrued expenses			(5,341)			(1,391)
Dette à long terme	(1,704)		(1,576)
Total asset	$ 7,701	$ 14,203	$ (296)	$ 592

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Stock-Based Compensation [Line Items]
Stock-based compensation expense	$ 14,768	$ 12,079	$ 10,606
Options [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	8,102	10,045	10,012
RSUs [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	4,140	2,034	594
PSUs [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	969
Share awards [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense	$ 1,557

- 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

Commitments and Contingencies

12 mois terminés

31 décembre 2025

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 27: COMMITMENTS AND CONTINGENCIES

Passif éventuel

As the Company continues to periodically import products into the United States, it is subject to review by the CBP regarding the classification and origin of such imports. Refer to Note 25 for more details regarding the Company’s Miners imported in 2021. There were no Miners imported into the United States in 2022 or 2023; 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.

Subsequent to period end, 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.

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.

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 and 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 December 31, 2025. The Company intends to vigorously defend itself in this matter.

Engagements

The Company is committed to purchase the following property, plant and equipment as of December 31, 2025:

	2026
Terre		4,935
HPC infrastructure projects in Washington state, United States		124,727
		129,662

Agreements to purchase land

In August 2025, the Company entered into agreements to purchase 3 acres of land in Washington State, United States and 181 acres of land in Pennsylvania, United States for $1,898 and $3,500, respectively.

Commitment for HPC Data Center Projects

In November 2025, the Company entered into a purchase commitment of $128,742, payable over the next 12 months, for the development and expansion of HPC data center projects with a large publicly traded American multinational provider of critical infrastructure and services for data centers. Under the terms of the agreement, the provider is contracted to deliver a range of services that include engineering, project management assistance, procurement and manufacturing, site management support and factory acceptance testing, all contributing, in addition to other expenses, to the construction of a fully integrated 18 MW hybrid-built data center in Washington state, United States.

Additional Details to the Statements of Operations (Tables)

12 mois terminés

31 décembre 2025

Organization [Abstract]

Schedule of Disaggregated Revenues

Disaggregated revenues

	Année terminée le 31 décembre,
	2025		2024		2023
Cryptocurrency Mining		206,209		128,172		115,340
Cryptocurrency Hosting		4,491		—		—
Electrical services		4,595		5,102		5,060
Energy sales		13,981		—		—
		229,276		133,274		120,400

Tableau du coût des recettes

Coût des revenus

	Année terminée le 31 décembre,
	2025			2024			2023
Energy expenses		(80,280	)		(60,368	)		(68,715	)
Sales tax recovery - energy		—			17,017			—
Dépréciation et amortissement		(98,130	)		(102,469	)		(65,043	)
Recouvrement de la taxe sur les ventes - amortissement		—			8,760			—
Hosting expenses		(7,735	)		—			—
Dépenses d'infrastructure		(58,179	)		(8,045	)		(6,243	)
Composants électriques et salaires		(3,856	)		(4,081	)		(4,141	)
		(248,180	)		(149,186	)		(144,142	)

Tableau des dépenses générales et administratives

Dépenses générales et administratives

	Année terminée le 31 décembre,
	2025			2024			2023
Salaries and wages		(28,234	)		(20,243	)		(11,370	)
Rémunération basée sur les actions		(14,768	)		(12,079	)		(10,606	)
Services professionnels		(20,624	)		(22,874	)		(6,238	)
Recouvrement de la taxe sur les ventes - services professionnels		—			1,389			—
Assurances, droits et autres		(10,261	)		(6,601	)		(4,020	)
Voyage, véhicule à moteur et repas		(2,165	)		(1,252	)		(812	)
Telecom hosting and telecommunications		(542	)		(303	)		(365	)
Publicité et promotion		(1,745	)		(697	)		(456	)
Recouvrement de la taxe sur les ventes - autres frais généraux et administratifs		—			735			—
		(78,339	)		(61,925	)		(33,867	)

Schedule of Other Expense

Autres dépenses

	Année terminée le 31 décembre,
	2025			2024			2023
Gain lors de la déreconnaissance des mandats		—			62			—
Gain sur le règlement des dépôts d'hébergement remboursables		945			—			—
Perte sur la comptabilisation initiale des dépôts remboursables		—			(933	)		—
Amortization of transaction costs and debt discount		(3,148	)		—			—
Gain (loss) on exchange rates		(422	)		(896	)		(590	)
Autres charges financières		(3,438	)		(343	)		(938	)
		(6,063	)		(2,110	)		(1,528	)

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Finance lease expense
Amortization of ROU assets	$ 829	$ 1,170	$ 1,381
Interest on lease obligations	93	88	217
Operating lease expense	4,202	2,925	2,162
Amortization of initial direct costs	278	139
Total lease expense	5,402	4,322	$ 3,760
Actifs ROU
Operating lease ROU assets	11,103	21,299
Finance lease ROU assets	2,127	2,281
Total des actifs du ROU	13,230	23,580
Responsabilité relative au contrat de location
Operating lease liabilities	1,490	1,959
Finance lease liabilities	235	130
Long-term portion of lease liabilities
Operating lease liabilities	10,606	17,440
Finance lease liabilities	1,978	2,310
Total lease liabilities	$ 14,309	$ 21,839
Weighted-average remaining lease term (in years)
Operating lease	6 années	7 années
Finance lease	5 années	5 années
Weighted-average discount rate
Operating lease	9.00%	9.00%
Finance lease	7.00%	8.00%

Additional Details to the Statements of Operations (Details) $ in Thousands, $ in Thousands	1 mois terminés		12 mois terminés
	Apr. 30, 2024 USD ($)	Apr. 30, 2024 CAD ($)	31 décembre 2025 USD ($)	31 décembre 2024 USD ($)	31 décembre 2023 USD ($)
Additional Details to the Statement of Operations [Line Items]
Cost of revenue			$ 248,180	$ 149,186	$ 144,142
Amount of renewable energy credits			17,076
Amount of waste tax credits			5,687
Customs duties			9,424	9,244
Paid customs duties				180
Sales tax refund	$ 24,400	$ 33,000
Sale tax recoveries				24,400
Envois de fonds du gouvernement				9,560
Recognized as a decrease to cost of revenues				$ 5,360
Recognized as a decrease to general and administrative expense				$520
general and administrative expense			78,339	$ 61,925	33,867
Produit brut				32,000
Capitalizing origination				30,994
Autres frais de transaction				1,006
Outstanding equipment financing				20,330
Contrepartie en espèces				7,750
Dette à long terme				$ 12,580
Customs and Border Protection [Member]
Additional Details to the Statement of Operations [Line Items]
Percentage importation duty				25.00%
Canadian Sales Tax Recovery [Member]
Additional Details to the Statement of Operations [Line Items]
general and administrative expense				$ 3,680
Maximum [Membre]
Additional Details to the Statement of Operations [Line Items]
Sale tax recoveries				22,200
Minimum [Membre]
Additional Details to the Statement of Operations [Line Items]
Sale tax recoveries				2,200
Electrical Component Inventory and Waste Limestone and Fuel Oil [Member]
Additional Details to the Statement of Operations [Line Items]
Cost of revenue			44,257	3,392	3,320
Infrastructure Expenses [Member]
Additional Details to the Statement of Operations [Line Items]
Cost of revenue			58,179	8,045	6,243
Customs duties			$ 9,244
Cryptocurrency Mining [Member]
Additional Details to the Statement of Operations [Line Items]
Percentage of revenue earned			11882.00%	9244.00%	2658.00%

Derivative Assets and Liabilities - Schedule of Derivatives and Reconciles the Fair Value Measurement (Details) - Level 2 [Member] - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024
Derivative Liabilities [Member] \| Bitcoin redemption options [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,	$ (128)
Comptabilisation initiale
Achats	64,965
Settlement	(99,256)
Remeasurement recognized in statement of operations	31,497
Solde en fin de période	(2,922)	$ (128)
Derivative Liabilities [Member] \| Bitcoin option and selling contracts [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,	(128)
Comptabilisation initiale
Achats		351
Settlement		(358)
Remeasurement recognized in statement of operations		(121)
Solde en fin de période		(128)
Derivative Assets [Member] \| Bitcoin redemption options [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,	3,418
Comptabilisation initiale		1,349
Achats
Settlement
Remeasurement recognized in statement of operations		2,069
Solde en fin de période		3,418
Total derivative assets		3,418
Total long-term derivative assets
Total derivative liabilities		(128)
Derivative Assets [Member] \| Capped call transactions [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,
Comptabilisation initiale	69,090
Achats
Settlement
Remeasurement recognized in statement of operations	(63,890)
Solde en fin de période	5,200
Total derivative assets	2,287
Total long-term derivative assets	5,200
Total derivative liabilities	(2,922)
Derivative Assets [Member] \| Bitcoin redemption options [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,	3,418
Comptabilisation initiale	1,072
Achats
Settlement
Remeasurement recognized in statement of operations	(4,490)
Solde en fin de période		3,418
Derivative Assets [Member] \| Bitcoin option and selling contracts [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Solde au mois de janvier 1,		1,281
Comptabilisation initiale
Achats	89,478	13,610
Settlement	(73,659)	(30,762)
Remeasurement recognized in statement of operations	(13,532)	15,871
Solde en fin de période	$ 2,287

Commitments and Contingencies (Tables)

12 mois terminés

31 décembre 2025

Commitments and Contingencies [Abstract]

Tableau des immobilisations corporelles

The Company is committed to purchase the following property, plant and equipment as of December 31, 2025:

	2026
Terre		4,935
HPC infrastructure projects in Washington state, United States		124,727
		129,662

Actifs numériques (tableaux)

12 mois terminés

31 décembre 2025

Actifs numériques [Abrégé]

Schedule of Bitcoin Transactions and Corresponding Values

Bitcoin transactions and the corresponding values for the years ended December 31, 2025 and 2024 were as follows:

	Année terminée le 31 décembre,
	2025						2024
	Quantité			Value ($)			Quantité			Value ($)
Balance of digital assets including restricted digital assets as of January 1,		1,285			120,124			804			33,971
Bitcoin earned*		2,008			202,691			1,992			126,920
Bitcoin earned from discontinued operations		579			58,713			922			59,607
Hosting revenue received in Bitcoin		46			1,527			—			—
Bitcoin received in exchange for goods		10			1,128			—			—
Change in Bitcoin earned, not received		(6	)		(512	)		—			—
Bitcoin exchanged for cash		(1,765	)		(171,091	)		(2,419	)		(152,135	)
Bitcoin exchanged for goods and services		(97	)		(9,992	)		(14	)		(1,463	)
Gain réalisé sur la disposition de biens numériques		—			28,219			—			27,209
Variation de la juste valeur des actifs numériques		—			(50,522	)		—			26,015
Balance of digital assets including restricted digital assets as of December 31,*		2,060			180,285			1,285			120,124
Less: Restricted digital assets as of December 31,**		(64	)		(5,559	)		(351	)		(32,826	)
Balance of digital assets excluding restricted digital assets as of December 31,		1,996			174,726			934			87,298

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 December 31, 2025, Restricted digital assets comprise Bitcoin held by a third party in connection with Bitcoin selling contracts.

Stock-Based Compensation (Tables)

12 mois terminés

31 décembre 2025

Stock-Based Compensation [Abstract]

Schedule of Stock-Based Compensation Expense

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

	Année terminée le 31 décembre,
	2025		2024		2023
Options		8,102		10,045		10,012
RSUs		4,140		2,034		594
PSUs		969		—		—
Share awards		1,557		—		—
		14,768		12,079		10,606

Schedule of Outstanding Options

Details of the outstanding Options are as follows:

	Année terminée le 31 décembre,
	2025					2024					2023
	Nombre d'options			Prix d'exercice moyen pondéré ($CAD)		Nombre d'options			Prix d'exercice moyen pondéré ($CAD)		Nombre d'options			Prix d'exercice moyen pondéré ($CAD)
Encours, janvier 1,		26,865,764			2.64		20,939,387			2.41		21,804,233			3.47
Accordé		4,358,727			1.92		9,010,000			2.96		13,156,250			2.58
Exercé		(12,591,449	)		2.36		(2,644,873	)		1.50		(3,047,346	)		0.85
Annulé		—			—		—			—		(10,633,750	)		5.15
Confisqué		(565,625	)		2.30		(142,500	)		2.97		—			—
Expiré		(1,370,752	)		2.70		(296,250	)		5.90		(340,000	)		5.47
En cours, décembre 31,		16,696,665			2.67		26,865,764			2.64		20,939,387			2.41
Exerçables, décembre 31,		9,687,377			1.58		9,515,764			1.58		11,112,519			2.01

Schedule of Outstanding Options

Additional information on Options are as follows:

	Année terminée le 31 décembre,
	2025	2024	2023
Weighted-average grant date fair value of Options granted	0.72 per share	1.12 per share	1.12 per share
Weighted-average grant date fair values of Options vested	1.08 per share	1.03 per share	1.19 per share
Weighted-average grant date fair value of non-vested Options	0.93 per share	1.19 per share	1.08 per share
Total intrinsic values of the Options exercised	21,021	5,544	6,442
Total fair value of Options vested	2,722	10,318	12,932

	Year ended December 31,
	2025
Total intrinsic values of the Options outstanding		12,757
Total intrinsic values of the Options exercisable		9,156

	As at December 31,
	2025
Weighted-average remaining contractual life of the outstanding Options		3.3 years
Weighted average remaining contractual life of the exercisable Options		3.1 years
Unrecognized compensation cost related to the non-vested Options		1,452
Remaining weighted-average vesting period		0.7 years

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:

	Année terminée le 31 décembre,
	2025			2024			2023
Rendement du dividende (%)		—			—			—
Expected share price volatility (%)*		78	%		82	%		96	%
Taux d'intérêt sans risque (%)		3.70	%		3.68	%		4.33	%
Expected life of Options (years)		3.0 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

Les détails des RSU sont les suivants :

	Année terminée le 31 décembre,
	2025					2024					2023
	Number of RSUs			Weighted Average Grant Price ($CAD)		Number of RSUs			Weighted Average Grant Price ($CAD)		Number of RSUs			Weighted Average Grant Price ($CAD)
Encours, janvier 1,		897,666			3.61		624,998			4.05		400,000			3.73
Accordé		6,767,857			1.57		706,000			3.27		475,000			3.83
Réglé		(2,744,083	)		2.25		(416,666	)		3.64		(250,002	)		3.13
Confisqué		(73,865	)		1.45		(16,666	)		5.01		—			—
En cours, décembre 31,		4,847,575			1.56		897,666			3.61		624,998			4.05

Schedule of Additional information on RSU

Additional information on RSUs are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Total fair value of RSUs vested		4,427		1,160		691

	As at December 31,
	2025
Unrecognized compensation cost related to the unvested RSUs		2,908
Remaining weighted-average vesting period		1.8 years

Schedule of PSU

Details of the PSUs are as follows:

	Année terminée le 31 décembre,
	2025
	Number of PSUs			Weighted Average Grant Price ($CAD)
Encours, janvier 1,		—			—
Accordé		4,349,985			1.41
Annulé		(841,710	)		1.41
En cours, décembre 31,		3,508,275			1.41

Schedule of Additional information on PSU

Additional information on PSUs are as follows:

			Year ended December 31,
			2025
Total fair value of PSUs vested			—

Schedule of Additional information on PSU

Additional information on PSUs are as follows:

	As at December 31,
	2025
Unrecognized compensation cost related to the unvested PSUs		5,135
Remaining weighted-average vesting period		2.5 years

Schedule of Options Grants Using the Black-Scholes Model

The assumptions used to value the PSUs grants using the Monte Carlo simulation model are as follows:

	Year ended December 31,
	2025
Rendement du dividende (%)		—	%
Volatilité attendue du prix de l'action (%)		98	%
Taux d'intérêt sans risque (%)		3.85	%
Expected life of PSU (years)		3.0 years

Actifs et passifs dérivés (tableaux)

12 mois terminés

31 décembre 2025

Actifs et passifs dérivés [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:

	Depuis le 31 décembre,												Depuis le 31 décembre,
	2025												2024
	Capped call transactions			Bitcoin redemption options			Bitcoin option and selling contracts						Bitcoin redemption options			Bitcoin option and selling contracts

	Actifs dérivés			Actifs dérivés			Actifs dérivés			Passifs dérivés			Actifs dérivés			Actifs dérivés			Passifs dérivés
Solde au mois de janvier 1,		—			3,418			—			(128	)		—			1,281			—
Comptabilisation initiale		69,090			1,072			—			—			1,349			—			—
Achats		—			—			89,478			64,965			—			13,610			351
Settlement		—			—			(73,659	)		(99,256	)		—			(30,762	)		(358	)
Remeasurement recognized in statement of operations		(63,890	)		(4,490	)		(13,532	)		31,497			2,069			15,871			(121	)
Solde en fin de période		5,200			—			2,287			(2,922	)		3,418			—			(128	)

Total derivative assets		2,287												3,418
Total long-term derivative assets		5,200												—
Total derivative liabilities		(2,922	)											(128	)

Schedule of Gain (Loss) on Derivatives

The following gain (loss) on derivatives is recognized in the consolidated statements of operations:

	Année terminée le 31 décembre,
	2025			2024			2023
Gain (loss) on Bitcoin options and selling contracts
Variation non réalisée de la juste valeur des contrats en cours		1,323			(179	)		409
Gain (perte) réalisé(e) sur les contrats réglés		16,642			15,929			(361	)
		17,965			15,750			48
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value		(2,069	)		2,069			—
Realized loss on settled options		(2,421	)		—			—
		(4,490	)		2,069			—
Loss on Capped call transactions
Unrealized change in fair value		(63,890	)		—			—

Gain (perte) sur actifs et passifs dérivés		(50,415	)		17,819			48

Loss Per Share - Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share (Details) - shares	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	39,479,084	12,610,966	4,964,361
Options [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	8,995,839	6,046,226	3,864,150
Warrants [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	6,874,665	5,704,798	768,476
RSUs [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	4,776,810	859,942	331,735
PSUs [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	1,682,050
Share awards [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	486,252
Convertible note shares [Member]
Schedule of Anti-dilutive Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	16,663,468

Stock-Based Compensation - Schedule of RSU (Details) - RSUs [Member] - $ / shares	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Stock-Based Compensation [Line Items]
Équilibre	897,666	624,998	400,000
Weighted Average Grant Price, Outstanding	$ 3.61	$ 4.05	$ 3.73
Équilibre	4,847,575	897,666	624,998
Weighted Average Grant Price, Outstanding	$ 1.56	$ 3.61	$ 4.05
Number of RSUs, Granted	6,767,857	706,000	475,000
Weighted Average Grant Price, Granted	$ 1.57	$ 3.27	$ 3.83
Number of RSUs, Settled	(2,744,083)	(416,666)	(250,002)
Weighted Average Grant Price, Settled	$ 2.25	$ 3.64	$ 3.13
Number of RSUs, Forfeited	(73,865)	(16,666)
Weighted Average Grant Price, Forfeited	$ 1.45	$ 5.01

Insider Trading Arrangements	3 mois terminés
Insider Trading Arrangements	31 décembre 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	faux
Non-Rule 10b5-1 Arrangement Adopted	faux
Rule 10b5-1 Arrangement Terminated	faux
Non-Rule 10b5-1 Arrangement Terminated	faux
Rule 10b5-1 Arrangement Modified	faux
Non Rule 10b5-1 Arrangement Modified	faux

Actifs et passifs dérivés (détails) En milliers de dollars	12 mois terminés
Actifs et passifs dérivés (détails) En milliers de dollars	31 décembre 2025 USD ($) bitcoin	31 décembre 2024 USD ($)	31 décembre 2023 USD ($)	Oct. 31, 2025 $ / actions
Actifs et passifs dérivés [Éléments d'information].
Option exercised	$ 35,629	$ 8,938	$ 12,982
Cap price per share \| $ / shares				11.88
Cap premium percentage				125.00%
Bitcoin [Membre]
Actifs et passifs dérivés [Éléments d'information].
Option exercised to redeem Bitcoin \| bitcoin	393
Option exercised	$ 37,097
Options forfeited to redeem bitcoin \| bitcoin	41
Options forfeited	$ 4,352

Share Capital - Schedule of Outstanding Number of Warrants (Details) - Warrant [Member] - $ / shares	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Class of Warrant or Right [Line Items]
Number of Warrants, Outstanding Beginning Balance	10,841,482	35,105,390	19,152,797
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 1.17	$ 2.83	$ 4.21
Number of Warrants, Outstanding Ending Balance	13,907,295	10,841,482	35,105,390
Weighted Average Exercise Price, Outstanding Ending Balance	$ 1.97	$ 1.17	$ 2.83
Nombre de bons de souscription, attribués	20,421,723		25,222,223
Weighted Average Exercise Price, Granted	$ 1.74		$ 1.18
Nombre de bons de souscription, Exercés	(17,355,910)	(5,111,111)	(9,269,630)
Weighted Average Exercise Price, Exercised	$ 1.2	$ 1.17	$ 1.18
Nombre de bons de souscription, Expiré		(19,152,797)
Weighted Average Exercise Price, Expired		$ 4.21

Stock-Based Compensation - Schedule of PSU (Details) - PSUs [Member]	12 mois terminés
	31 décembre 2025 $ / actions Actions
Stock-Based Compensation [Line Items]
Balance \| shares
Weighted Average Grant Price, Outstanding \| $ / shares
Balance \| shares	3,508,275
Weighted Average Grant Price, Outstanding \| $ / shares	$ 1.41
Number of PSUs, Granted \| shares	4,349,985
Weighted Average Grant Price, Granted \| $ / shares	$ 1.41
Number of PSUs, Cancelled \| shares	(841,710)
Weighted Average Grant Price, Cancelled \| $ / shares	$ 1.41

- 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

Assets Held For Sale and Discontinued Operations - Schedule of Subsidiary’s Assets and Liabilities Transaction (Details) - Discontinued Operations [Member]
$ in Thousands

12 mois terminés

Mar. 17, 2025

USD ($)

Considération

Total consideration received

$ 63,260

Net assets transferred

Current assets

2,590

Biens, installations et équipements

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

Advance received [Member]

Considération

Total consideration received

20,000

Cash received [Member]

Considération

Total consideration received

12,038

Instalment receivable [Member]

Considération

Total consideration received

31,000

^[1]

Other costs [Member]

Considération

Total consideration received

$ 222

[1]	As of December 31, 2025, the $31,000 interest-free receivable was fully collected.

Insider Trading Policies and Procedures	12 mois terminés
Insider Trading Policies and Procedures	31 décembre 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	vrai

Share Capital (Details) $ / shares in Units, $ in Thousands, $ in Thousands					1 mois terminés						12 mois terminés
	Mar. 14, 2025 USD ($) $ / actions Actions	Août. 27, 2024 USD ($) Actions	Jul. 24, 2024 Actions	Mar. 11, 2024 USD ($) Actions	Oct. 31, 2025 USD ($) $ / actions Actions	Sep. 30, 2025 USD ($) Actions	Nov. 30, 2024	Fév. 29, 2024 USD ($) Actions	Nov. 30, 2023 USD ($) Actions	Nov. 30, 2023 CAD ($) Actions	31 décembre 2025 USD ($) $ / actions Actions	31 décembre 2024 USD ($) $ / actions Actions	31 décembre 2023 USD ($) $ / actions Actions	Jul. 22, 2025 Actions	Jul. 14, 2025	Apr. 30, 2025 $ / actions Actions
Share Capital [Line Items]
Common shares vote											one
Common shares percentage															10.00%
Warrants to common shares											3,212,330
Right issued			1
Acquire purchase							20.00%
Warrants, term					5 années						2 années 2 mois 12 jours	1 année 10 mois 24 jours	1 année 7 mois 6 jours
Warrants exercised					10,802,742						5,330,946
bons de souscription					2,197,127
Warrants exercise price (in Dollars per share) \| $ / shares	$ 1.3
Convertible warrants (in Dollars) \| $	$ 11,477
2025 Warrants [Member]
Share Capital [Line Items]
bons de souscription																5,330,946
Warrants exercise price (in Dollars per share) \| $ / shares																$ 1.17
Common shares [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $					$ 13,153
Actions ordinaires émises					10,802,742						97,983,548	137,006,905	97,386,182
2024 ATM Program [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $				$ 375,000
Commissions paid to agent (in Dollars) \| $												$ 8,997
Autres coûts de transaction (en dollars)												435
Professional fees and registration expenses (in Dollars) \| $												939
2024 ATM Program [Member] \| Common shares [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $												$ 299,905
Actions ordinaires émises												135,474,160
Share price (in Dollars per share) \| $ / shares												$ 2.21
Net proceeds (in Dollars) \| $												$ 290,473
At-The-Market Equity Offering Program (ATM Program) [Member]
Share Capital [Line Items]
Commissions paid to agent (in Dollars) \| $											$ 2,253
Autres coûts de transaction (en dollars)											94
At-The-Market Equity Offering Program (ATM Program) [Member] \| Common shares [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $											$ 75,094
Actions ordinaires émises											29,616,939
Share price (in Dollars per share) \| $ / shares											$ 2.54
Net proceeds (in Dollars) \| $											$ 72,747
Two Thousand and Twenty One At-The-Market Equity Offering Program [Member]
Share Capital [Line Items]
Commissions paid to agent (in Dollars) \| $													$ 2,187
Autres coûts de transaction (en dollars)													79
Two Thousand and Twenty One At-The-Market Equity Offering Program [Member] \| Common shares [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $													$ 70,770
Actions ordinaires émises													52,120,899
Share price (in Dollars per share) \| $ / shares													$ 1.36
Net proceeds (in Dollars) \| $													$ 68,504
Corporate Share Buyback Program [Member]
Share Capital [Line Items]
Share price (in Dollars per share) \| $ / shares											$ 1.27
Commissions paid to agent (in Dollars) \| $											$ 77
Repurchase of common shares														49,943,031
Cancellation of repurchased common shares											7,807,141
Cancellation of repurchased common shares value (in Dollars) \| $											$ 9,877
2023 private placement [Member]
Share Capital [Line Items]
Actions ordinaires émises									44,444,446	44,444,446
Gross proceeds of private placement									$ 43,799	$ 60,001
Warrants to common shares									22,222,223	22,222,223
Warrants exercised								5,000,000
bons de souscription						1,000,000
2023 private placement [Member] \| Broker Warrants [Member]
Share Capital [Line Items]
Warrants to common shares									3,000,000	3,000,000
Warrants exercised						111,111		111,111
bons de souscription						111,111
2023 private placement [Member] \| Common shares [Member]
Share Capital [Line Items]
Aggregate proceeds (in Dollars) \| $						$ 1,307		$ 5,986
Actions ordinaires émises						1,111,111		5,111,111
Warrants to common shares						65,672
Credit Facility [Member]
Share Capital [Line Items]
Warrants exercise price (in Dollars per share) \| $ / shares					$ 5.69
Sharon Lease Agreement [Member]
Share Capital [Line Items]
Total value of non-refundable deposit (in Dollars) \| $		$ 3,000
Sharon Lease Agreement [Member] \| Common shares [Member]
Share Capital [Line Items]
Actions ordinaires émises		1,532,745
Stronghold [Member] \| Warrant [Member]
Share Capital [Line Items]
Bons de souscription émis	12,893,650
Garlock building [Member]
Share Capital [Line Items]
bons de souscription				25,000

Cover - USD ($)	12 mois terminés
Cover - USD ($)	31 décembre 2025	Mar. 27, 2026	Juin. 30, 2025
Information sur les documents [Articles de ligne]
Type de document	10-K
Document Rapport annuel	vrai
Document Transition Report	faux
Document Correction des erreurs dans les états financiers [Drapeau]	faux
Entité Données interactives Courant	Oui
Drapeau d'attestation de l'auditeur du CIRF	vrai
Drapeau de l'amendement	faux
Date de fin de la période du document	31 décembre 2025
Document Objectif de l'année fiscale	2025
Document Période fiscale Focus	FY
Documents Incorporated by Reference [Text Block]	Not Applicable
Information sur l'entité [Éléments d'information]
Entité Nom du titulaire	Bitfarms ltée
Clé de l'index central de l'entité	0001812477
Numéro de dossier de l'entité	001-40370
Numéro d'identification fiscale de l'entité	00-0000000
Constitution de l'entité, code de l'État ou du pays	A6
Date de fin de l'exercice en cours	--12-31
Entity Well-known Seasoned Issuer	Oui
Entity Voluntary Filers	No
Entité Statut actuel du rapport	Oui
Entity Shell Company	faux
Entity Filer Category	Accelerated Filer
Entity Small Business	faux
Entité Société à croissance émergente	faux
Entity Public Float			$ 406,181,039
Personnel de contact de l'entité [Articles de ligne]
Adresse de l'entité, première ligne d'adresse	110 Rue Yonge
Adresse de l'entité, deuxième ligne d'adresse	Suite 1601
Adresse de l'entité, ville ou commune	Toronto
Entity Address, Country	CA
Adresse de l'entité, code postal	M5C 1T4
Numéros de téléphone et de télécopie de l'entité [Postes]
Ville Code régional	(929)
Numéro de téléphone local	264-5151
Listes d'entités [Articles de ligne]
Titre du site Web 12(b) Sécurité	actions ordinaires
Symbole boursier	BITF
Nom de l'échange de titres	NASDAQ
Actions ordinaires de l'entité, actions en circulation		602,851,137

Consolidated Statements of Operations - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Income Statement [Abstract]
Revenus	$ 229,276	$ 133,274	$ 120,400
Coût des revenus	(248,180)	(149,186)	(144,142)
Perte brute	(18,904)	(15,912)	(23,742)
Dépenses d'exploitation
Dépenses générales et administratives	(78,339)	(61,925)	(33,867)
Variation de la juste valeur des actifs numériques	(50,522)	26,015	7,558
Gain réalisé lors de la vente d’actifs numériques	28,219	27,209	7,713
Perte sur la cession d'immobilisations corporelles et de dépôts	(1,612)	227	(2,055)
Dépréciation des actifs et dépôts à longue durée	(28,442)	(3,628)	(5,604)
Perte d'exploitation	(149,600)	(28,014)	(49,997)
Revenus d'intérêts	6,288	6,037	1,420
Charges d'intérêts	(8,623)	(745)	(2,865)
Gain (perte) sur actifs et passifs dérivés	(50,415)	17,819	48
Gain sur l'extinction de la dette à long terme			12,835
Autres dépenses	(6,063)	(2,110)	(1,528)
Total des autres revenus (dépenses)	(58,813)	21,001	9,910
Perte avant impôts due à la poursuite des opérations	(208,413)	(7,013)	(40,087)
Recouvrement (charge) d'impôt sur le revenu	(101)	(346)	154
Perte due à la poursuite des opérations	(208,514)	(7,359)	(39,933)
Pertes dues à l’arrêt des opérations	(76,030)	(21,006)	(15,578)
Perte nette	$ (284,544)	$ (28,365)	$ (55,511)
Loss per common share
Basic loss per share from continuing operations (in Dollars per share)	$ (0.38)	$ (0.02)	$ (0.15)
Diluted loss per share from continuing operations (in Dollars per share)	(0.38)	(0.02)	(0.15)
Basic loss per share from discontinued operations (in Dollars per share)	(0.14)	(0.05)	(0.06)
Diluted loss per share from discontinued operations (in Dollars per share)	(0.14)	(0.05)	(0.06)
Basic loss per share (in Dollars per share)	(0.52)	(0.07)	(0.21)
Diluted loss per share (in Dollars per share)	$ (0.52)	$ (0.07)	$ (0.21)
Nombre moyen pondéré d'actions ordinaires en circulation
Weighted average number of common shares outstanding, basic (in Shares)	551,676,757	414,669,947	262,237,117
Weighted average number of common shares outstanding, diluted (in Shares)	551,676,757	414,669,947	262,237,117

Assets Held For Sale and Discontinued Operations - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Schedule of Assets Held for Sale [Line Items]
Mineurs	$ 166	$ 4,832
Composants électriques pour l'industrie minière	3,198	1,117
Assets of disposal group classified as held for sale:
Autres actifs	1,404	3,428
Inventories - electronic and networking components	426	42
Biens, installations et équipements	17,168	105,297
Finance lease right-of-use assets, net		306
Long-term deposits and equipment prepayments	1,145	11,795
Refundable deposits - security deposits for energy	5,157	7,740
Total assets held for sale	28,664	134,557
Current portion of assets “held for sale”	(28,664)	(9,419)
Non-current portion of assets “held for sale”		$ 125,138

Additional Details to the Statements of Cash Flow

12 mois terminés

31 décembre 2025

Additional Details to the Statements of Cash Flow [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW

NOTE 26: ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW

	Année terminée le 31 décembre,
	2025			2024			2023

Changes in non-cash working capital components:
Increase in accounts receivable, net		(1,503	)		(545	)		(13	)
Diminution des autres actifs courants		9,988			2,342			1,104
Increase in inventories		(4,985	)		(475	)		(117	)
Decrease (increase) in deposits		(19	)		5,467			420
Decrease in accounts payable and accrued expenses		(2,048	)		(15,827	)		(533	)
Increase in operating lease liabilities		813			1,737			1,708
Decrease in taxes payable		(406	)		(178	)		156
Decrease in other non-current liabilities		(729	)		—			—
		1,111			(7,479	)		2,725

Transactions importantes sans effet de trésorerie :
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold		78,161			—
Issuance of warrants in connection with debt issuance		8,610			—			—
Paiements anticipés d'équipements réalisés en tant qu'acquisitions d'immobilisations corporelles		41,045			32,433			7,372
Ajout d'actifs ROU et de passifs de location connexes		3,879			9,928			1,553
Achat d'EPI financé par des crédits à court terme		6,402			8,113			1,365
Émission d'actions ordinaires dans le cadre d'acquisitions d'actifs		33,745			—			1,354
Issuance of common shares in connection with acquisition of lease		—			3,000			—
Revenus de la puissance informatique et des dépenses de services correspondantes		3,516			1,023			—

Depreciation and amortization*
Property, plant and equipment, net		120,929			133,428			82,566
Finance lease right-of-use assets		990			1,363			1,609
Intangible assets, net		711			633			148
		122,630			135,424			84,323

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 11 for more details.

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

	Année terminée le 31 décembre,
	2025		2024		2023
Liquidités		573,462		59,542		84,038
Restricted cash		57,500		—		—
Total cash and restricted cash		630,962		59,542		84,038

Amounts included in restricted cash represent amounts pledged as collateral for long-term financing arrangements as contractually required by a lender.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024	31 décembre 2023	31 décembre 2022
Deferred tax assets:
Operating losses and interest limitation	$ 111,611	$ 52,724
Variation de la juste valeur des actifs numériques	8,998
Goodwill and intangibles	3,984
Rémunération basée sur les actions	2,852
Dette à long terme	4,120
Frais de financement	2,185	4,439
Investment in discontinued operations	18,252	9,038
Réserves et autres	11,688	5,215
Total deferred tax assets	163,690	71,416
Less: valuation allowance	(160,201)	(53,302)	$ (50,857)	$ (30,324)
Actifs d'impôts différés nets	3,489	18,114
Deferred tax liabilities:
Biens, installations et équipements	(3,554)	(3,271)
Variation de la juste valeur des actifs numériques		(14,001)
Réserves et autres		(907)
Total deferred tax liabilities	(3,554)	(18,179)
Net deferred tax assets (liabilities)	$ (65)	$ (65)

Autres actifs - Tableau des autres actifs (détails) - USD ($) En milliers de dollars	31 décembre 2025	31 décembre 2024
Tableau des autres actifs [Abrégé]
Taxes de vente à recevoir	$ 1,065	$ 2,681
Impôts sur le revenu à recevoir	355	424
Autres créances	1,405	1,177
Autres actifs	$ 2,825	$ 4,282

Business Combination

12 mois terminés

31 décembre 2025

Business Combination [Abstract]

BUSINESS COMBINATION

NOTE 3: 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. Refer to Note 15 and Note 22 for more details.

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.

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

	Depuis le 14 mars,
	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
Liquidités		2,976
Accounts receivable		1,095
Dépôts prépayés à court terme		1,732
Other assets (current)		118
Rights to renewable energy credits and waste tax credits		8,989
Inventories		3,269
Biens, installations et équipements		152,264
Intangible assets, net		51
Operating and finance lease right-of-use assets		1,594
Other non-current assets		1,550
Accounts payable and accrued expenses		(23,488	)
Tranche courant de la dette à long terme		(420	)
Current portion of operating and finance lease liabilities		(800	)
Dette à long terme		(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.

From the acquisition date through December 31, 2025, Stronghold’s total revenue and net income (net of tax) included in the consolidated statements of operations was $77,748 and $2,196, respectively.

The following pro-forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2024 for the indicated periods:

	Année terminée le 31 décembre,
(unaudited)	2025			2024
Revenue from continuing operations		231,342			198,048
Perte nette liée à la poursuite des opérations		(216,012	)		(63,055	)

The unaudited pro forma financial information should not be considered indicative of actual results that would have been achieved had the acquisition of Stronghold actually been consummated on the date indicated and does not purport to be indicative of the Company’s future financial position or operating results. These pro forma results include the impact of depreciation and amortization of property, plant and equipment and intangible assets acquired, and the impact of the acquisition on interest expense and income tax expense. No adjustments have been reflected in the pro forma financial information for anticipated growth and efficiency opportunities. There were no material nonrecurring pro forma adjustments directly attributable to the acquisition included within the unaudited pro forma financial information.

The following table presents the supplemental cash flow information:

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

Measurement period adjustments

The Company obtained new information about amounts and the related facts and circumstances that existed at the Acquisition Date that should have been recognized as of the Acquisition Date.

During the second quarter of 2025, adjustment to recognize additional accrued liabilities and rights to energy credits of $1,500 and $3,104, respectively, were recognized with a corresponding net decrease of $1,602 in property, plant and equipment.

During the third quarter of 2025, an adjustment to recognize WTCs that existed as of the Acquisition Date of $5,885 was recognized with a corresponding decrease in property, plant and equipment. In addition, other adjustments of $1,462 were recognized with a corresponding increase in property, plant and equipment.

The measurement period adjustments are reflected in the final purchase price allocation table above.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

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+ Details

Accounts Receivable, Net (Tables)

12 mois terminés

31 décembre 2025

Accounts Receivable, Net [Abstract]

Schedule of Allowance for Credit Losses

The balance of the allowance for credit losses on accounts receivable is as follows:

	Depuis le Décembre 31,			Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024			2023
Solde au mois de janvier 1,		(63	)		(51	)		(37	)
Current period allowance		—			(17	)		(28	)
Write offs charged against allowance		—			—			16
Recoveries collected		—			—			(1	)
Allowance for credit losses		(3	)		5			(1	)
Solde au mois de décembre 31,		(66	)		(63	)		(51	)

Accounts Payable and Accrued Expenses

12 mois terminés

31 décembre 2025

Accounts Payable and Accrued Expenses [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 16: ACCOUNTS PAYABLE AND ACCRUED EXPENSES

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Accounts payable		16,271		8,231
Accrued expenses		18,703		13,825
Government remittances payable		11,469		3,736
		46,443		25,792

Dépôts à long terme, paiements anticipés de matériel et autres (tableaux)

12 mois terminés

31 décembre 2025

Long-Term Deposits, Equipment Prepayments and Other [Abstract]

Tableau des dépôts à long terme, des paiements anticipés pour l'équipement et autres

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Miner purchase order deposits		—		34,791
Autres composants électriques et BVVE		18		2,738
Cash deposits on construction work and materials*		20,146		2,530
Paiements anticipés d'équipement et de construction		20,164		40,059
Insurance prepaids, security deposits for energy and rent		9,199		4,513
Deferred transaction fees - undrawn tranche of the credit facility		1,670		—
		31,033		44,572

Deposits for construction work and materials mainly related to the HPC/AI expansions.

Additional Details to the Statements of Cash Flow - Schedule of Additional Details to the Statements of Cash Flow (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Changes in non-cash working capital components:
Increase in accounts receivable, net	$ (1,503)	$ (545)	$ (13)
Diminution des autres actifs courants	9,988	2,342	1,104
Increase in inventories	(4,985)	(475)	(117)
Decrease (increase) in deposits	(19)	5,467	420
Decrease in accounts payable and accrued expenses	(2,048)	(15,827)	(533)
Increase in operating lease liabilities	813	1,737	1,708
Decrease in taxes payable	(406)	(178)	156
Decrease in other non-current liabilities	(729)
Total	1,111	(7,479)	2,725
Transactions importantes sans effet de trésorerie :
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold	78,161
Issuance of warrants in connection with debt issuance	8,610
Paiements anticipés d'équipements réalisés en tant qu'acquisitions d'immobilisations corporelles	41,045	32,433	7,372
Ajout d'actifs ROU et de passifs de location connexes	3,879	9,928	1,553
Achat d'EPI financé par des crédits à court terme	6,402	8,113	1,365
Émission d'actions ordinaires dans le cadre d'acquisitions d'actifs	33,745		1,354
Issuance of common shares in connection with acquisition of lease		3,000
Revenus de la puissance informatique et des dépenses de services correspondantes	3,516	1,023
Depreciation and amortization*
Dépréciation et amortissement	122,630	135,424	84,323
Property, plant and equipment, net [Member]
Depreciation and amortization*
Dépréciation et amortissement	120,929	133,428	82,566
Finance lease right-of-use assets [Member]
Depreciation and amortization*
Dépréciation et amortissement	990	1,363	1,609
Intangible assets, net [Member]
Depreciation and amortization*
Dépréciation et amortissement	$ 711	$ 633	$ 148

Derivative Assets and Liabilities - Schedule of Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Gain (Loss) on Derivatives [Line Items]
Gain (perte) sur actifs et passifs dérivés	$ (50,415)	$ 17,819	$ 48
Bitcoin options and selling contracts [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value	1,323	(179)	409
Gain (perte) réalisé(e) sur les contrats réglés	16,642	15,929	(361)
Gain (perte) sur actifs et passifs dérivés	17,965	15,750	48
Bitcoin redemption options [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value	(2,069)	2,069
Gain (perte) réalisé(e) sur les contrats réglés	(2,421)
Gain (perte) sur actifs et passifs dérivés	(4,490)	2,069
Capped call transactions [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value	$ (63,890)

- 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

Instruments financiers

12 mois terminés

31 décembre 2025

Instruments financiers [Abrégé]

LES INSTRUMENTS FINANCIERS

NOTE 22: FINANCIAL INSTRUMENTS

Catégories d'évaluation et juste valeur

The following table presents the fair values of the Company’s financial instruments and their level within the fair value hierarchy:

		Depuis le 31 décembre,			Depuis le 31 décembre,
Mesures		2025			2024

Actifs financiers au coût amorti
Liquidités	Niveau 1		573,462			59,542
Restricted cash	Niveau 1		57,500			—
Accounts receivable, net	Niveau 2		5,471			1,259
Autres créances	Niveau 2		1,405			1,177
Dépôts de garantie pour l'énergie	Niveau 2		5,157			7,740
Dépôts d'hébergement remboursables	Niveau 2		—			14,216
Other refundable deposits	Niveau 3		350			—
Actifs financiers à la juste valeur par le biais du compte de résultat
Actifs dérivés	Niveau 2		7,487			3,418
Total fair value of financial assets			650,832			87,352

Passifs financiers au coût amorti
Accounts payable and accrued expenses	Niveau 2		34,974			22,056
Long-term debt*	Niveau 2		699,657			1,576

Passifs financiers à la juste valeur par le biais du compte de résultat
Passifs dérivés	Niveau 2		2,922			128
Total fair value of financial liabilities			737,553			23,760

Net fair value			(86,721	)		63,592

The Credit Facility and the Convertible Notes are recognized at amortized cost using the effective interest rate method. Their carrying amounts amounted to $94,808 and $571,315, respectively, as of December 31, 2025, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively.

There were no transfers between Level 1, 2 or 3 of the fair value hierarchy during the years ended December 31, 2025 and 2024.

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, accounts receivable, net, other receivables, security deposits for energy, Refundable Hosting Deposits, other refundable deposits, receivable from disposal of business and accounts payable and accrued expenses 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.

Derivatives 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 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 10 for more details.

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 10 for more details.

ii.

Bitcoin Redemption Options (embedded derivatives)

The purchase order agreements explained in Note 10 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 expense.

iii.

Capped call transactions (derivatives assets)

In October 2025, the Company entered into capped call transactions in connection with the issuance of Convertible Notes. The fair value of the capped call transactions 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 decline in the share price from the inception date to December 31st, there was a loss of $63,890 during the year ended December 31, 2025, presented within (loss) gain from derivative assets and liabilities in the statement of operations.

Dépôts remboursables

The refundable deposits are measured at amortized cost using the effective interest rate (“EIR”) method and are classified as Level 2 according to the Company’s fair value hierarchy. Their fair values are a recurring measurement. The valuation technique used is the income approach (discounted future cash flows). Refer to Note 15 for more details.

Dépôts d'hébergement remboursables

Prior to the Stronghold Transaction completed on March 14, 2025, the Refundable Hosting Deposits were accounted for as financial assets and measured at fair value on initial recognition based on the contractual right to receive the principal amount of each refundable hosting deposit plus interest at the end of the contractual term.

The valuation technique used is the income approach (discounted future cash flows) with an initial EIR higher than the SOFR + 1% rate specified in the Hosting Agreements. As a result, the Panther Creek Refundable Deposit and the Scrubgrass Refundable Deposit were initially recognized at a fair value of $7,125 and $7,542, respectively, which were lower than the $7,800 principal amount of each deposit. Upon initial recognition of the Refundable Deposits, the difference between the fair value and principal of $675 and $258, respectively, were recognized as a loss in Other expense during the year ended December 31, 2024. The EIR applicable as of December 31, 2024 was 12% and 9%, respectively.

The total interest income of $364 was recognized in Other expense during the year ended December 31, 2024. In addition, the Company recognized a total CECL of $815 in Other expense. Refer to Note 15 for more details.

Following the acquisition of Stronghold on March 14, 2025, the Panther Creek and the Scrubgrass Hosting Agreements were terminated, resulting in the settlement of the Refundable Hosting Deposits.

ii.

Dépôts de garantie pour l'énergie

The security deposits for energy consumption is related to the operational Paso Pe and in-construction Yguazu Bitcoin data centers in Paraguay. The valuation technique used was the income approach (discounted future cash flows) with an EIR of 6% over an estimated term of 3 years.

Following the disposal of the Yguazu Bitcoin data center on March 17, 2025 and the classification of the Paso Pe Bitcoin data center operation in Paraguay as assets “held for sale”, the security deposits for energy were derecognized and amounted to nil as of December 31, 2025.

Le tableau suivant détaille les mouvements des dépôts remboursables :

	Ruisseau Panther			Scrubgrass			Dépôts d'hébergement remboursables			Dépôts de garantie pour l'énergie			Autre		Total
Solde au mois de janvier 1, 2024		—			—			—			277			—		277
Ajouts		7,800			7,800			15,600			9,034			—		24,634
Perte initiale lors de la comptabilisation		(675	)		(258	)		(933	)		(1,571	)		—		(2,504	)
Juste valeur lors de la comptabilisation initiale		7,125			7,542			14,667			7,740			—		22,407
Revenus d'intérêts		261			103			364			—			—		364
CECLs		(409	)		(406	)		(815	)		—			—		(815	)
Balance as of December 31, 2024 before reclassification to assets “held for sale”		6,977			7,239			14,216			7,740			—		21,956
Balance as of December 31, 2024 presented as non-current assets “held for sale”		—			—			—			(7,740	)		—		(7,740	)
Solde au mois de décembre 31, 2024		6,977			7,239			14,216			—			—		14,216
Addition from business combination		—			—			—			—			350		350
Interest Income		187			126			313			226			—		539
Gain on settlement		603			342			945			—			—		945
Derecognition		(7,767	)		(7,707	)		(15,474	)		(2,809	)		—		(18,283	)
Balance as of December 31, 2025 before reclassification to assets “held for sale”		—			—			—			5,157			350		5,507
Balance as of December 31, 2025 presented as non-current assets “held for sale”		—			—			—			(5,157	)		—		(5,157	)
Solde au mois de décembre 31, 2025		—			—			—			—			350		350

Politique de gestion des risques

The Company is exposed to foreign currency risk, credit risk, counterparty risk, liquidity risk and concentration risk. The Company’s senior Management monitors these risks.

Risque de change

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s functional currency is the USD as all of its cryptocurrency Mining revenues, most of its capital expenditures and most of its financing are primarily measured or transacted in USD. The Company is exposed to variability in the CAD and ARS to USD exchange rates when making expenditures payable in CAD and ARS. The Company funds foreign currency transactions by buying the foreign currencies at the spot rate when required. A 5% increase or decrease in the USD/CAD and USD/ARS exchange rates may have an impact of an increase or decrease of $1,095 on retained earnings at December 31, 2025 (December 31, 2024: $15).

Amounts denominated in CAD and ARS included in the consolidated balance sheets, presented in thousands of USD, are as follows:

	Depuis le 31 décembre,					Depuis le 31 décembre,
	2025					2024
	CAD			ARS		CAD			ARS
Liquidités		9,278			14,203		5,362			1,983
Accounts receivable, net		127			—		1,259			—
Accounts payable and accrued expenses		—			—		(5,341	)		(1,391	)
Dette à long terme		(1,704	)		—		(1,576	)		—
		7,701			14,203		(296	)		592

Risque de crédit et risque de contrepartie

Credit risk is the risk of an unexpected loss if a third party fails to meet its contractual obligations, including those related to cash and cash equivalents. The Company mitigates credit risk related to cash by holding the majority of its cash with a Canadian chartered bank.

The Company is exposed to counterparty risk primarily through the significant deposits placed with suppliers of Mining hardware to secure orders and delivery dates, deposits made in relation with HPC/AI expansion plans, as well as deposits placed with construction companies and suppliers of electrical components and construction materials. A failure by a supplier to meet its contractual obligations may result in delayed deliveries or long-term deposits and equipment and construction prepayments that are not realized. The Company seeks to mitigate this risk by procuring Mining hardware from larger and more established suppliers and by transacting with counterparties with whom the Company has established relationships and knowledge of their reputation in the market as well as by insuring deposits placed for construction work and materials.

Credit risk related to accounts receivable arises from Stronghold energy sales and sales to Volta’s third-party customers. The Company performs ongoing credit evaluations of its customers and maintains an allowance for expected credit losses to cover the estimated amount of receivables that may be uncollectible. The allowance for expected credit losses is based on Management’s assessment of a customer’s credit quality as well as subjective factors and trends, including the aging of receivable balances.

Risque de liquidité

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 Company’s operations are capital-intensive, and its liquidity is affected by a combination of factors, including the market price of Bitcoin, network difficulty rates, energy costs, and the timing of capital expenditures related to the Company’s planned strategic transition toward HPC infrastructure development. As of December 31, 2025, the Company had cash of $573,462 and Bitcoin of $180,285. Management has evaluated the Company’s liquidity position, including forecasted cash flows from Bitcoin Mining operations, anticipated expenditures associated with HPC infrastructure development, and contractual obligations due within 12 months from the date the financial statements are issued.

Based on this evaluation, the Company believes that existing cash and Bitcoin, expected cash inflows from Mining operations, and the Company’s ability to manage the timing of expenditures will be sufficient to meet its obligations as they become due for at least the next twelve months. The Company will require additional funds to complete expansion plans into HPC infrastructure development.

As of December 31, 2025, the Company is committed to purchase $129,662 of property, plant and equipment in the next 12 months. Refer to Note 27 for more details.

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 December 31, 2025:

	2026		2027		2028		2029		2030 +		Total
Long-term debt*		607		100,585		592		482		591,018		693,284
Responsabilité relative au bail		3,359		3,758		3,769		3,673		13,337		27,896
		3,966		104,343		4,361		4,155		604,355		721,180

*	The Credit Facility is due on demand and its undiscounted contractual maturities were $1,658 as of December 31, 2025.

Risque de concentration

Concentration risk arises from exposures that are concentrated within the same category, such as geographical location, product type, industry sector or counterparty type. The cryptocurrency Mining and hosting industry is highly volatile and subject to significant inherent risk. During the year ended December 31, 2025, the Company earned 88% (2024: 95% and 2023: 96%) of its revenues from one Mining pool operator. The Company has the ability to switch Mining Pools or to mine independently at any time. The Company also holds a portion of its working capital in Bitcoin.

A significant decline in the market prices of cryptocurrencies, an increase in the difficulty of cryptocurrency Mining, changes in the regulatory environment and adverse changes in other inherent risks can significantly negatively impact the Company’s operations and the carrying value of its assets.

The Company purchased Bitcoin option contracts that provide it with the right, but not the obligation, to sell digital assets at a fixed price. Option contracts are used to mitigate the risk of Bitcoin price volatility and reduce the variability of cash flows associated with future sales of digital assets. Refer to Note 10 for more details.

Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands

31 décembre 2025

31 décembre 2024

Inventory [Line Items]

Inventories

$ 8,676

$ 1,137

Waste, limestone and fuel oil [Member]

Inventory [Line Items]

Inventories

^[1]

5,805

Electronic and networking components [Member]

Inventory [Line Items]

Inventories

$ 2,871

$ 1,137

[1]	On the Acquisition Date, inventories from the Stronghold business combination amounted to $3,269. Refer to Note 3 for more details.

Autres actifs (tableaux)

12 mois terminés

31 décembre 2025

Autres actifs [Abrégé]

Tableau des autres actifs

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Taxes de vente à recevoir		1,065		2,681
Impôts sur le revenu à recevoir		355		424
Autres créances		1,405		1,177
		2,825		4,282

Autres actifs

12 mois terminés

31 décembre 2025

Autres actifs [Abrégé]

Autres actifs

NOTE 7: OTHER ASSETS

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Taxes de vente à recevoir		1,065		2,681
Impôts sur le revenu à recevoir		355		424
Autres créances		1,405		1,177
		2,825		4,282

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 mois terminés	12 mois terminés
	Jul. 31, 2025	Mar. 31, 2023	31 décembre 2025	31 décembre 2024	31 décembre 2023	31 décembre 2022
Stock-Based Compensation [Line Items]
actions ordinaires			601,579,999	479,332,885	334,153,330	224,200,170
Date of the grant			3 années 1 mois 6 jours
Performance stock units			841,710
Restricted stock units			380,000
Scenario One [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded			0.00%
Scenario Two [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded			50.00%
Scenario Three [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded			100.00%
Scenario Four [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded			200.00%
2025 LTIP [Member]
Stock-Based Compensation [Line Items]
Percentage of rolling plan	10.00%
Percentage of outstanding shares	10.00%
Under 2025 LTIP [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase			1,822,500
actions ordinaires
Date of the grant			5 années
Accordé			3,984,432
Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase			2,536,227
actions ordinaires				9,010,000	13,156,250
Date of the grant			5 années
Options exercisable		10,535,000
Accelerated cost (in Dollars)		$ 914
Accordé			4,349,985	706,000
Option vested			1,631,700	175,000
Option vest			258,300
Option vest percentage			17.00%
Vest term			3 années
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Accordé			6,767,857	706,000	475,000
Option vested			2,744,083	416,666	250,002
Vest term			3 mois
PSUs [Member]
Stock-Based Compensation [Line Items]
actions ordinaires			1
Accordé			4,349,985
Share Awards [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase			1,543,320
Grant-date fair value (in Dollars per share)			$ 1.11
Employees and Executive [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Accordé			1,890,000
Board of Directors Chairman [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Accordé			893,425
Vest term			9 mois
Senior Management [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Accordé				706,000
Senior Management and Directors [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Accordé					475,000
Option vest percentage					25.00%
Vest term					6 mois
Minimum [Membre]
Stock-Based Compensation [Line Items]
Option vest percentage			0.00%
Minimum [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Option vest percentage				50.00%
Vest term				1 mois
Additional grant				25.00%
Additional grant percentage				6 mois
Maximum [Membre]
Stock-Based Compensation [Line Items]
Option vest percentage			200.00%
Maximum [Member] \| Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Option vested				531,000
Option vest percentage				33.00%
Vest term				3 mois
Additional grant				33.00%
Additional grant percentage				6 mois

Acquisition of Assets - Schedule of Purchase Price (Parentheticals) (Details)	12 mois terminés
	31 décembre 2025 Actions
Business Combination [Member]
Asset Acquisition [Line Items]
Common shares transferred at closing (in Shares)	8,500,000

Financial Instruments (Details) - USD ($)	12 mois terminés
Financial Instruments (Details) - USD ($)	31 décembre 2025	31 décembre 2024	31 décembre 2023	Nov. 30, 2024	Oct. 31, 2024
Financial Instruments [Line Items]
Fair values of credit facility	$ 106,060,000
Fair values of convertible notes	590,252,000
(Loss) gain from derivative assets and liabilities	$ (50,415,000)	$ 17,819,000	$ 48,000
Interest rate	1.00%
Amount initially recognized		22,407,000
Principal amount of deposit		24,634,000
Loss in initial recognition of the refundable deposits		(2,504,000)
Effective interest rate	6.00%
Revenus d'intérêts	$ 539,000	364,000
Recognized a total CECL		815,000
Estimated term of security deposits	3 années
Increase or decrease in exchange rates	5
Impact on retained earnings	$ 1,095,000	15,000
Liquidités	573,462,000	59,542,000	$ 84,038,000
Acquisition d'immobilisations corporelles	129,662
Credit Facility [Member]
Financial Instruments [Line Items]
Amortized cost	94,808,000
Convertible Notes [Member]
Financial Instruments [Line Items]
Amortized cost	571,315,000
Bitcoin [Membre]
Financial Instruments [Line Items]
Crypto asset	180,285,000
Derivative Financial Instruments, Assets [Member]
Financial Instruments [Line Items]
(Loss) gain from derivative assets and liabilities	63,890,000
Panther Creek Refundable Deposit [Member]
Financial Instruments [Line Items]
Amount initially recognized	7,125,000
Principal amount of deposit	7,125,000				$ 7,800,000
Loss in initial recognition of the refundable deposits		$ 675,000
Effective interest rate		12.00%
Scrubgrass Refundable Deposit [Member]
Financial Instruments [Line Items]
Amount initially recognized	7,542,000
Principal amount of deposit	7,542,000			$ 7,800,000
Loss in initial recognition of the refundable deposits		$ 258,000
Effective interest rate		9.00%
Refundable Hosting Deposits [Member] \| Panther Creek Refundable Deposit [Member]
Financial Instruments [Line Items]
Principal amount of deposit	7,800,000
Refundable Hosting Deposits [Member] \| Scrubgrass Refundable Deposit [Member]
Financial Instruments [Line Items]
Principal amount of deposit	$ 7,800,000
Mining Pool Operator [Member] \| Supplier Concentration Risk [Member] \| Revenue Benchmark [Member]
Financial Instruments [Line Items]
Revenue percentage	88.00%	95.00%	96.00%

Business Combination (Details) - USD ($) $ / shares in Units, $ in Thousands		10 mois terminés	12 mois terminés
	Mar. 14, 2025	31 décembre 2025	31 décembre 2025	31 décembre 2024	31 décembre 2023	Sep. 30, 2025	Juin. 30, 2025	Mar. 31, 2025
Business Combination [Line Items]
Gain on settlement of refundable deposits	$ 945
Total acquisition-related costs			$ 7,081
Acquisition-related costs incurred				$ 5,510				$ 1,571
Revenu			229,276	133,274	$ 120,400
Perte nette			(284,544)	(28,365)	$ (55,511)
Biens, installations et équipements		$ 358,333	$ 358,333	$ 237,255
Stronghold Digital Mining, Inc. [Member]
Business Combination [Line Items]
Share capital acquired percentage	100.00%
Shares issued (in Shares)	2.52
Outstanding loans paid	$ 51,060
Shares issued as part of consideration (in Shares)	59,866,609
Share issued price per share (in Dollars per share)	$ 1.11
Issuance costs	$ 196
Revenu		77,748
Perte nette		$ 2,196
Stronghold Digital Mining, Inc. [Member] \| Warrants [Member]
Business Combination [Line Items]
Shares issued (in Shares)	12,893,650
Common Shares [Member] \| Stronghold Digital Mining, Inc. [Member]
Business Combination [Line Items]
Shares issued (in Shares)	59,866,609
Measurement Input, Comparability Adjustment [Member]
Business Combination [Line Items]
Charges à payer							$ 1,500
Rights to energy credits							3,104
Biens, installations et équipements							$ 1,602
Measurement Input, Comparability Adjustment [Member] \| Maximum [Member]
Business Combination [Line Items]
Biens, installations et équipements						$ 5,885
Measurement Input, Comparability Adjustment [Member] \| Minimum [Member]
Business Combination [Line Items]
Biens, installations et équipements						$ 1,462

Stock-Based Compensation - Schedule of Fair Value of PSUs is determined at Grant Date Using Monte Carlo Simulation Model (Details) - PSUs [Member]	12 mois terminés
	31 décembre 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rendement du dividende (%)
Volatilité attendue du prix de l'action (%)	98.00%
Taux d'intérêt sans risque (%)	3.85%
Expected life of PSU (years)	3 années

- 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

Income Taxes - Schedule of Reconciles the Canadian Federal Statutory Tax Rate to the Effective Tax Rate (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule Of Reconciles The Canadian Federal Statutory Tax Rate To The Effective Tax Rate Abstract
Income tax benefit at federal statutory tax rate, amount	$ (31,262)	$ (1,052)	$ (6,013)
Income tax benefit at federal statutory tax rate, Percentage	15.00%	15.00%	15.00%
Augmentation (diminution) des impôts résultant de :
Provincial taxes, net of federal effect, amount	$ (126)	$ 34	$ (1,946)
Provincial taxes, net of federal effect, Percentage	0.10%	(0.50%)	4.90%
Foreign tax effects - United States
Tax rate differential, amount	$ (2,028)	$ (353)	$ 124
Tax rate differential, percentage	1.00%	5.00%	(0.30%)
Change in valuation allowance, amount	$ 6,339	$ 490	$ (281)
Change in valuation allowance, Percentage	(3.00%)	(7.00%)	0.70%
Other, amount	$ 940	$ 1,036	$ 56
Other, Percentage	(0.50%)	(14.80%)	(0.10%)
Non-taxable or non-deductible items
Stock based compensation, amount	$ 2,244	$ 1,888	$ 1,591
Stock based compensation, Percentage	(1.10%)	(26.90%)	(4.00%)
Non-deductible loss on derivative, amount	$ 4,792
Non-deductible loss on derivative, percentage	(2.30%)
Prior year true-up non capital loss, amount	$ (2,232)
Prior year true-up non capital loss, percentage	1.10%
Other, amount	$ 557	$ (304)	$ 663
Other, percentage	(0.30%)	4.30%	(1.70%)
Change in valuation allowance, amount	$ 20,877	$ (1,393)	$ 5,652
Change in valuation allowance, percentage	(10.00%)	19.90%	(14.10%)
Autre
Autre
Income tax expense (recovery), amount	$ 101	$ 346	$ (154)
Income tax expense (recovery), percentage		(5.00%)	0.40%

Actifs et passifs dérivés

12 mois terminés

31 décembre 2025

Actifs et passifs dérivés [Abstract]

ACTIFS ET PASSIFS DÉRIVÉS

NOTE 10: 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.

Bitcoin redemption options and redemption obligations

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. In the event that the Company elects to pay using Bitcoin (Bitcoin Pledged, as defined in Note 8) either in full or partially, the Company has the option to redeem the Bitcoin Pledged at the price originally pledged in four quarterly installments (“Bitcoin Installments”) within 12 months after the redemption period starts. The redemption period starts when the Miners are shipped. If the Company elects not to redeem one of the Bitcoin Installments, the Company forfeits the right to redeem the remaining Bitcoin Installments. The right to redeem the Bitcoin (“Bitcoin Redemption Option”) meets the definition of an embedded derivative.

A redemption obligation was recognized for the remaining Bitcoin Redemption Options for which Miners have been shipped, reflecting the Company’s obligation to either redeem the Bitcoin Pledged for cash or use the Bitcoin Pledged for the purchase of the Miners. As of December 31, 2025, the redemption obligation was nil since the Company exercised its option to redeem 393 Bitcoin for $37,097 and forfeited its remaining options to redeem 41 Bitcoin totaling $4,352 during the year ended December 31, 2025. No redemption obligation was recognized as of December 31, 2024, as the Miners ordered, for which the deposit payment in Bitcoin was made, had not yet been shipped.

Capped call transactions

In October 2025, in connection with the Convertible Notes, the Company entered into capped call transactions, with a cap price of $11.88 per share (representing a 125% premium over the reference price). The capped call transactions 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.

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

	Depuis le 31 décembre,												Depuis le 31 décembre,
	2025												2024
	Capped call transactions			Bitcoin redemption options			Bitcoin option and selling contracts						Bitcoin redemption options			Bitcoin option and selling contracts

	Actifs dérivés			Actifs dérivés			Actifs dérivés			Passifs dérivés			Actifs dérivés			Actifs dérivés			Passifs dérivés
Solde au mois de janvier 1,		—			3,418			—			(128	)		—			1,281			—
Comptabilisation initiale		69,090			1,072			—			—			1,349			—			—
Achats		—			—			89,478			64,965			—			13,610			351
Settlement		—			—			(73,659	)		(99,256	)		—			(30,762	)		(358	)
Remeasurement recognized in statement of operations		(63,890	)		(4,490	)		(13,532	)		31,497			2,069			15,871			(121	)
Solde en fin de période		5,200			—			2,287			(2,922	)		3,418			—			(128	)

Total derivative assets		2,287												3,418
Total long-term derivative assets		5,200												—
Total derivative liabilities		(2,922	)											(128	)

The following gain (loss) on derivatives is recognized in the consolidated statements of operations:

	Année terminée le 31 décembre,
	2025			2024			2023
Gain (loss) on Bitcoin options and selling contracts
Variation non réalisée de la juste valeur des contrats en cours		1,323			(179	)		409
Gain (perte) réalisé(e) sur les contrats réglés		16,642			15,929			(361	)
		17,965			15,750			48
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value		(2,069	)		2,069			—
Realized loss on settled options		(2,421	)		—			—
		(4,490	)		2,069			—
Loss on Capped call transactions
Unrealized change in fair value		(63,890	)		—			—

Gain (perte) sur actifs et passifs dérivés		(50,415	)		17,819			48

Refer to Note 22 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.

+ References

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Additional Details to the Statements of Operations - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Tableau des frais généraux et administratifs [Abstract]
Salaries and wages	$ (28,234)	$ (20,243)	$ (11,370)
Rémunération basée sur les actions	(14,768)	(12,079)	(10,606)
Services professionnels	(20,624)	(22,874)	(6,238)
Recouvrement de la taxe sur les ventes - services professionnels		1,389
Assurances, droits et autres	(10,261)	(6,601)	(4,020)
Voyage, véhicule à moteur et repas	(2,165)	(1,252)	(812)
Telecom hosting and telecommunications	(542)	(303)	(365)
Publicité et promotion	(1,745)	(697)	(456)
Recouvrement de la taxe sur les ventes - autres frais généraux et administratifs		735
Dépenses générales et administratives	$ (78,339)	$ (61,925)	$ (33,867)

Impôts sur le revenu

12 mois terminés

31 décembre 2025

Impôts sur le revenu [Abrégé]

Impôts sur le revenu

NOTE 19: INCOME TAXES

Loss from continuing operations before income taxes is composed of the following:

	Année terminée le 31 décembre,
	2025			2024			2023
Loss before income taxes from continuing operations:
Canada		(174,611	)		(1,135	)		(42,161	)
Foreign - United States		(33,802	)		(5,878	)		2,074
		(208,413	)		(7,013	)		(40,087	)

Current and deferred income tax (expense) recovery from continuing operations is composed of the following:

	Année terminée le 31 décembre,
	2025			2024		2023
Charge (recouvrement) d'impôt courant :
Canada - Federal		59			21		216
Canada - Provincial		(126	)		34		70
Foreign - United States		168			226		258
		101			281		544

Charge (recouvrement) d'impôts différés :
Canada - Federal		—			—		(698	)
Foreign - United States		—			65		—
		—			65		(698	)
Total income tax expense (recovery)		101			346		(154	)

The following table summarizes the amount of income taxes paid (net of refunds received) from continuing operations:

	Année terminée le 31 décembre,
	2025			2024		2023
Income taxes paid (net of refunds received):
Canada - Federal		9			61		—
Canada - Provincial		(40	)		47		—
Foreign - United States		458			458		295
Total income taxes paid (received)		427			566		295

The following table reconciles the Canadian Federal statutory tax rate to the Company’s effective tax rate:

	Année terminée le 31 décembre,
	2025					2024					2023
Income tax recovery at federal statutory tax rate		(31,262	)	15.0	%		(1,052	)	15.0	%		(6,013	)	15.0	%
Augmentation (diminution) des impôts résultant de :
Provincial taxes*, net of federal effect		(126	)	0.1	%		34		(0.5	)%		(1,946	)	4.9	%
Foreign tax effects - United States
Tax rate differential		(2,028	)	1.0	%		(353	)	5.0	%		124		(0.3	)%
Change in valuation allowance		6,339		(3.0	)%		490		(7.0	)%		(281	)	0.7	%
Autre		940		(0.5	)%		1,036		(14.8	)%		56		(0.1	)%
Non-taxable or non-deductible items
Stock based compensation		2,244		(1.1	)%		1,888		(26.9	)%		1,591		(4.0	)%
Non-deductible loss on derivatives		4,792		(2.3	)%		—		—	%		—		—	%
Prior year true-up non capital loss		(2,232	)	1.1	%		—		—	%		—		—	%
Autre		557		(0.3	)%		(304	)	4.3	%		663		(1.7	)%
Change in valuation allowance		20,877		(10.0	)%		(1,393	)	19.9	%		5,652		(14.1	)%
Autre		—		—	%		—		—	%		—		—	%
Charge (recouvrement) d'impôts sur le revenu		101		—	%		346		(5.0	)%		(154	)	0.4	%

*	The Company is subject to Canadian federal income tax and Québec makes up the majority (>50%) of the provincial taxes.

Actifs et passifs d'impôts différés

Deferred taxes are computed based on enacted tax rates expected to apply at the time of realization. Deferred taxes relate primarily to temporary timing differences arising from the recognition of expenses relating to the depreciation of fixed assets, loss carryforwards and professional fees relating to the Company’s equity activity that are recognized as a reduction of equity.

As at December 31, 2025, the Company has analyzed the recoverability of its deferred tax assets and has concluded that it is not more likely than not that sufficient taxable profit is expected to utilize these deferred tax assets.

The components of deferred tax assets and liabilities arising from temporary differences are summarized below:

	Depuis le 31 décembre,			Depuis le 31 décembre,
	2025			2024
Deferred tax assets:
Operating losses and interest limitation		111,611			52,724
Variation de la juste valeur des actifs numériques		8,998			—
Goodwill and intangibles		3,984			—
Rémunération basée sur les actions		2,852			—
Dette à long terme		4,120			—
Frais de financement		2,185			4,439
Investment in discontinued operations		18,252			9,038
Réserves et autres		11,688			5,215
Total deferred tax assets		163,690			71,416
Less: valuation allowance		(160,201	)		(53,302	)
Actifs d'impôts différés nets		3,489			18,114
Deferred tax liabilities:
Biens, installations et équipements		(3,554	)		(3,271	)
Variation de la juste valeur des actifs numériques		—			(14,001	)
Réserves et autres		—			(907	)
Total deferred tax liabilities		(3,554	)		(18,179	)
Net deferred tax assets (liabilities)		(65	)		(65	)

The following table summarizes the Company’s valuation allowance movement:

	Depuis le Décembre 31,			Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024			2023
Solde au mois de janvier 1,		53,302			50,857			30,324
Charged to income tax (expense) recovery		47,850			5,956			10,567
Charged to equity		(1,878	)		(717	)		1,448
Investment in discontinued operations		9,214			519			8,518
Business combination		64,716			—			—
Deductions		(4,197	)		(3,313	)		—
Biens, installations et équipements		(8,806	)		—			—
Solde au mois de décembre 31,		160,201			53,302			50,857

The Company’s loss carryforward balances and expiration for continuing operations are summarized below:

	2031+
Non-capital loss carryforward
Canada		215,980
Foreign - United States		206,013
		421,993

The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2025 and 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Rights to Renewable Energy Credits and Waste Tax Credits

12 mois terminés

31 décembre 2025

Rights to Renewable Energy Credits and Waste Tax Credits [Abstract]

RIGHTS TO RENEWABLE ENERGY CREDITS AND WASTE TAX CREDITS

NOTE 5: RIGHTS TO RENEWABLE ENERGY CREDITS AND WASTE TAX CREDITS

	Depuis le 31 décembre,
	2025
	Rights to renewable energy credits			Rights to waste tax credits		Total
Solde au mois de janvier 1,		—			—		—
Additions related to business combination		3,104			5,885		8,989
Ajouts au cours de la période		17,076			5,687		22,763
Less: sale of credits to third parties		(13,274	)		—		(13,274	)
Solde en fin de période		6,906			11,572		18,478

Acquisition of Assets (Tables)

12 mois terminés

31 décembre 2025

Acquisition of Assets [Abstract]

Schedule of Purchase Price

The purchase price is as follows:



Prix d'achat
Contrepartie en espèces	5,000
Value of 8,500,000 common shares transferred at closing	33,745
Derecognition of lease liability	(9,014	)
Right-of-use asset surrendered	10,055
Coûts de transaction	626
	40,412

Assets acquired
Terre	39,710
Building	702
	40,412

Contrats de location (tableaux)

12 mois terminés

31 décembre 2025

Contrats de location [Abrégé]

Schedule of Components of Lease Expense

The components of lease expense are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Finance lease expense
Amortization of ROU assets		829		1,170		1,381
Interest on lease obligations		93		88		217
Operating lease expense		4,202		2,925		2,162
Amortization of initial direct costs		278		139		—
		5,402		4,322		3,760

Other information related to leases is as follows:

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Actifs ROU
Operating lease ROU assets		11,103			21,299
Finance lease ROU assets		2,127			2,281
Total des actifs du ROU		13,230			23,580

Responsabilité relative au contrat de location
Operating lease liabilities		1,490			1,959
Finance lease liabilities		235			130
Long-term portion of lease liabilities
Operating lease liabilities		10,606			17,440
Finance lease liabilities		1,978			2,310
Total lease liabilities		14,309			21,839

Weighted-average remaining lease term (in years)
Operating lease		6 années			7 années
Finance lease		5 années			5 années

Weighted-average discount rate
Operating lease		9	%		9	%
Finance lease		7	%		8	%

Schedule of Cash Flow Information Related to Leases

Cash flow information related to leases is as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases		3,336		2,456		2,284
Operating cash flows used in finance leases		114		131		283
Financing cash flows used in finance leases		820		1,079		2,458

ROU assets obtained in exchange for lease liabilities:
Operating leases		3,276		8,960		986
Finance leases		603		968		567

Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases

Future minimum lease payments required under non-cancellable leases as of December 31, 2025, were as follows:

	Operating leases			Finance leases			Total
2026		2,728			631			3,359
2027		3,182			576			3,758
2028		3,274			495			3,769
2029		3,222			451			3,673
2030 et par la suite		12,131			1,206			13,337
Total minimum lease payments		24,537			3,359			27,896
Less: payments related to leases not yet commenced		(7,848	)		—			(7,848	)
Less: imputed interest		(4,593	)		(1,146	)		(5,739	)
Total lease liabilities		12,096			2,213			14,309

Information sur l'audit	12 mois terminés
Information sur l'audit	31 décembre 2025
Auditeur [Tableau]
Nom de l'auditeur	PriceWaterhouseCoopers LLP
ID du cabinet d'audit	271
Emplacement de l'auditeur	Toronto, Canada
Opinion du vérificateur [Bloc de texte]	Avis sur les états financiers et le contrôle interne en matière d'information financière We have audited the accompanying consolidated balance sheets of Bitfarms Ltd. and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control ‒ Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control ‒ Integrated Framework (2013) issued by the COSO.

Commitments and Contingencies (Details) $ in Thousands			12 mois terminés
Commitments and Contingencies (Details) $ in Thousands	Nov. 30, 2025 USD ($)	Août. 31, 2025 USD ($) a	31 décembre 2026 USD ($)	31 décembre 2025 USD ($)	31 décembre 2024 USD ($)
Commitments And Contingencies [Line Items]
Company has not received any assessment or communication				34,179	9,399
Proceeds from Acquire Mining Assets (in Dollars)				$ 130,698	$ 25,782
Percentage of importation tariffs					22.40%
Tariff rate				27.60%
Company entered into a purchase commitment (in Dollars)			$ 129,662
Maximum [Membre]
Commitments And Contingencies [Line Items]
Percentage of importation tariffs				22.40%
Minimum [Membre]
Commitments And Contingencies [Line Items]
Percentage of importation tariffs				150.50%
Washington [Member]
Commitments And Contingencies [Line Items]
Number of purchased land (in Acres) \| a		3
Company entered into a purchase commitment (in Dollars)		$ 1,898
Pennsylvania [Member]
Commitments And Contingencies [Line Items]
Number of purchased land (in Acres) \| a		181
Company entered into a purchase commitment (in Dollars)	$ 128,742	$ 3,500

Subsequent Events

12 mois terminés

31 décembre 2025

Subsequent Events (To Be Updated Up To the Filing Date) [Abstract]

Subsequent Events

NOTE 28: SUBSEQUENT EVENTS

Management has evaluated subsequent events from January 1, 2026 to March 31, 2026.

Full repayment of the Credit Facility with Macquarie

On February 6, 2026, the Company reimbursed the Credit Facility with Macquarie in full for a total of $116,855.

Blockfills Bankruptcy

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.

As of March 16, 2026, the Company had a net exposure of $4,200 with BlockFills in connection with its Bitcoin option and selling contracts.

Redomiciliation

On February 6, 2026, Bitfarms announced that its board of directors (the “Board”) approved a plan of arrangement (the “Arrangement”) under which Bitfarms will redomicile from Canada to the United States (the “U.S. Redomiciliation”), subject to receipt of shareholder, stock exchange and court approvals. Upon completion of the U.S. Redomiciliation, the ultimate parent company of Bitfarms will be a new corporation formed under the laws of the State of Delaware that will operate under the name Keel Infrastructure Corp. (“Keel Infrastructure”). To effect the U.S. Redomiciliation, each outstanding common share of Bitfarms (a “Common Share”) will be exchanged for one share of common stock of Keel Infrastructure (“Keel Common Stock”), pursuant to the Arrangement. Following completion of the U.S. Redomiciliation, Bitfarms will become an indirect wholly owned subsidiary of Keel Infrastructure, which together with Bitfarms and its other subsidiaries will carry on the business currently conducted by Bitfarms and its subsidiaries.

The Arrangement was approved by Bitfarms’ shareholders at a special meeting held on March 20, 2026. The Ontario Superior Court of Justice (Commercial List) issued its final order approving the Arrangement on March 24, 2026.

Inventories (Details) $ in Thousands	31 décembre 2025 USD ($)
Inventories [Abstract]
Business Combination, Recognized Asset Acquired, Inventory, Current	$ 3,269

Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Allowance for Credit Losses [Abstract]
Solde au mois de janvier 1,	$ (63)	$ (51)	$ (37)
Current period allowance		(17)	(28)
Write offs charged against allowance			16
Recoveries collected			(1)
Allowance for credit losses	(3)	5	(1)
Solde au mois de décembre 31,	$ (66)	$ (63)	$ (51)

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Numerator:
Loss from continuing operations (in Dollars)	$ (208,514)	$ (7,359)	$ (39,933)
Effect of Convertible Notes (in Dollars)
Numerator for diluted loss per share (in Dollars)	$ (208,514)	$ (7,359)	$ (39,933)
Denominator:
Denominator for basic loss per share - weighted average shares outstanding	551,676,757	414,669,947	262,237,117
Dilutive impact of Convertible Notes
Denominator for diluted loss per share - weighted average shares outstanding	551,676,757	414,669,947	262,237,117
Loss from continuing operations per common share attributable to common shareholders:
De base (en dollars par action)	$ (0.38)	$ (0.02)	$ (0.15)
Dilué (en dollars par action)	$ (0.38)	$ (0.02)	$ (0.15)
Loss from discontinued operations (in Dollars)	$ (76,030)	$ (21,006)	$ (15,578)
Effect of Convertible Notes
Numerator for diluted loss per share (in Dollars)	$ (76,030)	$ (21,006)	$ (15,578)
Denominator for basis loss per share - weighted average shares outstanding	551,676,757	414,669,947	262,237,117
Dilutive impact of Convertible Notes
Denominator for diluted loss per share - weighted average shares outstanding	551,676,757	414,669,947	262,237,117
Loss from discontinued operations per common share attributable to common shareholders:
De base (en dollars par action)	$ (0.14)	$ (0.05)	$ (0.06)
Dilué (en dollars par action)	$ (0.14)	$ (0.05)	$ (0.06)

Inventories (Tables)

12 mois terminés

31 décembre 2025

Inventories [Abstract]

Schedule of Inventories

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Waste, limestone and fuel oil*		5,805		—
Electronic and networking components		2,871		1,137
		8,676		1,137

* On the Acquisition Date, inventories from the Stronghold business combination amounted to $3,269. Refer to Note 3 for more details.

Refundable Deposits (Tables)

12 mois terminés

31 décembre 2025

Refundable Deposits [Abstract]

Schedule of Refundable Deposits

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Dépôts d'hébergement remboursables		—		14,216
Autre		350		—
		350		14,216

Additional Details to the Statements of Operations

12 mois terminés

31 décembre 2025

Organization [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

NOTE 25: ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

Disaggregated revenues

	Année terminée le 31 décembre,
	2025		2024		2023
Cryptocurrency Mining		206,209		128,172		115,340
Cryptocurrency Hosting		4,491		—		—
Electrical services		4,595		5,102		5,060
Energy sales		13,981		—		—
		229,276		133,274		120,400

Coût des revenus

	Année terminée le 31 décembre,
	2025			2024			2023
Energy expenses		(80,280	)		(60,368	)		(68,715	)
Sales tax recovery - energy		—			17,017			—
Dépréciation et amortissement		(98,130	)		(102,469	)		(65,043	)
Recouvrement de la taxe sur les ventes - amortissement		—			8,760			—
Hosting expenses		(7,735	)		—			—
Dépenses d'infrastructure		(58,179	)		(8,045	)		(6,243	)
Composants électriques et salaires		(3,856	)		(4,081	)		(4,141	)
		(248,180	)		(149,186	)		(144,142	)

Inventories

During the year ended December 31, 2025, the cost of electrical component inventory and waste, limestone and fuel oil recognized as an expense and included in cost of revenues was $44,257 (years ended December 31, 2024 and 2023: $3,392 and $3,320, respectively).

Energy costs are net of RECs and WTCs

During the year ended December 31, 2025, RECs amounted to $17,076, and the WTCs amounted to $5,687, (years ended December 31, 2024 and 2023: RECs and WTCs were nil), all of which offset energy expenses in the cost of revenues.

Customs duties

During the year ended December 31, 2025, infrastructure expenses included $9,244 of customs duties in connection with the importation of Miners in 2021 (years ended December 31, 2024 and 2023: nil).

In 2021, the Company imported Miners into Washington state, United States, that the vendor located in China claimed originated in Malaysia. In early 2022, U.S. Customs and Border Protection (“CBP”) challenged the origination of the Miners, asserting that the Miners were manufactured in China, and notified the Company of a potential assessment of a U.S. importation duty of 25%.

During the third quarter of 2023 and the first quarter of 2025, the Company submitted supporting documentation to CBP in defense of its position that the Miners were manufactured outside China and the associated custom duties in the amount of $9,424 do not apply. In 2024, the Company paid $180 of the custom duties resulting in an amount of $9,244 related to the potential assessment.

In August 2025, the Company received a response letter from the CBP indicating that customs duties are required under the circumstances. During the year ended December 31, 2025, the Company paid $11,882 to the CBP with a corresponding expense of $9,244 recognized as costs of revenues relating to the customs duties and $2,658 recognized as other expense (income) relating to interest and penalties.

Recouvrement de la taxe de vente canadienne

In April 2024, the Company received confirmation from the provincial tax authorities that Canadian sales taxes paid from February 5, 2022 onwards are refundable. Between February 5, 2022, the date on which the new cryptocurrency sales tax legislation came into effect, and April 2024, the Company filed monthly sales tax refund claims totaling approximately $24,400 (CAD$33,000) that were not paid to the Company, pending the finalization of the legislation. The refund relates to sales taxes incurred on various expenditures including, but not limited to, electricity costs, cost of property, plant and equipment, professional services, etc.

During the year ended December 31, 2024, the Company recognized sales tax recoveries of $22,200 related to prior years (2022 and 2023) and $2,200 related to the period from January to April 2024. The amounts were presented as direct adjustments to the related expenses and asset categories. During the year ended December 31, 2024, the full $24,400 of sales tax claims were refunded by the Canadian tax authorities.

In addition to previously not receiving its Canadian sales tax refund claims, the Company was self-assessing sales taxes payable when appropriate. During the year ended December 31, 2024, the Company reversed $9,560 of government remittances previously included in PPE and accrued in accounts payable and accrued expenses, as disclosed in Note 16. Of this amount, $5,360 was recognized as a decrease to cost of revenues, $520 was recognized as a decrease to general and administrative expense and $3,680 was recognized as a decrease to PPE.

Dépenses générales et administratives

	Année terminée le 31 décembre,
	2025			2024			2023
Salaries and wages		(28,234	)		(20,243	)		(11,370	)
Rémunération basée sur les actions		(14,768	)		(12,079	)		(10,606	)
Services professionnels		(20,624	)		(22,874	)		(6,238	)
Recouvrement de la taxe sur les ventes - services professionnels		—			1,389			—
Assurances, droits et autres		(10,261	)		(6,601	)		(4,020	)
Voyage, véhicule à moteur et repas		(2,165	)		(1,252	)		(812	)
Telecom hosting and telecommunications		(542	)		(303	)		(365	)
Publicité et promotion		(1,745	)		(697	)		(456	)
Recouvrement de la taxe sur les ventes - autres frais généraux et administratifs		—			735			—
		(78,339	)		(61,925	)		(33,867	)

Autres dépenses

	Année terminée le 31 décembre,
	2025			2024			2023
Gain lors de la déreconnaissance des mandats		—			62			—
Gain sur le règlement des dépôts d'hébergement remboursables		945			—			—
Perte sur la comptabilisation initiale des dépôts remboursables		—			(933	)		—
Amortization of transaction costs and debt discount		(3,148	)		—			—
Gain (loss) on exchange rates		(422	)		(896	)		(590	)
Autres charges financières		(3,438	)		(343	)		(938	)
		(6,063	)		(2,110	)		(1,528	)

Gain sur l'extinction de la dette à long terme

In February 2022, Backbone Mining entered into an equipment financing agreement for gross proceeds of $32,000 collateralized by 6,100 Bitmain S19j Pro Miners referred to as the “BlockFi Loan”. The net proceeds received by the Company were $30,994 after capitalizing origination, closing and other transaction fees of $1,006. In December 2022, Backbone Mining ceased making installment payments, which constituted a default under the loan agreement, and the BlockFi Loan was classified as current.

In February 2023, the Company entered into a settlement agreement with BlockFi pursuant to which an outstanding equipment financing obligation with a carrying amount of $20,330 was settled for cash consideration of $7,750. As a result, the Company recognized a gain on extinguishment of long-term debt of $12,580 recognized in Gain on extinguishment of long-term debt in the consolidated statements of operations during the year ended December 31, 2023. Upon settlement, all assets previously pledged as collateral were released.

Dépôts à long terme, prépaiements des équipements et autres

12 mois terminés

31 décembre 2025

Long-Term Deposits, Equipment Prepayments and Other [Abstract]

Dépôts à long terme, prépaiements des équipements et autres

NOTE 14: LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Miner purchase order deposits		—		34,791
Autres composants électriques et BVVE		18		2,738
Cash deposits on construction work and materials*		20,146		2,530
Paiements anticipés d'équipement et de construction		20,164		40,059
Insurance prepaids, security deposits for energy and rent		9,199		4,513
Deferred transaction fees - undrawn tranche of the credit facility		1,670		—
		31,033		44,572

Deposits for construction work and materials mainly related to the HPC/AI expansions.

Following the sale of the Yguazu Bitcoin data center, the Company sold $18,321 of long-term deposits and equipment prepayments to HIVE. Refer to Note 11 for more details.

March 2024 Miner purchase order deposits

During the first quarter of 2024, the Company ordered 19,369 Bitmain T21 Miners, 3,975 Bitmain S21 Miners and 762 Bitmain S21 Hydro Miners (collectively defined as the “March 2024 Purchase Order”) for $51,285, $13,608 and $4,338, respectively, with deliveries scheduled from April 2024 to November 2024. In November 2024, the Company amended the March 2024 Purchase Order and upgraded 12,853 Bitmain T21 Miners to 12,853 S21 Pro Miners for $22,654. As of December 31, 2025, all Miners on the March 2024 Purchase Order were received and the equipment prepayment amount was nil.

Long-Term Deposits, Equipment Prepayments and Other - Schedule of Long-Term Deposits, Equipment Prepayments and Other (Details) - USD ($)
$ in Thousands

31 décembre 2025

31 décembre 2024

Tableau des dépôts à long terme, des paiements anticipés pour l'équipement et autres [postes].

Miner purchase order deposits

$ 34,791

Autres composants électriques et BVVE

2,738

Cash deposits on construction work and materials

^[1]

20,146

2,530

Paiements anticipés d'équipement et de construction

20,164

40,059

Insurance prepaids, security deposits for energy and rent

9,199

4,513

Deferred transaction fees - undrawn tranche of the credit facility

1,670

Long term deposits and equipment prepayments

$ 31,033

$ 44,572

[1]	Deposits for construction work and materials mainly related to the HPC/AI expansions.

Significant Accounting Policies - Schedule of Lease Term and Estimated Useful Lives (Details)	12 mois terminés
	31 décembre 2025
Locaux loués [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Méthode d'amortissement	Linéaire
Locaux loués [Membre] \| Minimum [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	4 années
Locaux loués [Membre] \| Maximum [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	10 années
Machinery and equipment [Member]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Méthode d'amortissement	Linéaire
Machinery and equipment [Member] \| Minimum [Member]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	3 années
Machinery and equipment [Member] \| Maximum [Member]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	4 années
Véhicules et autres [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Méthode d'amortissement	Linéaire
Véhicules et autres [Membre] \| Minimum [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	3 années
Véhicules et autres [Membre] \| Maximum [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Période d'amortissement	5 années
BVVE [Membre]
Schedule of Lease Term and Estimated Useful Lives [Line Items]
Méthode d'amortissement	Linéaire
Période d'amortissement	3 années

Leases - Schedule of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 3,336	$ 2,456	$ 2,284
Operating cash flows used in finance leases	114	131	283
Financing cash flows used in finance leases	820	1,079	2,458
ROU assets obtained in exchange for lease liabilities:
Operating leases	3,276	8,960	986
Finance leases	$ 603	$ 968	$ 567

Digital Assets - Schedule of Bitcoin Transactions and Corresponding Values (Details)
$ in Thousands

12 mois terminés

31 décembre 2025

USD ($)

Quantité

31 décembre 2024

USD ($)

Quantité

Schedule of Bitcoin Transactions and Corresponding Values [Line Items]

Balance of digital assets including restricted digital assets as of January 1, Quantity | Quantity

1,285

^[1]

804

Balance of digital assets including restricted digital assets as of January 1, Value | $

$ 120,124

^[1]

$ 33,971

Bitcoin earned, Quantity | Quantity

2,008

1,992

Bitcoin earned, Value | $

$ 202,691

$ 126,920

Bitcoin earned from discontinued operations, Quantity | Quantity

579

922

Bitcoin earned from discontinued operations, Value | $

$ 58,713

$ 59,607

Hosting revenue received in Bitcoin, Quantity | Quantity

Hosting revenue received in Bitcoin, Value | $

$ 1,527

Bitcoin received in exchange for goods, Quantity | Quantity

Bitcoin received in exchange for goods, Value | $

$ 1,128

Change in Bitcoin earned, not received, Quantity | Quantity

(6)

Change in Bitcoin earned, not received, Value | $

$ (512)

Bitcoin exchanged for cash, Quantity | Quantity

(1,765)

(2,419)

Bitcoin exchanged for cash, Value | $

$ (171,091)

$ (152,135)

Bitcoin exchanged for goods and services, Quantity | Quantity

(97)

(14)

Bitcoin exchanged for goods and services, Value | $

$ (9,992)

$ (1,463)

Realized gain on disposition of digital assets, Quantity | Quantity

Realized gain on disposition of digital assets, Value | $

$ 28,219

$ 27,209

Change in fair value of digital assets, Quantity | Quantity

Change in fair value of digital assets, Value | $

$ (50,522)

$ 26,015

Balance of digital assets including restricted digital assets as of December 31, Quantity | Quantity

^[1]

2,060

1,285

Balance of digital assets including restricted digital assets as of December 31, Value | $

^[1]

$ 180,285

$ 120,124

Less: Restricted digital assets as of December 31, Quantity | Quantity

^[2]

(64)

(351)

Less: Restricted digital assets as of December 31, Value | $

^[2]

$ (5,559)

$ (32,826)

Balance of digital assets excluding restricted digital assets as of December 31, Quantity | Quantity

1,996

934

Balance of digital assets excluding restricted digital assets as of December 31, Value | $

$ 174,726

$ 87,298

[1]	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.
[2]	As of December 31, 2025, Restricted digital assets comprise Bitcoin held by a third party in connection with Bitcoin selling contracts.

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Schedule of Accounts Payable and Accrued Expenses [Abstract]
Accounts payable	$ 16,271	$ 8,231
Accrued expenses	18,703	13,825
Government remittances payable	11,469	3,736
Accounts payable and accrued expenses	$ 46,443	$ 25,792

Impôts sur le revenu (tableaux)

12 mois terminés

31 décembre 2025

Impôts sur le revenu [Abrégé]

Schedule of Loss from Continuing Operations before Income Taxes

Loss from continuing operations before income taxes is composed of the following:

	Année terminée le 31 décembre,
	2025			2024			2023
Loss before income taxes from continuing operations:
Canada		(174,611	)		(1,135	)		(42,161	)
Foreign - United States		(33,802	)		(5,878	)		2,074
		(208,413	)		(7,013	)		(40,087	)

Schedule of Current and Deferred Income Tax (Expense) Benefit

Current and deferred income tax (expense) recovery from continuing operations is composed of the following:

	Année terminée le 31 décembre,
	2025			2024		2023
Charge (recouvrement) d'impôt courant :
Canada - Federal		59			21		216
Canada - Provincial		(126	)		34		70
Foreign - United States		168			226		258
		101			281		544

Charge (recouvrement) d'impôts différés :
Canada - Federal		—			—		(698	)
Foreign - United States		—			65		—
		—			65		(698	)
Total income tax expense (recovery)		101			346		(154	)

Schedule of Income Taxes Paid (Net of Refunds Received)

The following table summarizes the amount of income taxes paid (net of refunds received) from continuing operations:

	Année terminée le 31 décembre,
	2025			2024		2023
Income taxes paid (net of refunds received):
Canada - Federal		9			61		—
Canada - Provincial		(40	)		47		—
Foreign - United States		458			458		295
Total income taxes paid (received)		427			566		295

Schedule of Reconciles the Canadian Federal Statutory Tax Rate to the Effective Tax Rate

The following table reconciles the Canadian Federal statutory tax rate to the Company’s effective tax rate:

	Année terminée le 31 décembre,
	2025					2024					2023
Income tax recovery at federal statutory tax rate		(31,262	)	15.0	%		(1,052	)	15.0	%		(6,013	)	15.0	%
Augmentation (diminution) des impôts résultant de :
Provincial taxes*, net of federal effect		(126	)	0.1	%		34		(0.5	)%		(1,946	)	4.9	%
Foreign tax effects - United States
Tax rate differential		(2,028	)	1.0	%		(353	)	5.0	%		124		(0.3	)%
Change in valuation allowance		6,339		(3.0	)%		490		(7.0	)%		(281	)	0.7	%
Autre		940		(0.5	)%		1,036		(14.8	)%		56		(0.1	)%
Non-taxable or non-deductible items
Stock based compensation		2,244		(1.1	)%		1,888		(26.9	)%		1,591		(4.0	)%
Non-deductible loss on derivatives		4,792		(2.3	)%		—		—	%		—		—	%
Prior year true-up non capital loss		(2,232	)	1.1	%		—		—	%		—		—	%
Autre		557		(0.3	)%		(304	)	4.3	%		663		(1.7	)%
Change in valuation allowance		20,877		(10.0	)%		(1,393	)	19.9	%		5,652		(14.1	)%
Autre		—		—	%		—		—	%		—		—	%
Charge (recouvrement) d'impôts sur le revenu		101		—	%		346		(5.0	)%		(154	)	0.4	%

*	The Company is subject to Canadian federal income tax and Québec makes up the majority (>50%) of the provincial taxes.

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities arising from temporary differences are summarized below:

	Depuis le 31 décembre,			Depuis le 31 décembre,
	2025			2024
Deferred tax assets:
Operating losses and interest limitation		111,611			52,724
Variation de la juste valeur des actifs numériques		8,998			—
Goodwill and intangibles		3,984			—
Rémunération basée sur les actions		2,852			—
Dette à long terme		4,120			—
Frais de financement		2,185			4,439
Investment in discontinued operations		18,252			9,038
Réserves et autres		11,688			5,215
Total deferred tax assets		163,690			71,416
Less: valuation allowance		(160,201	)		(53,302	)
Actifs d'impôts différés nets		3,489			18,114
Deferred tax liabilities:
Biens, installations et équipements		(3,554	)		(3,271	)
Variation de la juste valeur des actifs numériques		—			(14,001	)
Réserves et autres		—			(907	)
Total deferred tax liabilities		(3,554	)		(18,179	)
Net deferred tax assets (liabilities)		(65	)		(65	)

Schedule of Valuation Allowance Movement

The following table summarizes the Company’s valuation allowance movement:

	Depuis le Décembre 31,			Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024			2023
Solde au mois de janvier 1,		53,302			50,857			30,324
Charged to income tax (expense) recovery		47,850			5,956			10,567
Charged to equity		(1,878	)		(717	)		1,448
Investment in discontinued operations		9,214			519			8,518
Business combination		64,716			—			—
Deductions		(4,197	)		(3,313	)		—
Biens, installations et équipements		(8,806	)		—			—
Solde au mois de décembre 31,		160,201			53,302			50,857

Schedule of Loss Carryforward Balances and Expiration

The Company’s loss carryforward balances and expiration for continuing operations are summarized below:

	2031+
Non-capital loss carryforward
Canada		215,980
Foreign - United States		206,013
		421,993

Segment and Geographical Information

12 mois terminés

31 décembre 2025

Segment and Geographical Information [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

NOTE 24: SEGMENT AND GEOGRAPHICAL INFORMATION

Segment déclarable

The Company has aggregated all of its Cryptocurrency Mining operating segments into a single operating segment, which is the Company’s only reportable segment, Cryptocurrency Mining. The CODM manages segment performance and resource allocation based upon 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. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the consolidated statements of operations and the more detailed component disclosed in Note 25.

Revenus

Revenues by country are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Amérique du Nord
États-Unis		116,386		16,500		11,466
Canada		112,890		116,774		108,934
Total		229,276		133,274		120,400

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:

	Depuis le 31 décembre,						Depuis le 31 décembre,
	2025						2024
	EPI		Autre		TOTAL DES ACTIFS À LONG TERME		EPI		Autre		TOTAL DES ACTIFS À LONG TERME
Amérique du Nord
États-Unis		292,196		26,865		319,061		63,147		14,535		77,682
Canada		66,125		17,362		83,487		117,025		52,819		169,844
Total		358,321		44,227		402,548		180,172		67,354		247,526

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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+ Details

Long-Term Deposits, Equipment Prepayments and Other (Details) pure in Thousands, $ in Thousands		3 mois terminés	12 mois terminés
	Nov. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	31 décembre 2025 USD ($)
Long-Term Deposits, Equipment Prepayments and Other [Line Items]
Long-term deposits and equipment prepayments			$ 18,321
Prepayment equipment
Mineurs Bitmain T21 [Membre]
Long-Term Deposits, Equipment Prepayments and Other [Line Items]
Number Of Bitmain Miners Ordered	12,853	19,369
Payment of purchase order deposits		$ 51,285
Bitmain S21 Miners [Member]
Long-Term Deposits, Equipment Prepayments and Other [Line Items]
Number Of Bitmain Miners Ordered		3,975
Payment of purchase order deposits		$ 13,608
Bitmain S21 Hydro Miners [Member]
Long-Term Deposits, Equipment Prepayments and Other [Line Items]
Number Of Bitmain Miners Ordered		762
Payment of purchase order deposits		$ 4,338
Mineurs Bitmain S21 Pro [Membre]
Long-Term Deposits, Equipment Prepayments and Other [Line Items]
Number Of Bitmain Miners Ordered	12,853
Payment of purchase order deposits	$ 22,654

Stock-Based Compensation - Schedule of Additional Information on Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Additional Information on Options [Abstract]
Weighted-average grant date fair value of Options granted	$ 0.72	$ 1.12	$ 1.12
Weighted-average grant date fair values of Options vested	1.08	1.03	1.19
Weighted-average grant date fair value of non-vested Options	$ 0.93	$ 1.19	$ 1.08
Total intrinsic values of the Options exercised	$ 21,021	$ 5,544	$ 6,442
Total fair value of Options vested	2,722	$ 10,318	$ 12,932
Total intrinsic values of the Options outstanding	12,757
Total intrinsic values of the Options exercisable	$ 9,156
Weighted-average remaining contractual life of the outstanding Options	3 années 3 mois 18 jours
Weighted average remaining contractual life of the exercisable Options	3 années 1 mois 6 jours
Unrecognized compensation cost related to the non-vested Options	$ 1,452
Remaining weighted-average vesting period	8 mois 12 jours

Income Taxes - Schedule of Loss from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Loss before income taxes from continuing operations:
Loss from continuing operations before	$ (208,413)	$ (7,013)	$ (40,087)
Canada [Membre]
Loss before income taxes from continuing operations:
Loss from continuing operations before	(174,611)	(1,135)	(42,161)
Foreign - United States [Member]
Loss before income taxes from continuing operations:
Loss from continuing operations before	$ (33,802)	$ (5,878)	$ 2,074

Capital social (tableaux)

12 mois terminés

31 décembre 2025

Share Capital [Abstract]

Schedule of Movement in Number of Common Shares

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

	Année terminée le 31 décembre,
	2025			2024		2023
Encours, janvier 1,		479,332,885			334,153,330		224,200,170
Issuance through at-the market equity offering program		29,616,939			135,474,160		52,120,899
Issuance through business combination		59,866,609			—		—
Share buyback and cancellation		(7,807,141	)		—		—
Exercise of Options		12,591,449			2,644,873		3,047,346
Settlement of share awards		1,543,320			—		—
Issuance of common shares related to right-of-use asset		—			1,532,745		—
Exercise of warrants		15,191,855			5,111,111		9,269,630
Règlement des unités d'actions restreintes		2,744,083			416,666		250,002
2023 placement privé		—			—		44,444,446
Issuance through acquisition of assets		8,500,000			—		820,837
En cours, décembre 31,		601,579,999			479,332,885		334,153,330

Schedule of Outstanding Number of Warrants

Details of the outstanding number of warrants are as follows:

	Année terminée le 31 décembre,
	2025					2024					2023
	Number of Warrants			Weighted Average Exercise Price (USD)		Number of Warrants			Weighted Average Exercise Price (USD)		Number of Warrants			Weighted Average Exercise Price (USD)
Encours, janvier 1,		10,841,482			1.17		35,105,390			2.83		19,152,797			4.21
Accordé		20,421,723			1.74		—			—		25,222,223			1.18
Exercé		(17,355,910	)		1.20		(5,111,111	)		1.17		(9,269,630	)		1.18
Expiré		—			—		(19,152,797	)		4.21		—			—
En cours, décembre 31,		13,907,295			1.97		10,841,482			1.17		35,105,390			2.83

Schedule of Fair Values of the 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:


Rendement du dividende (%)		—	%
Expected share price volatility (%)*		98	%
Taux d'intérêt sans risque (%)		4.03	%
Durée de vie prévue des bons de souscription (années)		5.60
Prix de l'action (CAD)	$	1.88
Prix d'exercice (USD)	$	1.74
Juste valeur des 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.

Dette à long terme (détails) $ / actions en unités, $ en milliers	1 mois terminés			12 mois terminés
	Fév. 28, 2026 USD ($)	Oct. 31, 2025 USD ($) $ / actions Actions	Mar. 31, 2024 USD ($)	31 décembre 2025 USD ($) Actions	31 décembre 2024 USD ($)	31 décembre 2023 USD ($)	Oct. 16, 2026 $ / actions	Apr. 30, 2025 USD ($)
Long Term Debt [Line Items]
Building sold			$ 1,695
Lease renew			10 années
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) \| shares				3,212,330
Long-Term Debt, Fair Value				$ 699,657	$ 1,576
Converted facility amount		$ 50,000
Fair value of equity warrants		$ 7,093
Amortized discount on debt				3,148
beginning period of repayment		60 jours
Transaction cost				3,900
Aggregate principal amount of convertible senior notes		$ 588,000
Interest rate		1.375%
Date d'échéance		1er janvier 2031
Conversion price of shares		130.00%
Sale price percentage		30.00%
Conversion price (in Dollars per share) \| $ / shares		$ 5.28					$ 5.28
Repurchase cash percentage		100.00%
Aggregate principal amount
produit net				569,063
Covenants and restrictions [Member]
Long Term Debt [Line Items]
Restricted cash				50,000
Option [Member]
Long Term Debt [Line Items]
Aggregate principal amount of convertible senior notes		$ 88,000
Second Tranche [Member]
Long Term Debt [Line Items]
Additional amount				250,000
Fair value of equity warrants		50,000
Amortized discount on debt		$ 5,899
Initial Tranche [Member]
Long Term Debt [Line Items]
Initial drawn amount				$ 50,000
Interest rate				8.00%
Maturity period				2 années
Montant principal				$ 50,000
Effective interest rate				17.90%
Minimum base return				25.00%
minimum base return, reduced				9.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) \| shares				5,330,946
Long-Term Debt, Fair Value				$ 2,900
Proceeds from the Initial Tranche				50,000
Debt Instrument, Unamortized Discount				2,711
Convertible Senior Notes [Member]
Long Term Debt [Line Items]
Transaction cost				18,937
Sale price percentage		98.00%
Conversion price (in Dollars per share) \| $ / shares		$ 6.86
Convertible Notes [Member]
Long Term Debt [Line Items]
Conversion price (in Dollars per share) \| $ / shares		$ 1
Macquarie [Member]
Long Term Debt [Line Items]
Cash collateral amount				$ 50,000
Panther Creek [Member]
Long Term Debt [Line Items]
Converted debt facility		$ 300,000
Warrants [Member]
Long Term Debt [Line Items]
Converted facility amount		$ 100,000
Convertible issued shares (in Shares) \| shares		2,197,127
Common shares [Member]
Long Term Debt [Line Items]
Sale price percentage		130.00%
Conversion shares (in Shares) \| shares		145.6876
Credit Facility [Member] \| Forecast [Member]
Long Term Debt [Line Items]
Additional amount	$ 57,500
Credit Facility [Member] \| Macquarie [Member]
Long Term Debt [Line Items]
Credit facility signed with macquarie								$ 300,000
Minimum [Membre]
Long Term Debt [Line Items]
Consecutive trading days		20
Maximum [Membre]
Long Term Debt [Line Items]
Consecutive trading days		30

Loss Per Share

12 mois terminés

31 décembre 2025

Loss Per Share [Abstract]

LOSS PER SHARE

NOTE 23: LOSS PER SHARE

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

	Année terminée le 31 décembre,
From continuing operations:	2025			2024			2023
Numerator:
Perte due à la poursuite des opérations		(208,514	)		(7,359	)		(39,933	)
Effect of Convertible Notes		—			—			—
Numerator for diluted loss per share		(208,514	)		(7,359	)		(39,933	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117
Dilutive impact of Convertible Notes		—			—			—
Denominator for diluted loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117

Loss from continuing operations per common share attributable to common shareholders:
Basic		(0.38	)		(0.02	)		(0.15	)
diluée		(0.38	)		(0.02	)		(0.15	)

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

	Année terminée le 31 décembre,
From discontinued operations	2025			2024			2023
Numerator:
Pertes dues à l’arrêt des opérations		(76,030	)		(21,006	)		(15,578	)
Effect of Convertible Notes		—			—			—
Numerator for diluted loss per share		(76,030	)		(21,006	)		(15,578	)

Denominator:
Denominator for basis loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117
Dilutive impact of Convertible Notes		—			—			—
Denominator for diluted loss per share - weighted average shares outstanding		551,676,757			414,669,947			262,237,117

Loss from discontinued operations per common share attributable to common shareholders:
Basic		(0.14	)		(0.05	)		(0.06	)
diluée		(0.14	)		(0.05	)		(0.06	)

Résultat par action

For the year ended December 31, 2025, 2024 and 2023 potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect.

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:

	Année terminée le 31 décembre,
	2025		2024		2023
Options		8,995,839		6,046,226		3,864,150
bons de souscription		6,874,665		5,704,798		768,476
RSUs		4,776,810		859,942		331,735
PSUs		1,682,050		—		—
Share awards		486,252		—		—
Convertible note shares		16,663,468		—		—
		39,479,084		12,610,966		4,964,361

Accounts Payable and Accrued Expenses (Tables)

12 mois terminés

31 décembre 2025

Accounts Payable and Accrued Expenses [Abstract]

Schedule of Accounts Payable and Accrued Expenses

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Accounts payable		16,271		8,231
Accrued expenses		18,703		13,825
Government remittances payable		11,469		3,736
		46,443		25,792

Instruments financiers (tableaux)

12 mois terminés

31 décembre 2025

Instruments financiers [Abrégé]

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 and their level within the fair value hierarchy:

		Depuis le 31 décembre,			Depuis le 31 décembre,
Mesures		2025			2024

Actifs financiers au coût amorti
Liquidités	Niveau 1		573,462			59,542
Restricted cash	Niveau 1		57,500			—
Accounts receivable, net	Niveau 2		5,471			1,259
Autres créances	Niveau 2		1,405			1,177
Dépôts de garantie pour l'énergie	Niveau 2		5,157			7,740
Dépôts d'hébergement remboursables	Niveau 2		—			14,216
Other refundable deposits	Niveau 3		350			—
Actifs financiers à la juste valeur par le biais du compte de résultat
Actifs dérivés	Niveau 2		7,487			3,418
Total fair value of financial assets			650,832			87,352

Passifs financiers au coût amorti
Accounts payable and accrued expenses	Niveau 2		34,974			22,056
Long-term debt*	Niveau 2		699,657			1,576

Passifs financiers à la juste valeur par le biais du compte de résultat
Passifs dérivés	Niveau 2		2,922			128
Total fair value of financial liabilities			737,553			23,760

Net fair value			(86,721	)		63,592

Schedule of Movement in the Refundable Deposits

Le tableau suivant détaille les mouvements des dépôts remboursables :

	Ruisseau Panther			Scrubgrass			Dépôts d'hébergement remboursables			Dépôts de garantie pour l'énergie			Autre		Total
Solde au mois de janvier 1, 2024		—			—			—			277			—		277
Ajouts		7,800			7,800			15,600			9,034			—		24,634
Perte initiale lors de la comptabilisation		(675	)		(258	)		(933	)		(1,571	)		—		(2,504	)
Juste valeur lors de la comptabilisation initiale		7,125			7,542			14,667			7,740			—		22,407
Revenus d'intérêts		261			103			364			—			—		364
CECLs		(409	)		(406	)		(815	)		—			—		(815	)
Balance as of December 31, 2024 before reclassification to assets “held for sale”		6,977			7,239			14,216			7,740			—		21,956
Balance as of December 31, 2024 presented as non-current assets “held for sale”		—			—			—			(7,740	)		—		(7,740	)
Solde au mois de décembre 31, 2024		6,977			7,239			14,216			—			—		14,216
Addition from business combination		—			—			—			—			350		350
Interest Income		187			126			313			226			—		539
Gain on settlement		603			342			945			—			—		945
Derecognition		(7,767	)		(7,707	)		(15,474	)		(2,809	)		—		(18,283	)
Balance as of December 31, 2025 before reclassification to assets “held for sale”		—			—			—			5,157			350		5,507
Balance as of December 31, 2025 presented as non-current assets “held for sale”		—			—			—			(5,157	)		—		(5,157	)
Solde au mois de décembre 31, 2025		—			—			—			—			350		350

Schedule of Amounts Denominated in Consolidated Balance Sheets

Amounts denominated in CAD and ARS included in the consolidated balance sheets, presented in thousands of USD, are as follows:

	Depuis le 31 décembre,					Depuis le 31 décembre,
	2025					2024
	CAD			ARS		CAD			ARS
Liquidités		9,278			14,203		5,362			1,983
Accounts receivable, net		127			—		1,259			—
Accounts payable and accrued expenses		—			—		(5,341	)		(1,391	)
Dette à long terme		(1,704	)		—		(1,576	)		—
		7,701			14,203		(296	)		592

Schedule of Future Minimum Lease Payments Required 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 December 31, 2025:

	2026		2027		2028		2029		2030 +		Total
Long-term debt*		607		100,585		592		482		591,018		693,284
Responsabilité relative au bail		3,359		3,758		3,769		3,673		13,337		27,896
		3,966		104,343		4,361		4,155		604,355		721,180

Rights to Renewable Energy Credits and Waste Tax Credits (Tables)

12 mois terminés

31 décembre 2025

Rights to Renewable Energy Credits and Waste Tax Credits [Abstract]

Schedule of Rights to Renewable Energy Credits and Waste Tax Credits

	Depuis le 31 décembre,
	2025
	Rights to renewable energy credits			Rights to waste tax credits		Total
Solde au mois de janvier 1,		—			—		—
Additions related to business combination		3,104			5,885		8,989
Ajouts au cours de la période		17,076			5,687		22,763
Less: sale of credits to third parties		(13,274	)		—		(13,274	)
Solde en fin de période		6,906			11,572		18,478

Cybersecurity Risk Management and Strategy Disclosure	12 mois terminés
Cybersecurity Risk Management and Strategy Disclosure	31 décembre 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. Cybersecurity risks are managed across the Company and its subsidiaries and are integrated into our overall enterprise risk management (“ERM”) framework. We have developed and implemented a cybersecurity risk management program designed to protect the confidentiality, integrity, and availability of our information systems, data, and critical business processes. Our cybersecurity risk management program is integrated into our broader ERM program and shares common methodologies, reporting channels, and governance processes applicable to other legal, compliance, operational, and financial risks. Our cybersecurity risk management program is informed by applicable laws and regulations and draws guidance from industry standards and best practices, including frameworks published by the National Institute of Standards and Technology (“NIST”). While we reference these frameworks to inform our approach, this does not imply that we meet any particular technical standard, specification, or certification. Key elements of our cybersecurity risk management program include: Risk Identification and Assessment. Periodic risk assessments designed to identify and evaluate cybersecurity risks that could affect our corporate information systems, cloud environments, data, third-party service providers, and business operations, including risks informed by threat intelligence and industry-specific threat activity. Policies and Controls. Information security and cybersecurity policies that establish administrative, technical, and physical safeguards designed to protect systems and data, including access controls, monitoring, and incident response procedures. Incident Response. A cybersecurity incident response policy that outlines procedures for detecting, analyzing, and responding to cybersecurity incidents, including escalation and internal reporting processes for incidents that may be significant or potentially material. Third-Party Risk Management. A vendor risk management process designed to identify and assess cybersecurity risks associated with third-party service providers based on their criticality and risk profile, including contractual security requirements and ongoing monitoring, where appropriate. Training and Awareness. Cybersecurity awareness training for employees and contractors with access to Company systems, intended to promote awareness of cybersecurity risks and individual responsibilities. Use of External Experts. Engagement of external service providers, where appropriate, to assist with risk assessments, testing, monitoring, and other aspects of our cybersecurity program. Despite these efforts, cybersecurity threats continue to evolve, and no security program can eliminate all risks. We have not identified any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For additional description of cybersecurity risks and potential related impacts on the Company, refer to the risk factor captioned “Cybersecurity threats and hacking attacks could compromise our systems and data, resulting in material adverse effects on our business, financial condition, and results of operations.” in Part I, Item 1A “Risk Factors.” Cybersecurity Governance Our Board has oversight responsibility for the management of risks facing the Company, including cybersecurity risks. The Board has delegated oversight of cybersecurity and information technology risks to the audit committee of the Board (the “Audit Committee”). The Audit Committee receives periodic reports from management regarding cybersecurity risks, the status of our cybersecurity program, and significant developments. Management also provides updates to the Board or Audit Committee, as appropriate, regarding any cybersecurity incidents that are considered significant or potentially material. Management is responsible for the day-to-day operation of our cybersecurity risk management program and for identifying, assessing, and managing material cybersecurity risks. Our cybersecurity program is led by our Vice President, Global Corporate IT, who has responsibility for information security and cybersecurity risk management across the organization and reports to executive management. Our Vice President, Global Corporate IT has over 13 years of experience in IT, including 8 years in software development and more than 5 years in roles with direct responsibility for cybersecurity governance, risk management, and compliance. He is supported by internal personnel and external cybersecurity service providers with experience in cybersecurity governance, risk management, and incident response. We maintain a cross-functional incident response capability involving information technology, legal, finance, compliance, and communications personnel, which is activated as necessary in the event of a cybersecurity incident. Management assesses the severity and potential impact of cybersecurity incidents and escalates matters to executive management and the Board, as appropriate, including for materiality and disclosure considerations. We consult with external advisors, including legal counsel, as appropriate.
Cybersecurity Risk Management Processes Integrated [Flag]	vrai
Cybersecurity Risk Management Third Party Engaged [Flag]	vrai
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	We have not identified any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. For additional description of cybersecurity risks and potential related impacts on the Company, refer to the risk factor captioned “Cybersecurity threats and hacking attacks could compromise our systems and data, resulting in material adverse effects on our business, financial condition, and results of operations.” in Part I, Item 1A “Risk Factors.”
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	faux
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has oversight responsibility for the management of risks facing the Company, including cybersecurity risks. The Board has delegated oversight of cybersecurity and information technology risks to the audit committee of the Board (the “Audit Committee”).
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	vrai

Assets Held For Sale and Discontinued Operations - Schedule of Argentina’s and Paraguay’s Operations (Details) - USD ($)
$ in Thousands

12 mois terminés

31 décembre 2025

31 décembre 2024

31 décembre 2023

Argentine [Membre]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenus

^[1]

$ 10,612

$ 33,647

$ 19,050

Coût des revenus

(14,331)

(41,014)

(18,336)

(Perte) bénéfice brut

(3,719)

(7,367)

714

Dépenses d'exploitation

Dépenses générales et administratives

(5,902)

(6,465)

(5,758)

Gain (loss) on disposition of property, plant and equipment and deposits

1,728

(507)

945

Impairment of long-lived assets

(35,294)

(6,982)

Operating (loss) gain

(43,187)

(14,339)

(11,081)

Charges d'intérêts

(7)

Other (expense) income

(525)

1,835

(991)

Total des autres revenus (dépenses)

(525)

1,835

(998)

Loss before income taxes

(43,712)

(12,504)

(12,079)

Recouvrement (charge) d'impôt sur le revenu

(1)

751

(2,347)

Loss after income tax

(43,713)

(11,753)

(14,426)

Gain on disposition of Yguazu Bitcoin data center

Pertes dues à l’arrêt des opérations

(43,713)

(11,753)

(14,426)

Paraguay [Membre]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenus

^[1]

48,101

25,960

6,916

Coût des revenus

(43,337)

(32,508)

(7,380)

(Perte) bénéfice brut

4,764

(6,548)

(464)

Dépenses d'exploitation

Dépenses générales et administratives

(3,953)

(1,723)

(95)

Gain (loss) on disposition of property, plant and equipment and deposits

116

971

(488)

Impairment of long-lived assets

(38,107)

Operating (loss) gain

(37,180)

(7,300)

(1,047)

Charges d'intérêts

(51)

(60)

Other (expense) income

369

(1,683)

(6)

Total des autres revenus (dépenses)

369

(1,734)

(66)

Loss before income taxes

(36,811)

(9,034)

(1,113)

Recouvrement (charge) d'impôt sur le revenu

(731)

(219)

(39)

Loss after income tax

(37,542)

(9,253)

(1,152)

Gain on disposition of Yguazu Bitcoin data center

5,225

Pertes dues à l’arrêt des opérations

(32,317)

(9,253)

(1,152)

Argentina’s and Paraguay’s [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenus

^[1]

58,713

59,607

25,966

Coût des revenus

(57,668)

(73,522)

(25,716)

(Perte) bénéfice brut

1,045

(13,915)

250

Dépenses d'exploitation

Dépenses générales et administratives

(9,855)

(8,188)

(5,853)

Gain (loss) on disposition of property, plant and equipment and deposits

1,844

464

457

Impairment of long-lived assets

(73,401)

(6,982)

Operating (loss) gain

(80,367)

(21,639)

(12,128)

Charges d'intérêts

(51)

(67)

Other (expense) income

(156)

152

(997)

Total des autres revenus (dépenses)

(156)

101

(1,064)

Loss before income taxes

(80,523)

(21,538)

(13,192)

Recouvrement (charge) d'impôt sur le revenu

(732)

532

(2,386)

Loss after income tax

(81,255)

(21,006)

(15,578)

Gain on disposition of Yguazu Bitcoin data center

5,225

Pertes dues à l’arrêt des opérations

$ (76,030)

$ (21,006)

$ (15,578)

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

Contrats de location (détails) En milliers de dollars	1 mois terminés		12 mois terminés
Contrats de location (détails) En milliers de dollars	Nov. 30, 2025 USD ($)	Nov. 30, 2025 CAD ($)	31 décembre 2025 USD ($)	31 décembre 2024 USD ($)	Mar. 31, 2024
Contrats de location [Rubriques]
Renewal term					10 années
Variable lease payments	$ 714
Recognized ROU asset			$ 11,103	$ 21,299
Sharon Lease Agreement [Member]
Contrats de location [Rubriques]
Dépôt non remboursable			$ 3,000
Initial lease term			5 années
Renewal term			17 années
Recognized ROU asset			$ 11,390
Dettes de location			8,240
Recognized share capital			3,000
Sharon Lease Agreement [Member] \| Minimum [Member]
Contrats de location [Rubriques]
Variable lease payments			33
Sharon Lease Agreement [Member] \| Maximum [Member]
Contrats de location [Rubriques]
Variable lease payments			$ 138
Magog Lease Agreement [Member]
Contrats de location [Rubriques]
Initial lease term	10 années	10 années
Variable lease payments	$ 708
Fixed price purchase option in exchange	714	$ 1,000
New lease monthly payments	$ 17	$ 24

Refundable Deposits

12 mois terminés

31 décembre 2025

Refundable Deposits [Abstract]

REFUNDABLE DEPOSITS

NOTE 15: REFUNDABLE DEPOSITS

	Depuis le Décembre 31,		Depuis le Décembre 31,
	2025		2024
Dépôts d'hébergement remboursables		—		14,216
Autre		350		—
		350		14,216

In September 2024 and in October 2024, the Company entered into two Miner hosting agreements (the “Panther Creek Hosting Agreement” and the “Scrubgrass Hosting Agreement”) with Stronghold which commenced on October 1, 2024 and November 1, 2024, respectively. In connection with the execution of these two Miner Hosting Agreements, the Company made two deposits of $7,800 each with Stronghold (the “Panther Creek Refundable Deposit” and “Scrubgrass Refundable Deposit”, collectively, the “Refundable Hosting Deposits”). The Refundable Hosting Deposits bear an annual interest rate at Secured Overnight Financing Rate (“SOFR”) + 1% (the “Annual Interest Rate”). The Annual Interest Rate is lower than the rate used in determining the fair value, resulting in the Panther Creek Refundable Deposit and the Scrubgrass Refundable Deposit being recognized at a fair value of $7,125 and $7,542, respectively, upon initial recognition. Subsequently, the Refundable Deposits are recognized at amortized cost.

The Refundable Hosting Deposits were initially planned to be repaid in full to the Company within one business day from the end of the initial term expiring on December 31, 2025. Following the acquisition of Stronghold on March 14, 2025, the Panther Creek Hosting Agreement and Scrubgrass Hosting Agreement were terminated, settling the Refundable Hosting Deposits. Refer to Note 22 for more details on the financial instrument details.

Consolidated Balance Sheets (Parentheticals) - $ / shares	12 mois terminés
	31 décembre 2025	31 décembre 2024
Statement of Financial Position [Abstract]
Common stock, shares issued (in Shares)	601,579,999	479,332,885
Common stock, shares outstanding (in Shares)	601,579,999	479,332,885
Common stock, par value (in Dollars per share)
Common stock, shares authorized unlimited	Illimité	Illimité

Segment and Geographical Information (Details)	12 mois terminés
Segment and Geographical Information (Details)	31 décembre 2025 Segment
Segment and Geographical Information [Abstract]
Number of reportable segment	1
Description of CODM	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.

Additional Details to the Statements of Operations - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Disaggregated Revenues [Line Items]
Revenus	$ 229,276	$ 133,274	$ 120,400
Cryptocurrency Mining [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenus	206,209	128,172	115,340
Cryptocurrency Hosting [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenus	4,491
Electrical Services [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenus	4,595	5,102	5,060
Energy sales [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenus	$ 13,981

- 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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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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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	31 décembre 2025	31 décembre 2024	31 décembre 2023	31 décembre 2022
Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow [Abstract]
Liquidités	$ 573,462	$ 59,542	$ 84,038
Restricted cash	57,500
Total cash and restricted cash	$ 630,962	$ 59,542	$ 84,038	$ 30,887

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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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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Segment and Geographical Information (Tables)

12 mois terminés

31 décembre 2025

Segment and Geographical Information [Abstract]

Schedule of Revenues by Country

Revenues by country are as follows:

	Année terminée le 31 décembre,
	2025		2024		2023
Amérique du Nord
États-Unis		116,386		16,500		11,466
Canada		112,890		116,774		108,934
Total		229,276		133,274		120,400

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:

	Depuis le 31 décembre,						Depuis le 31 décembre,
	2025						2024
	EPI		Autre		TOTAL DES ACTIFS À LONG TERME		EPI		Autre		TOTAL DES ACTIFS À LONG TERME
Amérique du Nord
États-Unis		292,196		26,865		319,061		63,147		14,535		77,682
Canada		66,125		17,362		83,487		117,025		52,819		169,844
Total		358,321		44,227		402,548		180,172		67,354		247,526

Assets Held For Sale and Discontinued Operations (Details) - USD ($)

3 mois terminés

6 mois terminés

9 mois terminés

12 mois terminés

Mar. 17, 2025

Sep. 30, 2025

Juin. 30, 2025

Mar. 31, 2025

Juin. 30, 2023

Juin. 30, 2026

Sep. 30, 2025

31 décembre 2025

31 décembre 2024

31 décembre 2023

^[1]

Assets Held For Sale and Discontinued Operations [Line Items]

Perte de valeur

$ 1,432,000

$ 9,893,000

^[1]

$ 3,628,000

^[1]

$ 504,000

Actifs détenus en vue de la vente

28,664,000

$ 134,557,000

Impaired of short-term prepaid

$ 6,982,000

Interest-free receivable was fully collected

31,000,000

Argentina Asset Group [Member]

Assets Held For Sale and Discontinued Operations [Line Items]

Perte de valeur

$ 14,872,000

$ 17,504,000

Paso Pe [Member]

Assets Held For Sale and Discontinued Operations [Line Items]

Perte de valeur

$ 26,962,000

Subsequent Event [Member]

Assets Held For Sale and Discontinued Operations [Line Items]

Sale of total consideration

$ 25,300,000

Argentine [Membre]

Assets Held For Sale and Discontinued Operations [Line Items]

Actifs détenus en vue de la vente

2,703,000

HIVE Digital Technologies Ltd [Member]

Assets Held For Sale and Discontinued Operations [Line Items]

Percentage of ownership subsidiary assets and liabilities

100.00%

Paraguay Asset Group [Member]

Assets Held For Sale and Discontinued Operations [Line Items]

Perte de valeur

$ 11,145

[1]	Upon classification as “held for sale”, the assets were measured at the lower of carrying amount or fair value less cost to sell.

Organization

12 mois terminés

31 décembre 2025

Organization [Abstract]

ORGANIZATION

NOTE 1: ORGANIZATION

Bitfarms Ltd. (the “Company” or “Bitfarms”) is a North American digital and energy infrastructure company in transition to developing, owning, and operating data center facilities and energy infrastructure for high-performance computing (“HPC”) and artificial intelligence (“AI”) workloads. The Company currently maintains its legacy North American Bitcoin Mining operations to help fund its development efforts. These activities are comprised mainly of selling its computational power used for hashing calculations for the purpose of cryptocurrency mining in multiple jurisdictions that include Canada, the United States and Paraguay. Refer to Note 11 for disclosures related to discontinued operations in Paraguay and Argentina. 9159-9290 Québec Inc. (“Volta”), a wholly-owned subsidiary of the Company, assists the Company in building and maintaining its Canadian data centers and provides electrician services to both commercial and residential customers in Québec, Canada.

Bitfarms owns and operates data centers housing computers (referred to as “Miners”) designed for the purpose of validating transactions on the Bitcoin Blockchain (referred to as “Mining”). Bitfarms generally operates its Miners 24 hours per day to produce computational power used for hashing calculations (measured by hashrate) that Bitfarms sells to Mining Pool operators under a formula-driven rate commonly known in the industry as Full Pay Per Share (“FPPS”). Under FPPS, Mining Pool operators compensate Mining companies for their computational power used for hashing calculations, measured by hashrate, based on what the Mining Pool operator would expect to generate in revenue for a given time period if there was no randomness involved. The fee paid by a Mining Pool operator to Bitfarms for its computational power used for hashing calculations may be in cryptocurrency, U.S. dollar, or another currency. However, the fees are paid to Bitfarms on a daily basis in Bitcoin (as defined below). Bitfarms accumulates the cryptocurrency and transaction fees it receives or exchanges them for U.S. dollar through reputable and established cryptocurrency trading platforms.

Termes et définitions

Dans ces états financiers, les termes ci-dessous ont les définitions suivantes :

	Durée	Définition
1	Dorsale	Backbone Hosting Solutions Inc.
2	Backbone Argentine	Solutions d'hébergement Backbone SAU
3	Backbone Mining	Backbone Mining Solutions LLC
4	Backbone Paso Pe	D&N Ingenieria SA
5	Backbone Paraguay	Backbone Hosting Solutions Paraguay SA
6	Backbone Sharon	Backbone Sharon LLC
7	Dorsale Yguazu	Zunz SA
8	Volta	9159-9290 Québec Inc.
9	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
10	MW	Mégawatt
11	ARS	Argentine pesos
12	BTC	Bitcoin
13	CAD	Dollars canadiens
14	USD	United States dollars

Significant Accounting Policies - Schedule of Determination of the Level in the Fair Value Hierarchy (Details)	12 mois terminés
	31 décembre 2025
Niveau 1 [Membre]
Schedule of Determination of level in Fair Value Hierarchy [Line Items]
Évaluation de la juste valeur	Quoted (unadjusted) prices in active markets for identical assets or liabilities
Niveau 2 [Membre]
Schedule of Determination of level in Fair Value Hierarchy [Line Items]
Évaluation de la juste valeur	Observable, market-based inputs, other than quoted prices included in Level 1, for similar assets or liabilities that are directly or indirectly observable in the marketplace
Niveau 3 [Membre]
Schedule of Determination of level in Fair Value Hierarchy [Line Items]
Évaluation de la juste valeur	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

Organization (Tables)

12 mois terminés

31 décembre 2025

Condensed Financial Information Disclosure [Abstract]

Tableau des états financiers

Dans ces états financiers, les termes ci-dessous ont les définitions suivantes :

	Durée	Définition
1	Dorsale	Backbone Hosting Solutions Inc.
2	Backbone Argentine	Solutions d'hébergement Backbone SAU
3	Backbone Mining	Backbone Mining Solutions LLC
4	Backbone Paso Pe	D&N Ingenieria SA
5	Backbone Paraguay	Backbone Hosting Solutions Paraguay SA
6	Backbone Sharon	Backbone Sharon LLC
7	Dorsale Yguazu	Zunz SA
8	Volta	9159-9290 Québec Inc.
9	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
10	MW	Mégawatt
11	ARS	Argentine pesos
12	BTC	Bitcoin
13	CAD	Dollars canadiens
14	USD	United States dollars

Regroupement d'entreprises (tableaux)

12 mois terminés

31 décembre 2025

Business Combination [Line Items]

Schedule of Final Purchase Price Allocation and Fair Value of 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:

	Depuis le 14 mars,
	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
Liquidités		2,976
Accounts receivable		1,095
Dépôts prépayés à court terme		1,732
Other assets (current)		118
Rights to renewable energy credits and waste tax credits		8,989
Inventories		3,269
Biens, installations et équipements		152,264
Intangible assets, net		51
Operating and finance lease right-of-use assets		1,594
Other non-current assets		1,550
Accounts payable and accrued expenses		(23,488	)
Tranche courant de la dette à long terme		(420	)
Current portion of operating and finance lease liabilities		(800	)
Dette à long terme		(460	)
Non-current operating and finance lease liabilities		(756	)
Other non-current liabilities		(3,019	)
Total net identifiable assets acquired		144,695

Schedule of Pro-Forma Summary Presents Consolidated Information

The combined results of the Company’s Argentina and Paraguay operations for the years ended December 31, 2025, 2024 and 2023 are presented below:

	Année terminée le 31 décembre,
	2025									2024									2023
	Argentine			Paraguay			Total			Argentine			Paraguay			Total			Argentine			Paraguay			Total
Recettes*		10,612			48,101			58,713			33,647			25,960			59,607			19,050			6,916			25,966
Coût des revenus		(14,331	)		(43,337	)		(57,668	)		(41,014	)		(32,508	)		(73,522	)		(18,336	)		(7,380	)		(25,716	)
(Perte) bénéfice brut		(3,719	)		4,764			1,045			(7,367	)		(6,548	)		(13,915	)		714			(464	)		250

Dépenses d'exploitation
Dépenses générales et administratives		(5,902	)		(3,953	)		(9,855	)		(6,465	)		(1,723	)		(8,188	)		(5,758	)		(95	)		(5,853	)
Gain (loss) on disposition of property, plant and equipment and deposits		1,728			116			1,844			(507	)		971			464			945			(488	)		457
Impairment of long-lived assets		(35,294	)		(38,107	)		(73,401	)		—			—			—			(6,982	)		—			(6,982	)
Operating (loss) gain		(43,187	)		(37,180	)		(80,367	)		(14,339	)		(7,300	)		(21,639	)		(11,081	)		(1,047	)		(12,128	)
Charges d'intérêts		—			—			—			—			(51	)		(51	)		(7	)		(60	)		(67	)
Other (expense) income		(525	)		369			(156	)		1,835			(1,683	)		152			(991	)		(6	)		(997	)
Total des autres revenus (dépenses)		(525	)		369			(156	)		1,835			(1,734	)		101			(998	)		(66	)		(1,064	)
Loss before income taxes		(43,712	)		(36,811	)		(80,523	)		(12,504	)		(9,034	)		(21,538	)		(12,079	)		(1,113	)		(13,192	)

Recouvrement (charge) d'impôt sur le revenu		(1	)		(731	)		(732	)		751			(219	)		532			(2,347	)		(39	)		(2,386	)
Loss after income tax		(43,713	)		(37,542	)		(81,255	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

Gain on disposition of Yguazu Bitcoin data center		—			5,225			5,225			—			—			—			—			—			—
Pertes dues à l’arrêt des opérations		(43,713	)		(32,317	)		(76,030	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

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

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
Contrepartie en espèces		51,060
Less: cash balances acquired		(2,976	)
Net cash outflow related to investing activities		48,084

Pro Forma [Member]

Business Combination [Line Items]

Schedule of Pro-Forma Summary Presents Consolidated Information

The following pro-forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2024 for the indicated periods:

	Année terminée le 31 décembre,
(unaudited)	2025			2024
Revenue from continuing operations		231,342			198,048
Perte nette liée à la poursuite des opérations		(216,012	)		(63,055	)

- 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

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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Business Combination - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands	12 mois terminés
	31 décembre 2025 USD ($)
Cash outflow, net of cash acquired
Contrepartie en espèces	$ 51,060
Less: cash balances acquired	(2,976)
Net cash outflow related to investing activities	$ 48,084

Financial Instruments - Schedule of Future Minimum Lease Payments Required under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	31 décembre 2030	31 décembre 2029	31 décembre 2028	31 décembre 2027	31 décembre 2026	31 décembre 2025
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities						$ 721,180
2026 [Membre]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities					$ 3,966
2027 [Membre]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities				$ 104,343
2028 [Membre]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities			$ 4,361
2029 [Membre]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities		$ 4,155
2030+ [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities	$ 604,355
Long-term debt [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities						693,284
Long-term debt [Member] \| 2026 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities					607
Long-term debt [Member] \| 2027 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities				100,585
Long-term debt [Member] \| 2028 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities			592
Long-term debt [Member] \| 2029 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities		482
Long-term debt [Member] \| 2030+ [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities	591,018
Dettes de location [Membre]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities						$ 27,896
Lease liabilities [Member] \| 2026 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities					$ 3,359
Lease liabilities [Member] \| 2027 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities				$ 3,758
Lease liabilities [Member] \| 2028 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities			$ 3,769
Lease liabilities [Member] \| 2029 [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities		$ 3,673
Lease liabilities [Member] \| 2030+ [Member]
Schedule of Maturities of Financial Liabilities and Lease Liabilities including Estimated Future Interest Payments [Line Items]
Financial liabilities and lease liabilities	$ 13,337

Assets Held For Sale and Discontinued Operations (Tables)

12 mois terminés

31 décembre 2025

Assets Held For Sale and Discontinued Operations [Abstract]

Tableau des actifs détenus en vue de la vente

The separate presentation of certain assets as “non-current” as of December 31, 2024 is to distinguish when certain assets are classified as “held for sale” for comparative presentation purposes only.

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Mineurs		166			4,832
Composants électriques pour l'industrie minière		3,198			1,117
Assets of disposal group classified as held for sale:
Autres actifs		1,404			3,428
Inventories - electronic and networking components		426			42
Biens, installations et équipements		17,168			105,297
Finance lease right-of-use assets, net		—			306
Long-term deposits and equipment prepayments		1,145			11,795
Refundable deposits - security deposits for energy		5,157			7,740
		28,664			134,557
Current portion of assets “held for sale”		(28,664	)		(9,419	)
Non-current portion of assets “held for sale”		—			125,138

Schedule of Argentina’s and Paraguay’s Operations

The combined results of the Company’s Argentina and Paraguay operations for the years ended December 31, 2025, 2024 and 2023 are presented below:

	Année terminée le 31 décembre,
	2025									2024									2023
	Argentine			Paraguay			Total			Argentine			Paraguay			Total			Argentine			Paraguay			Total
Recettes*		10,612			48,101			58,713			33,647			25,960			59,607			19,050			6,916			25,966
Coût des revenus		(14,331	)		(43,337	)		(57,668	)		(41,014	)		(32,508	)		(73,522	)		(18,336	)		(7,380	)		(25,716	)
(Perte) bénéfice brut		(3,719	)		4,764			1,045			(7,367	)		(6,548	)		(13,915	)		714			(464	)		250

Dépenses d'exploitation
Dépenses générales et administratives		(5,902	)		(3,953	)		(9,855	)		(6,465	)		(1,723	)		(8,188	)		(5,758	)		(95	)		(5,853	)
Gain (loss) on disposition of property, plant and equipment and deposits		1,728			116			1,844			(507	)		971			464			945			(488	)		457
Impairment of long-lived assets		(35,294	)		(38,107	)		(73,401	)		—			—			—			(6,982	)		—			(6,982	)
Operating (loss) gain		(43,187	)		(37,180	)		(80,367	)		(14,339	)		(7,300	)		(21,639	)		(11,081	)		(1,047	)		(12,128	)
Charges d'intérêts		—			—			—			—			(51	)		(51	)		(7	)		(60	)		(67	)
Other (expense) income		(525	)		369			(156	)		1,835			(1,683	)		152			(991	)		(6	)		(997	)
Total des autres revenus (dépenses)		(525	)		369			(156	)		1,835			(1,734	)		101			(998	)		(66	)		(1,064	)
Loss before income taxes		(43,712	)		(36,811	)		(80,523	)		(12,504	)		(9,034	)		(21,538	)		(12,079	)		(1,113	)		(13,192	)

Recouvrement (charge) d'impôt sur le revenu		(1	)		(731	)		(732	)		751			(219	)		532			(2,347	)		(39	)		(2,386	)
Loss after income tax		(43,713	)		(37,542	)		(81,255	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

Gain on disposition of Yguazu Bitcoin data center		—			5,225			5,225			—			—			—			—			—			—
Pertes dues à l’arrêt des opérations		(43,713	)		(32,317	)		(76,030	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

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

Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations

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

	Année terminée le 31 décembre,
	2025			2024			2023
Variation nette de la trésorerie liée aux activités opérationnelles		(12,773	)		(25,188	)		13,522
Variation nette de la trésorerie liée aux activités d’investissement		26,194			27,615			(14,349	)
Variation nette des liquidités liées aux activités de financement		(274	)		(296	)		(287	)
Net change in cash generated by the discontinued operations		13,147			2,131			(1,114	)

Schedule of Subsidiary’s Assets and Liabilities Transaction

The transaction details are as follows:

	As of March 17
	2025

Considération
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
Biens, installations et équipements		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

As of December 31, 2025, the $31,000 interest-free receivable was fully collected.

- Definition

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

+ References + Details

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands	31 décembre 2025 USD ($)
Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases [Line Items]
Future minimum lease payments 2026	$ 3,359
Future minimum lease payments2027	3,758
Future minimum lease payments 2028	3,769
Future minimum lease payments 2029	3,673
Future minimum lease payments 2030 and thereafter	13,337
Future minimum lease payments Total minimum lease payments	27,896
Future minimum lease payments Less: payments related to leases not yet commenced	(7,848)
Future minimum lease payments Less: imputed interest	(5,739)
Future minimum lease payments Total lease liabilities	14,309
Operating Leases [Member]
Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases [Line Items]
Operating leases 2026	2,728
Operating leases 2027	3,182
Operating leases 2028	3,274
Operating leases 2029	3,222
Operating leases 2030 and thereafter	12,131
Operating leases Total minimum lease payments	24,537
Operating leases Less: payments related to leases not yet commenced	(7,848)
Operating leases Less: imputed interest	(4,593)
Operating leases Total lease liabilities	12,096
Finance Leases [Member]
Schedule of Future Minimum Lease Payments Under Non-Cancellable Leases [Line Items]
Finance leases 2026	631
Finance leases 2027	576
Finance leases 2028	495
Finance leases 2029	451
Finance leases 2030 and thereafter	1,206
Finance leases Total minimum lease payments	3,359
Finance leases Less: payments related to leases not yet commenced
Finance leases Less: imputed interest	(1,146)
Finance leases Total lease liabilities	$ 2,213

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Thousands	Fév. 16, 2026	Fév. 06, 2026
Subsequent Events [Line Items]
Facilité de crédit		$ 116,855
Net exposure	$ 4,200
Common share outstanding (in Shares)	1

Financial Instruments - Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Actifs financiers au coût amorti
Liquidités	$ 573,462	$ 59,542
Restricted cash	57,500
Accounts receivable, net	5,471	1,259
Autres créances	1,405	1,177
Dépôts de garantie pour l'énergie	5,157	7,740
Dépôts d'hébergement remboursables		14,216
Other refundable deposits	350
Actifs financiers à la juste valeur par le biais du compte de résultat
Actifs dérivés	7,487	3,418
Total fair value of financial assets	650,832	87,352
Passifs financiers au coût amorti
Accounts payable and accrued expenses	34,974	22,056
Dette à long terme	699,657	1,576
Passifs financiers à la juste valeur par le biais du compte de résultat
Passifs dérivés	2,922	128
Total fair value of financial liabilities	737,553	23,760
Net fair value	$ (86,721)	$ 63,592

Additional Details to the Statements of Operations - Schedule of Cost of Revenues (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Cost of Revenues [Line Items]
Cost of revenue	$ (248,180)	$ (149,186)	$ (144,142)
Energy expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(80,280)	(60,368)	(68,715)
Sales Tax Recovery Energy [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue		17,017
Depreciation and Amortization [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(98,130)	(102,469)	(65,043)
Sales Tax Recovery Depreciation and Amortization [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue		8,760
Hosting Expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(7,735)
Infrastructure Expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(58,179)	(8,045)	(6,243)
Electrical Components and Salaries [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	$ (3,856)	$ (4,081)	$ (4,141)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

+ Details

États consolidés des flux de trésorerie - $ US ($) $ en milliers	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Flux de trésorerie provenant des activités opérationnelles
Perte nette	$ (284,544)	$ (28,365)	$ (55,511)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Dépréciation et amortissement	122,630	135,424	84,323
Dépréciation des actifs et dépôts à longue durée	101,843	3,628	12,586
Total other expense (income)	58,969	(21,102)	(8,846)
Digital assets earned and hosting revenue received in Bitcoin	(262,931)	(186,527)	(141,306)
Rémunération basée sur les actions	14,984	12,681	10,915
Charge (recouvrement) d'impôts sur le revenu	833	(186)	2,232
Renewable energy credits earned	(22,763)
(Gain) loss on disposition of assets and other	(5,457)	(691)	1,598
Actifs numériques échangés contre des services	9,992	1,463
Gain réalisé sur la disposition de biens numériques	(28,219)	(27,209)	(7,713)
Asset retirement obligation accretion expense	222	270	214
Variation de la juste valeur des actifs numériques	50,522	(26,015)	(7,558)
Intérêts perçus	4,626	5,649	1,787
Charges d'intérêt payées	(1,259)	(1,738)	(13,923)
Impôts sur le revenu (payés) reçus	(427)	(1,510)	11,590
Proceeds from disposition of renewable energy and waste tax credits	13,274
Variations des éléments non monétaires du fonds de roulement	1,111	(7,479)	2,725
Variation nette de la trésorerie liée aux activités opérationnelles	(226,594)	(141,707)	(106,887)
Flux de trésorerie liés aux activités d'investissement
Produits de la vente d'actifs numériques	171,091	152,135	129,309
Achat de biens, d’installations, d’équipements et d’actifs incorporels	(100,297)	(286,919)	(48,436)
Produits de la vente d'immobilisations corporelles et d'actifs détenus en vue de la vente	34,565	5,460	3,111
Costs related to purchase and sale of assets held for sale	(7,988)
Achat de titres négociables	(33,975)	(22,375)	(36,262)
Produit de la cession de titres négociables	33,962	24,688	48,507
Refundable Hosting Deposit		(15,600)
Achat d'actifs et de passifs dérivés	(154,443)	(13,961)
Settlement of derivative assets and liabilities	172,915	31,120
Paiements anticipés d'équipement et de construction	(20,164)	(52,935)	(22,869)
Proceeds from disposal of business	63,038
Acquisition of business	(48,084)
Investment in equity securities	(1,250)
Acquisition of assets	(5,626)		(2,394)
Variation nette de la trésorerie liée aux activités d’investissement	103,744	(178,387)	70,966
Cash flows from (used in) financing activities
Remboursement de la dette à long terme	(785)	(4,141)	(30,545)
Proceeds from long-term debt, net of transaction costs	666,469	1,695
Repayment of finance lease liabilities	(820)	(1,079)	(2,458)
Incitation à la location reçue		714
Émission d’actions ordinaires et de bons de souscription	72,747	289,534	109,074
Exercice d'options d'achat d'actions et de bons de souscription	35,711	8,883	12,983
Purchase of capped calls	(69,090)
Repurchase and cancellation of common shares	(9,954)
Variation nette des liquidités liées aux activités de financement	694,278	295,606	89,054
Net increase (decrease) in cash and restricted cash	571,428	(24,488)	53,133
Liquidités, début de l'année	59,542	84,038	30,887
Exchange rates differences on currency translation	(8)	(8)	18
Cash and restricted cash, end of the year	630,962	59,542	84,038
Cash flows from (used in) discontinued operations	$ 13,147	$ 2,131	$ (1,114)

Additional Details to the Statements of Cash Flow (Tables)

12 mois terminés

31 décembre 2025

Additional Details to the Statements of Cash Flow [Abstract]

Schedule of Additional Details to the Statements of Cash Flow

	Année terminée le 31 décembre,
	2025			2024			2023

Changes in non-cash working capital components:
Increase in accounts receivable, net		(1,503	)		(545	)		(13	)
Diminution des autres actifs courants		9,988			2,342			1,104
Increase in inventories		(4,985	)		(475	)		(117	)
Decrease (increase) in deposits		(19	)		5,467			420
Decrease in accounts payable and accrued expenses		(2,048	)		(15,827	)		(533	)
Increase in operating lease liabilities		813			1,737			1,708
Decrease in taxes payable		(406	)		(178	)		156
Decrease in other non-current liabilities		(729	)		—			—
		1,111			(7,479	)		2,725

Transactions importantes sans effet de trésorerie :
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold		78,161			—
Issuance of warrants in connection with debt issuance		8,610			—			—
Paiements anticipés d'équipements réalisés en tant qu'acquisitions d'immobilisations corporelles		41,045			32,433			7,372
Ajout d'actifs ROU et de passifs de location connexes		3,879			9,928			1,553
Achat d'EPI financé par des crédits à court terme		6,402			8,113			1,365
Émission d'actions ordinaires dans le cadre d'acquisitions d'actifs		33,745			—			1,354
Issuance of common shares in connection with acquisition of lease		—			3,000			—
Revenus de la puissance informatique et des dépenses de services correspondantes		3,516			1,023			—

Depreciation and amortization*
Property, plant and equipment, net		120,929			133,428			82,566
Finance lease right-of-use assets		990			1,363			1,609
Intangible assets, net		711			633			148
		122,630			135,424			84,323

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

	Année terminée le 31 décembre,
	2025		2024		2023
Liquidités		573,462		59,542		84,038
Restricted cash		57,500		—		—
Total cash and restricted cash		630,962		59,542		84,038

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
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+ Details

Impairment from Continuing Operations (Details) - USD ($) $ in Thousands		3 mois terminés	12 mois terminés
	Apr. 12, 2018	Juin. 30, 2023	31 décembre 2025	31 décembre 2024	31 décembre 2023	31 décembre 2022
2025 impairment loss [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge			$ 16,690
Electrical Obsolescence [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge			1,859
2024 impairment loss [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge				$ 3,628
2023 impairment loss [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge		$ 3,250			$ 1,882
Miners Held for Sale [Member] \| 2025 impairment loss [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge			$ 9,893
Suni mineral asset [Member] \| 2023 impairment loss [Member]
Impairment [Line Items]
Disposal of recognition of impairment charge	$ 9,000					$ 3,250

Dette à long terme - Tableau des mouvements de la dette à long terme (détails) - USD ($) En milliers de dollars	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule of Movement in Long-Term Debt [Abstract]
Solde au mois de janvier 1,	$ 1,576	$ 4,022
Émission de dettes à long terme	689,306	1,695
Addition from business combination	880
Repayments	(1,930)	(4,435)
Intérêts sur la dette à long terme	7,841	294
Transaction costs and debt discount	(31,447)
Amortization of transaction costs and debt discount	3,148
Change	95
Solde en fin de période	$ 669,469	$ 1,576	$ 4,022

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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+ Details

Income Taxes - Schedule of Current and Deferred Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Charge (recouvrement) d'impôt courant :
Current tax benefit (expense)	$ 101	$ 281	$ 544
Charge (recouvrement) d'impôts différés :
Deferred tax benefit		65	(698)
Total income tax expense (recovery)	101	346	(154)
Canada - Federal [Member]
Charge (recouvrement) d'impôt courant :
Current tax benefit (expense)	59	21	216
Charge (recouvrement) d'impôts différés :
Deferred tax benefit			(698)
Canada - Provincial [Member]
Charge (recouvrement) d'impôt courant :
Current tax benefit (expense)	(126)	34	70
Foreign - United States [Member]
Charge (recouvrement) d'impôt courant :
Current tax benefit (expense)	168	226	258
Charge (recouvrement) d'impôts différés :
Deferred tax benefit		$ 65

Recouvrement des indemnités accordées à tort

12 mois terminés

31 décembre 2025

Restatement Determination Date:: 2025-12-31

Recouvrement des indemnités accordées par erreur

Le Restatement n'exige pas la récupération

Politique de récupération

We have adopted an executive compensation recovery (clawback) policy (the “Clawback Policy”) applicable to its executive officers. The Clawback Policy provides as follows:

●

Covered Compensation: The Clawback Policy covers incentive-based compensation, including annual STIP cash awards and equity-based LTIP awards (including Options, RSUs, and PSUs), that are granted, earned, or vested based wholly or in part on the attainment of financial reporting measures.

●

Triggering Events: The Clawback Policy is triggered by an accounting restatement of our financial statements due to material noncompliance with applicable financial reporting requirements (including both error corrections and ‘little r’ restatements). In addition, the LTIP contains broader forfeiture provisions applicable upon termination of employment for cause, violation of material Corporation policies, fraud, and breach of non-competition, confidentiality, or other restrictive covenants.

●

Recovery Period: The Clawback Policy applies to incentive-based compensation received by covered executive officers during the three completed fiscal years preceding the date the Company is required to prepare an accounting restatement.

●

Administration: The Clawback Policy is administered by the Compensation Committee. The Compensation Committee is authorized to determine the form and timing of recovery, which may include repayment of cash, forfeiture of outstanding equity awards, or offset against future compensation, subject to applicable law.

●

Regulatory Compliance: The Clawback Policy is designed to support compliance with Section 10D of the Securities Exchange Act of 1934, as amended, Rule 10D-1 thereunder, and applicable Nasdaq listing standards relating to the recovery of erroneously awarded compensation.

Impairment from Continuing Operations

12 mois terminés

31 décembre 2025

Dépréciation [Abrégé]

IMPAIRMENT FROM CONTINUING OPERATIONS

NOTE 12: IMPAIRMENT FROM CONTINUING OPERATIONS

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

	Année terminée le 31 décembre,
	2025		2024		2023

Impairment of assets held for sale*	$	9,893	$	3,628	$	504
Dépôts prépayés à court terme		—		—		—
Biens, installations et équipements		18,549		—		5,100
Impairment from continuing operations		28,442		3,628		5,604

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

2025 impairment loss from continuing operations

During the year ended December 31, 2025, as a result of the significant decrease in the market price of a long-lived asset (Miners), and significant adverse change in the extent or manner in which certain asset groups are being used, the Company performed evaluations of the recoverable amount of the assets for the asset groups at the Company’s Bitcoin data centers in Québec, Washington state, and Sharon, Pennsylvania separately. Following the Company’s market approach analysis to determine the fair value of the asset groups, the Company recognized an impairment loss of $16,690 related to the Miners and buildings of the Bitcoin data center in Sharon, Pennsylvania. The total impairment loss is included in “Impairment of long-lived assets and deposits” with the loss from continuing operations. In addition, an impairment charge of $1,859 was recognized related to the obsolescence of electrical components.

During the year ended December 31, 2025, the Company recognized $9,893 of impairment on Miners “held for sale” as a result of the reassessment of the fair value less costs to sell.

2024 perte de valeur

During the year ended December 31, 2024, the Company recognized $3,628 of impairment on Miners “held for sale” as a result of the reassessment of the fair value less costs to sell.

2023 perte de valeur

Dépréciation d'actifs minéraux au cours du deuxième trimestre de l'année 2004 2023

The Suni mineral asset was acquired in connection with the reverse acquisition of Bitfarms Ltd (Israel) on April 12, 2018, and its value at the time was estimated at $9,000 based on an independent appraiser’s valuation. Suni is an iron ore deposit located in Canada that was held by the acquiree. Since its acquisition, following the presence of impairment indicators, the Suni mineral asset was written down to a carrying amount of $3,250 as of December 31, 2022. During the second quarter of 2023, the planned disposal of the Suni mineral asset resulted in the recognition of an impairment charge of $3,250, reducing the carrying amount to nil. This impairment charge is presented in the consolidated statements of operation under Impairment of long-lived assets and deposits. On July 27, 2023, the Company sold the Suni mineral asset for a nominal amount to a third party.

Dépréciation des composants électriques au cours du quatrième trimestre de l'année 2004 2023

During the third quarter of 2023, the Company de-energized its 2 MW immersion cooling pilot project in Washington state as the equipment did not perform to the Company’s expectations of performance and costs. With the de-energization of the immersion cooling pilot project, the 2 MW of hydroelectricity remains available to the Company to use in the future. During the fourth quarter of 2023, in connection with the planned disposal of the de-energized immersion cooling electrical components, Management tested those assets for impairment, resulting in an impairment charge of $1,882 before being reclassified to assets “held for sale”. This impairment charge is presented within loss from continuing operations under Impairment of long-lived assets and deposits.

Segment and Geographical Information - Schedule of Revenues by Country (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Amérique du Nord
Total	$ 229,276	$ 133,274	$ 120,400
United States [Member]
Amérique du Nord
Total	116,386	16,500	11,466
Canada [Membre]
Amérique du Nord
Total	$ 112,890	$ 116,774	$ 108,934

- Definition

+ References

+ Details

Stock-Based Compensation - Schedule of Additional information on PSU (Details)	12 mois terminés
	31 décembre 2025 USD ($)
Schedule of Additional information on PSU [Abstract]
Total fair value of PSUs vested

Stock-Based Compensation - Schedule of Options Grants Using the Black-Scholes Model (Details)

12 mois terminés

31 décembre 2025

31 décembre 2024

31 décembre 2023

Schedule of Options Grants Using the Black-Scholes Model [Abstract]

Rendement du dividende (%)

Volatilité attendue du prix de l'action (%)

^[1]

78.00%

82.00%

96.00%

Taux d'intérêt sans risque (%)

3.70%

3.68%

4.33%

Expected life of Options (years)

3 années

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

Organization - Schedule of Financial Statements (Details)	12 mois terminés
	31 décembre 2025
Backbone Hosting Solutions Inc. [Membre]
Schedule of Financial Statements [Line Items]
Financial statements term	Dorsale
Backbone Hosting Solutions SAU [Membre]
Schedule of Financial Statements [Line Items]
Financial statements term	Backbone Argentine
Backbone Mining Solutions LLC [Membre]
Schedule of Financial Statements [Line Items]
Financial statements term	Backbone Mining
D&N Ingenieria SA [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	Backbone Paso Pe
Backbone Hosting Solutions Paraguay SA [membre]
Schedule of Financial Statements [Line Items]
Financial statements term	Backbone Paraguay
Backbone Sharon LLC [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	Backbone Sharon
Zunz SA [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	Dorsale Yguazu
9159-9290 Québec Inc.[Member]
Schedule of Financial Statements [Line Items]
Financial statements term	Volta
Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment) [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	BVVE
Megawatt [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	MW
Argentine pesos [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	ARS
Bitcoin [Membre]
Schedule of Financial Statements [Line Items]
Financial statements term	BTC
Canadian dollars [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	CAD
United States dollars [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	USD

Dette à long terme

12 mois terminés

31 décembre 2025

Dette à long terme [Abrégé]

Dette à long terme

NOTE 17: LONG-TERM DEBT

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

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Building financing		1,704			1,576
financement d'équipement		1,642			—
Facilité de crédit		104,857			—
Unamortized transaction costs - Credit Facility		(10,049	)		—
Convertible Notes		589,565			—
Unamortized debt discount - Convertible Notes		(18,250	)
Total long-term debt, net of transaction cost and debt discount		669,469			1,576
Tranche courant de la dette à long terme		(97,022	)		(146	)
Partie non courante de la dette à long terme		572,447			1,430

L'évolution de la dette à long terme est la suivante :

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Solde au mois de janvier 1,		1,576			4,022
Émission de dettes à long terme		689,306			1,695
Addition from business combination		880			—
Repayments		(1,930	)		(4,435	)
Intérêts sur la dette à long terme		7,841			294
Transaction costs and debt discount		(31,447	)		—
Amortization of transaction costs and debt discount		3,148			—
Change		95			—
Solde en fin de période		669,469			1,576

Building financing

In March 2024, the Company sold its Garlock building in Sherbrooke, Québec, Canada for $1,695 and immediately leased it back for 10 years. Since the lease agreement included a substantive repurchase option of the building in the form of a call option, the Company has not transferred the control of the asset to the buyer, and the transaction does not qualify as a sale. Accordingly, it is accounted for as a financing arrangement for the proceeds received from the buyer, and the building continues to be recognized as property, plant and equipment of the Company.

Facilité de crédit

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

Initial Tranche

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 will be payable in full. The effective interest rate of the Credit Facility as of December 31, 2025 was 17.9%. The agreement specified a minimum base return of 25% and can be reduced to 9% depending on when principal payments are made (i.e., before end of term). 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 20 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.

Second 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 and as it contributes $50,000 in kind or in cash to Macquarie as collateral.

Conversion of the Credit Facility

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. The Initial Tranche was rolled into the project debt facility and the facility is subject to new terms and restrictions from those of the Initial Tranche. 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 20 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. The amendment also included a demand feature whereby the lender could demand repayment for a 60-day period beginning on February 1, 2026. The facility has therefore been classified as a current liability.

Coûts de transaction

Transaction costs of $3,900 relating to agent fees and legal fees were capitalized and deducted from the carrying amount of the debt.

Covenants and restrictions

The Credit Facility includes various financial and non-financial covenants for the Company and its subsidiaries including restrictions on dispositions, dividends, the incurrence of debt and liens, material changes in the nature of the Company’s business activities, related party transactions and investments. The Company is also required to maintain a restricted cash balance of at least $50,000 in a designated account. As of January 31, 2026, the most recently completed calendar month prior to the extinguishment of the debt, the Company was in compliance with the covenants of its Credit Facility. During February 2026, the Credit Facility was fully repaid and the cash balance of $57,500 is no longer restricted. Refer to Note 28 for more details.

Convertible Senior Notes

In October 2025, the Company issued $588,000 aggregate principal amount of convertible senior notes (the “Convertible Notes”), which included the full exercise of the purchasers’ option to purchase up to an additional $88,000 principal amount of Convertible Notes. The 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 capped calls to reduce the potential dilution to its common stock (or reduce the Company’s cash payment obligation if the Convertible Notes are settled in cash) if the trading price of the Company’s common stock price exceeds the conversion price of the Convertible Notes at the time of conversion. The capped calls are a legally separate derivative instrument which is accounted for separately from the Convertible Notes. Refer to Notes 10 and 22 for more details.

Prior to October 15, 2030, the 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 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 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 share 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 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 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 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.

As at December 31, 2025, none of the conditions permitting the holders of the Convertible Notes to convert their notes early or to require the Company to repurchase the Convertible Notes for cash have been met. Accordingly, the Convertible Notes are classified as long-term debt.

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

Property, Plant and Equipment, Net

12 mois terminés

31 décembre 2025

Property, Plant and Equipment, Net [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 13: PROPERTY, PLANT AND EQUIPMENT, NET

Aux dates de décembre 31, 2025 et 31, 2024, les immobilisations corporelles ( »EPI ») se composaient des éléments suivants :

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
BVVE		354,011			335,349
Land and buildings		63,888			5,039
Power plants		102,133			—
Machinery and Equipment		11,989			—
Améliorations locatives		14,538			59,449
Véhicules		1,544			1,754
		548,103			401,591
Amortissement cumulé		(189,770	)		(164,336	)
Valeur comptable		358,333			237,255

Assets not subject to depreciation

As of December 31, 2025, property, plant and equipment that are not yet placed into service amounted to $12,169 and are not yet subject to depreciation.

March 2025 Miner exchange

In March 2025, an exchange agreement (“March 2025 Swap Order”) was entered into to exchange Miners. The Company returned 4,160 Bitmain T21 Miners and purchased 3,660 Bitmain S21+ Miners. In consideration for the returned products, the Company received a credit of $9,484 which was applied against the purchase price of $11,858. In March 2025, the Company paid the net $2,374 in Bitcoin which can be redeemed on a quarterly basis (i.e., 29 Bitcoin Pledged). Refer to Note 10 for more details. As of December 31, 2025, all Miners on the March 2025 Swap Order were received.

Changes in the useful life, residual value and depreciation method

During the fourth quarter of 2025, the Company initiated a strategic transition from Bitcoin Mining operations to HPC/AI. This change in operations caused management to evaluate estimated useful lives of certain long-lived assets with a carrying value of $78,340. This constitutes a change in accounting estimate under ASC 250-10-45-17. Management revised the useful lives and residual value of 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 November 1, 2025. As a result, the Company recognized additional depreciation expense of $1,282 for the year ended December 31, 2025. The impact on basic and diluted loss per share was non-significant.

In addition, during the year end December 31, 2024, as part of the Company’s annual review of its estimates used to account for property, plant and equipment, the Company reassessed the depreciation method, the useful life and the residual values of all BVVE and accordingly, revised their specific useful life, residual value and depreciation methods. The Company modified the useful life of the Miners and Mining-related equipment from 5 to 3 years and the depreciation method from sum-of-years to the straight-line method as this method better reflected the pattern of consumption. The residual values of the Miners and Mining-related equipment remained nil. These modifications represent changes in accounting estimates and were applied prospectively, starting December 1, 2024, resulting in an additional depreciation expense of $2,061 during the year ended December 31, 2024. These changes in estimates result in a non-significant increase in basic and diluted loss per share.

Applicable to specific Miners - Changes in the useful life, residual value and depreciation method

During the year ended December 31, 2024, the Company revised its planned use of certain older Miners as they are expected to be replaced by newer equipment. The older Miners continued to be operated until replacement. As a result, the Company revised its accounting estimates for these assets, including reducing their remaining useful lives from five years to two years, updating estimated residual values to reflect expected proceeds upon disposition, and changing the depreciation method to straight-line to better reflect the pattern of consumption of economic benefits. These changes were accounted for prospectively as a change in estimate and resulted in higher depreciation expense of $58,163 for the year ended December 31, 2024. The Company determined that the carrying amounts of the older Miners remained recoverable and no impairment was recorded.

Share Capital - Schedule of Fair Values of the Warrants Granted (Details)

31 décembre 2025

Dividend yield [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

Expected share price volatility [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

^[1]

Risk-free interest rate [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

4.03

Expected life of warrants (years) [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

5.6

Share price (CAD) [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

1.88

Exercise price (USD) [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

1.74

Fair value of warrants (USD) [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

1.05

Number of warrants issued [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair values of the warrants

20,421,723

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

Dette à long terme (tableaux)

12 mois terminés

31 décembre 2025

Dette à long terme [Abrégé]

Tableau de la dette à long terme

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

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Building financing		1,704			1,576
financement d'équipement		1,642			—
Facilité de crédit		104,857			—
Unamortized transaction costs - Credit Facility		(10,049	)		—
Convertible Notes		589,565			—
Unamortized debt discount - Convertible Notes		(18,250	)
Total long-term debt, net of transaction cost and debt discount		669,469			1,576
Tranche courant de la dette à long terme		(97,022	)		(146	)
Partie non courante de la dette à long terme		572,447			1,430

Tableau des mouvements de la dette à long terme

L'évolution de la dette à long terme est la suivante :

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Solde au mois de janvier 1,		1,576			4,022
Émission de dettes à long terme		689,306			1,695
Addition from business combination		880			—
Repayments		(1,930	)		(4,435	)
Intérêts sur la dette à long terme		7,841			294
Transaction costs and debt discount		(31,447	)		—
Amortization of transaction costs and debt discount		3,148			—
Change		95			—
Solde en fin de période		669,469			1,576

Actifs numériques

12 mois terminés

31 décembre 2025

Actifs numériques [Abrégé]

Actifs numériques

NOTE 8: ACTIFS NUMÉRIQUES

Bitcoin transactions and the corresponding values for the years ended December 31, 2025 and 2024 were as follows:

	Année terminée le 31 décembre,
	2025						2024
	Quantité			Value ($)			Quantité			Value ($)
Balance of digital assets including restricted digital assets as of January 1,		1,285			120,124			804			33,971
Bitcoin earned*		2,008			202,691			1,992			126,920
Bitcoin earned from discontinued operations		579			58,713			922			59,607
Hosting revenue received in Bitcoin		46			1,527			—			—
Bitcoin received in exchange for goods		10			1,128			—			—
Change in Bitcoin earned, not received		(6	)		(512	)		—			—
Bitcoin exchanged for cash		(1,765	)		(171,091	)		(2,419	)		(152,135	)
Bitcoin exchanged for goods and services		(97	)		(9,992	)		(14	)		(1,463	)
Gain réalisé sur la disposition de biens numériques		—			28,219			—			27,209
Variation de la juste valeur des actifs numériques		—			(50,522	)		—			26,015
Balance of digital assets including restricted digital assets as of December 31,*		2,060			180,285			1,285			120,124
Less: Restricted digital assets as of December 31,**		(64	)		(5,559	)		(351	)		(32,826	)
Balance of digital assets excluding restricted digital assets as of December 31,		1,996			174,726			934			87,298

As of December 31, 2025, Restricted digital assets comprise Bitcoin held by a third party in connection with Bitcoin selling contracts.

As of December 31, 2024, Restricted digital assets comprise Bitcoin payments (“Bitcoin Pledged”) to a third party as deposits for Miners. As the Company retains the contractual right to redeem the Bitcoin Pledged, the third party does not obtain control of the underlying asset and the arrangement does not meet the definition of a sale. Refer to Note 10, 14 and 22 for additional details.

Accounts Receivable, Net

12 mois terminés

31 décembre 2025

Accounts Receivable, Net [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 6: ACCOUNTS RECEIVABLE, NET

The balance of the allowance for credit losses on accounts receivable is as follows:

	Depuis le Décembre 31,			Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024			2023
Solde au mois de janvier 1,		(63	)		(51	)		(37	)
Current period allowance		—			(17	)		(28	)
Write offs charged against allowance		—			—			16
Recoveries collected		—			—			(1	)
Allowance for credit losses		(3	)		5			(1	)
Solde au mois de décembre 31,		(66	)		(63	)		(51	)

Long-Term Debt - Schedule of Long-Term Debt (Details) - Long-Term Debt [Member] - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Schedule of Long-Term Debt [Line Items]
Building financing	$ 1,704	$ 1,576
financement d'équipement	1,642
Facilité de crédit	104,857
Unamortized transaction costs - Credit Facility	(10,049)
Convertible Notes	589,565
Unamortized debt discount - Convertible Notes	(18,250)
Total long-term debt, net of transaction cost and debt discount	669,469	1,576
Tranche courant de la dette à long terme	(97,022)	(146)
Partie non courante de la dette à long terme	$ 572,447	$ 1,430

Rights to Renewable Energy Credits and Waste Tax Credits - Schedule of Rights to Renewable Energy Credits and Waste Tax Credits (Details) $ in Thousands	12 mois terminés
	31 décembre 2025 USD ($)
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Solde au mois de janvier 1,
Additions related to business combination	8,989
Ajouts au cours de la période	22,763
Less: sale of credits to third parties	(13,274)
Solde en fin de période	18,478
Rights to renewable energy credits [Member]
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Solde au mois de janvier 1,
Additions related to business combination	3,104
Ajouts au cours de la période	17,076
Less: sale of credits to third parties	(13,274)
Solde en fin de période	6,906
Rights to waste tax credits [Member]
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Solde au mois de janvier 1,
Additions related to business combination	5,885
Ajouts au cours de la période	5,687
Less: sale of credits to third parties
Solde en fin de période	$ 11,572

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 mois terminés
Pay vs Performance Disclosure - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024	31 décembre 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (284,544)	$ (28,365)	$ (55,511)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Consolidated Balance Sheets - USD ($)
$ in Thousands

31 décembre 2025

31 décembre 2024

Actuel

Liquidités

$ 573,462

$ 59,542

Accounts receivable, net

5,471

1,259

Actifs numériques

174,726

87,298

Actifs numériques - restreints

^[1]

5,559

32,826

Autres actifs

2,825

4,282

Rights to renewable energy credits and waste tax credits

18,478

Actifs détenus en vue de la vente

28,664

9,419

Dépôts prépayés à court terme

6,317

14,554

Inventories

8,676

1,137

Actifs dérivés

2,287

3,418

TOTAL DES ACTIFS À COURT TERME

826,465

213,735

Au long terme

Restricted cash

57,500

Property, plant and equipment, net

358,333

237,255

Operating lease right-of-use assets, net

11,103

21,299

Finance lease right-of-use assets, net

2,127

2,281

Long-term deposits and equipment prepayments

31,033

44,572

Dépôts remboursables

350

14,216

Intangible assets, net

2,983

4,636

Actifs détenus en vue de la vente

125,138

Investment in equity securities

1,250

Long-term derivative assets

5,200

TOTAL DES ACTIFS

1,296,344

663,132

Actuel

Accounts payable and accrued expenses

46,443

25,792

Tranche courant de la dette à long terme

97,022

146

Current portion of operating lease liabilities

1,490

1,959

Current portion of finance lease liabilities

235

130

Passifs dérivés

2,922

128

TOTAL DES PASSIFS À COURT TERME

148,112

28,155

Au long terme

Dette à long terme

572,447

1,430

Operating lease liabilities

10,606

17,440

Finance lease liabilities

1,978

2,310

Responsabilité fiscale différée

Other non-current liabilities

2,761

2,586

TOTAL DES PASSIFS

735,969

51,986

Commitments and contingencies (Note 27)

Stockholders’ equity

Common stock - no par value; Authorized – unlimited number of shares; Issued and outstanding – 601,579,999 and 479,332,885 shares

1,064,572

837,764

Additional paid-in capital

108,284

101,319

Déficit accumulé

(612,481)

(327,937)

Total stockholders’ equity

560,375

611,146

Total liabilities and stockholders’ equity

$ 1,296,344

$ 663,132

[1]	As of December 31, 2025, Restricted digital assets comprise Bitcoin held by a third party in connection with Bitcoin selling contracts.

Capital action

12 mois terminés

31 décembre 2025

Share Capital [Abstract]

Capital action

NOTE 20: SHARE CAPITAL

actions ordinaires

The Company’s authorized share capital consists of an unlimited number of common shares without par value and are fully paid. 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 Bitfarms undergoes a liquidation, dissolution or winding up.

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

	Année terminée le 31 décembre,
	2025			2024		2023
Encours, janvier 1,		479,332,885			334,153,330		224,200,170
Issuance through at-the market equity offering program		29,616,939			135,474,160		52,120,899
Issuance through business combination		59,866,609			—		—
Share buyback and cancellation		(7,807,141	)		—		—
Exercise of Options		12,591,449			2,644,873		3,047,346
Settlement of share awards		1,543,320			—		—
Issuance of common shares related to right-of-use asset		—			1,532,745		—
Exercise of warrants		15,191,855			5,111,111		9,269,630
Règlement des unités d'actions restreintes		2,744,083			416,666		250,002
2023 placement privé		—			—		44,444,446
Issuance through acquisition of assets		8,500,000			—		820,837
En cours, décembre 31,		601,579,999			479,332,885		334,153,330

At-The-Market Equity Offering Program (“ATM Program”)

Bitfarms commenced an ATM Program on March 11, 2024 (the “2024 ATM Program”), pursuant to which the Company could, at its discretion and from time-to-time, sell common shares of the Company, resulting in the Company receiving aggregate gross proceeds of up to $375,000.

During the year ended December 31, 2025, the Company issued 29,616,939 common shares in exchange for gross proceeds of $75,094 at an average share price of approximately $2.54. The Company received net proceeds of $72,747 after paying commissions of $2,253 to the sales agent and $94 in other transaction costs.

During the year ended December 31, 2024, the Company issued 135,474,160 common shares in the 2024 ATM Program in exchange for gross proceeds of $299,905 at an average share price of approximately $2.21. The Company received net proceeds of $290,473 after paying commissions of $8,997 to the sales agent for the 2024 ATM Program and $435 in other transaction costs. The Company capitalized $939 of professional fees and registration expenses in common shares to initiate the 2024 ATM Program.

During the year ended December 31, 2023, the Company issued 52,120,899 common shares in its at-the-market equity offering program that commenced on August 16, 2021 (“the 2021 ATM Program”) in exchange for gross proceeds of $70,770 at an average share price of approximately $1.36. The Company received net proceeds of $68,504 after paying commissions of $2,187 to the sales agent for the 2021 ATM Program and $79 in other transaction costs.

Corporate Share Buyback Program

On July 22, 2025, the Company announced that the TSX had approved a normal course issuer bid (“NCIB”), 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, and will terminate no later than July 27, 2026. All common shares purchased on the TSX or Nasdaq under the NCIB will be cancelled. The Company has entered into an automatic repurchase arrangement with a designated broker to facilitate repurchases under the NCIB, including during pre-determined blackout periods. The timing and number of shares repurchased will be determined by Management based on market conditions.

During the year ended December 31, 2025, the Company repurchased 7,807,141 common shares for cancellation through the Corporate Share Buyback Program under the NCIB in exchange for $9,877 at an average share price of approximately $1.27 and paid $77 of commissions to the purchasing agent.

Sharon Lease Agreement

On August 27, 2024, the Company entered into an agreement to lease a site in Sharon, Pennsylvania, United States, and issued 1,532,745 common shares with a total value of $3,000 as a non-refundable deposit.

2023 placement privé

In November 2023, the Company completed a private placement for total gross proceeds of $43,799 (CAD $60,001) in exchange for 44,444,446 common shares and 22,222,223 warrants and 3,000,000 broker warrants to purchase common shares.

Shareholder rights plan

On June 10, 2024, the Board approved a shareholder rights plan (the “June 2024 Rights Plan”). On July 24, 2024, the Capital Markets Tribunal of the Ontario Securities Commission issued an order to cease trading any securities issued, or that may be issued, in connection with or pursuant to the June 2024 Rights plan. Also on July 24, 2024, the Board approved the adoption of a new shareholder rights plan (the “July 2024 Rights Plan”), pursuant to which one right (a “Right”) will be issued and attached to each common share outstanding as at August 6, 2024 (the “Record Time”). A Right will also be attached to each common share issued after the Record Time. Subject to the terms of the July 2024 Rights Plan, the Rights become exercisable if a person (the “Acquiring Person”), along with certain related persons (including persons “acting jointly or in concert” as defined in the July 2024 Rights Plan), acquires or announces its intention to acquire 20% or more of the common shares without complying with the “Permitted Bid” provisions of the July 2024 Rights Plan. Following a transaction that results in a person becoming an Acquiring Person, the Rights entitle the holder thereof to purchase common shares at a significant discount to the market price. The July 2024 Rights Plan was subject to the acceptance of the TSX and shareholder ratification within six months of its adoption. The TSX notified the Company that the TSX would defer its consideration of the acceptance of the July 2024 Rights Plan until (a) such time as it was satisfied that the appropriate securities commission will not intervene pursuant to National Policy 62-202 and (b) the July 2024 Rights Plan was ratified by the shareholders of the Company by no later than January 24, 2025. A deferral of acceptance of the July 2024 Rights Plan by the TSX did not affect the adoption or operation of the July 2024 Rights Plan. The Board recommended that shareholders of the Company ratify the July 2024 Rights Plan, which was approved at the Company’s special meeting of shareholders on November 20, 2024.

Equity warrants

Details of the outstanding number of warrants are as follows:

	Année terminée le 31 décembre,
	2025					2024					2023
	Number of Warrants			Weighted Average Exercise Price (USD)		Number of Warrants			Weighted Average Exercise Price (USD)		Number of Warrants			Weighted Average Exercise Price (USD)
Encours, janvier 1,		10,841,482			1.17		35,105,390			2.83		19,152,797			4.21
Accordé		20,421,723			1.74		—			—		25,222,223			1.18
Exercé		(17,355,910	)		1.20		(5,111,111	)		1.17		(9,269,630	)		1.18
Expiré		—			—		(19,152,797	)		4.21		—			—
En cours, décembre 31,		13,907,295			1.97		10,841,482			1.17		35,105,390			2.83

The weighted average contractual life of the warrants as of December 31, 2025, was 2.2 years (December 31, 2024 and 2023: 1.9 years and 1.6 years, respectively).

In November 2023, the Company completed a private placement that included 22,222,223 warrants and 3,000,000 broker warrants to purchase common shares (the “2023 Private Placement”). The warrants and broker warrants are convertible for a fixed number of common shares of the Company which results in a classification of the warrants and broker warrants as equity instruments.

In February 2024, 5,000,000 warrants and 111,111 broker warrants related to the 2023 Private Placement were exercised resulting in the issuance of 5,111,111 common shares for proceeds of approximately $5,986.

On March 11, 2024, 25,000 warrants relating to the acquisition of the Garlock building in Sherbrooke, Québec, Canada issued during 2022 expired. These warrants were recognized as equity instruments.

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 September 2025, 1,000,000 warrants and 111,111 broker warrants related to the 2023 private placement were exercised resulting in the issuance of 1,111,111 common shares for proceeds of approximately $1,307. In addition, 111,111 broker warrants were exercised on a cashless basis in exchange for 65,672 common shares.

In October 2025, in connection with the Credit Facility with Macquarie (see Note 17 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.

In October 2025, a total of 10,802,742 warrants related to the consideration paid to acquire Stronghold were exercised resulting in the issuance of 10,802,742 common shares for proceeds of approximately $13,153. In December 2025, a total of 5,330,946 warrants related to the Credit Facility were exercised on a cashless basis, in exchange for 3,212,330 common shares.

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:


Rendement du dividende (%)		—	%
Expected share price volatility (%)*		98	%
Taux d'intérêt sans risque (%)		4.03	%
Durée de vie prévue des bons de souscription (années)		5.60
Prix de l'action (CAD)	$	1.88
Prix d'exercice (USD)	$	1.74
Juste valeur des 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies - Schedule of Property, Plant and Equipment (Details) $ in Thousands	12 mois terminés
	31 décembre 2026 USD ($)
Commitments and Contingencies - Schedule of Property, Plant and Equipment (Details) [Line Items]
Committed to purchase property, plant and equipment	$ 129,662
Land [Member]
Commitments and Contingencies - Schedule of Property, Plant and Equipment (Details) [Line Items]
Committed to purchase property, plant and equipment	4,935
HPC infrastructure projects in Washington State, United States [Member]
Commitments and Contingencies - Schedule of Property, Plant and Equipment (Details) [Line Items]
Committed to purchase property, plant and equipment	$ 124,727

Property, Plant and Equipment, Net - Schedule of Property, Plant And Equipment (“Ppe”) (Details) - USD ($) $ in Thousands	31 décembre 2025	31 décembre 2024
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	$ 548,103	$ 401,591
Amortissement cumulé	(189,770)	(164,336)
Valeur comptable	358,333	237,255
BVVE [Membre]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	354,011	335,349
Terrains et bâtiments [Membre]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	63,888	5,039
Power plants [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	102,133
Machinery and Equipment [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	11,989
Leasehold Improvements [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	14,538	59,449
Véhicules [Membre]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	$ 1,544	$ 1,754

Income Taxes - Schedule of Loss Carryforward Balances and Expiration (Details) - 2026-2030 [Member] $ in Thousands	31 décembre 2025 USD ($)
Non-capital loss carryforward
Non-capital loss carryforward	$ 421,993
Canada [Membre]
Non-capital loss carryforward
Non-capital loss carryforward	215,980
United States [Member]
Non-capital loss carryforward
Non-capital loss carryforward	$ 206,013

Impairment from Continuing Operations - Schedule of Impairment Loss (Details) - USD ($)
$ in Thousands

9 mois terminés

12 mois terminés

Sep. 30, 2025

31 décembre 2025

31 décembre 2024

31 décembre 2023

Schedule Of Impairment Loss Abstract

Impairment of assets held for sale

$ 1,432

$ 9,893

^[1]

$ 3,628

^[1]

$ 504

^[1]

Dépôts prépayés à court terme

Biens, installations et équipements

18,549

5,100

Impairment from continuing operations

$ 28,442

$ 3,628

$ 5,604

[1]	Upon classification as “held for sale”, the assets were measured at the lower of carrying amount or fair value less cost to sell.

Income Taxes - Schedule of Valuation Allowance Movement (Details) - USD ($) $ in Thousands	12 mois terminés
	31 décembre 2025	31 décembre 2024	31 décembre 2023
Schedule Of Valuation Allowance Movement Abstract
Solde au mois de janvier 1,	$ 53,302	$ 50,857	$ 30,324
Charged to income tax (expense) recovery	47,850	5,956	10,567
Charged to equity	(1,878)	(717)	1,448
Investment in discontinued operations	9,214	519	8,518
Business combination	64,716
Deductions	(4,197)	(3,313)
Biens, installations et équipements	(8,806)
Solde au mois de décembre 31,	$ 160,201	$ 53,302	$ 50,857

Acquisition of Assets (Details) $ in Thousands	Oct. 24, 2025 USD ($) Actions
Business Combination [Member]
Acquisition of Assets [Line Items]
Acquisition shares \| shares	8,500,000
Sharon Property [Member]
Acquisition of Assets [Line Items]
Acquisition amount \| $	$ 5,000

Impairment from Continuing Operations (Tables)

12 mois terminés

31 décembre 2025

Dépréciation [Abrégé]

Schedule of Impairment Loss

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

	Année terminée le 31 décembre,
	2025		2024		2023

Impairment of assets held for sale*	$	9,893	$	3,628	$	504
Dépôts prépayés à court terme		—		—		—
Biens, installations et équipements		18,549		—		5,100
Impairment from continuing operations		28,442		3,628		5,604

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

Stock-Based Compensation - Schedule of Additional information on PSU (Details) - Phantom Share Units (PSUs) [Member] $ in Thousands	12 mois terminés
	31 décembre 2025 USD ($)
Schedule of Additional information on PSU [Line Items]
Unrecognized compensation cost related to the unvested PSUs	$ 5,135
Remaining weighted-average vesting period	2 ans 6 mois

Significant Accounting Policies (Tables)

12 mois terminés

31 décembre 2025

Significant Accounting Policies [Abstract]

Schedule of Property Plant and Equipment

Les immobilisations corporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
BVVE
Mineurs	Linéaire	3 années
Mining-related equipment	Linéaire	5 années
Améliorations locatives	Linéaire	La durée la plus courte entre la durée du bail et la durée de vie prévue de l'amélioration
Machinery and equipment	Linéaire	5 to 30 years
Bâtiments	Un équilibre en baisse	4%
Power Plants	Un équilibre en baisse	4%
Véhicules	Un équilibre en baisse	30%

Schedule of Lease Term and Estimated Useful Lives

Les actifs ROU sont amortis sur la durée la plus courte entre la durée du bail et la durée de vie utile estimée des actifs, comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Locaux loués	Linéaire	4-10 ans
Machinery and equipment	Linéaire	3-4 ans
Véhicules et autres	Linéaire	3-5 ans
BVVE	Linéaire	3 années

Schedule of Amortization of Intangible assets

Les immobilisations incorporelles sont amorties comme suit :

Classe d'actifs	Méthode d'amortissement	Période d'amortissement
Logiciels de systèmes	Somme des années	5 années
Droits d'accès à l'électricité	Linéaire	Durée du bail du centre de données ou de la période des droits d'accès

Schedule of Determination of the Level in the Fair Value Hierarchy

The determination of the level in the fair value hierarchy requires judgment, including the assessment of the significance of a particular input to the overall fair value measurement.

Niveau	Fair Value Hierarchy Level definitions
Niveau 1	Quoted (unadjusted) prices in active markets for identical assets or liabilities
Niveau 2	Observable, market-based inputs, other than quoted prices included in Level 1, for similar assets or liabilities that are directly or indirectly observable in the marketplace
Niveau 3	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands		12 mois terminés
	01 décembre 2025	31 décembre 2025	31 décembre 2024	31 décembre 2023
Property, Plant and Equipment, Net [Line Items]
Charges d'amortissement		$ 122,630	$ 135,424	$ 84,323
Miner exchange description		The Company returned 4,160 Bitmain T21 Miners and purchased 3,660 Bitmain S21+ Miners.
Purchase products		$ 31,000
Bitcoin payment		2,374
Accelerated depreciation expense			$ 58,163
Maximum [Membre]
Property, Plant and Equipment, Net [Line Items]
Estimated useful life			5 années
Minimum [Membre]
Property, Plant and Equipment, Net [Line Items]
Estimated useful life			2 années
Service [Member]
Property, Plant and Equipment, Net [Line Items]
Charges d'amortissement		12,169
Mineurs [Membre]
Property, Plant and Equipment, Net [Line Items]
Charges d'amortissement		1,282
Products expenses		9,484
Purchase products		11,858
Long-lived assets		78,340
Equipment expenses
Accelerated depreciation expense	$ 2,061
Miners [Member] \| Maximum [Member]
Property, Plant and Equipment, Net [Line Items]
Estimated useful life		5 années
Miners [Member] \| Minimum [Member]
Property, Plant and Equipment, Net [Line Items]
Estimated useful life		3 années

Assets Held For Sale and Discontinued Operations

12 mois terminés

31 décembre 2025

Assets Held For Sale and Discontinued Operations [Abstract]

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 11: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

As of December 31, 2025 and 2024, 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 fair value of these assets were 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.

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 in the consolidated financial statements, 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 the Yguazu Bitcoin data center which met the criteria and was sold in the first quarter of 2025. The comparative balance sheet amounts as at December 31, 2024 for the Paso Pe and the Yguazu Bitcoin data centers are classified as held for sale.

The following table provides the components of the assets or disposal groups that either met the criteria of “assets held for sale” as of December 31, 2025 or December 31, 2024. Certain of the prior period comparative balance sheet amounts of December 31, 2024 are reclassified to conform to the current-period presentation as of December 31, 2025. The separate presentation of certain assets as “non-current” as of December 31, 2024 is to distinguish when certain assets are classified as “held for sale” for comparative presentation purposes only.

	Depuis le Décembre 31,			Depuis le Décembre 31,
	2025			2024
Mineurs		166			4,832
Composants électriques pour l'industrie minière		3,198			1,117
Assets of disposal group classified as held for sale:
Autres actifs		1,404			3,428
Inventories - electronic and networking components		426			42
Biens, installations et équipements		17,168			105,297
Finance lease right-of-use assets, net		—			306
Long-term deposits and equipment prepayments		1,145			11,795
Refundable deposits - security deposits for energy		5,157			7,740
		28,664			134,557
Current portion of assets “held for sale”		(28,664	)		(9,419	)
Non-current portion of assets “held for sale”		—			125,138

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 combined results of the Company’s Argentina and Paraguay operations for the years ended December 31, 2025, 2024 and 2023 are presented below:

	Année terminée le 31 décembre,
	2025									2024									2023
	Argentine			Paraguay			Total			Argentine			Paraguay			Total			Argentine			Paraguay			Total
Recettes*		10,612			48,101			58,713			33,647			25,960			59,607			19,050			6,916			25,966
Coût des revenus		(14,331	)		(43,337	)		(57,668	)		(41,014	)		(32,508	)		(73,522	)		(18,336	)		(7,380	)		(25,716	)
(Perte) bénéfice brut		(3,719	)		4,764			1,045			(7,367	)		(6,548	)		(13,915	)		714			(464	)		250

Dépenses d'exploitation
Dépenses générales et administratives		(5,902	)		(3,953	)		(9,855	)		(6,465	)		(1,723	)		(8,188	)		(5,758	)		(95	)		(5,853	)
Gain (loss) on disposition of property, plant and equipment and deposits		1,728			116			1,844			(507	)		971			464			945			(488	)		457
Impairment of long-lived assets		(35,294	)		(38,107	)		(73,401	)		—			—			—			(6,982	)		—			(6,982	)
Operating (loss) gain		(43,187	)		(37,180	)		(80,367	)		(14,339	)		(7,300	)		(21,639	)		(11,081	)		(1,047	)		(12,128	)
Charges d'intérêts		—			—			—			—			(51	)		(51	)		(7	)		(60	)		(67	)
Other (expense) income		(525	)		369			(156	)		1,835			(1,683	)		152			(991	)		(6	)		(997	)
Total des autres revenus (dépenses)		(525	)		369			(156	)		1,835			(1,734	)		101			(998	)		(66	)		(1,064	)
Loss before income taxes		(43,712	)		(36,811	)		(80,523	)		(12,504	)		(9,034	)		(21,538	)		(12,079	)		(1,113	)		(13,192	)

Recouvrement (charge) d'impôt sur le revenu		(1	)		(731	)		(732	)		751			(219	)		532			(2,347	)		(39	)		(2,386	)
Loss after income tax		(43,713	)		(37,542	)		(81,255	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

Gain on disposition of Yguazu Bitcoin data center		—			5,225			5,225			—			—			—			—			—			—
Pertes dues à l’arrêt des opérations		(43,713	)		(32,317	)		(76,030	)		(11,753	)		(9,253	)		(21,006	)		(14,426	)		(1,152	)		(15,578	)

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:

	Année terminée le 31 décembre,
	2025			2024			2023
Variation nette de la trésorerie liée aux activités opérationnelles		(12,773	)		(25,188	)		13,522
Variation nette de la trésorerie liée aux activités d’investissement		26,194			27,615			(14,349	)
Variation nette des liquidités liées aux activités de financement		(274	)		(296	)		(287	)
Net change in cash generated by the discontinued operations		13,147			2,131			(1,114	)

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.

Impairment in Argentina asset group in the second quarter of 2025

Management considered the suspension of the cryptocurrency 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.

As the Argentina 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. As of December 31, 2025, the Company had $2,703 assets held for sale and were measured at the lower of their carrying amount and fair value less costs to sell.

Fair value was determined using an income approach under ASC 820 based on a discounted cash flow model as previously described above.

Impairment of assets during the third quarter of 2025

Additional impairment loss of $1,432 was recognized to write down the carrying amount of certain assets to their fair value less cost to sell in the third quarter of 2025.

Dépréciation des dépôts à court terme payés d'avance au cours du deuxième trimestre de l'année 2008 2023

In 2022, the Company entered into agreements with external brokers to be able to proceed with the importation of its Miners into Argentina. Under the agreements, the Company was required to make advance deposits to the external brokers, which were classified as short-term prepaid deposits on the consolidated balance sheets. During the second quarter of 2023, the Company decided to terminate the importation agreements with the external brokers as of June 30, 2023.

The Company assumed the cost of terminating the importation agreements with external brokers as part of a revised importation strategy and, as a result, impaired $6,982 of short-term prepaid deposits. This impairment is presented in the consolidated statements of operations under loss from discontinued operations.

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. For comparability, as at December 31, 2024, the Company reclassified the assets related to Paso Pe and Yguazu Bitcoin data centers in Paraguay as assets “held for sale”.

Sale of the Yguazu Bitcoin Data Center

On March 17, 2025, the Company completed the sale of its 200 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

Considération
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
Biens, installations et équipements		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

As of December 31, 2025, the $31,000 interest-free receivable was fully collected.

Impairment of Paraguay asset group in the third quarter of 2025

During the third quarter of 2025, upon classifying the assets of its Paso Pe operations as “held for sale”, the Company assessed their value at fair value less costs to sell which resulted in an impairment loss of $26,962 on its Paraguay operations.

Impairment of Paraguay asset group in the fourth quarter of 2025

During the fourth quarter of 2025, the Company reassessed the fair value less costs to sell of the Paso Pe operations, which were classified as “held for sale” and reported as discontinued operations. Based on this reassessment, the Company recognized a further impairment loss of $11,145 related to the Paraguay asset group, reflecting the write-down to fair value less costs to sell as of December 31, 2025. This impairment loss is presented within loss from discontinued operations in the consolidated statements of operations.

Subsequent to December 31, 2025, in January 2026, a definitive purchase agreement was signed for the sale of the Paso Pe operations for total consideration of approximately $25,300, which is expected to close in the second quarter of 2026. In February 2026, the definitive purchase agreement was amended to extend the exclusivity period from 60 days to 105 days. As of the date these financial statements were issued, the sale transaction had not been completed.

Significant Accounting Policies (Details)	12 mois terminés
Significant Accounting Policies (Details)	31 décembre 2025
Minimum [Membre]
Significant Accounting Policies [Line Items]
Vesting percentage	0.00%
Maximum [Membre]
Significant Accounting Policies [Line Items]
Vesting percentage	200.00%

- 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/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details