Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 2,205 $ 2,004 [1]
Accounts receivable 1,066 888 [1]
Related party receivable $ 29,500 $ 30,000 [1]
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party Related Party
Unbilled accounts receivable $ 1,304 $ 1,705 [1]
Inventories 717 636 [1]
Note receivable 500 0 [1]
Crypto assets 57,111 92,222 [1]
Deferred offering costs 745 5,500 [1]
Prepaid software license, current 8,368 7,759 [1]
Prepaid expenses and other current assets 4,752 2,159 [1]
Total current assets 106,268 142,873 [1]
Property and equipment, net 1,199 606 [1]
Intangible assets 102,618 94,816 [1]
Goodwill 27,285 19,135 [1]
Prepaid software license, noncurrent 6,058 6,956 [1]
Investments in non-marketable securities 1,766 4,300 [1]
Deposit for business combination 0 1,000 [1]
Other assets 4,919 5,018 [1]
Total assets 250,113 274,704 [1]
Current Liabilities:    
Accounts payable 7,051 10,832 [1]
Accrued liabilities 12,053 11,002 [1]
Due to related party 760 98 [1]
Short-term promissory notes 3,160 1,013 [1]
Total current liabilities 23,024 26,881 [1]
Warrant liabilities 9 9 [1]
Other liabilities 3,672 3,923 [1]
Total liabilities 30,085 36,730 [1]
Equity, Attributable to Parent    
Common stock, par value $0.0001; 2,000,000,000 shares authorized; 617,813,176 and 573,438,153 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 63 59 [1]
Additional paid-in capital 650,541 615,360 [1]
Accumulated deficit (430,576) (377,445) [1]
Total stockholders’ equity 220,028 237,974 [1]
Total liabilities and stockholders’ equity 250,113 274,704 [1]
Nonrelated Party    
Current Liabilities:    
Convertible notes 3,380 5,917 [1]
Related Party    
Current Liabilities:    
Short-term convertible note payable, related party $ 0 $ 3,936 [1]
[1] The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated balance sheet as of that date.