Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (53,131) $ (9,563)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 5,234 648
Depreciation and amortization 3,161 2,321
Amortization of debt discounts and paid-in-kind interest 902 120
Fair value of equity warrants in interest expense 0 (17)
Change in fair value of crypto currency 16,133 0
Loss on sale of bitcoin 822 0
Debt extinguishment 1,725 0
Impairment of nonmarketable security 2,534 0
Changes in operating assets and liabilities:    
Unbilled accounts receivable 401 0
Inventories (81) 276
Prepaid expenses and other current assets (2,554) 359
Prepaid software 289 0
Other assets 99 54
Accrued liabilities 780 30
Other liabilities (240) (30)
Net cash used in operating activities (8,727) (6,024)
Cash flows from investing activities:    
Issuance of note receivable (500) 0
Deposit for business combination 0 (1,000)
Cash paid for acquisition of API Media, net (12,949) 0
Purchases of property and equipment (264) (52)
Disposals of property and equipment (171) 0
Net cash used in investing activities (13,884) (1,052)
Cash flows from financing activities:    
Repayments on notes payable (6,963) (406)
Proceeds form issuing shares through an At-The-Market (ATM) program 29,985 4,945
Equity issuance costs (210) 0
Repurchase of common stock warrants 0 (622)
Net cash provided by financing activities 22,812 3,917
Net increase (decrease) in cash and cash equivalents 201 (3,159)
Cash and cash equivalents as of beginning of period 2,004 3,330
Cash and cash equivalents as of end of period 2,205 171
Noncash Investing and Financing Activities:    
Capitalized acquisition costs 0 117,000
Unpaid financing issuances costs 0 86
Unpaid deferred offering costs 469 117
Intangible assets acquired with issuance of common stock 5,400 0
ATM Non cash offering costs 5,812 0
Reclass liability warrant to equity 0 15
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable 220 69
Accounts payable (4,339) (291)
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable 500 0
Accounts payable 18,818 0
Noncash Investing and Financing Activities:    
Settlement of Related Party Payable with Bitcoin $ 18,156 $ 0