v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 390,845 $ 50,141
Accounts receivable, less allowance for credit losses of $438 as of June 30, 2025 and $127 as of December 31, 2024 28,342 38,953
Contract assets 701 895
Prepaid expenses and other current assets 4,395 3,768
Total current assets 424,283 93,757
Non-current assets:    
Property and equipment, net 1,425 1,566
Goodwill 48,446 119,081
Intangible assets, net 115,621 119,119
Right-of-use assets 8,639 9,263
Other non-current assets 958 990
Total assets 599,372 343,776
Current liabilities:    
Accounts payable 3,440 8,455
Short-term debt, including current portion of long-term debt 367 818
Accrued liabilities 16,555 19,496
Contract liabilities 4,466 2,541
Current portion of long-term lease liability 1,096 1,068
Derivative liabilities 193,199 170,515
Other current liabilities 2,522 73
Total current liabilities 221,645 202,966
Non-current liabilities:    
Long-term debt, net 102,683 135,404
Long-term lease liability 8,494 9,120
Total liabilities 332,822 347,490
Commitments and contingencies (Note 14)
Stockholders’ equity (deficit)    
Common stock, par value $0.0001; 500,000,000 shares authorized and 369,171,608 shares issued and outstanding at June 30, 2025 and 251,554,378 shares issued and outstanding at December 31, 2024 39 26
Additional paid-in capital 1,186,256 625,130
Treasury stock, at cost 9,952,803 shares at June 30, 2025 and December 31, 2024 (57,350) (57,350)
Accumulated deficit (862,246) (571,641)
Accumulated other comprehensive (loss) income (149) 121
Total stockholders’ equity (deficit) 266,550 (3,714)
Total liabilities and stockholders’ equity (deficit) $ 599,372 $ 343,776

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