v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 87,126 $ 50,141
Restricted cash 5,521 0
Available for sale investments, at fair value (amortized cost of $200,468 at December 31, 2025 and $— at December 31, 2024) 200,461 0
Accounts receivable, less allowance for credit losses of $438 as of December 31, 2025 and $127 as of December 31, 2024 22,703 38,953
Contract assets 218 895
Prepaid expenses and other current assets 14,514 3,768
Total current assets 330,543 93,757
Non-current assets:    
Property and equipment, net 1,562 1,566
Goodwill 241,100 119,081
Intangible assets, net 139,470 119,119
Available for sale investments, at fair value (amortized cost of $173,789 at December 31, 2025 and $— at December 31, 2024) 173,949 0
Right-of-use assets 7,063 9,263
Other non-current assets 860 990
Total assets 894,547 343,776
Current liabilities:    
Accounts payable 6,088 8,455
Short-term debt, including current portion of long-term debt 16,560 818
Accrued liabilities 19,649 19,496
Contract liabilities 14,756 2,541
Current portion of long-term lease liability 1,095 1,068
Derivative liabilities 116,906 170,515
Other current liabilities 10,466 73
Total current liabilities 185,520 202,966
Non-current liabilities:    
Long-term debt, net 90,484 135,404
Long-term lease liability 6,673 9,120
Total liabilities 282,677 347,490
Commitments and contingencies (Note 16)
Stockholders’ equity (deficit)    
Common stock, par value $0.0001; 500,000,000 shares authorized and 436,955,655 shares issued and outstanding at December 31, 2025 and 251,554,378 shares issued and outstanding at December 31, 2024 46 26
Additional paid-in capital 1,534,792 625,130
Treasury stock, at cost 9,952,803 shares at December 31, 2025 and December 31, 2024 (57,350) (57,350)
Accumulated deficit (865,555) (571,641)
Accumulated other comprehensive (loss) income (63) 121
Total stockholders’ equity (deficit) 611,870 (3,714)
Total liabilities and stockholders’ equity (deficit) $ 894,547 $ 343,776

Source

HTML PDF
ZIP