Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (85,580) $ (17,657)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 493 800
Stock-based compensation expense 4,837 86
Strategic advisory warrants 18,553
Change in fair value of contingent consideration (1,000)
Change in provision for credit losses 1,974 245
Loss on disposal of fixed assets 121 215
Loss on extinguishment of debt 876
Write-off of vendor deposits, accrued liabilities and customer deposits (571)
Impairment of inventory 6,301
Impairment of property and equipment 650 153
Change in fair value of digital assets 31,147
Amortization of deferred financing costs and debt discount 284 4,927
 Other 57 171
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable 716 (2,814)
Decrease in inventories 9,712 6,315
Decrease in vendor deposits 674
Decrease in other assets (193) 3,533
Decrease in accounts payable (5,170) (2,319)
Decrease in accrued expenses and other liabilities 409 (841)
Decrease in customer deposits (114)
Net cash and cash equivalents used in operating activities (16,260) (6,750)
Cash flows from investing activities:    
Purchase of property and equipment, net (98) (244)
Purchase of Digital Assets - BERA (8,162)
Net cash and cash equivalents used in investing activities (8,260) (244)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock, net of issuance costs 20,746 5,640
Proceeds from exercise of stock options and warrants, net of costs 43,346 1,827
Repayment of loan against future accounts receivable (939)
Proceeds from future receivables financing 225
Repayments of notes payable (7,958) (2,275)
Proceeds from notes payable 2,950
Other (1)
Net cash and cash equivalents provided by financing activities 56,134 7,427
Effects of exchange rate changes on cash and cash equivalents 3
Net increase in cash and cash equivalents 31,614 436
Cash and cash equivalents, as of beginning of the year 899 463
Cash and cash equivalents, as of end of year 32,513 899
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 107 916
Cash paid during the period for income taxes
Non-cash investing activities and financing activities:    
Fair value of common stock warrants issued as a debt discount 1,699
Extinguishment of debt in connection with Synergy Asset purchase agreement 2,658
Digital assets exchanged for Class A common stock and warrants 59,540
Issuance of Class A Warrants $ 3,673