Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net loss $ (18,211) $ (3,867)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:    
Depreciation and amortization 105 106
Strategic advisory warrants 240
Stock-based compensation 592
Realized foreign currency gain (265)
Non-cash staking revenue (417)
Write-off vendor deposits and accrued liabilities 267
Change in fair value of digital assets 12,869
Accretion of debt discount 284
Provision for doubtful accounts 381 (12)
Changes in operating assets and liabilities:    
Accounts receivable 308 (625)
Inventories (99)
Vendor deposits 374
Other current assets 468 (107)
Accounts payable (331) 117
Accrued expenses and other liabilities (836) 516
Customer deposits (132)
Net cash and cash equivalents used in operating activities (4,830) (3,445)
Cash flows from Investing Activities:    
Purchases of property and equipment, net (16)
Loan receivable (digital assets) (235)
Purchases of digital assets (10,129)
Purchases of stablecoin-related protocol instruments (3,999)
Net cash and cash equivalents used in investing activities (14,363) (16)
Cash flows from Financing Activities:    
Proceeds from issuance of Class A common stock and warrants 19,036
Repayments of notes payable (7,958)
Net cash and cash equivalents provided by financing activities 11,078
Net (decrease) increase in cash and cash equivalents (19,193) 7,617
Cash and cash equivalents, beginning of the period 32,513 899
Cash and cash equivalents, end of period 13,320 8,516
Supplemental disclosures of cash flow information    
Cash paid for interest 444
Cash paid during the period for income taxes