v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (55,589) $ (10,990) $ (11,755)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 364 374 239
Unrealized loss on digital assets 30,307 [1]
Non-cash finance expenses (income), net 2,509 446 (206)
Net changes in operating lease assets and liabilities 87 (97) (148)
Loss on property, plant and equipment disposals 453 [1]
Share-based compensation 6,701 [1] 369 [1] (219)
Changes in operating assets and liabilities:      
Prepaid expenses (107) (165) (137)
Other assets (1,450) 134 (26)
Inventory 2,479 847 (1,117)
Accounts payable (156) (232) 64
Other payables and accrued expenses 1,020 (500) 1,028
Short-term employee benefits (402) (114) 45
Net cash used in operating activities (13,784) (9,928) (12,232)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of Digital assets (121,935)
Restricted deposits 226 (224)
Short term deposits (3,500)
Decrease in short term deposits 3,500
Grants received for property, plant and equipment 250
Purchase of property and equipment (93) (67) (1,365)
Net cash provided by (used in) investing activities (122,028) 159 (1,339)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of shares, warrants and pre-funded warrants 155,439 7,699
Issuance costs (2,709) (148)  
Proceeds from issuance of promissory notes   2,870
Repayments of promissory notes (929)    
Repayments of promissory notes to related party (2,271)    
Proceeds from issuance of warrants liability 4,998 306
Net cash provided by financing activities 154,528 10,727
Effect of change in exchange on cash and cash equivalents balances in foreign currencies 814 128 (550)
Net change in cash and cash equivalents and restricted deposits 19,530 1,086 (14,121)
Cash and cash equivalents and restricted deposits at beginning of year 7,758 6,672 20,793
Cash and cash equivalents and restricted deposits at end of year 27,288 7,758 6,672
Supplemental disclosure of cash flow information      
Shares issued for SEPA financing 100
Lease liabilities arising from obtaining right-of-use assets 55
Modification of lease contract 116
Classification of inventory to property and equipment 195
Classification of property and equipment to inventory 342
Classification of liability classified share-based compensation awards to equity 302
Reclassification of liability classified public warrants to equity $ 7,754
[1] Other segment items for the Flywheel Business are primarily related to cost of revenue, payroll and other costs supporting the Company’s research and development activity, patents and certain expenses that are not easily allocatable to specific functions.