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 income $ 6,312 $ 149,481
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 349 6
Foreign exchange transaction gain 0 1,077
Share of (gain) loss from equity method investments (16,959) 3,121
Interest converted to preferred stock 441 0
Credit loss expense ($12 related party for the year ended December 31, 2024) 0 12
Change in fair value of earnouts 0 (172,270)
Change in fair value of warrants (2,886) 836
Share based compensation expense 1,661 1,495
Loss on sale of equipment 1 2
Gain on bargain purchase of OES Acquisition (1,098) 0
Changes in assets and liabilities:    
Accounts receivable ($(820) and $(1,093) related party for the years ended December 31, 2025 and 2024, respectively) (2,091) (1,056)
Contract assets (3,264) 0
Deferred transaction costs 588 (588)
Other current assets 530 55
Other non-current assets 241 (249)
Accounts payable ($1,454 and $312 related party for the years ended December 31, 2025 and 2024, respectively) (1,491) 7,204
Accrued expenses and other current liabilities ($158 and $456 related party for the years ended December 31, 2025 and 2024, respectively) (7,108) 3,822
Contract liabilities 19 0
Operating lease assets and liabilities 152 0
Other long-term payables 0 (5,500)
Net cash used in operating activities (24,603) (12,552)
Cash flows from investing activities    
Purchase of property and equipment (153) (11)
Proceeds from sale of equipment 2 2
Short-term advances to affiliate ($(983) related party for the year ended December 31, 2025) (983) 0
Distribution from equity method investment PDP 26,955 0
OES Acquisition (1,632) 0
Net cash provided by (used) in investing activities 24,189 (9)
Cash flows from financing activities    
Proceeds from issuance of Series B preferred stock ($1,500 related party for the year ended December 31, 2025) 11,833 0
Proceeds from debt – related party 750 7,221
Proceeds from debt - third party 0 1,250
Repayment of debt – related party (268) (2,297)
Repayment of debt – third party (2,677) (1,678)
Proceeds from related party credit facilities 1,769 12,547
Repayment of related party credit facilities (5,384) (5,392)
Payment of excise tax on FAST sponsor share redemptions (2,483)  
Proceeds from exercised warrants 0 365
Proceeds from RSUs issued to affiliates 712 837
Settlement of RSUs (545) 0
Net cash provided by financing activities 3,707 12,853
Net increase (decrease) in cash and cash equivalents 3,293 292
Foreign exchange impact on cash (2,250) (139)
Cash and cash equivalents at beginning of year 825 672
Cash and cash equivalents at end of year 1,868 825
Supplemental disclosures:    
Cash paid for interest 3,053 518
Non-cash activities:    
Debt to series B preferred stock conversion - principal 20,265 0
Accrued interest capitalized as debt principal 0 273
Conversion of warrants to common shares, Class A 1,825 7,095
Conversion of Class B Common Stock to Class A Common Stock 691 20,276
Release of earnout Common shares from escrow 0 66,255
Reclassification of earnout shares to equity $ 0 $ 250,116