v3.26.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combinations [Abstract]  
Schedule of Business Combination

The below summarizes the total consideration transferred in the business combination (in thousands):

 

Fair value of common stock  $10,939 
Fair value of warrants   3,250 
Fair value of preferred stock   11,302 
Fair value of debt assumed   114 
Total consideration  $25,605 
Schedule of Warrant Level 3 Inputs Valuation Significant inputs related to these warrants are as follows:
Fair value of common stock  $5.27 
Exercise price  $5.13 
Expected term   4.76 years 
Volatility   146%
Risk-free interest rate   4.2%
Dividend yield   
—
%
Schedule of Summarizes the Purchase Price Allocations

The following table summarizes the purchase price allocations relating to the XTI Merger (in thousands):

 

Assets acquired    
Cash and cash equivalents  $2,968 
Accounts receivable   696 
Notes and other receivables   7,929 
Inventory   3,283 
Prepaid assets and other current assets   756 
Property and equipment   246 
Other assets   1,202 
Warrant assets   448 
Tradename & trademarks   913 
Proprietary technology   2,934 
Customer relationships   702 
In process research and development   243 
Goodwill   12,398 
    34,718 
Liabilities assumed     
Accounts payable   2,675 
Accrued liabilities   4,282 
Operating lease obligation   299 
Deferred revenue   824 
Short-term debt   114 
Warrant liability   919 
Total liabilities assumed   9,113 
      
Fair value of net assets acquired  $25,605 

The following table summarizes the preliminary allocation of purchase consideration as of November 10, 2025 (in thousands):

 

Assets acquired:    
Cash and cash equivalents  $2,225 
Accounts receivable   11,609 
Inventories   15,667 
Vendor deposits   7,616 
Prepaid assets and other current assets   982 
Property and equipment   169 
Right-of-used assets   2,746 
Other assets   104 
Tradename & trademarks   4,000 
Customer relationships   5,200 
Goodwill   11,544 
Total assets acquired   61,862 
      
Liabilities assumed:     
Accounts payable   3,462 
Accrued liabilities   3,666 
Customer deposits   1,992 
Operating lease obligation   2,746 
Asset-based revolving line of credit   9,108 
Related-party promissory notes   450 
Total liabilities assumed   21,424 
Estimated fair value of net assets acquired  $40,438 
Schedule of Estimated Purchase Price Related to the Acquisition

Estimated purchase price of approximately $40.4 million related to the Acquisition is comprised of the following components (in thousands):

 

Fair Value of Class B Units  $9,735 
Fair value of Promissory Notes   11,931 
Cash   18,772 
Total consideration  $40,438