v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash Flows Used in Operating Activities    
Net loss $ (68,491) $ (35,603)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 148 113
Amortization of intangible assets 387 622
Amortization of right-of-use asset 114 237
Non-cash interest (income) expense, net 145 417
Stock-based compensation 12,046 4,121
Impairment of goodwill 9,895
Impairment of intangible assets 631 2,507
Provision for credit losses 2,129
Loss on conversion of note receivable to equity investment 2,630
Unrealized loss on equity investment 628
Change in fair value of convertible notes payable (12,882)
Loss on extinguishment of debt 421 6,732
Warrant issuance expense 6,580
Change in fair value of warrant liability 596 281
Other 4 359
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (1,993) (18)
Inventories 2,618 611
Prepaid expenses and other current assets 4,572 922
Other assets 311 40
Accounts payable (2,543) 346
Related party payables (51)
Accrued expenses and other current liabilities (3,696) 6,039
Accrued interest 116 259
Customer deposits (271)
Deferred revenue (167) (435)
Operating lease obligation (112) (233)
Net Cash Used in Operating Activities (36,611) (22,307)
Cash Flows (Used in) Provided by Investing Activities    
Purchase of property and equipment (215) (68)
Cash received in purchase of Inpixon 2,968
Investment in convertible note receivable (2,000)
Acquisition of Drone Nerds, net of cash acquired (16,547)
Purchase of intangible asset (47)
Net Cash (Used in) Provided by Investing Activities (18,762) 2,853
Cash Flows Provided by Financing Activities    
Net proceeds from sale of common stock and pre-funded warrants via public offerings 57,051
Net proceeds from ATM stock offerings 1,667 22,213
Net proceeds from issuance of Series 10 Convertible Preferred Stock 22,750
Net proceeds from the exercise of equity classified warrants 2
Net proceeds from the exercise of liability classified warrants 4,061
Net proceeds from issuance of promissory notes 2,000
Net proceeds from loan from Inpixon (prior to merger) 1,012
Redemptions of Series 9 Preferred Stock (1,427) (795)
Repayments of debt (15,892) (868)
Net Cash Provided by Financing Activities 68,210 23,564
Effect of Foreign Exchange Rate on Changes on Cash (23) (10)
Net Increase in Cash and Cash Equivalents 12,814 4,100
Cash and Cash Equivalents – Beginning of year 4,105 5
Cash and Cash Equivalents – End of year 16,919 4,105
Supplemental Disclosure of cash flow information:    
Interest 329 61
Income Taxes 14 16
Non-cash investing and financing activities    
Common shares issued for conversion of debt 750 9,612
Common shares issued in exchange of warrants and cashless exercise of warrants and options 1,983
Deemed dividend related to December 2024 warrant exchange 283
Common shares issued as settlement of accrued compensation 4,398
Common shares issued as prepayment for services 335
Issuance of common stock for merger consideration, net of cash received 22,637
Right of use asset obtained in exchange for lease liability 2,745 394
Capital contribution – forgiveness of related party payable 380
Common shares issued in exchange of Series 9 Preferred Stock exchange 9,790
Series 9 Preferred Stock dividend accrued 606
Deemed dividend related to Series 9 preferred stock exchange 490
Conversion of accrued interest to Series 9 Preferred Stock 602
Conversion of convertible note receivable to equity investment 968
ATM proceeds withheld as payment towards accounts payable 129
Series 10 Convertible Preferred Stock dividend accrued 408
Placement agent warrants issued in Series 10 financing 957
Issuance of Class B Units in connection with acquisition 9,735
Issuance of promissory notes in connection with acquisition 11,931
Cash and cash equivalents 16,696 3,972
Cash included in current assets of discontinued operations 223 133
Total cash per consolidated statement of cash flows $ 16,919 $ 4,105