v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Cash flows from operating activities:      
Net loss $ (56,763) $ (61,986)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 7,081 3,470  
Amortization of debt discount and issuance costs 41 2,764  
Accretion of discount on investments in debt securities (381) 0  
Equity-based compensation expense 3,423 7,400  
Non-cash lease expense 233 370  
Provision for doubtful accounts 0 40  
Loss on extinguishment of debt 15,826 2,577  
Increase in fair value of derivatives 20,125 33,336  
Changes in assets and liabilities:      
(Increase) decrease in accounts receivable (660) 4,348  
(Increase) decrease in contract assets (656) 383  
(Increase) in prepaid expenses and other assets (339) (1,795)  
Decrease in accounts payable (1,984) (4,163)  
(Decrease) increase in accrued expenses (534) 4,446  
(Decrease) increase in contract liabilities (3,450) 476  
Increase in other liabilities 37 1,670  
Net cash used in operating activities (18,001) (6,664)  
Cash flows from investing activities:      
Proceeds from maturities of investments in debt securities 43,225 0  
Acquisition of businesses, net of cash acquired (10,183) 0  
Purchases of property and equipment (319) (80)  
Capitalized software development costs 0 (1,540)  
Net cash provided by (used in) investing activities 32,723 (1,620)  
Cash flows from financing activities:      
Proceeds from issuance of shares for exercised RDO and PIPE warrants 0 64,673  
Payment of Private Placement and Registered Direct Offering transaction costs 0 (551)  
Repayment of short-term borrowings 0 (366)  
Proceeds from at-the-market offering 0 6,569  
Payment of transaction costs for at-the-market offering 0 (115)  
Payment of debt issuance costs to third parties 0 (4,342)  
Proceeds from exercise of options 67 1,393  
Payments of tax withholding from the issuance of common stock (850) (1,318)  
Net cash (used in) provided by financing activities (783) 65,943  
Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash 120 (190)  
Net increase in cash, cash equivalents, and restricted cash 14,059 57,469  
Cash, cash equivalents, and restricted cash at the beginning of the period 92,647 50,141 $ 50,141
Cash, cash equivalents, and restricted cash at the end of the period 106,706 107,610 92,647
Supplemental schedule of non-cash investing and financing activities:      
Issuance of common stock upon conversion of 2029 Notes 233,358 135,599  
Issuance of common stock for paid-in-kind interest on 2029 Convertible Notes 0 4,095  
Issuance of common stock for exercise of RDO and PIPE warrants, net of cash received 0 49,832  
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 100,704   87,126
Restricted cash 6,002   5,521
Cash, cash equivalents, and restricted cash at end of the period $ 106,706 $ 107,610 $ 92,647