v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 2,664 $ 287
Operating expenses:    
Cost of revenue 103 7
General and administrative 6,006 543
Sales and marketing 253 465
Research and development 141 169
Depreciation and amortization 351 50
Net loss (gain) on digital assets 51,030 0
(Gain) loss from changes in fair value of contingent consideration 0 (64)
Total operating expenses 57,884 1,170
Operating (loss) income (55,220) (883)
Interest expense (2,696) 0
(Loss) gain from derivative instruments (22,838) 0
Investment and other (expense) income, net (2,636) 105
(Loss) income before income taxes (83,390) (778)
Income tax benefit (expense) 0 0
Net (loss) income $ (83,390) $ (778)
Net (loss) income per share:    
Basic (in dollars per share) $ (3.18) $ (0.08)
Diluted (in dollars per share) $ (3.18) $ (0.08)
Weighted-average shares outstanding:    
Basic (in shares) 26,258 9,973
Diluted (in shares) 26,258 9,973