v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net cash flows from operating activities:      
Net income (loss) for the period $ (51,223) $ 19,647 $ (12,055)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Share-based payment 328 1,212 2,724
Realized loss (gain) on investments, net (710) (265) 77
Financial income, net (911) (1,808) (1,542)
Income tax expense 16 1 205
Depreciation of equipment and right-of-use-assets 270 367 512
Impairment of goodwill and intangible assets 2,500 152 168
Changes in accrued interest and amortization of premium (discount) on investments 124 (251) (91)
INX Token-based compensation 1,246 (473) 694
Unrealized gain on INX Tokens issued (3,495) (28,394) (3,775)
Loss (gain) on investment in associate (1,207) 651 591
Loss from disposal of equipment 120 1,618
Net loss on office space sublease agreement 33
Impairment loss on digital assets 65 12
Financial expense arising from distribution of Reserve Funds 34,325
Revaluation of lease liability and right-of-use assets 14
Changes in operating assets and liabilities:      
Decrease (increase) in digital assets, net (72) 1,648
Decrease (increase) in trade receivables 2 (137) (200)
Decrease (increase) in derivative assets (546)
Decrease (increase) in prepaid expenses and other receivables 2,622 (1,337) 73
Increase (decrease) in accounts payable and accrued expenses 3,153 (528) 514
Increase (decrease) in deferred revenue (85) 85
Gain from sale of discontinued operation (1,145)
Interest received 941 1,845 1,560
Taxes received (paid), net (106) (86)
Net cash used in operating activities (11,834) (10,714) (7,781)
Net cash flows from investing activities:      
Purchase of digital assets (251) (100)
Changes in sublease receivables 91 106
Purchase of equipment (14) (20) (48)
Investment in associate (32)
Purchase of investments (37,903) (25,581) (9,030)
Proceeds from sales and maturities of investments 60,958 32,175 20,824
Proceeds from disposal of equipment 10
Decrease (increase) in cash from sale of discontinued operation 4,457 (293)
Net cash provided by investing activities 27,257 6,272 11,820
Net cash flows from financing activities:      
Proceeds from exercise of INX Token warrants 14
Distribution of Reserve Fund (31,205)
Increase in INX Token liability 14
Repayment of finance lease liabilities (260) (435) (564)
Net cash used in financing activities (31,451) (435) (550)
Change in cash and cash equivalents (16,028) (4,877) 3,489
Cash and cash equivalents at beginning of year 24,217 29,094 25,605
Cash and cash equivalents at end of year 8,189 24,217 29,094
Cash and cash equivalents 5,069 10,008 [1] 12,572
Cash and cash equivalents held in Reserve Fund 3,120 14,209 16,522
Total cash and cash equivalents 8,189 24,217 29,094
Right of-use-asset recognized with corresponding lease liability 28
Digital assets payments to service providers $ (24) $ (124)
[1] After retrospective application of SAB 122 – see Note 3a