v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 272,465 $ 16,164
Accounts receivable, net 3,673 9,477
Materials and supplies 6,106 8,344
Prepaid expenses and other current assets 8,173 6,229
Total current assets 290,417 40,214
Property and equipment, net 17,181 18,313
Operating right-of-use assets, net 6,607 6,949
Intangible assets, net 4,835 5,128
Total assets 319,040 70,604
Current liabilities:    
Accounts payable 2,903 2,802
Accrued expenses and other current liabilities 3,278 2,191
Deferred revenue 597 544
Deferred grant income 5,229 492
Short-term operating lease liabilities 1,064 1,074
Earn-out share liabilities 7,164
Warrant liabilities 1,874
Total current liabilities 20,235 8,977
Long-term operating lease liabilities 6,795 7,185
Long-term debt 30,033 29,998
Total liabilities 57,063 46,160
Commitments and contingencies (note 15)
Shareholders’ equity:    
Old Xanadu convertible preferred shares, no par value, 204,286,254 shares authorized, 199,930,069 issued and outstanding at December 31, 2025 (1) [1] 213,002
Common shares, value  
Additional paid-in capital 12,325 10,151
Accumulated deficit (228,314) (206,303)
Accumulated other comprehensive income (loss) (208) 9
Total shareholders’ equity 261,977 24,444
Total liabilities and shareholders’ equity 319,040 70,604
Related Party    
Current liabilities:    
Due to related party   1,818
Previously Reported    
Current assets:    
Prepaid expenses and other current assets   1,806
Total current assets   1,806
Property and equipment, net   18,313
Total assets   1,806
Current liabilities:    
Accrued expenses and other current liabilities   2,191
Deferred revenue   544
Warrant liabilities   1,874
Total current liabilities   1,818
Total liabilities   1,818
Shareholders’ equity:    
Common shares, value  
Accumulated deficit   (12)
Total shareholders’ equity   (12)
Total liabilities and shareholders’ equity   1,806
Previously Reported | Related Party    
Current liabilities:    
Due to related party   1,818
Old Xanadu Common Shares    
Shareholders’ equity:    
Common shares, value [1] 7,585
Common Class A    
Shareholders’ equity:    
Common shares, value $ 478,174
[1] Old Xanadu convertible preferred shares and common shares have been retroactively recast after giving effect to the Reverse Recapitalization. Refer to Note 3 for additional information.