v3.26.1
Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Old Xanadu Convertible Preferred Shares
Previously Reported
Preferred Shares
Old Xanadu Convertible Preferred Shares
Retroactive Application of Recapitalization
Preferred Shares
Old Xanadu Convertible Preferred Shares
Retroactive Application of Recapitalization
Preferred Shares
Old Xanadu Convertible Preferred Shares
Preferred Shares
Old Xanadu Common Shares
Previously Reported
Common Shares
Old Xanadu Common Shares
Retroactive Application of Recapitalization
Common Shares
Old Xanadu Common Shares
Retroactive Application of Recapitalization
Common Shares
Old Xanadu Common Shares
Common Shares
(Class A & B)
Previously Reported
Common Shares
(Class A & B)
Retroactive Application of Recapitalization
Common Shares
(Class A & B)
Retroactive Application of Recapitalization
Common Shares
(Class A & B)
Common Shares
Previously Reported
Common Shares
Previously Reported
Total share Capital
Previously Reported
Deficit
Previously Reported
Additional paid-in Capital
Previously Reported
Accumulated other comprehensive income (loss)
Previously Reported
Retroactive Application of Recapitalization
Total share Capital
Retroactive Application of Recapitalization
Deficit
Retroactive Application of Recapitalization
Additional paid-in Capital
Retroactive Application of Recapitalization
Accumulated other comprehensive income (loss)
Retroactive Application of Recapitalization
Retroactive Application of Recapitalization
Total share Capital
Retroactive Application of Recapitalization
Deficit
Retroactive Application of Recapitalization
Additional paid-in Capital
Retroactive Application of Recapitalization
Accumulated other comprehensive income (loss)
Retroactive Application of Recapitalization
Common Shares
Total share Capital
Deficit
Additional paid-in Capital
Accumulated other comprehensive income (loss)
Total
Balance at Dec. 31, 2024 $ 213,002     $ 213,002 [1] $ 7,399   $ 7,399 [1]   [1]   $ 220,401 $ (135,636) $ 5,937 $ (3,207) $ 87,495             $ 220,401 [1] $ (135,636) [1] $ 5,937 [1] $ (3,207) [1] $ 87,495 [1]
Balance (in Shares) at Dec. 31, 2024 17,718,491   182,211,578 199,930,069 [1] 4,924,563   50,642,709 55,567,272 [1]   [1]                                            
Loss for the period                                                     (12,205) (12,205)
Stock-based compensation                                                     864 864
Exercise of stock options               $ 76                                         76 (22) 54
Exercise of stock options (in Shares)             137,683                                                  
Cumulative translation adjustment, net of tax                                                     63 63
Balance at Mar. 31, 2025       $ 213,002       $ 7,475                                         220,477 (147,841) 6,779 (3,144) 76,271
Balance (in Shares) at Mar. 31, 2025       199,930,069       55,704,955                                                  
Balance at Dec. 31, 2024 $ 213,002     $ 213,002 [1] $ 7,399   $ 7,399 [1]   [1]   220,401 (135,636) $ 5,937 $ (3,207) 87,495             220,401 [1] (135,636) [1] 5,937 [1] (3,207) [1] 87,495 [1]
Balance (in Shares) at Dec. 31, 2024 17,718,491   182,211,578 199,930,069 [1] 4,924,563   50,642,709 55,567,272 [1]   [1]                                            
Balance at Dec. 31, 2025   $ 213,002 [2] $ 213,002     $ 7,585 [2] $ 7,585   [2] (12)     (12) 220,587 [2] (206,303) [2] 10,151 [2] 9 [2] 24,444 [2]   220,587 (206,303) 10,151 9 24,444
Balance (in Shares) at Dec. 31, 2025   182,211,578 199,930,069 [2] 17,718,491   51,005,076 55,964,876 [2] 4,959,800   [2] 1                                          
Balance at Oct. 01, 2025                                                            
Balance (in Shares) at Oct. 01, 2025                                                         1          
Loss for the period                                                         (12)     (12)
Balance at Dec. 31, 2025   $ 213,002 [2] $ 213,002     $ 7,585 [2] $ 7,585   [2] $ (12)     $ (12) 220,587 [2] (206,303) [2] 10,151 [2] 9 [2] 24,444 [2]   $ 220,587 $ (206,303) 10,151 $ 9 24,444
Balance (in Shares) at Dec. 31, 2025   182,211,578 199,930,069 [2] 17,718,491   51,005,076 55,964,876 [2] 4,959,800   [2] 1                                          
Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock (2)     $ (213,002) [3] $ (213,002)     $ (7,585) [3] $ (7,585)     $ 220,587 [3]                         [3] [3] [3] [3] [3]          
Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock (2) (in Shares)     (199,930,069) [3] (199,930,069)     (55,964,876) [3] (55,964,876)     255,894,945 [3]                                              
Loss for the period                                         (20,604) (20,604)           (20,604)
Stock-based compensation                                         1,439 1,439            
Exercise of stock options             $ 1,181                         1,181 (647) 534 1,181          
Exercise of stock options (in Shares)             1,789,955                                              
Reverse Recapitalization and PIPE transaction, net of transaction costs (3) [4]                 $ 265,006                         265,006 (1,407) 263,599            
Reverse Recapitalization and PIPE transaction, net of transaction costs (3) (in Shares) [4]                 40,308,937                                              
Earn-out share liability at Closing of Reverse Recapitalization                 $ (9,997)                         (9,997) 0 (9,997)            
Conversion of Warrant Liabilities to Equity                                         2,769 2,769       $ 2,769    
Exercise of Warrants             $ 1,397                         1,397 (1,397) $ 1,397          
Exercise of Warrants (in Shares)             517,527                                              
Cumulative translation adjustment, net of tax                                         10 (217) (207)            
Balance at Mar. 31, 2026                 $ 478,174                         $ 478,174 $ (228,314) $ 12,325 $ (208) $ 261,977           $ 261,977
Balance (in Shares) at Mar. 31, 2026                 298,511,364                                              
[1] The number of shares has been retroactively recast after giving effect to the Reverse Recapitalization.
[2] The number of shares have been retroactively recast after giving effect to the Reverse Recapitalization.
[3] Refer to Note 3 for additional information on the preferred and common stock exchange.
[4] Common shares includes 1,100,000 earn-out shares (the “Earn-out Shares”) issued and outstanding, but subject to forfeiture. These earn-out shares were classified within liabilities on the consolidated balance sheets as of March 31, 2026. Refer to Note 3 for additional information.