v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Cash flows from operating activities:        
Net loss $ (20,604) $ (12) $ (12,205)  
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 1,617   1,277  
Amortization of operating right of use assets 163   218  
Stock-based compensation 1,408   811  
Amortization of debt issuance costs   9  
Interest accretion on long-term debt 282   200  
Change in fair value of financial instruments (1,938)   (13)  
Change in operating assets and liabilities:        
Accounts receivable 5,767   (93)  
Material and supplies 2,144   (3,042)  
Prepaid expenses and other current assets (1,797) (1,806) (532)  
Accounts payable 464   (860)  
Accrued expenses and other current liabilities 836   (1,862)  
Deferred revenue 63   54  
Deferred grant income 4,849    
Operating lease liabilities (289)   (255)  
Due to related party   1,818    
Net cash used in operating activities (7,035) (16,293)  
Cash flows from financing activities:        
Proceeds from reverse recapitalization and Private Investment in Public Equity (“PIPE”) transaction, net of transaction costs 263,599    
Proceeds from exercise of stock options 534   54  
Proceeds from long-term debt 228   2,185  
Net cash provided by financing activities 264,361   2,239  
Cash flows from investing activities:        
Purchase of property and equipment (313)   (1,263)  
Purchase of intangible assets (215)   (583)  
Net cash used in investing activities (528)   (1,846)  
Effects of foreign exchange rates on cash and cash equivalents (497)   (51)  
Increase (decrease) in cash and cash equivalents 256,301 (15,951)  
Cash and cash equivalents, beginning of period 16,164   77,619 $ 77,619
Cash and cash equivalents, end of period 272,465 16,164 61,668 16,164
Supplemental disclosure of non-cash investing and financing activities:        
Capitalized stock-based compensation 31   53  
Purchases of property and equipment included in accounts payable 36   1,042  
Conversion of Old Xanadu convertible preferred shares to Class A Multiple Voting Shares 213,003    
Reclassification of warrant liabilities to additional paid-in capital 2,769    
Reclassification of additional paid-in capital to share capital upon cashless exercise of warrants 1,397    
Recognition of earn-out share liability at closing of Reverse Recapitalization 9,997    
Previously Reported        
Cash flows from investing activities:        
Cash and cash equivalents, beginning of period    
Cash and cash equivalents, end of period