SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of Class A ordinary shares subject to possible redemption reflected in the balance sheet |
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| | | | | | | | | | | | | | | | | Common | | | | | | Stock Issuable | | | Liquidation Value | | Upon Conversion | | | (In thousands) | | | Series A-1 | | $ | 3,000 | | 1,234,568 | Series A-2 | | | 6,000 | | 2,362,204 | Series B-1 | | | 22,166 | | 2,718,539 | Series C-1 | | | 28,423 | | 3,570,724 | Series C-2 | | | 26,857 | | 2,513,698 | Series D | | | 202,385 | | 5,950,204 | Total | | $ | 288,831 | | 18,349,937 |
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| Schedule of calculation of basic and diluted net income per ordinary share |
Basic and diluted losses per share are calculated as follows (in thousands, except share and per share data): | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Numerator: | | | | | | | Net loss | | $ | (8,575) | | $ | (12,870) | Net loss attributable to common stockholders—basic and diluted | | $ | (8,575) | | $ | (12,870) | Denominator: | | | | | | | Weighted average number of common shares outstanding | | | 5,056,994 | | | 5,016,149 | Net loss per share attributable to common stockholders—basic and diluted | | $ | (1.70) | | $ | (2.57) |
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Basic and diluted losses per share are calculated as follows (in thousands, except share and per share data): | | | | | | | | | | | | | | | | Year ended December 31, | | | 2025 | | 2024 | Numerator: | | | | | | | Net loss | | $ | (73,845) | | $ | (54,344) | Net loss attributable to common stockholders - basic and diluted | | $ | (73,845) | | $ | (54,344) | Denominator: | | | | | | | Weighted average number of common shares outstanding | | | 5,026,704 | | | 5,009,250 | Net loss per share attributable to common stockholders - basic and diluted | | $ | (14.69) | | $ | (10.85) |
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| Cartesian Growth Corporation III |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of Class A ordinary shares subject to possible redemption reflected in the balance sheet |
| | | | | | | | Gross proceeds | | $ | 276,000,000 | Less: | | | | Proceeds allocated to public warrants | | | (3,132,600) | Class A ordinary shares issuance cost | | | (18,586,890) | Plus: | | | | Remeasurement of carrying value to redemption value | | | 29,096,766 | Class A ordinary shares subject to possible redemption, December 31, 2025 | | $ | 283,377,276 | Plus: | | | | Remeasurement of carrying value to redemption value | | | 2,491,718 | Class A ordinary shares subject to possible redemption, March 31, 2026 | | $ | 285,868,994 |
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As of December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table: | | | | | | | | Gross proceeds | | $ | 276,000,000 | Less: | | | | Proceeds allocated to public warrants | | | (3,132,600) | Class A ordinary shares issuance costs | | | (18,586,890) | Plus: | | | | Remeasurement of carrying value to redemption value | | | 29,096,766 | Class A ordinary shares subject to possible redemption, December 31, 2025 | | $ | 283,377,276 |
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| Schedule of calculation of basic and diluted net income per ordinary share |
The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, | | | 2026 | | 2025 | | | | | | Non- | | | | | Non- | | | Redeemable | | redeemable | | Redeemable | | redeemable | | | Class A | | Class B | | Class A | | Class B | Basic and diluted net income (loss) per ordinary share | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | Allocation of net income (loss) | | $ | 1,344,334 | | $ | 336,083 | | $ | — | | $ | (20,449) | Denominator: | | | | | | | | | | | | | Basic and diluted weighted average shares outstanding | | | 27,600,000 | | | 6,900,000 | | | — | | | 6,900,000 | Basic and diluted net income (loss) per ordinary share | | $ | 0.05 | | $ | 0.05 | | $ | — | | $ | (0.00) |
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The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the period from October 29, | | | For the year ended | | 2024 (Inception) through | | | December 31, 2025 | | December 31, 2024 | | | | | | Non- | | | | | Non- | | | Redeemable | | redeemable | | Redeemable | | redeemable | | | Class A | | Class B | | Class A | | Class B | Basic net income (loss) per ordinary share | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | Allocation of net income (loss) | | $ | 4,565,061 | | $ | 1,654,008 | | $ | — | | $ | (42,620) | Denominator: | | | | | | | | | | | | | Basic weighted average shares outstanding | | | 18,197,802 | | | 6,593,407 | | | — | | | 6,900,000 | Basic net income (loss) per ordinary share | | $ | 0.25 | | $ | 0.25 | | $ | — | | $ | (0.01) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the period from October 29, | | | For the year ended | | 2024 (Inception) through | | | December 31, 2025 | | December 31, 2024 | | | | | | Non- | | | | | Non- | | | Redeemable | | redeemable | | Redeemable | | redeemable | | | Class A | | Class B | | Class A | | Class B | Diluted net income (loss) per ordinary share | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | Allocation of net income (loss) | | $ | 4,509,295 | | $ | 1,709,774 | | $ | — | | $ | (42,620) | Denominator: | | | | | | | | | | | | | Diluted weighted average shares outstanding | | | 18,197,802 | | | 6,900,000 | | | — | | | 6,900,000 | Diluted net income (loss) per ordinary share | | $ | 0.25 | | $ | 0.25 | | $ | — | | $ | (0.01) |
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