v3.26.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Current Liabilities      
TOTAL LIABILITIES $ 37,928 $ 659  
Commitments and contingencies  
Stockholders' Deficit      
Additional paid-in capital 10 10  
Accumulated deficit (37,928) (659)  
Total Stockholder's Deficit (37,928) (659)  
Forge Nano, Inc.      
Current Assets      
Cash and cash equivalents 17,326,000 9,061,000 $ 3,850,000
Restricted cash and cash equivalents 315,000 313,000  
Accounts receivable - net of allowance for credit losses of $40 and $33 as of December 31, 2025 and December 31, 2024, respectively 1,984,000 1,963,000 1,619,000
Contract assets - unbilled accounts receivable 6,465,000 6,586,000 3,660,000
Inventory 3,952,000 3,665,000 2,573,000
Prepaid expenses and other current assets 1,073,000 1,607,000 1,063,000
Total current assets 31,115,000 23,195,000 12,765,000
Property and equipment - net 14,149,000 14,652,000 16,592,000
Goodwill 3,124,000 3,124,000 3,124,000
Intangible assets - net 1,538,000 1,589,000 1,792,000
Restricted cash and cash equivalents 56,000 55,000 8,388,000
Right-of-use operating lease assets 64,365,000 65,087,000 2,636,000
Deposits 2,934,000 2,922,000 5,189,000
Total other assets 86,166,000 87,429,000 37,721,000
TOTAL ASSETS 117,281,000 110,624,000 50,486,000
Current Liabilities      
Accounts payable 5,959,000 4,332,000 3,952,000
Current portion of operating lease liabilities 1,379,000 1,287,000 470,000
Contract liabilities - deferred revenue 3,346,000 3,126,000 3,012,000
Provision for loss on contract 694,000 504,000  
Accrued and other current liabilities 2,711,000 3,027,000 3,008,000
Convertible debt - net of discount     1,627,000
Due to Sundew Technologies, LLC - current   1,811,000 1,413,000
Current portion of debt - net of discount 10,438,000 10,366,000 17,071,000
Total current liabilities 24,527,000 24,453,000 30,553,000
Operating lease liabilities 62,802,000 63,163,000 2,335,000
Derivative liability - conversion feature embedded in convertible debt     393,000
Warrants issued in conjunction with the 2023 issuances of Series C preferred stock and long-term debt 5,830,000 5,624,000 6,264,000
TOTAL LIABILITIES 95,924,000 93,240,000 39,545,000
Commitments and contingencies
Mezzanine Equity      
Ordinary shares subject to possible redemption, December 31, 2025  
Additional paid-in capital 151,777,000 136,538,000 88,347,000
Stockholders' Deficit      
Common stock - $0.0001 par value; 4,850,000 and 4,850,000 shares authorized and 1,636,378 and 1,648,841 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.   0 0
Additional paid-in capital 10,344,000 9,934,000 8,508,000
Accumulated deficit (140,764,000) (129,088,000) (85,914,000)
Total Stockholder's Deficit (130,420,000) (119,154,000) (77,406,000)
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 117,281,000 $ 110,624,000 $ 50,486,000