v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 312,780 $ 16,164
Accounts receivable, net 3,430 9,477
Materials and supplies 5,718 8,344
Prepaid expenses and other current assets 9,292 6,229
Total current assets 331,220 40,214
Property and equipment, net 17,270 18,313
Operating right-of-use assets, net 25,340 6,949
Intangible assets, net 4,946 5,128
Long-term deposits 5,233 0
Total assets 384,009 70,604
Current liabilities:    
Accounts payable 1,538 2,802
Accrued expenses and other current liabilities 6,723 2,191
Deferred revenue 303 544
Deferred grant income 3,224 492
Short-term operating lease liabilities 1,051 1,074
Current portion of long-term debt 132 0
Warrant liabilities 0 1,874
Total current liabilities 12,971 8,977
Long-term operating lease liabilities 25,556 7,185
Long-term debt 32,407 29,998
Total liabilities 70,934 46,160
Commitments and contingencies (note 16)
Shareholders’ equity:    
Convertible preferred shares [1] 0 213,002
Common shares 566,167  
Additional paid-in capital 17,027 10,151
Accumulated deficit (270,365) (206,303)
Accumulated other comprehensive income 246 9
Total shareholders’ equity 313,075 24,444 [2]
Total liabilities and shareholders’ equity 384,009 70,604
Old Xanadu Common Shares    
Shareholders’ equity:    
Common shares [1] 0 7,585
Common Shares (Class A & B)    
Shareholders’ equity:    
Common shares $ 566,167 $ 0
[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.
[2] The number of shares have been retroactively recast after giving effect to the Reverse Recapitalization.