| Schedule of Stock by Class |
The following table summarizes the number and amount of each class of common shares issued and outstanding as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | June 30, 2026 | Issued and Outstanding | | Amount | Class A Multiple Voting shares | 251,555,764 | | $ | 217,372 | | | Class B Subordinate Voting shares | 52,668,260 | | 348,795 | | | | | Total Common Shares | 304,224,024 | | $ | 566,167 | |
| | | | | | | | | | | | | December 31, 2025 As Adjusted (1) | | Issued and Outstanding | | Amount | Old Xanadu Convertible Preferred Shares | 199,930,069 | | $ | 213,002 | | | Old Xanadu Voting and Non-Voting Common Shares | 55,964,876 | | 7,585 | Total Old Xanadu Preferred and Common Shares | 255,894,945 | | $ | 220,587 | |
(1) Shares have been recast to reflect the Exchange Ratio.
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| Schedule Of Stock Outstanding Roll Forward |
The following table summarizes the changes in issued and outstanding common shares and share capital by class for the six months ended June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Old Xanadu Convertible Preferred Shares | | Old Xanadu Common Shares | | Class A Multiple Voting Shares | | Class B Subordinate Voting Shares | | Total Common Shares and Share Capital | | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | | Number | | Amount | Balance as of December 31, 2025 as adjusted (1) | | 199,930,069 | | $ | 213,002 | | | 55,964,876 | | $ | 7,585 | | | — | | | $ | — | | | — | | | $ | — | | | 255,894,945 | | | $ | 220,587 | | Issuance of common shares upon exercise of stock options and vesting of RSU's | | — | | — | | | — | | — | | | — | | — | | | 1,935,116 | | 1,153 | | | 1,935,116 | | 1,153 | | | Issuance of common shares upon exchange of Old Xanadu's preferred and common shares | | (199,930,069) | | (213,002) | | | (55,964,876) | | (7,585) | | | 254,709,401 | | 220,098 | | | 1,185,544 | | 489 | | | — | | — | | | Reverse Recapitalization and PIPE transaction, net of transaction costs | | — | | — | | | — | | — | | | — | | — | | | 40,308,912 | | 265,006 | | | 40,308,912 | | 265,006 | | | Earn-out share liability at Closing of Reverse Recapitalization | | — | | — | | — | | — | | | — | | — | | | — | | (9,997) | | | — | | (9,997) | | | Conversion of Earn-out Share liability to equity | | — | | — | | — | | | — | | — | | — | | | — | | 17,761 | | | — | | 17,761 | | | Issuance of common shares in connection with synthetic at-the-market facility, net of issuance costs | | — | | — | | — | | | — | | — | | — | | | 5,467,524 | | 68,815 | | | 5,467,524 | | | 68,815 | | | Issuance of common shares for advisor fees related to the Reverse Recapitalization | | — | | — | | — | | — | | | — | | — | | | 100,000 | | 1,445 | | | 100,000 | | 1,445 | | | Warrant exercise | | — | | — | | — | | — | | | 517,527 | | 1,397 | | | — | | — | | | 517,527 | | 1,397 | | | Class A Multiple Voting Shares converted to Class B Subordinate Voting Shares | | — | | — | | — | | — | | | (3,671,164) | | (4,123) | | | 3,671,164 | | 4,123 | | | — | | — | | | Balance as of June 30, 2026 | | — | | $ | — | | — | | $ | — | | 251,555,764 | | $ | 217,372 | | | 52,668,260 | | $ | 348,795 | | | 304,224,024 | | $ | 566,167 | |
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