v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:          
Net loss $ (42,051) $ (15,140) $ (62,655) $ (27,345)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization 1,639 1,259 3,256 2,535  
Amortization of operating right of use assets     508 450  
Stock-based compensation     6,086 1,760  
Amortization of debt issuance costs     0 9  
Interest accretion on long-term debt     634 454  
Change in fair value of financial instruments     10,566 (22)  
Other non-cash adjustments, net     1,525 1  
Change in operating assets and liabilities:          
Accounts receivable     5,880 49  
Material and supplies     2,392 (4,686)  
Prepaid expenses and other current assets     (3,645) (480)  
Accounts payable     (1,473) (565)  
Accrued expenses and other current liabilities     4,652 921  
Deferred revenue     (229) 65  
Deferred grant income     2,838 0  
Operating lease liabilities     (502) (520)  
Long-term deposits     (463) 0  
Net cash used in operating activities     (30,630) (27,374)  
Cash flows from financing activities:          
Proceeds from reverse recapitalization and Private Investment in Public Equity ("PIPE") transaction, net of transaction costs     263,599 0  
Proceeds from the issuance of common shares from synthetic at-the-market facility     67,154 0  
Proceeds from exercise of stock options     450 62  
Proceeds from long-term debt     3,033 5,611  
Net cash provided by financing activities     334,236 5,673  
Cash flows from investing activities:          
Purchase of property and equipment, including equipment deposits     (6,399) (4,320)  
Purchase of intangible assets     (761) (1,570)  
Net cash used in investing activities     (7,160) (5,890)  
Effects of foreign exchange rates on cash and cash equivalents     170 566  
Increase (decrease) in cash and cash equivalents     296,616 (27,025)  
Cash and cash equivalents, beginning of period     16,164 77,619 $ 77,619
Cash and cash equivalents, end of period 312,780 50,594 312,780 50,594 $ 16,164
Supplemental disclosure of non-cash investing and financing activities:          
Right-of-use assets acquired through operating leases 19,119 0 19,119 0  
Capitalized stock-based compensation $ 80 $ 48 111 101  
Purchases of property and equipment and intangible assets included in accounts payable     377 29  
Conversion of earn-out shares to equity     17,761 0  
Conversion of Old Xanadu convertible preferred shares to Class A Multiple Voting Shares     213,002 0  
Reclassification of warrant liabilities to additional paid-in capital     2,769 0  
Reclassification of additional paid-in capital to share capital upon cashless exercise of warrants     1,397 0  
Recognition of earn-out share liability at closing of Reverse Recapitalization     $ 9,997 $ 0