v3.26.1
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Previously Reported
Total share capital
Total share capital
Previously Reported
Common Stock
Additional paid-in capital
Additional paid-in capital
Previously Reported
Deficit
Deficit
Previously Reported
Accumulated other comprehensive income
Accumulated other comprehensive income
Previously Reported
Old Xanadu Convertible Preferred Shares
Old Xanadu Convertible Preferred Shares
Previously Reported
Old Xanadu Convertible Preferred Shares
Revision of Prior Period, Adjustment
Old Xanadu Common Shares
 [2]
Old Xanadu Common Shares
Common Stock
Old Xanadu Common Shares
Common Stock
Previously Reported
Old Xanadu Common Shares
Common Stock
Revision of Prior Period, Adjustment
Common Shares (Class A & B)
Common Stock
Common Shares (Class A & B)
Common Stock
Previously Reported
Beginning balance, shares outstanding (in shares) at Dec. 31, 2024                               55,567,272 [1] 4,924,563 50,642,709    
Beginning balance, equity at Dec. 31, 2024 $ 87,495 [1] $ 87,495 $ 220,401 [1] $ 220,401   $ 5,937 [1] $ 5,937 $ (135,636) [1] $ (135,636) $ (3,207) [1] $ (3,207)         $ 7,399 [1] $ 7,399      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Loss for the period (27,345)             (27,345)                        
Stock-based compensation 1,760         1,760                            
Exercise of stock options (in shares)                               235,976        
Exercise of stock options, net of tax 62   87     (25)                   $ 87        
Cumulative translation adjustment, net of tax 984         5       979                    
Ending balance, shares outstanding (in shares) at Jun. 30, 2025                               55,803,248 55,803,248      
Ending balance, equity at Jun. 30, 2025 62,956 62,956 220,488 220,488   7,677 7,677 (162,981) (162,981) (2,228) (2,228)         $ 7,486 $ 7,486      
Beginning balance (in shares) at Dec. 31, 2024                       199,930,069 [1] 17,718,491 182,211,578            
Beginning balance at Dec. 31, 2024                       $ 213,002 [1] $ 213,002              
Ending balance (in shares) at Jun. 30, 2025                       199,930,069 199,930,069              
Ending balance at Jun. 30, 2025                       $ 213,002 $ 213,002              
Beginning balance, shares outstanding (in shares) at Mar. 31, 2025                               55,704,955        
Beginning balance, equity at Mar. 31, 2025 76,271   220,477     6,779   (147,841)   (3,144)           $ 7,475        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Loss for the period (15,140)             (15,140)                        
Stock-based compensation 896         896                            
Exercise of stock options (in shares)                               98,293        
Exercise of stock options, net of tax 8   11     (3)                   $ 11        
Cumulative translation adjustment, net of tax 921         5       916                    
Ending balance, shares outstanding (in shares) at Jun. 30, 2025                               55,803,248 55,803,248      
Ending balance, equity at Jun. 30, 2025 62,956 62,956 220,488 220,488   7,677 7,677 (162,981) (162,981) (2,228) (2,228)         $ 7,486 $ 7,486      
Beginning balance (in shares) at Mar. 31, 2025                       199,930,069                
Beginning balance at Mar. 31, 2025                       $ 213,002                
Ending balance (in shares) at Jun. 30, 2025                       199,930,069 199,930,069              
Ending balance at Jun. 30, 2025                       $ 213,002 $ 213,002              
Beginning balance, shares outstanding (in shares) at Dec. 31, 2025         255,894,945                   55,964,876 55,964,876 [3] 4,959,800 51,005,076 0 [3] 0
Beginning balance, equity at Dec. 31, 2025 24,444 [3] $ 24,444 220,587 [3] $ 220,587 $ 220,587 10,151 [3] $ 10,151 (206,303) [3] $ (206,303) 9 [3] $ 9         $ 7,585 [3] $ 7,585   $ 0 [3] $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Issuance of common shares upon exchange of Old Xanadu's preferred and common shares (in shares) [4]                               (55,964,876)     255,894,945  
Issuance of common shares upon exchange of Old Xanadu's preferred and common stock [4] 0                             $ (7,585)     $ 220,587  
Loss for the period (62,655)             (62,655)                        
Stock-based compensation $ 6,197         6,197                            
Exercise of stock options (in shares) 2,065,434       1,935,116                           1,935,116  
Exercise of stock options, net of tax $ 450   1,153   $ 1,153 (703)                         $ 1,153  
Reverse Recapitalization and PIPE transaction, net of transaction costs (in shares)         40,308,912                           40,308,912 [5]  
Reverse Recapitalization and PIPE transaction, net of transaction costs 263,599 [5]   265,006 [5]   $ 265,006     (1,407) [5]                     $ 265,006 [5]  
Earn-out share liability at Closing of Reverse Recapitalization (9,997)   (9,997)   (9,997)                           (9,997)  
Conversion of earn-out liabilities to equity 17,761   17,761   $ 17,761                           $ 17,761  
Issuance of common shares in connection with synthetic at-the-market facility (in shares)         5,467,524                           5,467,524  
Issuance of common shares in connection with synthetic at-the-market facility 68,815   68,815   $ 68,815                           $ 68,815  
Issuance of common shares for advisor fees related to the Reverse Recapitalization (in shares)         100,000                           100,000  
Issuance of common shares for advisor fees related to the Reverse Recapitalization 1,445   1,445   $ 1,445                           $ 1,445  
Conversion of warrant liabilities to equity 2,769         2,769                            
Exercise of warrants (in shares)         517,527                           517,527  
Exercise of warrants 0   1,397   $ 1,397 (1,397)                         $ 1,397  
Cumulative translation adjustment, net of tax $ 247         10       237                    
Ending balance, shares outstanding (in shares) at Jun. 30, 2026 304,224,024       304,224,024                     0     304,224,024  
Ending balance, equity at Jun. 30, 2026 $ 313,075   566,167   $ 566,167 17,027   (270,365)   246           $ 0     $ 566,167  
Beginning balance (in shares) at Dec. 31, 2025 199,930,069 [2]                     199,930,069 [3] 17,718,491 182,211,578            
Beginning balance at Dec. 31, 2025 $ 213,002 [2]                     $ 213,002 [3] $ 213,002              
Increase (Decrease) in Temporary Equity [Roll Forward]                                        
Issuance of common shares upon exchange of Old Xanadu's preferred and common shares (in shares) [4]                       (199,930,069)                
Issuance of common shares upon exchange of Old Xanadu's preferred and common shares [4]                       $ (213,002)                
Ending balance (in shares) at Jun. 30, 2026                       0                
Ending balance at Jun. 30, 2026 $ 0 [2]                     $ 0                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Conversion of warrant liabilities to equity           2,769                            
Ending balance, shares outstanding (in shares) at Mar. 26, 2026 297,993,837                                      
Beginning balance, shares outstanding (in shares) at Mar. 31, 2026                                     298,511,339  
Beginning balance, equity at Mar. 31, 2026 $ 261,977         12,325   (228,314)   (208)                 $ 478,174  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Loss for the period (42,051)             (42,051)                        
Stock-based compensation 4,758         4,758                            
Exercise of stock options (in shares)                                     145,161  
Exercise of stock options, net of tax (84)         (56)                         $ (28)  
Conversion of earn-out liabilities to equity 17,761                                   $ 17,761  
Issuance of common shares in connection with synthetic at-the-market facility (in shares)                                     5,467,524  
Issuance of common shares in connection with synthetic at-the-market facility 68,815                                   $ 68,815  
Issuance of common shares for advisor fees related to the Reverse Recapitalization (in shares)                                     100,000  
Issuance of common shares for advisor fees related to the Reverse Recapitalization 1,445                                   $ 1,445  
Cumulative translation adjustment, net of tax $ 454                 454                    
Ending balance, shares outstanding (in shares) at Jun. 30, 2026 304,224,024       304,224,024                     0     304,224,024  
Ending balance, equity at Jun. 30, 2026 $ 313,075   $ 566,167   $ 566,167 $ 17,027   $ (270,365)   $ 246           $ 0     $ 566,167  
Ending balance (in shares) at Jun. 30, 2026                       0                
Ending balance at Jun. 30, 2026 $ 0 [2]                     $ 0                
[1] The number of shares has been retroactively recast after giving effect to the Reverse Recapitalization.
[2] 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.
[3] The number of shares have been retroactively recast after giving effect to the Reverse Recapitalization.
[4] Refer to Note 3 for additional information on the preferred and common share exchange.
[5] Common shares include 1,100,000 earn-out shares (the "Earn-out Shares") issued and outstanding at closing of the Reverse Recapitalization, but were subject to forfeiture. At closing, these Earn-Out Shares were classified within liabilities on the consolidated balance sheets and subsequently reclassified to equity in the second quarter of 2026 when the Earn-Out Shares vested. Refer to Note 3 for additional information.