v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (143,536) $ (3,943)
Adjustments to reconcile net loss to net cash used in operating activities:    
Imputed interest expense 5 181
Change in operating lease ROU assets 99 16
Depreciation and amortization expense (8) 67
Accretion of discount on preferred stock 9,220 0
Stock-based compensation expense 113,860 0
Deferred cash consideration penalty 0 3,300
Change in fair value of contingent consideration 3,439 (1,312)
Impairment of investment 6,394 817
Change in operating assets and liabilities:    
Prepaid expenses (6,091) 0
Accounts payable and accrued expenses 206 532
Unearned subscriptions (108) 0
Accounts receivable (1,165) (344)
Operating lease liability & Other (35) (16)
Net cash used in operating activities (17,720) (702)
Cash flows from investing activities    
Cash acquired in reverse recapitalization, net of deconsolidation 330 0
Capital deposits and construction in progress (8,370)
Purchase of machinery and equipment (24) (10)
Net cash provided by investing activities (8,064) (10)
Cash flows from financing activities    
Proceeds from SAFE Liability 0 195
Payment of deferred cash consideration 0 (139)
Proceeds from issuance of Series C Preferred Stock 2,600 0
Proceeds from issuance of common stock 142,522 881
Net cash provided by financing activities 145,317 1,077
Net increase in cash and restricted cash 119,533 365
Cash and restricted cash, beginning of period 2,824 113
Cash and restricted cash, end of period 122,357 478
Supplemental cash flow information:    
Cash paid for interest 0 0
Cash paid for income tax 0 0
Supplemental disclosures of non-cash investing and financing activities:    
Acquisition of a business 0 3,545
SAFE liabilities converted to equity 3,015 0
Special Warrants converted to equity 38,000 0
Net assets acquired in recapitalization, net of deconsolidation 6,228 0
Conversion of Series C Preferred Stock 13,326 0
Issuance of common shares for services 10,880 0
Nonrelated Party    
Cash flows from financing activities    
Proceeds from notes payable 0 140
Related Party    
Cash flows from financing activities    
Proceeds from notes payable $ 195 $ 0