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 income (loss) $ 5,803 $ 17,020
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 264 44
Foreign exchange transaction gain (loss) (31) (2,207)
Share of gain (loss) from equity method investments 63 (21,783)
Change in fair value of warrants 0 (2,886)
Share based compensation expense 1,258 848
Changes in assets and liabilities:    
Accounts receivable ($(1,739) and $1,096 related party, respectively) (1,875) 392
Contract assets 2,153 (147)
Deferred transaction costs 0 588
Other current assets (240) 92
Other non-current assets 137 (4)
Accounts payable ($(65) and $(1,075) related party, respectively) (5,378) 506
Accrued expenses and other current liabilities ($(154) and $227 related party, respectively) (10,149) 545
Contract liabilities 5,813 0
Operating lease assets and liabilities 115 33
Net cash provided by (used in) operating activities (347) (6,959)
Cash flows from investing activities    
Purchase of property and equipment (14) (92)
Proceeds from sale of equipment 0 2
Short-term advances to affiliate - related party (4,349) 0
Issuance of short-term loan (200) 0
OES Acquisition 0 (1,632)
Net cash provided by (used in) investing activities 887 25,233
Cash flows from financing activities    
Short-term advances ($0 and $1,500 related party, respectively) 0 8,033
Repayment of debt ($(750) and $0 related party, respectively) (1,675) (986)
Proceeds from related party credit facilities 4,370 1,769
Repayment of related party credit facilities (1,831) (1,866)
Proceeds from RSUs issued to affiliates 564 403
Settlement of RSUs (735) (422)
Net cash provided by (used in) financing activities 693 6,931
Net increase (decrease) in cash and cash equivalents 1,233 25,205
Foreign exchange impact on cash (9) 34
Cash and cash equivalents at beginning of period 1,868 825
Cash and cash equivalents at end of period 3,092 26,064
Supplemental disclosures:    
Cash paid for interest 491 991
Non-cash activities:    
Conversion of warrants to common shares, Class A 0 1,825
Conversion of Class B Common Stock to Class A Common Stock 82 19
PDP [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Distribution from equity method investment PDP 1,720 0
Cash flows from investing activities    
Distribution from equity method investment 0 26,955
Karnival [Member]    
Cash flows from investing activities    
Distribution from equity method investment $ 5,450 $ 0