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) income $ 271,555 $ (24,885)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Unrealized gains on investments (9,799) 0
Realized gains on investments (2,925) 0
Accretion of discounts on investments, net 1,219 0
Depreciation 1,603 370
Amortization of debt discount and issuance cost 0 4,497
Amortization of intangible assets 24,263 2,117
Amortization of right of use asset 308 560
Noncash interest expense 852 0
Income from equity method investments (202) 0
Loss on intellectual property 0 16
Gain on disposal of equipment (77) 0
Gain on acquisition consideration (6,182) 0
Gain on deconsolidation of subsidiary (48,834) 0
Loss on acquisition of variable interest entity 46,150 0
Change in fair value of warrant liability (404,798) 0
Change in fair value of note receivable from affiliate (305) 0
Change in fair value of investment in affiliate 2,487 0
Change in fair value of contingent consideration 19,234 0
Change in fair value of government grant liability 286 111
Deferred income taxes (30,068) 0
Stock-based compensation 88,753 3,751
Changes in operating assets and liabilities, net of acquisitions and deconsolidations:    
Accounts receivable (33,875) (160)
Inventory (14,050) (1,369)
Other current assets (31,607) (3,608)
Deposits and other assets (10,508) (43)
Accounts payable 1,577 (897)
Accrued expenses and other current liabilities 2,692 2,040
Deferred revenue (6,617) 3,036
Operating lease liability (631) (599)
Other liabilities 2,120 0
Net cash flows used in operating activities (137,379) (15,063)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (9,093) (267)
Purchase of long-term equity investments (9,950) 0
Proceeds from sale of short-term investments 5,720 0
Purchases of short-term investments (762,127) 0
Maturities of short-term investments 66,537 0
Cash paid for acquisition, net of cash acquired (45,233) 0
Deconsolidation of subsidiary cash (7,011) 0
All other investing activities (1,898) (39)
Net cash flows used in investing activities (763,055) (306)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of options and warrants 12,213 9,963
Proceeds from sale of common stock and warrants, net of issuance costs 959,104 42,677
Proceeds from notes payable and convertible notes payable, net of issuance costs 855 923
Proceeds from government grant 0 365
Payments on notes payable (346) 0
Payments on government grant liability (425) (7)
Net cash flows provided by financing activities 971,401 53,921
Increase in cash, cash equivalents, and restricted cash 70,967 38,552
Effect of exchange rate on cash 1,052 0
Cash, cash equivalents, and restricted cash beginning of period 594,359 29,999
Cash, cash equivalents, and restricted cash end of period 666,378 68,551
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 10 8
Cash paid for income taxes 0 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Preferred dividends attributable to redeemable noncontrolling interest 0 780
Accretion of redeemable noncontrolling interest to redemption value 1,631 1,695
Common stock issued in connection with business acquisitions 741,526 0
Common stock issued in exchange for debt repayment 0 47,102
Issuance of shares in exchange for shares of OAS, net of costs 2,051 0
Warrants issued in connection with convertible notes payable with respect to Ondas Networks 0 346
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 9,437 $ 1,353