v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (81,280) $ (134,954)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 16,106 37,308
Amortization of operating lease right-of-use assets 1,638 1,296
Non-cash interest expense 2,903 1,815
Loss on digital assets, net 2,930 0
Loss on disposal of property and equipment, net 316 320
Impairment of assets 183 0
Impairment of intangible assets, including goodwill 5,701 0
Stock-based compensation (300) 1,198
Reserve on inventory 0 3,753
Credit loss expense 143 0
Accrued interest on short-term note receivable (276) 0
Payments for operating expenses made with digital assets 338 0
Loss on settlement of short-term notes receivable 376 0
Non-cash adjustments to current and non-current assets and liabilities (5,804) (295)
Change in fair value of notes payable, warrant liabilities, and derivative liabilities (4,032) (5,380)
Change in fair value of related party notes payable, warrant liabilities, and derivative liabilities (1,524) 5,427
Other (269) 168
Changes in operating assets and liabilities    
Accounts receivables (143) (645)
Inventory 717 630
Deposits (2,289) (2,331)
Accounts payable (6,415) (4,059)
Operating lease liabilities (3,786) (1,977)
Other current and non-current assets 2,655 1,566
Net cash used in operating activities (56,527) (43,608)
Cash flows from investing activities    
Purchase of digital assets (338) 0
Sale of digital assets 2,107 0
Payments for property and equipment (1,667) (5,007)
Proceeds from collections of short-term notes receivable 100 0
Net cash provided (used in) investing activities 202 (5,007)
Cash flows from financing activities    
Proceeds from other financial obligations 0 4,384
Payments of related party notes payable (204) (615)
Net cash provided by financing activities 76,374 55,052
Effect of exchange rate changes on cash and restricted cash (1,118) (350)
Net increase in cash and restricted cash 18,931 6,087
Cash and restricted cash, beginning of period 34,954 7,174
Cash and restricted cash, end of period 53,885 13,261
Cash and restricted cash    
Cash and cash equivalents 11,196 13,228
Restricted cash, current 12,537 33
Restricted cash, non-current 30,152 0
Cash, cash equivalents, restricted cash, and restricted cash equivalents 53,885 13,261
Supplemental disclosure of cash flow information    
Cash paid for interest 3,067 2,818
Cash paid for income taxes 0 0
Supplemental disclosure of noncash investing and financing activities    
Conversion of notes payable and accrued interest into Class A Common Stock 39,958 35,572
Issuance of warrants and related party warrants with the SPA Portfolio Notes 491 32,328
SPA Note issuance costs included in accounts payable and accrued expenses 0 393
Settlement of vendor liability in Class A Common Stock 1,210 2,245
Additions of property and equipment included in accounts payable and accrued expenses 39,190 43,893
Recognition of right-of use assets and liabilities for new leases 11,475 6,229
Nonrelated Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on settlement of notes payable 16,276 38,378
Changes in operating assets and liabilities    
Accrued expenses and other current and non-current liabilities 164 11,241
Accrued interest expense 0 (96)
Cash flows from financing activities    
Proceeds from notes payable, net of original issuance discount 80,300 48,570
Payments of notes payable issuance costs (3,140) (1,521)
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on settlement of notes payable 0 3,040
Changes in operating assets and liabilities    
Accrued expenses and other current and non-current liabilities (855) (11)
Cash flows from financing activities    
Proceeds from notes payable, net of original issuance discount 0 4,601
Payments of notes payable and other financing obligations $ (582) $ (367)