v3.26.1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Summary of Portfolio Company Acquisition

Portfolio Company

Aggregate Shares Issued

 

 

Estimated Fair Value

 

CCCI

 

15,771,515

 

(1)

$

237,992,161

 

Constellation

 

4,757,430

 

 

 

71,789,619

 

Vanguard

 

455,805

 

(1)

 

6,878,093

 

MediGuide

 

2,580,000

 

(2)

 

38,932,200

 

AIR

 

2,645,346

 

(3)

 

39,918,271

 

Bond Street

 

500,000

 

 

 

7,545,000

 

 

(1) This amount represents the estimated net shares issued to the sellers after deducting shares subject to the closing net indebtedness holdback.

(2) Includes 15,000 shares of AIAI Class A common stock issued to MediGuide as reimbursement for MediGuide’s transaction expenses.

(3) Includes an additional 145,346 shares of AIAI Class A common stock issued in exchange for AIR in addition to the shares specified in the merger agreement.
Summary of Estimated Fair Value of Purchase Consideration

The calculation of estimated fair value of purchase consideration for each Business Combination is as follows (in thousands):

 

Component

CCCI

 

 

Constellation

 

 

AIR

 

 

MediGuide

 

 

Vanguard

 

 

Total

 

Fair value of AIAI Class A common stock issued in exchange for Portfolio Company equity

$

237,992

 

 

$

71,790

 

 

$

39,918

 

 

$

38,706

 

 

$

6,878

 

 

$

395,284

 

Fair value of pre-combination service on outstanding equity awards (Constellation Options)

-

 

 

 

44,574

 

 

-

 

 

-

 

 

-

 

 

 

44,574

 

Fair Value of AIAI Class A common stock issued as reimbursement of seller transaction costs

-

 

 

-

 

 

-

 

 

 

226

 

 

 

 

 

 

226

 

Contingent consideration liability, payable in AIAI Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

20,627

 

 

 

20,627

 

Total purchase consideration

$

237,992

 

 

$

116,364

 

 

$

39,918

 

 

$

38,932

 

 

$

27,505

 

 

$

460,711

 
Summary of Preliminary Allocation of Estimated Purchase Consideration to Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed

The following table sets forth the preliminary allocation of the estimated fair value of purchase consideration for each Business Combination to the identifiable tangible and intangible assets acquired and liabilities assumed, based on their estimated values as of the Closing Date, measured in accordance with ASC 805, Business Combinations (in thousands):

 

CCCI

 

 

Constellation

 

 

AIR

 

 

MediGuide

 

 

Vanguard

 

 

Total (1)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

12,204

 

 

$

598

 

 

$

4

 

 

$

536

 

 

$

44

 

 

$

13,386

 

Accounts receivable

 

21,664

 

 

 

130

 

 

-

 

 

 

1,226

 

 

 

6,277

 

 

 

29,297

 

Contract assets

 

24,290

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

24,290

 

Due from related parties - current

-

 

 

 

3,290

 

 

-

 

 

-

 

 

-

 

 

 

3,290

 

Inventory

-

 

 

 

869

 

 

-

 

 

-

 

 

-

 

 

 

869

 

Digital assets

-

 

 

 

1,530

 

 

-

 

 

-

 

 

-

 

 

 

1,530

 

Restricted digital assets

-

 

 

 

568

 

 

-

 

 

-

 

 

-

 

 

 

568

 

Prepaid expenses and other current assets

 

591

 

 

 

22

 

 

 

33

 

 

 

2,622

 

 

 

-

 

 

 

3,268

 

Property and equipment

 

31,398

 

 

 

35

 

 

-

 

 

 

19

 

 

 

-

 

 

 

31,452

 

Operating lease right-of-use assets

 

830

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

 

830

 

Finance lease right-of-use assets

 

3,953

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

3,953

 

Intangible assets

 

80,927

 

 

 

17,508

 

 

 

35,753

 

 

 

23,919

 

 

 

22,710

 

 

 

180,817

 

Other non-current assets

-

 

 

 

4,556

 

 

-

 

 

 

4

 

 

 

-

 

 

 

4,560

 

Total assets

$

175,857

 

 

$

29,106

 

 

$

35,790

 

 

$

28,326

 

 

$

29,031

 

 

$

298,110

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

39,408

 

 

$

658

 

 

-

 

 

$

658

 

 

$

4,371

 

 

$

45,095

 

Accrued expenses and other current liabilities

 

2,396

 

 

 

3,057

 

 

 

834

 

 

 

958

 

 

 

172

 

 

 

7,417

 

Contract liabilities

 

8,254

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

8,254

 

Short-term debt

-

 

 

-

 

 

-

 

 

-

 

 

 

2,481

 

 

 

2,481

 

Due to related parties

-

 

 

-

 

 

 

2,594

 

 

-

 

 

 

283

 

 

 

2,877

 

Current portion of long-term debt

 

7,708

 

 

-

 

 

-

 

 

 

1,791

 

 

 

-

 

 

 

9,499

 

Operating lease obligation - current maturities

 

207

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

 

207

 

Finance lease obligation - current maturities

 

2,466

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

2,466

 

Deferred revenue

-

 

 

 

629

 

 

-

 

 

 

1,671

 

 

-

 

 

 

2,300

 

Long-term debt

 

20,138

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

20,138

 

Operating lease obligation

 

623

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

623

 

Finance lease obligation

 

1,487

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

1,487

 

Other long-term liabilities

 

23,467

 

 

-

 

 

 

6,643

 

 

 

3,457

 

 

 

4,791

 

 

 

38,358

 

Total liabilities

$

106,154

 

 

$

4,344

 

 

$

10,071

 

 

$

8,535

 

 

$

12,098

 

 

$

141,202

 

Identifiable net assets acquired

 

69,703

 

 

 

24,762

 

 

 

25,719

 

 

 

19,791

 

 

 

16,933

 

 

 

156,908

 

Goodwill

 

168,289

 

 

 

91,602

 

 

 

14,199

 

 

 

19,141

 

 

 

10,572

 

 

 

303,803

 

Purchase consideration

$

237,992

 

 

$

116,364

 

 

$

39,918

 

 

$

38,932

 

 

$

27,505

 

 

$

460,711

 

 

(1) Excludes acquired assets and liabilities associated with Bond Street, which was acquired in a transaction under common control with AIAI, as discussed above.
Summary of Initial Carrying Values of Net Assets Recognized Below is a summary of the initial carrying values of Bond Street net assets recognized as of the Closing Date (in thousands):

 

Assets acquired

 

 

Cash and cash equivalents

$

82

 

Accounts receivable

 

375

 

Inventory

 

354

 

Prepaid expenses and other current assets

 

9

 

Property and equipment, net

 

14

 

Goodwill

 

1,403

 

Total assets acquired

$

2,237

 

Less: liabilities assumed

 

 

Accounts payable

$

224

 

Accrued expenses and other current liabilities

 

70

 

Deferred revenue

 

29

 

Long-term debt

 

48

 

Net assets acquired

$

1,866

 

 
Summary of Pro Forma Revenues and Net Income

The following tables present pro forma revenues and net income as though the Acquisitions had occurred on January 1, 2025 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 2026

 

June 30, 2025

 

June 30, 2026

 

June 30, 2025

 

Pro forma revenues

$

61,469

 

$

70,063

 

$

124,451

 

$

137,621

 

Pro forma net loss

 

(58,647

)

 

(23,000

)

 

(89,695

)

 

(42,543

)
Summary of Preliminary Fair Values and Estimated Useful Lives of Identifiable Intangible Assets Acquired

The following table summarizes the preliminary fair values and estimated useful lives of identifiable intangible assets acquired (in thousands):

 

Useful Life (years)

 

CCCI

 

 

Constellation

 

 

AIR

 

 

MediGuide

 

 

Vanguard

 

 

Total

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

14-25

 

$

65,539

 

 

$

1,297

 

 

$

-

 

 

$

17,875

 

 

$

-

 

 

$

84,711

 

Customer backlog

1

 

 

2,135

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

2,135

 

Trademarks and domain names

6 - 7

 

 

13,253

 

 

 

1,528

 

 

-

 

 

 

3,494

 

 

 

4,345

 

 

 

22,620

 

Partner relationships

13

 

-

 

 

-

 

 

-

 

 

-

 

 

 

17,671

 

 

 

17,671

 

Software

3 - 7

 

-

 

 

 

14,683

 

 

-

 

 

 

2,550

 

 

 

694

 

 

 

17,927

 

Acquired technology

5

 

-

 

 

-

 

 

 

35,753

 

 

-

 

 

 

-

 

 

 

35,753

 

Total acquired intangible assets

 

 

$

80,927

 

 

$

17,508

 

 

$

35,753

 

 

$

23,919

 

 

$

22,710

 

 

$

180,817