v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended
May 06, 2026
Jun. 30, 2026
Jun. 30, 2025
May 06, 2026
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities            
Net income   $ (38,928)   $ (5,736)   $ 3,097
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization   18,389   1,618   1,628
Amortization of finance right-of-use assets   87   246   872
Amortization of debt discount   39   0   0
(Gain) loss on disposal of property and equipment $ (21) 0 $ (13) (138)   4
Non-cash interest expense, net   17   81   42
Share-based compensation expense   2,225   0   0
Share-based transaction costs   16,074   0   0
Non-cash revenues received as digital assets   (85)   0   0
Impairment loss on digital assets   270   0   0
Expenses paid through digital assets   108   0   0
Deferred income taxes   (5,677)   0   0
Fair value adjustments on digital assets   211   0   0
Changes in operating assets and liabilities:            
Accounts receivable   11,079   7,658   (9,681)
Contract assets   (18,185)   (6,660)   737
Due from related parties   (386)   0   0
Inventory   69   0   0
Prepaid expenses and other current assets   (130)   (618)   134
Accounts payable   3,693   (2,086)   11,197
Accrued expenses and other current liabilities   (1,830)   1,365   1,075
Contract liabilities   1,143   1,888   (346)
Due to related parties   0   (83)   0
Other   (15)   0   0
Net cash provided by (used in) operating activities   (11,832)   (2,465)   8,759
Cash flows from investing activities            
Purchases of property and equipment   (14)   (551)   (524)
Proceeds from disposal of property and equipment   0   405   83
Issuance of related party note   (250)   0   (2,600)
Proceeds from related party note   0   500   0
Cash acquired in Business Combinations   13,386   0   0
Payments for related party transactions   (202)   (74)   (80)
Proceeds from related party transactions   145   166   13
Net cash provided by (used in) investing activities   13,147   446   (3,108)
Cash flows from financing activities            
Proceeds on notes payable   315   0   0
Repayments on notes payable   (295)   (786)   (382)
Proceeds on lines of credit   8,583   48,157   66,823
Repayments on lines of credit   (9,500)   (44,466)   (61,543)
Proceeds from Founder Loan   6,640   0   0
Capital contribution from Founder   4,142   0   0
Repayments of related party loan   (334)   0   0
Proceeds from related party loan   230   0   0
Repayment of finance leases (314) (145) (689) (610)   (1,436)
Distributions and withdrawals   (25)   (3,706)   (3,044)
Net cash provided by (used in) financing activities   9,611   (1,411)   418
Net increase (decrease) in cash and cash equivalents   10,926   (3,430)   6,069
Cash and cash equivalents, beginning of period   300        
Cash and cash equivalents, end of period 300 11,226   300 $ 11,226  
Cash and cash equivalents, at beginning of period   12,204   15,634 $ 15,634 2,545
Cash and cash equivalents, at end of period $ 12,204   $ 8,614 12,204   8,614
Cash paid during the period for:            
Interest   284   533   579
State franchise taxes   150   0   135
Income taxes   0   0   0
Noncash transactions:            
Issuance of notes payable to settle finance lease liabilities   0   518   1,104
Issuance of notes payable for property and equipment   0   88   563
Transfer of right-of-use assets to property and equipment   0   1,142   1,576
Right of use asset obtained in exchange for lease liabilities   100    
Shares of AIAI Class A common stock and options on Class A common stock issued in exchange for Portfolio Companies (at fair value)   451,502   0   0
Shares of AIAI Class A common stock issued in exchange for investment in affiliate (at fair value)   245,967   0   0
Shares of AIAI Class A common stock issued in exchange for AI License (at fair value)   379,317   0   0
Bond Street            
Cash flows from investing activities            
Cash acquired in Business Combinations   $ 82   $ 0   $ 0