v3.26.1
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 $ (141,156) $ (46,679)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 10,891 1,799
Depreciation and amortization 6,449 4,825
Amortization of debt discounts and paid-in-kind interest 1,308 520
Change in fair value of convertible debt 0 7,595
Fair value of equity warrants in interest expense 0 16,657
Loss on digital assets 25,050 0
Debt extinguishment 1,725 0
Impairment of investments in non-marketable securities 58,906 0
Shares payable to NYIAX 0 1,088
Change in fair value of warrant liability (3,866) (19)
Changes in operating assets and liabilities:    
Unbilled accounts receivable 1,084 21
Inventories (306) 416
Prepaid expenses and other current assets (43,269) 182
Prepaid software 1,473 0
Other assets 446 54
Related party payable 146 0
Accrued liabilities 393 (68)
Other liabilities (481) (65)
Net cash used in operating activities (79,963) (12,831)
Cash flows from investing activities:    
Issuances of notes receivable (2,000) 0
Repayment of note receivable 100 0
Purchases of property and equipment (582) (52)
Construction in progress (555) 0
Purchases of intangible assets (824) 0
Investment in non-marketable securities (300) 0
Net cash used in investing activities (17,110) (6,552)
Cash flows from financing activities:    
Proceeds from issuance of short-term debt 2,000 0
Proceeds from issuance of convertible notes, net of issuance costs 0 13,698
Debt issuance costs (80) 0
Equity issuance costs (1,626) 0
Repurchase of common stock warrants 0 (622)
Net cash provided by financing activities 96,469 16,715
Net decrease in cash and cash equivalents (604) (2,668)
Cash and cash equivalents as of beginning of period 2,004 3,330
Cash and cash equivalents as of end of period 1,400 662
Non-cash Investing and Financing Activities:    
ATM non-cash offering costs 5,557 0
Intangible assets acquired with issuance of common stock 5,401 0
Investment in Vivasor, Inc. through common stock issuance 56,198 0
Warrant dividend classified as liability 3,972 0
Capitalized acquisition costs 0 117
CompuSystems, Inc. Convertible Notes issued for CompuSystems, Inc. acquisition 0 9,718
Non cash common shares issued in CompuSystems, Inc. acquisition 0 10,282
Deposit paid in December 2024 used in CompuSystems, Inc. acquisition closing 0 1,000
Shares payable to NYIAX in share exchange agreement 0 1,088
Reclass liability warrant to equity 0 15
May 2025 10% note conversions 0 1,545
At-The-Market (ATM) Program    
Cash flows from financing activities:    
Proceeds form issuing shares 32,363 0
Registered Direct Offering    
Cash flows from financing activities:    
Proceeds form issuing shares 55,740 0
Vivasor Subscription Agreement    
Cash flows from financing activities:    
Proceeds form issuing shares 0 4,722
API Media, Net    
Cash flows from investing activities:    
Cash paid for acquisition (12,949) 0
CSI, Net    
Cash flows from investing activities:    
Cash paid for acquisition 0 (6,500)
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts receivable and related party receivable (2,312) (119)
Accounts payable (2,404) 962
Cash flows from financing activities:    
Repayments of notes payable and convertible note payable, related party (6,688) 0
Related Party    
Changes in operating assets and liabilities:    
Accounts receivable and related party receivable 5,960 0
Cash flows from financing activities:    
Advances from related party 18,700 0
Repayments of notes payable and convertible note payable, related party (3,940) (1,083)
Non-cash Investing and Financing Activities:    
Repayment of advances from related party with Bitcoin $ 18,156 $ 0