Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (133,380) $ (38,007)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Investment gains (5,400)
Depreciation 946 602
Amortization of debt discount and issuance cost 4,867 2,527
Amortization of intangible assets 5,808 4,220
Amortization of right of use asset 1,232 842
Noncash interest expense 331
Provision for obsolete inventory 923 121
Credit losses 993
Loss on disposal of equipment 2
Loss on intellectual property 16 28
Gain on termination of operating lease (12)
Change in fair value of warrant liability, net 82,225
Change in fair value of government grant liability 48 (215)
Stock-based compensation 16,016 1,265
Changes in operating assets and liabilities:    
Cash paid for right of use asset (272)
Accounts receivable (13,595) (2,891)
Inventory (4,836) (5,466)
Other current assets (18,945) 491
Other assets (725) (64)
Accounts payable 4,456 1,155
Accrued expenses and other current liabilities 22,099 1,152
Deferred revenue 176 157
Operating lease liability (1,472) (180)
Deferred tax liability (16)
Other liabilities 480 83
Net cash flows used in operating activities (38,746) (33,469)
CASH FLOWS FROM INVESTING ACTIVITIES    
Patent costs (67) (37)
Purchase of equipment (2,034) (1,636)
Proceeds from sale of equipment 1
Purchase of software intangible (38) (61)
Purchase of long-term equity investments (35,587)
Purchases of short-term investments (15,428)
Cash paid for asset acquisition, net of cash acquired (169)
Cash paid for business acquisition, net of cash acquired (206,809)
Net cash flows used in investing activities (260,132) (1,733)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of options and warrants 30,837 58
Proceeds from exercise of warrants in Ondas Autonomous Systems 1,158
Proceeds from sale of common stock and warrants, net of issuance costs 829,517 7,304
Proceeds from convertible notes payable, net of issuance costs, related party 5,437
Proceeds from convertible notes payable, net of issuance costs 923 31,560
Proceeds from notes payable 235
Proceeds from notes payable, net of issuance costs, related party 1,422
Proceeds from government grant 365 300
Proceeds from sale of noncontrolling interest in Ondas Networks, net of issuance costs 4,375
Payments on notes payable (29)  
Payments of issuance costs related to debt conversion (11)
Payments on government grant liability (342) (277)
Net cash flows provided by financing activities 862,653 50,179
Increase in cash, cash equivalents, and restricted cash 563,775 14,977
Effect of exchange rate on cash 585
Cash, cash equivalents, and restricted cash beginning of period 29,999 15,022
Cash, cash equivalents, and restricted cash end of period 594,359 29,999
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 41 22
Cash paid for income taxes 10
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Preferred dividends attributable to redeemable noncontrolling interest 1,560 1,504
Accretion of redeemable noncontrolling interest to redemption value 4,336 2,908
Recognition of redeemable noncontrolling interest in business acquisition 5,642
Common stock in relation to business acquisitions 34,821
Common stock issued in exchange for debt repayment 53,658 14,227
Warrants in relation to sale of redeemable preferred stock and notes payable with respect to Ondas Networks 346 2,796
Warrants in relation to sale of common stock 2,199
Warrants in Ondas Autonomous Systems, in relation to sale of common stock 955
Non-cash consideration for settlement of development agreement payable 342
Transfer of equipment into inventory 2,290
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 1,907