Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 361,250 $ (14,136)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Unrealized losses on investments 2,617
Depreciation 669 181
Amortization of debt discount and issuance cost 3,303
Amortization of intangible assets 5,622 1,062
Amortization of right of use asset 389 222
Noncash interest expense 383
Gain on disposal of equipment (110)
Change in fair value of warrant liability (389,548)
Gain on deconsolidation of subsidiary (51,453)
Loss on acquisition of variable interest entity 46,150
Change in fair value of government grant liability 104 (32)
Stock-based compensation 19,658 1,573
Changes in operating assets and liabilities, net of acquisitions and deconsolidations:    
Accounts receivable (11,726) 3,309
Inventory (4,129) (727)
Other current assets (32,334) (3,048)
Deposits and other assets (10,258) (32)
Accounts payable (288) (1,161)
Accrued expenses and other current liabilities 15,614 806
Deferred revenue (2,655) 2,309
Operating lease liability (593) (288)
Deferred tax liability (673)
Other liabilities 13
Net cash flows used in operating activities (51,298) (6,659)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (1,332) (171)
Proceeds from sale of property and equipment 110
Purchase of long-term equity investments (5,000)
Purchases of short-term investments (452,238)
Maturities of short-term investments 23,147
Cash paid for acquisition, net of cash acquired (31,770)
Deconsolidation of subsidiary cash (7,011)
All other investing activities (73) (24)
Net cash flows used in investing activities (474,167) (195)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of options and warrants 10,039 984
Proceeds from sale of common stock and warrants, net of issuance costs 959,104
Proceeds from convertible notes payable, net of issuance costs 923
Proceeds from government grant 365
Payments on notes payable (305)
Payments on government grant liability (373) (7)
Net cash flows provided by financing activities 968,465 2,265
Increase (decrease) in cash, cash equivalents, and restricted cash 443,000 (4,589)
Effect of exchange rate on cash (275)
Cash, cash equivalents, and restricted cash beginning of period 594,359 29,999
Cash, cash equivalents, and restricted cash end of period 1,037,084 25,410
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 13 5
Cash paid for income taxes
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Preferred dividends attributable to redeemable noncontrolling interest 390
Accretion of redeemable noncontrolling interest to redemption value 1,289 817
Common stock issued in connection with business acquisitions 232,528
Common stock issued in exchange for debt repayment 21,939
Issuance of shares in exchange for shares of OAS, net of costs 2,051
Warrants issued in connection with convertible notes payable with respect to Ondas Networks 346
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 691 $ 340