Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 206,885 $ (32,368)
Adjustments to reconcile net income (loss) to net cash flows used in operating activities:    
Unrealized gains on investments (3,113) (6,893)
Realized gains on investments (7,418) 0
Accretion of discounts on investments, net 1,314 0
Depreciation 4,181 566
Amortization of debt discount and issuance cost 0 4,690
Amortization of intangible assets 57,335 3,204
Amortization of right of use asset 3,809 845
Noncash interest expense 1,382 0
Income from equity method investments (101) 0
Loss on intellectual property 0 16
Gain on disposal of equipment (4) 0
Gain on acquisition consideration (6,182) 0
Gain on deconsolidation of subsidiary (48,834) 0
Loss on acquisition of variable interest entity 46,150 0
Change in fair value of warrant liability (529,906) 0
Change in fair value of note receivable from affiliate 30 0
Change in fair value of investment in affiliate (999) 0
Change in fair value of contingent consideration 22,323 0
Change in fair value of government grant liability 406 198
Deferred income taxes (22,767) (11)
Stock-based compensation 148,599 9,211
Changes in operating assets and liabilities, net of acquisitions and deconsolidations:    
Accounts receivable (64,882) 20
Inventory (23,846) (2,642)
Other current assets (148,221) (5,762)
Deposits and other assets (9,869) 0
Accounts payable 45,935 1,180
Accrued expenses and other current liabilities 57,832 3,964
Accrued contingent consideration (758) 0
Deferred revenue (5,628) (1,340)
Operating lease liability (4,322) (895)
Other liabilities 2,642 1
Net cash flows used in operating activities (278,027) (26,016)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (19,200) (437)
Purchase of long-term equity investments (11,741) (587)
Proceeds from sale of short-term investments 14,906 0
Purchases of short-term investments (762,127) (11,000)
Maturities of short-term investments 254,608 0
Cash paid for acquisition, net of cash acquired (456,192) (6,659)
Issuance of note receivable from unconsolidated affiliate (6,000) 0
Deconsolidation of subsidiary cash (7,011) 0
All other investing activities (361) (61)
Net cash flows used in investing activities (993,118) (18,744)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of options and warrants 12,502 23,549
Proceeds from sale of common stock and warrants, net of issuance costs 959,104 422,309
Proceeds from exercise of warrants in OAS 0 1,158
Proceeds from notes payable and convertible notes payable, net of issuance costs 1,505 923
Proceeds from government grant 0 365
Payments on notes payable (1,736)  
Payments on government grant liability (434) (149)
Net cash flows provided by financing activities 970,941 448,155
Increase in cash, cash equivalents, and restricted cash (300,204) 403,395
Effect of exchange rate on cash 119 0
Cash, cash equivalents, and restricted cash beginning of period 594,359 29,999
Cash, cash equivalents, and restricted cash end of period 294,274 433,394
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 10 8
Cash paid for income taxes 0 10
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Preferred dividends attributable to redeemable noncontrolling interest 0 1,170
Accretion of redeemable noncontrolling interest to redemption value 1,631 2,620
Common stock issued in connection with business acquisitions 1,557,007 0
Common stock issued in exchange for debt repayment 0 53,218
Issuance of shares in exchange for shares of OAS, net of costs 2,051 0
Warrants issued in connection with convertible notes payable with respect to Ondas Networks 0 346
Operating leases right-of-use assets obtained in exchange of lease liabilities $ 21,029 $ 1,458