Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Inventories (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	165	$	129
Work in progress	66		67
Finished goods	486		440
Total inventories	$	717	$	636

Property and equipment, net (in thousands):


	March 31, 2026		December 31, 2025
Machinery and equipment	$	1,984	$	1825
Tooling	3		3
Construction in progress	231		—
Furniture and fixtures	259		114
Leasehold improvements	241		280
	2,718		2,222
Less: Accumulated depreciation and amortization	(1,519)		(1,616)
Property and equipment, net	1,199		606

Depreciation and amortization expense for property and equipment for the three months ended March 31, 2026 and 2025 were approximately of $74,000 and $12,000, respectively.

Intangible assets, net consisted of the following at March 31, 2026.


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents	$	99,190	$	(11,647)	$	87,543
Trade names and trademarks	3,457		(383)		3,074
Customer relationships	9,240		(603)		8,637
Internal use technology	4,050		(686)		3,364
	$	115,937	$	(13,319)	$	102,618

As of March 31, 2026, the future amortization of the intangibles acquired is as follows:


2026 remainder	$	9,547
2027	12,730
2028	12,730
2029	11,909
2030	11,614
2031	10,812
Thereafter	33,276
	$	102,618

The Company recognized amortization expense related to intangibles of $3.1 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively.

Notes Receivable

In March 2026, the Company entered into a promissory note agreement with NYIAX, Inc. (“NYIAX”), pursuant to which the Company advanced $0.4 million. The note bears interest at an annual rate of 5% and matures on the earlier of (i) June 9, 2026 or (ii) the closing of a merger among NYIAX, the Company, and DVLT Merger Sub Inc. The note is unsecured and may be prepaid without penalty. The note contains customary events of default, including nonpayment, covenant breaches, insolvency events, and certain change-in-control transactions. Upon an event of default, the outstanding balance may become immediately due and payable, and a default penalty of 6% per month may accrue. As of March 31, 2026, the outstanding principal balance was $0.4 million. The Company evaluates collectibility of the note and records an allowance for credit losses, if necessary. As of March 31, 2026, no allowance for credit losses was recorded.

In March 2026, the Company entered into a promissory note agreement with Triton Geothermal LLC (“Triton”), pursuant to which the Company advanced $0.1 million. The note bears interest at a rate of 5% per annum and matures on or after July 26, 2026, upon written notice by the Company, with payment due within five days of such notice. The note may be prepaid at any time without penalty. The note is unsecured and contains customary events of default, including nonpayment, covenant breaches, and insolvency-related events. Upon the occurrence of an event of default and expiration of applicable cure periods, the outstanding principal and accrued interest may become immediately due and payable. As of March 31, 2026, the outstanding principal balance was $0.1 million. The Company evaluates collectibility of the note and records an allowance for credit losses, if necessary. As of March 31, 2026, no allowance for credit losses was recorded.

The Company did not recognize interest income on the notes receivable for the period ended March 31, 2026, as such amounts were immaterial.

Deposits for Business Combination

On October 28, 2025, the Company entered into a Stock Purchase Agreement (the “API Purchase Agreement”) with API Media Innovations Inc. (“API Media”) and its shareholders, pursuant to which the Company agreed to acquire all of the issued and outstanding shares of API Media (the “API Acquisition”) for total consideration of $14.0 million, subject to the terms and conditions of the agreement. Pursuant to the API Purchase Agreement, the Company paid a non-refundable deposit of $1.0 million. The acquisition was completed on January 22, 2026 and thus the deposit was credited as part of purchase consideration.

Accrued liabilities (in thousands):


	March 31, 2026		December 31, 2025
Accrued vacation	$	713	$	459
Accrued audit fees	332		332
Accrued compensation	3,583		3,448
Customer advances	1,512		1,883
Accrued other	1,362		670
Accrued royalty payable to related party	—		810
Accrued escrow liability	2,550		2,550
Accrued interest	—		210
Accrued legal fees	1,136		—
Accrued lease liability, current portion	865		640
Total accrued liabilities	$	12,053	$	11,002