Business Acquisition—Consolidation of AIXC (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The provisional allocation to AIXC’s net assets is as follows (amounts in thousands):

Description (balance sheet line item)	Fair Value	Methodology
Cash (includes funds from non FF PIPE Investors)	$8,777	Carrying value
Prepaid expenses and other current assets	343	Recorded based on existing contracts and balances
Short term note receivable	4,348	Evaluated based on contractual terms and recoverability
Other receivable	2	Nominal; carried at book value
Intangibles (in-process R&D)	2,500	Valued with third-party specialist using cost build-up approach
Accounts payable and accruals	(1,324)	Carried at book value; represents working capital obligations
Warrant Liability	(362)	Based on acquisition-date Black-Scholes valuation by external expert
Promissory Notes	(3,237)	Fair value as of acquisition date
Other liabilities (deferred tax liability)	(625)	Estimated based on book-to-tax basis differences, prepared with specialist input
Net identifiable assets acquired	10,422	Subtotal of above
Goodwill	27,783	Calculated as residual of purchase price less net assets

Total Net Assets Acquired1	$38,205	Total investment allocated
1. The Net Assets of AIXC acquired by the Company also represent the fair value of the non controlling interest in AIXC within the Company’s Unaudited Condensed Consolidated Financial Statements. The Company recognized NCI as the estimated fair value of the equity interests in AIXC not owned by the Company, measured in accordance with ASC 805 and ASC 820. The NCI will be adjusted in future periods for the Company’s proportionate share of AIXC’s earnings or losses and other changes in equity.

Amounts are in thousands.

Component	Amount
Common Shares	$	15,368
Preferred Shares	22,837
	$	38,205