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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash flows from operating activities    
Net loss $ (397,082) $ (355,847)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 64,807 71,442
Amortization of operating lease right-of-use assets 3,032 2,588
Non-cash interest expense 4,870 1,929
Loss (gain) on digital assets, net 4,117 0
Loss (gain) on disposal of property and equipment, net 2,459 1,667
Asset impairment 137,435 1,847
Goodwill impairment 4,450 0
Stock-based compensation 3,150 8,382
Reserve on inventory 17,829 476
Credit loss expense 4,294 0
Accrued interest on short-term note receivable (189) 0
H.S.L. SRL. settlement adjustment (295) 0
Settlement on accrued research and development expenses 0 (14,935)
Change in fair value of notes payable, warrant liabilities, and derivative liabilities (49,093) 15,058
Change in fair value of related party notes payable, warrant liabilities, and derivative liabilities 1,627 (253)
Other 55 963
Changes in operating assets and liabilities    
Accounts receivables (257) 0
Inventory 706 6,267
Deposits (376) (706)
Accounts payable (15,843) (8,804)
Operating lease liabilities (3,572) 0
Financing lease liabilities 0 2,876
Other current and non-current assets (1,088) (3,200)
Net cash used in operating activities (107,576) (70,186)
Cash flows from investing activities    
Acquisition of AIXC, net of cash acquired (1,121) 0
Proceeds from sale of equipment 32 198
Purchase of digital assets (27,000) 0
Sale of digital assets 12,632 0
Payments for property and equipment (7,644) (7,580)
Purchase of short-term note receivable (100) 0
Additions to intangible assets (256) 0
Net cash used in investing activities (23,457) (7,382)
Cash flows from financing activities    
Proceeds from AIXC follow-on capital contribution, net of issuance costs 9,899 0
Payments of notes payable and other financing obligations (4,932) (428)
Capital contributions 0 250
Proceeds from other financial obligations 5,081 11,812
Proceeds from exercise of warrants 1,441 0
Net cash provided by financing activities 161,402 80,733
Effect of exchange rate changes on cash and restricted cash (2,589) (16)
Net increase in cash and restricted cash 27,780 3,149
Cash and restricted cash, beginning of period 7,174 4,025
Cash and restricted cash, end of period 34,954 7,174
Cash and restricted cash    
Cash and cash equivalents 34,927 7,144
Restricted cash 27 30
Cash, cash equivalents, restricted cash, and restricted cash equivalents 34,954 7,174
Supplemental disclosure of cash flow information    
Cash paid for interest 6,180 4,865
Cash paid for income taxes 14 0
Supplemental disclosure of noncash investing and financing activities    
Reclass of warrants from liability to equity 7,134 0
Conversion of notes payable and accrued interest into Class A Common Stock 84,310 67,113
Issuance of warrants and related party warrants with the SPA Portfolio Notes 49,364 34,440
Settlement of vendor liability in Class A Common Stock 1,833 0
Non-cash warrant exercise activity and fair value reclassifications to equity 20,251 0
Additions of property and equipment included in accounts payable and accrued expenses 40,002 44,540
Shares withheld for RSU tax obligations 0 10
Purchase of Class A Common Stock under the Salary Deduction and Stock Purchase Agreements 0 102
De-recognition of right-of-use assets and lease liabilities due to lease modifications 0 3,394
Cancellation of warrants 27,407 0
Obtaining right-of-use asset in exchange for operating lease liabilities 6,206 30
Supplemental disclosure of noncash operating activities    
Settlement of Palantir dispute with issuance of Class A Common Stock 0 4,800
Nonrelated Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on settlement of notes payable 100,524 161,725
Changes in operating assets and liabilities    
Accrued expenses and other current liabilities 4,069 16,907
Cash flows from financing activities    
Payments of notes payable issuance costs (2,540) (2,087)
Proceeds from notes payable, net of original issuance discount 151,739 68,111
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on settlement of notes payable 5,128 14,295
Changes in operating assets and liabilities    
Accrued expenses and other current liabilities 1,667 (1,573)
Related party accrued interest expense 0 8,710
Cash flows from financing activities    
Payments of notes payable issuance costs (4,017) 0
Proceeds from notes payable, net of original issuance discount $ 4,731 $ 3,075