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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net loss $ (189,253) $ (101,879)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,750 5,238
Equity-based compensation 16,637 13,856
Change in fair value of warrants 5,701 33,177
Debt extinguishment loss 13,734
Issuance of common warrants 9,006
Change in fair value of derivative liability 77,184
Change in fair value of asset purchase agreement liability (966)
Realized and unrealized gain on short term investments (3,066) (888)
Equity method investment (gain)loss (58) 175
Asset retirement obligation accretion 104 76
Amortization of debt discount 9,566 6,174
Changes in operating assets and liabilities:    
Accounts receivable 955 (969)
Other current assets (231) 388
Other assets 167 110
Accounts payable (197) 467
Deferred revenue 203 (9)
Accrued expenses and other liabilities 362 5,990
Operating lease right-of-use assets and liabilities 691 1,052
Net cash used in operating activities (50,745) (38,008)
Investing activities    
Purchases of network assets, property, and equipment (50) (350)
Purchase of equity method investment (550)
Purchase of internal use software (424) (442)
Purchase of marketable securities (281,530) (82,443)
Sale and maturity of marketable securities 218,000 46,500
Payment for asset purchase agreement liability (2,732)
Net cash used in investing activities (64,554) (39,467)
Financing activities    
Proceeds from 2028 senior convertible notes 190,000
Repayment of 2026 senior secured notes (70,700)
Payments towards debt issuance cost (1,517)
Payments towards debt (116) (111)
Proceeds from exercise of common stock options 1,957 3,787
Proceeds from exercise of common warrants 858 31,387
Redemption of non-controlling interests 40
Net cash provided by financing activities 120,482 35,103
Effect of exchange rates on cash and cash equivalents 244 (176)
Net increase (decrease) in cash and cash equivalents 5,427 (42,548)
Cash and cash equivalents at beginning of period 39,330 81,878
Cash and cash equivalents at end of period 44,757 39,330
Supplemental disclosures    
Issuance of shares for asset purchase agreement 20,394
Issuance of warrants 9,006
Interest paid in cash 8,694 3,502
Reclassification of warrant liability to common stock warrants 1,241 11,523
Income taxes paid, net 186 195
Interest paid in shares $ 3,842