v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 78,559 $ 49,071
Accounts receivable, net 36,811 21,905
Contract assets 51,044 43,044
Inventory, net 58,835 2,239
Prepaid expenses and other current assets 19,273 9,666
Total current assets 244,522 125,925
Property, plant and equipment, net of accumulated depreciation of $12,615 and $9,628 47,511 17,837
Right-of-use assets 30,248 15,277
Intangible assets, net of accumulated amortization of $32,195 and $25,920 396,130 61,788
Goodwill 789,254 71,161
Other non-current assets 521 629
Total assets 1,508,186 292,617
Current liabilities:    
Accounts payable 38,885 32,127
Notes payable to sellers 7,171 0
Short-term debt, including current portion of long-term debt 5,280 1,266
Short-term operating lease liabilities 4,573 4,354
Short-term finance lease liabilities 540 473
Accrued expenses 33,380 24,192
Deferred revenue 65,343 67,201
Other current liabilities 12,257 19,730
Total current liabilities 167,429 149,343
Long-term debt, net 185,464 124,464
Long-term operating lease liabilities 28,320 13,444
Long-term finance lease liabilities 1,068 980
Warrant liabilities 23,014 55,285
Deferred tax liabilities 40,800 582
Other non-current liabilities 2,606 428
Total liabilities 448,701 344,526
Commitments and contingencies (Note M – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—103,855.14 and 2024—108,649.30. Liquidation preference: 2025—$567,255 and 2024—$599,412 (Note N – Convertible Preferred Stock) 151,893 136,805
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2025—142,575,692 and 2024—67,002,370 14 7
Treasury stock, 2025—729,295 shares and 2024—728,739 shares, at cost (3,581) (3,573)
Additional paid-in capital 1,392,204 161,619
Accumulated deficit (493,393) (348,106)
Accumulated other comprehensive income (loss) 12,348 1,339
Total shareholders’ equity (deficit) 907,592 (188,714)
Total liabilities, convertible preferred stock and equity (deficit) $ 1,508,186 $ 292,617
Treasury stock (in shares) 729,295 728,739

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