Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 95,183 $ 49,071
Accounts receivable, net 37,251 21,905
Contract assets 44,019 43,044
Inventory, net 55,847 2,239
Prepaid expenses and other current assets 20,512 9,666
Total current assets 252,812 125,925
Property, plant and equipment, net 49,199 17,837
Right-of-use assets 31,741 15,277
Intangible assets, net 336,153 61,788
Goodwill 779,114 71,161
Other non-current assets 118 629
Total assets 1,449,137 292,617
Current liabilities:    
Accounts payable 32,295 32,127
Notes payable to sellers 2,171 0
Short-term debt, including current portion of long-term debt 5,162 1,266
Short-term operating lease liabilities 4,088 4,354
Short-term finance lease liabilities 595 473
Accrued expenses 32,034 24,192
Deferred revenue 60,119 67,201
Other current liabilities 19,150 19,730
Total current liabilities 155,614 149,343
Long-term debt, net 80,036 124,464
Long-term operating lease liabilities 30,471 13,444
Long-term finance lease liabilities 1,276 980
Warrant liabilities 4,213 55,285
Deferred tax liabilities 38,358 582
Other non-current liabilities 2,119 428
Total liabilities 312,087 344,526
Commitments and contingencies (Note M – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—46,505.13 and 2024—108,649.30. Liquidation preference: 2025—$118,434 and 2024—$599,412 (Note N – Convertible Preferred Stock) 77,034 136,805
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—191,915,804 and 2024—67,002,370 19 7
Treasury stock, at cost: 2025—1,036,294 shares and 2024—728,739 shares (7,342) (3,573)
Additional paid-in capital 1,678,799 161,619
Accumulated deficit (621,762) (348,106)
Accumulated other comprehensive income (loss) 10,302 1,339
Total shareholders’ equity (deficit) 1,060,016 (188,714)
Total liabilities, convertible preferred stock and equity (deficit) $ 1,449,137 $ 292,617