|
FY2025
12 months to Dec 31, 2025
|
|
|---|---|
| Cash flows from operating activities | |
| Net loss | |
| Adjustments to reconcile net loss to net cash used in operating activities | |
| Depreciation and amortization | |
| Impairment | |
| Gain on conversion of convertible notes and term loans | |
| Change in fair value on related party convertible notes | |
| Change in fair value on related party loans | |
| Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged | |
| Realized and unrealized loss on related party crypto loans | |
| Provision for transaction losses | |
| Stock-based compensation | |
| Crypto assets received as revenue | |
| Crypto asset payments for expenses | |
| Warrants received as revenue | |
| Non-cash lease expense | |
| Realized and unrealized loss (gain) on derivatives | |
| Other operating activities, net | |
| Changes in operating assets and liabilities: | |
| Purchase of crypto assets | |
| Disposal of crypto assets | |
| Accounts receivable | |
| Other assets | |
| Accounts payable and accrued expenses | |
| Payables due to related parties | |
| Payables due to third parties | |
| Payables due for funding debt | |
| Lease liabilities | |
| Other liabilities | |
| Net cash used in operating activities | |
| Cash flows from investing activities | |
| Proceeds from disposal of crypto assets | |
| Purchases of credit card receivables | |
| Proceeds from repayments of credit card receivables | |
| Capitalization of internally developed software costs | |
| Purchase of software, property and equipment | |
| Other investing activities, net | |
| Net cash provided by (used in) investing activities | |
| Cash flows from financing activities | |
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs | |
| Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq | |
| Custodial funds due to customers, net of redemptions | |
| Proceeds from related party convertible notes | |
| Proceeds from related party loans | |
| Proceeds from third party loan, net of discount | |
| Proceeds from funding debt | |
| Repayment of funding debt | |
| Repayment of third party loans | |
| Payment of withholding taxes | |
| RSUs | |
| Equity awards | |
| Net cash provided by (used in) financing activities | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period | |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period | |
| Supplemental disclosure of cash flow information | |
| Cash paid during the period for interest | |
| Supplemental schedule of non-cash investing and financing activities | |
| Conversion of convertible notes to common stock in connection with IPO | |
| Conversion of convertible preferred units to common stock in connection with initial public offering | |
| Related party loans received in crypto assets | |
| Conversion of related party loans into related party convertible notes | |
| Repayments of related party loans denominated in crypto assets | |
| Credit card receivables posted as collateral for funding debt | |
| Crypto assets posted as collateral for third party loans, net | |
| Crypto asset collateral received (returned) for derivatives, net | |
| Repayment of third party loan interest denominated in crypto | |
| Change in fair value attributable to instrument-specific credit risk | |
| Related party convertible notes received in crypto assets | |
| NFT artist commissions and cross listings paid with crypto assets | |
| Account receivable collections denominated in crypto assets | |
| Cash, cash equivalents, restricted cash and cash equivalents consisted of the following: | |
| Cash and cash equivalents | |
| Restricted cash and cash equivalents | |
| Customer custodial funds |
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