7Baggers
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 
                
      cash flows from operating activities:
    		            
      net loss
    		-41,446,000 -29,722,000 -24,685,000 -9,810,000 -10,288,767 -9,959,164       
      adjustments to reconcile net loss to net cash from operating activities:
    		            
      depreciation and amortization
    		149,000 124,000 125,000 124,000 87,580 68,747       
      change in fair value of simple agreements for future equity
    		    -2,055,959 0       
      interest income and accretion of discount on marketable debt securities
    		            
      stock-based compensation
    		18,999,000 9,120,000 11,365,000 2,311,000 1,733,220 1,626,364       
      deferred income taxes
    		205,000 0 0 -4,734,000         
      change in operating assets and liabilities, net of effect of acquisition:
    		            
      prepaid and other current assets
    		-15,619,000 -1,942,000 -4,349,000 336,000 -686,798 607,986       
      other assets
    		-35,000 -21,000 -4,000 -17,000 -25,361 -115,000       
      accounts payable
    		-338,000 1,262,000 -701,000 -1,755,000 162,326 -331,371       
      accrued expenses and other
    		7,894,000 3,061,000 -216,000 1,606,000 -2,134,339 153,173       
      operating lease right-of-use assets and liabilities
    		-6,000 -2,000 24,000 8,000         
      net cash from operating activities
    		-33,429,000 -18,031,000 -18,471,000 -12,243,000 -13,469,362 -7,880,489 -15,832,264 -1,207,885 -3,164,239 -3,457,143 -3,544,284 -678,937 
      capital expenditures
    		0 -2,193,000 -877,000 -332,000 -69,381 -110,886 0 0 0 0 0 0 
      free cash flows
    		-33,429,000 -20,224,000 -19,348,000 -12,575,000 -13,538,743 -7,991,375 -15,832,264 -1,207,885 -3,164,239 -3,457,143 -3,544,284 -678,937 
      cash flows from investing activities:
    		            
      purchases of property, plant and equipment
    		            
      purchases of marketable debt securities
    		-63,885,000 -409,991,000 -316,717,000 -29,887,000 -30,538,322        
      proceeds from redemptions of marketable debt securities
    		214,148,000 94,827,000 30,834,000 37,183,000 48,804,940        
      payment for acquisition of business, net of cash acquired
    		0 0 0 -900,000         
      purchase of other investments
    		            
      net cash from investing activities
    		116,227,000 -325,210,000   18,197,237 -5,608,340   218,958,186 4,366,333   
      cash flows from financing activities:
    		            
      proceeds from recapitalization
    		    232 0       
      payment of taxes from common stock withheld
    		-52,000 0 0 -1,595,000         
      proceeds from exercise of stock options
    		1,283,000 1,397,000 628,000 720,000 604,078 0       
      proceeds from right of first refusal liability
    		    0 0       
      proceeds from simple agreements for future equity
    		    0 0       
      payment of offering costs and deferred issuance costs
    		-1,125,000 -1,385,000           
      proceeds from sale of common stock, net of offering costs
    		295,500,000            
      net cash from financing activities
    		295,606,000 526,511,000 441,924,000 -875,000 603,959 -388,189       
      net increase in cash and cash equivalents
    		378,404,000 183,270,000 136,693,000 -7,054,000 5,331,834 -13,877,018       
      cash and cash equivalents - beginning of year
    		    412        
      cash and cash equivalents - end of year
    		            
      supplemental noncash investing and financing activities:
    		            
      issuance of common stock in connection with acquisition of business
    		0 0 0 27,408,000         
      assumed liabilities in connection with acquisition of business
    		0 0 0 287,000         
      purchases of property, plant and equipment in accounts payable and accrued expense and other
    		            
      offering costs included in accounts payable
    		47,000 -1,100,000           
      offering costs included in accrued expense and other
    		91,000 87,000           
      deferred issuance costs included in accounts payable
    		            
      purchases of computer software in accounts payable and accrued expense and other
    		            
      reclassification of simple agreements for future equity in connection with the recapitalization
    		            
      accretion of discount on marketable debt securities
    		 89,000 -30,000 -312,000 -258,855        
      purchases of property and equipment
    		 -5,046,000 -877,000 -332,000 -69,381 -110,886       
      purchase of investment
    		            
      cash and cash equivalents - beginning of period
    		 0 0 97,132,000         
      cash and cash equivalents - end of period
    		 183,270,000 136,693,000 90,078,000         
      supplemental disclosures of cash flow information:
    		            
      cash paid for income taxes
    		 684,000   550,110    1,967,829 2,205,000   
      purchases of property and equipment in accounts payable and accrued expense and other
    		 2,853,000           
      reclassification of deferred issuance costs in connection with the recapitalization
    		            
      proceeds from common stock public offering, net of offering
    		            
      deferred issuance costs included in accrued expense and other
    		            
      reclassification of simple agreements for future equity in connection with business combination
    		    -2,055,959 0       
      reclassification of deferred issuance costs in connection with business combination
    		    1,905,765 -388,189       
      net cash from investing activities:
    		   6,064,000         
      payment of deferred issuance costs
    		    -351 -388,189       
      cash flows from operating activities
    		            
      change in operating assets and liabilities:
    		            
      cash flows from investing activities
    		            
      cash flows from financing activities
    		            
      supplemental disclosures of cash flow information
    		            
      cash paid for interest
    		            
      supplemental noncash investing and financing activities
    		            
      operating lease liabilities
    		            
      accretion of discount on marketable securities
    		            
      operating lease liability
    		            
      purchase of marketable securities
    		            
      proceeds from redemptions of marketable securities
    		            
      cash and cash equivalents – beginning of year
    		            
      cash and cash equivalents – end of period
    		            
      supplemental disclosure of cash flow information
    		            
      net income
    		       1,528,369 2,576,373 2,418,722 3,782,431 3,090,679 
      adjustments to reconcile net income to net cash from operating activities:
    		            
      interest earned on marketable securities held in trust account
    		       -3,952,338   -5,862,881 -5,416,834 
      unrealized loss on marketable securities held in trust account
    		            
      deferred tax benefit
    		           -294,084 
      changes in operating assets and liabilities:
    		            
      prepaid expenses
    		       149,860 -398,470 10,250 231,664 146,664 
      accrued expenses
    		       412,148 -627,092 778,607 -285,858 331,764 
      income taxes payable
    		       654,076 -409,150 -19,270 -1,356,786 1,410,020 
      ​
    		            
      net change in cash
    		       -1,207,885 -120,726 909,190   
      cash – beginning of period
    		       1,628,692  0 0 3,577,359 
      cash – end of period
    		       420,807  909,190 -2,058,194 2,898,422 
      non-cash investing and financing activities:
    		            
      remeasurement for class a common stock to redemption amount
    		       1,495,821     
      class a common stock subject to possible redemption, december 31, 2022
    		       504,544,687 0 0 0 504,544,687 
      less:
    		            
      redemptions
    		       -215,914,673     
      plus:
    		            
      remeasurement of carrying value to redemption value
    		       14,785,760 0 0 0 31,196,812 
      class a common stock subject to possible redemption, december 31, 2023
    		       303,415,774     
      class a common stock subject to possible redemption, march 31, 2024
    		       304,911,595     
      cash withdrawn from trust account to pay franchise and income taxes
    		        3,043,513 3,366,333   
      cash withdrawn from trust account for working capital purposes
    		        0    
      cash withdrawn from trust account in connection with redemption
    		            
      redemptions of common stock
    		            
      cash — beginning of period
    		            
      cash — end of period
    		            
      supplemental cash flow information:
    		            
      deferred underwriting fee payable
    		            
      excise tax liability accrued for common stock redemptions
    		            
      gross proceeds
    		        0 0 0 500,000,000 
      class a common stock issuance costs
    		        0 0 0 -26,652,125 
      interest earned on cash and marketable securities held in trust account
    		            
      deferred tax provision
    		         0   
      re-measurement for class a common stock to redemption amount
    		           3,216,277 
      re-measurement of carrying value to redemption value
    		         4,375,351 4,633,931 3,216,277 
      class a common stock subject to possible redemption, september 30, 2023
    		            
      unrealized gain on marketable securities held in trust account
    		            
      class a common stock subject to possible redemption, june 30, 2023
    		            
      unrealized gain gain on marketable securities held in trust account
    		           52,854 
      net decrease in cash
    		           -678,937 
      offering costs included in accrued offering costs
    		            
      class a common stock subject to possible redemption, march 31, 2023
    		           507,760,964 
      proceeds from issuance of class b common stock to sponsor
    		            
      proceeds from promissory note - related party
    		            
      payment of offering costs
    		            
      class a common stock subject to possible redemption
    		            
      3.1
    		            
      10.1
    		            
      10.2
    		            
      10.3
    		            
      10.4
    		            
      10.5
    		            
      10.6
    		            
      31.1*
    		            
      31.2*
    		            
      32.1**
    		            
      32.2**
    		            
      101.ins
    		            
      101.sch
    		            
      101.cal
    		            
      101.def
    		            
      101.lab
    		            
      101.pre
    		            
      104
    		            
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.