$CIRC

SeqLL, Inc.

CIK:0001605888|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Service revenue, net	$ 319,806,775	$ 102,896,993	$ 569,693,668	$ 205,705,800
Cost of revenue	296,003,512	91,478,299	524,464,352	183,100,984
Gross profit	23,803,263	11,418,694	45,229,316	22,604,816
Selling, general and administrative	34,765,727	18,870,535	66,763,480	38,270,014
Depreciation and amortization	4,433,807	1,232,750	8,765,901	2,469,139
(Loss) income from operations	(15,396,271)	(8,684,591)	(30,300,065)	(18,134,337)
Loss on debt extinguishment	237,848	0	4,826	0
Loss on settlement	60,414,821	0	60,414,821	0
Interest expense	4,276,743	2,023,960	7,831,413	3,308,782
Other expenses, gains and losses	7,426,083	0	19,962,946	0
Net loss before provision for income taxes	(87,751,766)	(10,708,551)	(118,514,071)	(21,443,119)
Income tax benefit/(expense)	1,383,048	(9,618)	1,456,229	(19,235)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	(86,368,718)	(10,718,169)	(117,057,842)	(21,462,354)
Net income attributable to redeemable noncontrolling interest	0	0	(57,001)	0
Net loss	$ (86,368,718)	$ (10,718,169)	$ (117,114,843)	$ (21,462,354)
Net loss per share, basic (in dollars per share)	$ (0.98)	$ (0.20)	$ (1.45)	$ (0.40)
Net loss per share, diluted (in dollars per share)	$ (0.98)	$ (0.20)	$ (1.45)	$ (0.40)
Weighted-average shares outstanding, basic (in shares)	80,971,660	54,553,905	77,508,866	54,266,337
Weighted-average shares outstanding, diluted (in shares)	80,971,660	54,553,905	77,508,866	54,266,337
Net loss attributable to Circle8	$ (86,368,718)	$ (10,718,169)	$ (117,114,843)	$ (21,462,354)
Change in foreign currency translation, net of income taxes	(5,868,594)	0	(7,085,842)	0
Other comprehensive income attributable to redeemable noncontrolling interest	(30,646)	0	(97,624)	0
Other comprehensive income	$ (92,267,958)	$ (10,718,169)	$ (124,241,308)	$ (21,462,354)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net loss	$ (117,057,842)	$ (21,462,354)
Adjustments to reconcile net loss to net cash provided by operating activities:
Bad debt expense	1,963,045	0
Amortization, deferred financing cost	428,282	91,108
Loss on debt extinguishment	4,826	0
Loss on settlement	60,414,821	0
Change in estimated fair value of contingent consideration	251,426	0
Change in fair value of warrants	2,428,727	0
Change in fair value of bifurcated derivatives	977,298	0
Loss on financing transaction	11,613,736	0
Gain on warrant exercise	(639,808)	0
Payment of fee by issuance of Preferred Stock	239,192	0
Shares issued for services	75,000	326,400
Depreciation and amortization expense	8,765,901	2,469,138
Right-of-use asset amortization	1,062,361	867,432
Share-based compensation	4,603,918	12,309,724
Changes in operating assets and liabilities:
Accounts receivable	(12,321,266)	17,356,622
Contract assets	2,649,096	0
Unbilled accounts receivable	(1,239,088)	(44,838)
Prepaid expenses and other current assets	(7,873,101)	(715,739)
Due from related parties	6,781,398	(6,067,963)
Other assets	(1,426,772)	101,536
Accounts payable	13,592,241	1,129,291
Due to related parties	714,984	(2,091,035)
Income taxes payable	(3,071,521)	0
Accrued expenses and other current liabilities	12,715,733	1,630,927
Operating lease liability	(394,418)	(863,020)
Other liabilities	(1,894,143)	0
Net cash provided by (used in) operating activities	(13,732,690)	5,037,229
Cash flows from investing activities
Purchase of property and equipment	(80,529)	(30,073)
Net cash (used in) investing activities	(80,529)	(30,073)
Cash flows from financing activities
Acquisition, net - cash acquired	32,651,398	0
Borrowings on revolving line of credit	223,453,014	248,342,112
Payments on revolving line of credit	(231,594,306)	(253,464,848)
Payments on notes payable	(1,520,022)	0
Proceeds from Factoring Agreements	1,000,000	0
Repayments on Factoring Debt	1,648,504	0
Other Short-Term Borrowings	3,050,000	0
Payments on factoring debt	(570,157)	0
Proceeds from issuance of preferred stock and warrants, net of issuance costs	5,543,739	0
Proceeds received upon exercise of warrants	3,200,000	0
Debt issuance costs payment	(40,500)	(188,351)
Finance lease repayments	(294,315)	0
Net cash (used in) provided by financing activities	33,230,347	(5,311,087)
Effect of exchange rates on cash and cash equivalents	(173,167)	0
Net increase in cash and cash equivalents	19,243,961	(303,931)
Cash and Cash Equivalents – Beginning of period	81,134	678,676
Cash and Cash Equivalents – End of period	19,325,095	374,745
Cash paid during the period for:
Interest	4,244,003	2,306,780
Non-cash investing and financing activities:
Settlement shares issued to legacy stockholders	0	2,378,471
Share settled earnout value	5,600,000	0
Fair value of common shares issued as partial consideration for a business	48,312,030	0
Contingent consideration arrangement issued as partial consideration for a business	2,098,574	0
Fair value of convertible note issued as partial consideration for a business	205,706,131	0
Fair value of common shares issued to designee of the Circle8 Seller as partial consideration for a business	15,440,000	0
Refinancing of factoring agreements	2,221,965	0
Fair value of Common Stock issued to satisfy redemption of Series B Preferred Stock	9,981,037	0
Non-customer valuation allowance	$ 2,903,284	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 19,325,095	$ 81,134
Accounts receivable, net of allowance of $2,456,839 and $3,222,723	180,003,393	65,750,593
Unbilled accounts receivable	5,481,333	4,242,245
Contract assets	105,595,021	0
Prepaid expenses and other current assets	11,723,299	3,123,447
Deposits, current	8,000,000	8,000,000
Total current assets	330,756,950	81,197,419
Non-current assets
Property and equipment, net	1,372,529	239,207
Operating leases right-of-use assets	4,770,213	2,933,582
Finance leases right-of-use assets, net	1,992,393	0
Goodwill	438,896,402	0
Intangible assets, net	186,027,460	26,602,223
Deferred tax assets, net	0
Other assets	1,359,666	2,257,405
Total non-current assets	634,857,575	32,032,417
Total assets	965,614,525	113,229,836
Current liabilities
Accounts payable	165,960,132	5,110,155
Accrued expenses and other current liabilities	158,527,209	19,647,785
PEO liability and accrued interest	44,200,332	32,894,331
Current operating lease liabilities	2,140,707	1,459,704
Current finance lease liabilities	669,078	0
Warrant liabilities, current	6,080,000	0
Line of credit, current portion	41,198,353	49,308,253
Factoring debt, current portion	202,127,079	3,205,506
Short-Term Debt	2,463,482		$ 0
Contingent consideration liability – related parties	7,950,000	0
Total current liabilities	842,596,169	114,950,734
Non-current liabilities
Warrant liabilities, non-current	1,526,672	0
Non-current operating lease liabilities	2,412,063	1,543,091
Non-current finance lease liabilities	1,377,870	0
Deferred tax liability	29,738,302	0
Other liabilities	953,163	0
Total non-current liabilities	144,978,397	30,369,372
Total liabilities	987,574,566	145,320,106
Commitments and contingencies
Series B convertible preferred stock, 5% cumulative dividends, 15,000 and 0 shares designated at June 30, 2026 and December 31, 2025, respectively; 8,950 and 240 shares issued and outstanding at June 30, 2026 and December 31, 2025 , respectively and 0 shares issued and outstanding at December 31, 2025, redemption amount of $554,764 and $0 as of June 30, 2026 and December 31, 2025, respectively	224,014	0
Redeemable noncontrolling interest	3,357,497	0
Stockholders’ equity/(deficit)
Common stock, $0.00001 par value; 300,000,000 shares authorized; 89,963,174 and 55,713,259 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	900	557
Additional paid-in capital	293,569,042	162,819,982
Accumulated deficit	(312,025,652)	(194,910,809)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(7,085,842)	0
Total stockholders’ equity/(deficit)	(25,541,552)	(32,090,270)	(18,464,415)
Total liabilities, mezzanine equity and stockholders’ equity	965,614,525	113,229,836
Related Party
Current assets
Due from related parties, current	628,809		$ 0
Non-current assets
Due from related parties	438,912	0
Current liabilities
Due to related parties	116,890	0
Notes payable, current portion	0	1,950,000
Convertible note payable – related parties	161,961,751	0
Non-current liabilities
Notes payable, net of current portion - related parties	89,638,035	28,826,281
Nonrelated Party
Current liabilities
Notes payable, current portion	49,201,156	1,375,000
Non-current liabilities
Notes payable, net of current portion - related parties	$ 19,332,292	$ 0