$MYND

Mynd.ai, Inc.

CIK:0001708441|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 167,931	$ 267,381	$ 411,757
Cost of revenue	132,643	201,140	311,272
Gross profit	35,288	66,241	100,485
Operating expenses, net:
General and administrative	26,514	33,427	30,964
Research and development	12,828	25,253	34,604
Sales and marketing	38,915	42,115	51,477
Transaction-related costs	304	0	19,288
Restructuring and other expenses	6,823	3,484	10,195
Total operating expenses	85,384	104,279	146,528
Operating loss	(50,096)	(38,038)	(46,043)
Other income (expense):
Interest expense	(10,050)	(10,371)	(4,658)
Interest income	827	2,659	223
Gain on embedded derivative	2,777	11,389	432
Other income (expense)	2,087	(1,384)	1,598
Total other (expense) income	(4,359)	2,293	(2,405)
Net loss from continuing operations, before income taxes	(54,455)	(35,745)	(48,448)
Income tax benefit (expense)	384	(68,732)	9,658
Net loss from continuing operations	(54,071)	(104,477)	(38,790)
Income (loss) from discontinued operations, net of tax	0	8,725	(605)
Net loss	(54,071)	(95,752)	(39,395)
Net (loss) income from discontinued operations attributable to non-controlling interests	0	(33)	33
Net (loss) income attributable to non-controlling interests	0	(33)	33
Net loss from continuing operations attributable to ordinary shareholders	(54,071)	(104,477)	(38,790)
Net income (loss) from discontinued operations attributable to ordinary shareholders	0	8,758	(638)
Net loss attributable to ordinary shareholders	$ (54,071)	$ (95,719)	$ (39,428)
Net (loss) income per ordinary share
Net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. from continuing operations - basic (in dollars per share)	$ (0.12)	$ (0.23)	$ (0.09)
Net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. from continuing operations - diluted (in dollars per share)	(0.12)	(0.23)	(0.09)
Net (loss) per share attributable to ordinary shareholders of Mynd.ai, Inc. from discontinued operations - basic (in dollars per share)	0	0.02	0
Net (loss) per share attributable to ordinary shareholders of Mynd.ai, Inc. from discontinued operations - diluted (in dollars per share)	0	0.02	0
Net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. - basic (in dollars per share)	(0.12)	(0.21)	(0.09)
Net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. - diluted (in dollars per share)	$ (0.12)	$ (0.21)	$ (0.09)
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding used in calculating net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. - basic (in shares)	456,830,533	456,471,923	427,986,755
Weighted average shares outstanding used in calculating net (loss) income per share attributable to ordinary shareholders of Mynd.ai, Inc. - diluted (in shares)	456,830,533	456,471,923	427,986,755

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (54,071)	$ (95,752)	$ (39,395)
Loss (income) from discontinued operations, net of tax	0	(8,725)	605
Net loss from continuing operations	(54,071)	(104,477)	(38,790)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:
Depreciation and amortization	8,995	5,698	4,973
Deferred taxes	(807)	67,669	(10,828)
Non-cash lease expense	1,509	1,737	1,958
Non-cash interest expenses	5,831	4,844	325
Gain on embedded derivative	(2,777)	(11,389)	(432)
Share-based compensation	2,883	3,698	0
Amortization of RDEC credit	(1,886)	(1,182)	(839)
Accrued tax credit RDEC	0	0	(1,732)
Net realizable value adjustments to inventory	825	0	4,630
Write-off of prepaid subscriptions	0	0	5,668
Loss on disposal of property, plant and equipment	260	0	0
Other	93	90	71
Change in operating assets and liabilities:
Accounts receivable	14,404	33,365	(679)
Inventories	(924)	25,251	54,734
Prepaid expenses and other assets	4,309	1,270	(5,482)
Prepaid subscriptions	0	0	1,632
Due from related parties	(1,534)	533	482
Accounts payable	(3,813)	(17,675)	(23,651)
Accrued expenses and other liabilities	(17,822)	(2,439)	(1,329)
Accrued warranties	(305)	(2,037)	3,883
Due to related parties	722	1,491	1,083
Contract liabilities	4	(5,743)	6,966
Lease obligations - operating leases	(1,399)	(1,579)	(1,903)
Net cash (used in) provided by operating activities - continuing operations	(45,503)	(875)	740
Net cash (used in) provided by operating activities - discontinued operations	0	1,661	(3,098)
Net cash (used in) provided by operating activities	(45,503)	786	(2,358)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(94)	(1,283)	(389)
Internal-use software development costs	(2,511)	(8,465)	(4,434)
Repayment of loan receivable, related party	0	0	8,019
Proceeds from disposition of GEH Singapore	0	20,000	0
Acquisition of businesses, net of cash	0	0	10,375
Net cash (used in) provided by investing activities - continuing operations	(2,605)	10,252	13,571
Net cash provided by (used in) investing activities - discontinued operations	0	(5,942)	5,763
Net cash (used in) provided by investing activities	(2,605)	4,310	19,334
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of Revolver	(16,000)	(38,000)	(80,300)
Debt issuance costs paid	0	(90)	0
Proceeds from Revolver	8,000	17,000	62,000
Proceeds from convertible note	0	0	64,884
Contingent consideration payments	0	(1,007)	(2,174)
Repayment of Paycheck Protection Program Loan	(82)	(192)	(192)
Proceeds from NetDragon group loans	0	0	219
Share repurchase	(110)	(342)	0
Taxes withheld and paid related to net share settlement of share-based compensation awards	(221)	0	0
Net cash (used in) provided by financing activities - continuing operations	(8,413)	(22,631)	44,437
Net change in cash	(56,521)	(17,535)	61,413
Cash and cash equivalents, beginning of year	75,317	91,784	29,312
Exchange rate effects	(315)	1,068	1,059
Cash and cash equivalents, end of year	18,481	75,317	91,784
Supplemental disclosure of non-cash investing and financing activities transactions:
Convertible notes issued in exchange for accrued PIK interest	3,458	3,309	0
Decrease in goodwill due to measurement period adjustments relating to business acquisition, net	0	1,228	0
Forgiveness of related party payables	5,217	2,412	0
Noncash consideration transferred for acquisition of businesses	0	0	22,848
Noncash consideration transferred for asset acquisition	212	0	0
Supplemental disclosure of cash transactions:
Cash paid for interest	3,458	5,387	5,223
Cash received for tax refunds, net	1,357	1,397	914
Continuing Operations
Supplemental disclosure of non-cash investing and financing activities transactions:
Lease assets acquired in exchange for lease liabilities	102	2,838	0
Discontinued Operations
Supplemental disclosure of non-cash investing and financing activities transactions:
Lease assets acquired in exchange for lease liabilities	$ 0	$ 5,044	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 18,481	$ 75,317
Accounts receivable, net of allowance for credit losses of $614 and $211, respectively	24,849	30,506
Inventories	29,713	28,638
Prepaid expenses and other current assets	7,971	11,601
Due from related parties	3,095	1,561
Total current assets	84,109	147,623
Non-current assets:
Goodwill	44,961	44,130
Property, plant, and equipment, net	11,767	14,595
Intangible assets, net	36,185	39,521
Right-of-use assets, net	2,073	3,448
Deferred tax assets, net	87	34
Other non-current assets	3,345	3,268
Total non-current assets	98,418	104,996
Total assets	182,527	252,619
Current liabilities:
Accounts payable, current	37,947	40,485
Accrued expenses and other current liabilities	34,836	45,959
Loans payable, current	2,897	10,931
Contract liabilities	12,272	11,281
Accrued warranties	15,918	15,749
Lease liabilities, current	1,011	1,047
Due to related parties	5,343	4,621
Total current liabilities	110,224	130,073
Non-current liabilities:
Loans payable, non-current	61,083	58,077
Loans payable, related parties, non-current	0	5,006
Contract liabilities, non-current	17,971	18,581
Lease liabilities, non-current	1,751	2,761
Deferred tax liabilities	9,000	9,756
Total non-current liabilities	89,805	94,181
Total liabilities	200,029	224,254
Commitments and contingencies
Shareholders’ equity (deficit):
Ordinary shares par value of $0.001; 990,000,000 shares authorized. 465,868,720 shares issued and 462,192,400 shares outstanding as of December 31, 2025. 456,477,820 shares issued and 454,958,590 shares outstanding as of December 31, 2024. 10,000,000 shares, $0.001 par value, without designation; none authorized, issued and outstanding as of December 31, 2025 and 2024.	465	456
Treasury shares, at cost, 3,676,320 and 1,519,230 shares, respectively	(454)	(342)
Additional paid-in capital	487,481	479,480
Accumulated other comprehensive income	3,648	3,344
Accumulated deficit	(508,642)	(454,573)
Total shareholders’ (deficit) equity	(17,502)	28,365
Total liabilities and shareholders’ equity	$ 182,527	$ 252,619