$FIRY

Firy Inc.

CIK:0001801661|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 30,992	$ 25,214	$ 60,097	$ 47,111
Costs and expenses:
Cost of revenue	3,911	3,220	7,508	6,184
Research and development	6,888	4,840	11,951	9,658
Sales and marketing	13,592	16,431	30,875	34,436
General and administrative	28,168	16,706	47,580	35,789
Gain from litigation settlement	0	0	(7,500)	(7,500)
Total costs and expenses	52,559	41,197	90,414	78,567
Loss from operations	(21,567)	(15,983)	(30,317)	(31,456)
Interest expense, net of interest income	(2,424)	(1,321)	(4,704)	(2,392)
Other (expense) income, net	(388)	(637)	(229)	(1,196)
Loss before income taxes	(24,379)	(17,941)	(35,250)	(35,044)
Provision for (benefit from) income taxes	96	(19)	170	20
Net loss	$ (24,475)	$ (17,922)	$ (35,420)	$ (35,064)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (1.52)	$ (1.16)	$ (2.22)	$ (2.21)
Diluted (in dollars per share)	$ (1.52)	$ (1.16)	$ (2.22)	$ (2.21)
Weighted average shares outstanding:
Basic (in shares)	16,074,260	15,491,239	15,953,829	15,888,064
Diluted (in shares)	16,074,260	15,491,239	15,953,829	15,888,064
Other comprehensive income:
Foreign currency translation gain	$ 1,530	$ 0	$ 604	$ 0
Total other comprehensive income	1,530	0	604	0
Total comprehensive loss	$ (22,945)	$ (17,922)	$ (34,816)	$ (35,064)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (35,420)	$ (35,064)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,711	361
Stock-based compensation	9,776	9,912
Accretion of unamortized debt discount and amortization of debt issuance costs	1,057	939
Non-cash lease expense	369	85
Provision for (recoveries of) bad debt	1	(8)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,282)	(4,080)
Prepaid expenses and other assets	1,302	9,567
Accounts payable	(4,137)	(1,184)
Operating lease liabilities	(247)	(10,658)
Other accruals and liabilities	5,218	(1,611)
Net cash used in operating activities	(24,652)	(31,741)
Investing Activities
Purchases of property and equipment	(82)	(1,840)
Capitalization of software development costs	(1,890)	(1,588)
Asset acquisitions	(2,240)	0
Net cash used in investing activities	(4,212)	(3,428)
Financing Activities
Principal payments on finance leases obligations	0	(389)
Repurchase of common stock	0	(7,708)
Proceeds from exercise of stock options	21	0
Restricted stock vesting, net of shares withheld	(2,281)	0
Net cash used in financing activities	(2,260)	(8,097)
Effect of exchange rates on cash and cash equivalents	602	0
Net change in cash, cash equivalents and restricted cash	(30,522)	(43,266)
Cash, cash equivalents and restricted cash – beginning of year	195,513	281,923
Cash, cash equivalents and restricted cash – end of period	164,991	238,657
Supplemental cash disclosures
Cash paid for interest	6,646	6,668
Cash paid for taxes, net of refunds received	100	51
Supplemental non-cash disclosures
Purchases of property and equipment included in accounts payable	40	55
Asset acquisition consideration included in other accruals and liabilities	610	0
Stock-based compensation capitalized in software development costs	$ 0	$ 143

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 163,991	$ 194,513
Accounts receivable, net of allowance for credit losses of $258 as of June 30, 2026 and December 31, 2025	18,693	14,412
Prepaid expenses and other current assets	6,283	7,553
Total current assets	188,967	216,478
Non-current assets:
Property and equipment, net	21,020	20,776
Operating lease right-of-use assets, net	3,771	1,082
Non-marketable equity securities	52,768	52,768
Restricted cash, non-current	1,000	1,000
Other non-current assets	4,169	1,351
Total non-current assets	82,728	76,977
Total assets	271,695	293,455
Current liabilities:
Accounts payable	5,558	9,713
Operating lease liabilities, current	837	465
Current portion of long-term debt	128,646	127,589
Other current liabilities	48,818	42,944
Total current liabilities	183,859	180,711
Non-current liabilities:
Operating lease liabilities, non-current	3,104	665
Other non-current liabilities	264	259
Total non-current liabilities	3,368	924
Total liabilities	187,227	181,635
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock $0.0001 par value; 10.0 million shares authorized — no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock $0.0001 par value; 31.3 million shares authorized; Class A common stock – 25.0 million shares authorized; 20.1 million and 19.3 million shares issued; 13.0 million and 12.2 million outstanding as of June 30, 2026 and December 31, 2025, respectively; Class B common stock – 6.3 million shares authorized; 3.4 million shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	1,252,926	1,245,462
Accumulated other comprehensive income (loss)	233	(371)
Accumulated deficit	(1,127,086)	(1,091,666)
Treasury stock at cost, 7.1 million and 7.1 million shares as of June 30, 2026 and December 31, 2025, respectively	(41,606)	(41,606)
Total stockholders’ equity	84,468	111,820
Total liabilities and stockholders’ equity	$ 271,695	$ 293,455