Quarterly report [Sections 13 or 15(d)]

Closing of the Asset Sale (Tables)

v3.26.1
Closing of the Asset Sale (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations

  

    December 31, 2025  
Assets held for sale        
Accounts receivable, net   $ 4,720  
Non-trade receivables     13,410  
Inventory     6,911  
Prepaid expenses and other current assets     1,889  
Total current assets held for sale     26,930  
Property and equipment, net     105  
Contract fulfilment assets     11,605  
Other assets     322  
Total non-current assets held for sale     12,032  
Total assets held for sale   $ 38,962  
Liabilities held for sale        
Accounts payable     28,349  
Accrued liabilities     9,708  
Total liabilities held for sale   $ 38,057  

 

Non-trade receivables are from the Company’s manufactures who buy parts from the Company. The receivable is paid by the manufacturer after Company pays the related accounts payable for the inventory.

 

Discontinued operations activity for the six months ended 2026 covers the period January 1, 2026 through January 23, 2026. Discontinued operations activity for 2025 covers the entire three or six month period.

 

 

DNA X, INC.

DISCONTINUED OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)

(UNAUDITED)

 

                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2026     2025     2026     2025  
Net revenues   $ —     $ 11,190     $ 3,805     $ 27,911  
Cost of revenues     —       10,345       4,122       18,710  
Gross profit (loss)     —       845       (317 )     9,201  
Operating expenses                                
Research and development     —       909       913       2,542  
Sales and marketing     —       3,445       1,123       6,684  
General and administrative     —       1,752       453       3,721  
Total operating expenses     —       6,106       2,489       12,947  
Net loss from operations     —       (5,261 )     (2,806 )     (3,746 )
Gain (loss) on sale of assets     (252 )     —       15,311       —  
Other income     —       (215 )     49       (179 )
Net before income taxes     (252 )     (5,476 )     12,554       (3,925 )
Income tax benefit (expense)     243       (139 )     (2,295 )     (271 )
Net income (loss) from discontinued operations   $ (9 )   $ (5,615 )   $ 10,259     $ (4,196 )

 

The following cash flows are for discontinued operations only and are supplemental to the Statement of Cash Flows that includes both continuing operations and discontinued operations.

 

DISCONTINUED OPERATIONS

CONSOLIDATED STATEMENT OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2026 and 2025

(IN THOUSANDS)

 

    2026     2025  
Cash flows from operating activities for discontinued operations:                
Net income   $ 10,259     $ (6,056 )
Adjustments to reconcile net income to net cash used in operating activities:                
Depreciation and amortization     —       1,852  
Stock-based compensation     93       1,216  
Release of customer allowance liability     —       (5,490 )
Gain on sale of assets, net assets transferred     (15,311 )     —  
Other     —       36  
Changes in operating assets and liabilities:                
Accounts receivable     250       1,330  
Non-trade receivable     —       152  
Inventory     5,490       986  
Prepaid expenses and other current assets     1,663       (570 )
Contract fulfillment assets     129       (4,383 )
Other assets     (103 )     (12 )
Accounts payable     (1,934 )     (2,265 )
Accrued liabilities    

—

      

(1,473

 )
Income taxes payable     —       1,764
Net cash provided by (used in) operating activities from discontinued operations     536       (12,913 )
Cash flows from investing activities                
Net cash received from asset sale     3,358       —  
Net cash provided by investing activities from discontinued operations     3,358       —