Factorial Energy Inc.
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 11, 2026
FAC$4.26-4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(19,916) | $(23,439) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,802 | 4,385 |
| Non-cash lease expenses and amortization | 627 | 593 |
| Stock-based compensation | 2,571 | 5,606 |
| Change in fair value of convertible promissory notes | 1,264 | — |
| Change in fair value of convertible promissory notes – related parties | 3,791 | — |
| Change in fair value of warrant liabilities for Series B-1 and Series D redeemable convertible preferred stock | 399 | — |
| Change in fair value of warrant liability for Series A Common Stock | (4,738) | — |
| Loss (gain) on disposal of property and equipment | 36 | (12) |
| Unrealized foreign exchange loss (gain) | 584 | (611) |
| Non-cash interest | — | 75 |
| Changes in operating assets and liabilities: | ||
| Receivables under collaboration agreements | 1,049 | 449 |
| Prepaid expenses and other current assets | (1,262) | 37 |
| Other non-current assets | 160 | — |
| Accounts payable | (21) | 583 |
| Accrued expenses | 2,916 | (164) |
| Operating lease liabilities | (653) | (590) |
| Net cash used in operating activities | (11,391) | (13,088) |
| Cash flows from investing activities: | ||
| Property and equipment expenditures | (556) | (185) |
| Advances on property and equipment | (22) | — |
| Net cash used in investing activities | (578) | (185) |
| Cash flows from financing activities: | ||
| Proceeds received from reverse recapitalization and PIPE Financing, net of $20,064 of transaction costs | 91,996 | — |
| Issuance of convertible promissory notes, net | 5,340 | — |
| Proceeds from stock option exercises | 90 | 6 |
| Principal paid on finance lease liability | — | (414) |
| Deferred transaction costs paid | (1,335) | — |
| Net cash provided by (used in) financing activities | 96,091 | (408) |
| Effects of exchange rate change on cash, cash equivalents and restricted cash | (177) | (4) |
| Net change in cash, cash equivalents and restricted cash | 83,945 | (13,685) |
| Beginning cash, cash equivalents and restricted cash | 29,772 | 51,421 |
| Ending cash, cash equivalents and restricted cash | $113,717 | $37,736 |
| Supplemental disclosures: | ||
| Cash paid during the year for: | ||
| Interest | $— | $146 |
| Leases | $986 | $975 |
| Non-cash investing and financing activities: | ||
| Reclassification of warrant liability for Series A Common Stock from equity | $(49,354) | $— |
| Conversion of convertible promissory notes and accrued interest - related parties into Series A Common Stock | $22,681 | $— |
| Conversion of convertible promissory notes and accrued interest into Series A Common Stock | $6,604 | $— |
| Conversion of warrant liabilities for Series B-1 and Series D into Series A Common Stock | $3,378 | $— |
| Deferred transaction costs included in accrued expenses | $1,423 | $— |
| The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s Condensed Consolidated Balance Sheets: | ||
| Cash and cash equivalents | $112,831 | $34,533 |
| Restricted cash | 886 | 3,203 |
| Total cash, cash equivalents and restricted cash | $113,717 | $37,736 |
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