Factorial Energy Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 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.
Sep 30, 2026 · Filed Nov 10, 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(11,076) | $(58,074) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 2,750 | 5,721 |
| Non-cash lease expenses and amortization | 1,003 | 890 |
| Stock-based compensation | 3,172 | 7,271 |
| Financing costs related to issuance of convertible promissory notes - related parties | — | 4,546 |
| Change in fair value of convertible promissory notes | 1,264 | — |
| Change in fair value of convertible promissory notes – related parties | 3,791 | 2,455 |
| 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 | (28,750) | — |
| Loss on disposal of property and equipment | 648 | 3 |
| Write-down of inventory to net realizable value | 1,779 | — |
| Loss on impairment and lease termination | — | 17,101 |
| Non-cash foreign exchange gain | (443) | (302) |
| Other | (178) | 96 |
| Changes in operating assets and liabilities: | ||
| Receivables under collaboration agreements | (379) | 577 |
| Inventory | (2,485) | — |
| Prepaid expenses and other current assets | (1,958) | (64) |
| Other non-current assets | (334) | — |
| Accounts payable | (121) | 391 |
| Deferred revenue | 322 | — |
| Accrued expenses | 5,478 | 49 |
| Operating lease liabilities | (980) | (897) |
| Net cash used in operating activities | (26,098) | (20,237) |
| Cash flows from investing activities: | ||
| Property and equipment expenditures | (3,397) | (284) |
| Net cash used in investing activities | (3,397) | (284) |
| 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 | 10,000 |
| Proceeds from stock option exercises | 123 | 6 |
| Financing costs related to issuance of convertible promissory notes | — | (46) |
| Principal paid on finance lease liability | — | (621) |
| Deferred transaction costs paid | (1,335) | — |
| Net cash provided by financing activities | 96,124 | 9,339 |
| Effects of exchange rate change on cash, cash equivalents and restricted cash | (77) | (53) |
| Net change in cash, cash equivalents and restricted cash | 66,552 | (11,235) |
| Beginning cash, cash equivalents and restricted cash | 29,772 | 51,421 |
| Ending cash, cash equivalents and restricted cash | $96,324 | $40,186 |
| Supplemental disclosures: | ||
| Cash paid during the year for: | ||
| Interest | $— | $448 |
| Leases | $1,490 | $2,535 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| 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 | $3,377 | $— |
| Deferred transaction settled through reverse recapitalization | $1,423 | $— |
| Contractual commitments included in prepaid expenses and other current assets and accrued expenses | $1,190 | $— |
| 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 | $95,436 | $36,938 |
| Restricted cash | 888 | 3,248 |
| Total cash, cash equivalents and restricted cash | $96,324 | $40,186 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.