Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 7,454	$ (41,570)	$ (82,683)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	15,915	8,362	4,854
Depreciation and amortization	6,910	7,040	5,874
Amortization of debt discount costs and accretion of exit fees	0	341	540
Debt issuance costs on term loan expensed upon election of fair value option	0	453	0
Amortization of operating right-of-use assets	4,997	4,648	589
Loss on disposal of fixed assets	55	126	0
Change in fair value of common stock warrant liability	6,749	880	392
Change in fair value of redeemable convertible preferred stock warrant liability	615	84	48
Net gain on extinguishment of debt	0	(7,289)	0
Change in fair value of convertible notes	0	835	12,921
Change in fair value of term loan	3,953	1,481	0
Changes in operating assets and liabilities:
Accounts receivable	(16,908)	(15,619)	(2,588)
Inventories	(8,812)	(1,535)	(1,412)
Prepaid expenses and other current assets	(2,193)	(860)	2,232
Other non-current assets	(60)	(3,101)	491
Accounts payable	1,775	877	151
Accrued expenses and other current liabilities	2,578	697	733
Accrued commissions	1,156	905	387
Accrued compensation and employee benefits	4,132	5,859	737
Deferred revenue	672	(218)	3,024
Operating lease liabilities	(4,393)	(3,771)	38
Net cash provided by (used in) operating activities	24,595	(41,375)	(53,672)
Cash flows from investing activities:
Proceeds from maturities of certificates of deposit	0	0	90,000
Deposits paid for financing leases	0	(31)	(988)
Purchase of domain name	(41)	0	0
Purchases of property and equipment	(8,881)	(5,402)	(6,174)
Net cash provided by (used in) investing activities	(8,922)	(5,433)	82,838
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in connection with the Company’s initial public offering, net of underwriting discounts and commissions	292,044	0	0
Payments of deferred offering costs	(4,612)		0
Proceeds from issuance of debt, net	0	49,775	15,000
Repayment of debt upon extinguishment	0	(35,000)	0
Payment of exit fee and prepayment payable upon debt extinguishment	0	(1,688)	0
Principal payments on finance lease liabilities	(1,777)	(2,376)	(2,090)
Repurchase of common stock outstanding	0	(546)	0
Payment of debt issuance costs on term loan		(228)	0
Proceeds from exercise of stock options, net of repurchases	3,094	1,084	444
Proceeds from exercise of common stock warrants	25	0	0
Proceeds from repayment of promissory notes by executives	51	0	51
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs	0	129,996	0
Net cash provided by financing activities	288,825	141,017	13,405
Net increase in cash and cash equivalents	304,498	94,209	42,571
Cash and cash equivalents at beginning of year	191,477	97,268	54,697
Cash and cash equivalents at end of year	495,975	191,477	97,268
Supplemental cash flow disclosure:
Cash payments for interest	4,651	3,915	2,584
Cash paid for income taxes	487	9	0
Supplemental non-cash investing and financing activities:
Conversion of redeemable convertible preferred stock into shares of Class A common stock in connection with the Company’s initial public offering	419,409	0	0
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2,391	1,001	0
Issuance of Series C-1 redeemable convertible preferred stock upon settlement of convertible notes	0	39,886	0
Offering costs in accounts payable and accrued expenses and other current liabilities	504	0	0
Right-of-use assets obtained in exchange for new finance lease liabilities	0	395	2,795
Exercise of stock options for which cash has not been received	3	173	102
Settlement of common stock warrant liability	$ 845	$ 0	$ 0

BillionToOne, Inc. 10-K