A 97% cash drawdown
Six months is a long time when your cash is draining. AIxCrypto went from $19.33 million in cash and equivalents on Dec. 31 to $577,328 on June 30, and there's no revenue coming in to slow the slide. The first-half net loss came to $10.27 million. Operating activities consumed $7.94 million. The company has no debt for borrowed money, but its current liabilities of $1.72 million are almost three times what it has on hand.
$12 million to its own controlling stockholder
A chunk of that cash went to Faraday Future, which is AIxCrypto's controlling majority stockholder. The company recorded a $12 million financing outflow for Faraday Future securities — $500,000 of Class A common stock and $11.5 million of Series C preferred stock — through an entrusted arrangement with Gold King Arthur Holding Limited. In other words, the parent took $12 million out of the startup's shrinking pile.
A crypto book that shrank with bitcoin
AIxCrypto's digital assets fell to $5.21 million in fair value from $10.25 million at year-end, and the company booked a $2.93 million net loss on those holdings during the half. Bitcoin accounted for $2.70 million, or about 52%, of the June 30 portfolio, so the balance sheet moves with the market's largest token.
A $50 million lifeline, capped for now
AIxCrypto has announced a common-stock purchase agreement that could provide up to $50 million. It's a maximum commitment, not cash in hand, and it's subject to conditions and shareholder approval. The mechanics are punishing for existing holders: purchases price at 93% of a three-day low volume-weighted average, with a separate 3% draw fee on top. Issuance is capped at 4,044,975 shares until shareholders sign off — a guardrail that keeps dilution from running wild before the vote.
RoboShare has an August target
The company launched RoboShare and its website in June, aiming for initial marketplace activity this month and revenue in the third quarter. There is no recognized revenue yet, and AIxCrypto hasn't shown it can generate any. With $577,000 in cash against $1.72 million in liabilities, the next few months will tell
