Warrants |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Warrants | Warrants
Public Warrants – As of June 30, 2026 there were 11,779,167 Public Warrants outstanding. For every 2,592 Public Warrants, the holder is entitled to purchase one share of Common Stock at a price of $11.50, subject to adjustment. The Public Warrants expire on September 9, 2027, or earlier upon redemption or liquidation. Our Public Warrants are listed on Nasdaq under the symbol “KITTW”.
The Public Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $105 and $1,612, respectively, based on their publicly-traded price.
For the three months ended June 30, 2026 and 2025, the Company reported a gain and loss in value of Public Warrants of $1,664 and $11,465, respectively. For the six months ended June 30, 2026 and 2025, the Company reported a gain and loss in value of the Public Warrants of $1,507 and $22,698, respectively. The change in fair value of the Public Warrants was reported within other (income) expense in our condensed consolidated statements of operations.
Private Warrants – As of June 30, 2026 there were 4,020,833 Private Warrants outstanding, which are not publicly traded. For every 2,592 Private Warrants, the holder is entitled to purchase one share of Common Stock at an exercise price of $11.50.
The Private Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $51 and $589, respectively. The fair value of the Private Warrants at June 30, 2026 was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $1.23, no assumed dividends, a risk-free rate of 4.0%, implied volatility of 284.6%, and a remaining term of 1.19 years. The gain in fair value of the Private Warrants during the three months ended June 30, 2026 and 2025 was $596 and $1,179, respectively. The gain and loss in fair value of the Private Warrants during the six months ended June 30, 2026 and 2025 was $538 and $3,798, respectively. The change in fair value of the Private Warrants was reported with other (income) expense in our consolidated statements of operations.
SPA Warrants – As of June 30, 2026, there were 1,480 SPA warrants outstanding. Each whole SPA Warrant is exercisable for one share of Common Stock.
The SPA Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of June 30, 2026 and December 31, 2025 at $1,781 and $9,080, respectively, and were estimated using a Black-Scholes valuation model using the following assumptions: stock price $1.23, implied volatility of 152.0%, and remaining term of 6.25 years. The change in the value of the SPA Warrants during the three months ended June 30, 2026 and 2025 was a gain of $4,065 and $1,499, respectively. The change in fair value of SPA Warrants during the six months ended June 30, 2026 and 2025 was a gain of $7,299 and $68,627 respectively. The change in fair value of SPA Warrants was reported with other (income) expense in our condensed consolidated statements of operations.
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