Other Events ·
Datavault AI restates financials for four periods after Bitcoin accounting error reduces assets by up to $92.2M
DVLTDatavault AI Inc.
Datavault AI's Audit Committee concluded that previously issued financial statements for the years ended December 31, 2025, and quarters ended March 31, June 30, and September 30, 2026, should no longer be relied upon. The restatement stems from a $150 million equity purchase with Scilex paid in Bitcoin that failed to meet digital asset recognition criteria under ASC 842. Consequently, the transaction is reclassified as a subscription receivable, reducing total assets by $8.1 million, $92.2 million, $57.1 million, and $49.0 million for the respective periods. The company also reassesses its going concern evaluation due to the loss of Bitcoin liquidity and potential internal control deficiencies. Datavault AI operates in the artificial intelligence sector.