NASDAQ: SONM
DNA X, Inc.CIK 0001178697 · SIC 3661 · Telephone & Telegraph Apparatus
We are a provider of crypto trading services to the public. Our services are available over the internet at www.dnax.us. We serve individual cryptocurrency traders around the world. Our products allow users to efficiently buy and sell cryptocurrencies with cash or cash equivalents, or to exchange… About this business →
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DNA X terminates up to $500M equity financing facility with Chardan Capital Markets
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DNA X faces Nasdaq delisting by June 2 as it raises $3M via convertible note secured by subsidiary
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net income $6.3M. DNA X exits phone business for crypto trading; going concern raised amid cash, control fight
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DNA X reports Q1 2026 financial results in routine earnings disclosure
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DNA X dismisses auditor after going concern warning and material control weakness
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DNA X announces Q4 2025 financial results via press release
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net income -$20.7M. DNA X (fka Sonim) sold phone business for, now runs crypto platform with 38.6% staff cut
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Latest financial statements
From 10-Q filed Aug 19, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Continuing operations | ||||
| Net revenues | — | — | — | — |
| Operating expenses | ||||
| General and administrative | 1,278 | 1,471 | 4,896 | 2,341 |
| Total operating expenses | 1,278 | 1,471 | 4,896 | 2,341 |
| Net loss from operations | (1,278) | (1,471) | (4,896) | (2,341) |
| Interest expense, net | (140) | (389) | (271) | (480) |
| Loss on remeasurement of derivative liability | (11) | — | (238) | — |
| Gain on extinguishment of debt | 191 | — | 191 | — |
| Equity income from DNA X LLC | — | — | 48 | — |
| Net loss from continuing operations before income taxes | (1,238) | (1,860) | (5,166) | (2,821) |
| Income tax benefit from continuing operations | — | — | — | — |
| Net loss from continuing operations | (1,238) | (1,860) | (5,166) | (2,821) |
| Discontinued operations | ||||
| Income (loss) from discontinued operations | (9) | (5,615) | 10,259 | (4,196) |
| Net income (loss) | (1,247) | (7,475) | 5,093 | (7,017) |
| Net income (loss) per share basic and diluted: | ||||
| Continuing operations* | (0.91) | (3.52) | (3.95) | (6.61) |
| Discontinued operations* | (0.01) | (10.63) | 7.84 | (9.82) |
| Net income (loss)* | (0.92) | (14.15) | 3.89 | (16.43) |
| Weighted-average shares used in computing net income (loss) per share: | ||||
| Basic | 1,350,914 | 528,367 | 1,308,227 | 426,962 |
| Diluted | 1,350,914 | 528,367 | 1,308,227 | 426,962 |
Consolidated Balance Sheets
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 900 | 1,303 |
| Receivable for cash held back from the asset sale | 1,248 | — |
| Receivable, related party | 15 | — |
| Prepaid expenses and other current assets | 759 | 676 |
| Current assets held for sale | — | 26,930 |
| Total Current assets | 2,922 | 28,909 |
| Investment in DNA X LLC under equity method | — | 1,242 |
| Identifiable intangible assets | 1,379 | — |
| Deferred tax assets | — | 1,441 |
| Other assets | 216 | 274 |
| Non-current assets held for sale | — | 12,032 |
| Total assets | 4,517 | 43,898 |
| Liabilities and stockholders’ deficit | ||
| Accounts payable | 683 | 4,030 |
| Accrued liabilities | 960 | 704 |
| Promissory note, net from related party | 2,400 | 1,035 |
| Promissory notes, net | — | 4,030 |
| Derivative liability | 797 | 171 |
| Income tax payable | 309 | 2,598 |
| Current liabilities held for sale | — | 38,057 |
| Total current liabilities | 5,149 | 50,625 |
| Deferred tax liability | 600 | — |
| Total liabilities | 5,749 | 50,625 |
| Commitments and contingencies (Note 10) | — | — |
| Redeemable common stock; $0.001 par value; 223,201 shares issued and outstanding; redemption value $1,228 as of December 31, 2025 (Note 7) | — | 1,228 |
| Stockholders’ deficit | ||
| Common stock, $0.001 par value per share; 1,000,000,000 shares authorized: and 1,488,268 and 1,265,067 shares issued and outstanding at June 30, 2026 and December 31, 2025 respectively* | 1 | 1 |
| Preferred stock, $0.001 par value per share, 5,000,000 shares authorized: and no shares issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital* | 297,674 | 296,309 |
| Accumulated deficit | (298,907) | (304,265) |
| Total stockholders’ deficit | (1,232) | (7,955) |
| Total liabilities, redeemable common stock, and stockholders’ deficit | 4,517 | 43,898 |
Condensed Consolidated Statement of Cash Flows (Unaudited)
(IN THOUSANDS)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 5,093 | (7,017) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Gain on sale of assets, net of cash | (15,311) | — |
| Depreciation and amortization | 134 | 1,852 |
| Stock-based compensation ($309 from continuing and $93 from discontinued operations for 2026 and all from discontinued operations for 2025-see Note 8) | 402 | 1,216 |
| Loss on remeasurement of derivative liability | 238 | — |
| Gain on extinguishment of debt | (191) | — |
| Release of customer allowance liability | — | (5,490) |
| Impairment of contract fulfillment assets | — | 1,084 |
| Investment income from DNA X LLC under the equity method | (48) | — |
| Other | — | 36 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 250 | 1,330 |
| Non-trade receivable | 94 | 152 |
| Deferred tax liability | 600 | — |
| Deferred tax asset | 1,364 | — |
| Inventory | 5,490 | 986 |
| Prepaid expenses and other current assets | 1,512 | (589) |
| Contract fulfillment assets | 129 | (4,383) |
| Other assets | (74) | (18) |
| Accounts payable | (2,672) | (2,265) |
| Accrued liabilities | (2,009) | (1,433) |
| Income tax payable | (468) | 51 |
| Net cash used in operating activities | (5,467) | (14,488) |
| Cash flows from investing activities: | ||
| Net cash received from asset sale | 3,358 | — |
| Additions to identifiable intangibles software assets | (94) | — |
| Net cash provided by investing activities | 3,264 | — |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock, net of issuance costs | — | 8,952 |
| Proceeds from promissory note, net of issuance costs | 1,800 | 2,790 |
| Repayments of short-term borrowings | — | (591) |
| Net cash provided by financing activities | 1,800 | 11,151 |
| Net decrease in cash and cash equivalents | (403) | (3,337) |
| Cash and cash equivalents at beginning of period | 1,303 | 5,343 |
| Cash and cash equivalents at end of period | 900 | 2,006 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 257 | 241 |
| Cash paid for income taxes | — | 28 |
| Supplemental disclosure of non-cash activities: | ||
| Repayment of notes payable from proceeds of asset sale | 5,476 | — |
| Receivable for cash held back from asset sale | 1,248 | — |
| Reclass of investment to intangibles, related party receivables, and accrued liabilities | 1,290 | — |
| Accrued bonus settled in equity | — | 1,215 |
Amounts as printed on the EDGAR/iXBRL face — (IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS); (IN THOUSANDS). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About DNA X, Inc.
Source: Item 1 (Business) from the 10-K filed April 15, 2026. Description as filed by the company with the SEC.
Item
1. Business.
Overview
We are a provider of crypto trading services to the public. Our services are available over the internet at www.dnax.us.
We serve individual cryptocurrency traders around the world. Our products allow users to efficiently buy and sell cryptocurrencies with
cash or cash equivalents, or to exchange one cryptocurrency for another cryptocurrency. Our platform allows users to execute strategies
between pairs of cryptocurrencies that allow them to swap between the currencies as the prices diverge or converge. This allows users
to automate strategies without the need to continuously monitor the market. We are developing products to increase the number of cryptocurrencies
that are available for trading on our platform and products the Company expects to bring in additional customers and drive additional revenue
from commissions and fees.
We are currently operating on a limited basis to monitor the platform and address
any bugs or performance issues. We plan to add additional features and products to the platform throughout 2026 as we execute our growth
strategy. We will continue to monitor the platform to ensure that it can handle the anticipated increase in trading volume.
We may use social media and traditional media to market our platform to potential customers. We may expand our marketing efforts as new
products become available to customers.
Prior to December 2025, when we acquired our platform, we operated under the name Sonim Technologies, Inc. and were
primarily focused on designing and manufacturing cell phones and mobile hotspots. We developed the software that ran on our products.
We completed the disposition of substantially all assets of our phone and hotspot business in January 2026.
Read full description ↓
Our
Products
Trading
and Swapping Cryptocurrencies
Our www.dnax.us website allows
users to trade or swap certain cryptocurrencies for other cryptocurrencies or for cash equivalent currencies. New customers can set up
an account on our website that will allow them to trade cryptocurrencies. The customer owns the assets before and after the trade and
commissions are automatically deducted from the trade. We do not take custody of any of our customers’ crypto assets. We employ
various security measures in an effort to protect our customers and ourselves from cyber threats. The trades on our platform are generally
completed immediately and there is no delay in settling the transactions.
Our platform allows anyone to set up an automated trading strategy and to buy one currency when the price ratio
with another currency is reached in one direction, and to sell the currency when the ratio is reached in the other direction. This allows
users to automatically trade and capture profits as cryptocurrencies trade with certain ranges. These strategies can be viewed by all
users and can be duplicated. Our platform maintains histories of the strategies that can be analyzed to develop new strategies. We generate
commission revenue from our users’ trading activity on our platform.
We are developing new products such as
products that are intended to allow users to loan out their cryptocurrencies in exchange for fees that are analogous to interest. We
are also working to expand our platform to provide users with the ability to trade additional cryptocurrencies.
Our
Strategy
The
three pillars of our go-forward strategy are as follows:
●
Demonstrate the trading strategies of existing users to show new users
how strategies can be implemented to capture profits. Keep a leaderboard to allow potential traders to see actual strategies being
implemented. Allow users to simulate trading to get familiar with how to use a strategy.
●
Add new products that will bring new users to our platform and provide us with additional opportunities to generate fees from new and existing users. Possible products are staking (borrowing assets to allow user to receive fees that are analogous to interest) and loaning funds from held customer assets.
●
Add additional cryptocurrencies that can be traded or swapped on the platform.
Our
Target Markets
We believe that anyone who owns cryptocurrencies can benefit from our platform.
And that those who do not own cryptocurrencies can learn how to profit from trading currencies and can use our platform to get started.
Sales
and Marketing
As of December 31, 2025, we have done minimal marketing for our trading
platform. Most of the growth of our platform has come through word of mouth and earned media on social media platforms. We plan on increasing
our marketing spend as we add new products and expand our platform to support new cryptocurrencies.
Competition
We operate in a highly competitive environment serving customers who trade
cryptocurrencies. We have positioned our services to be priced lower than our larger competitors. We monitor our competitors’ offerings,
and we will seek to implement features similar to other available platforms. Our fees are lower than our large
competitors and we believe that we have a model that keeps our costs as low as possible.
Intellectual
Property
We have obtained licenses for certain software that is incorporated into
our platform, and we pay fees to licensors that we report as cost of revenue. We have developed customizations to standard software that
we believe makes it difficult for others to duplicate our platform. We believe that our platform will provide a competitive advantage
over our competition as we add new customized features. We do not believe that our products infringe on the proprietary rights of any
third party. There can be no assurance, however, that third parties will not claim such infringement by us with respect to current or
future products.
For
further discussion of the risks in connection with each of the foregoing matters, see “