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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

17. SEGMENT INFORMATION

The Company operates as one operating segment as its Chairman and Chief Executive Officer, who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Consolidated net loss as reported on the condensed consolidated statements of operations is used to evaluate performance and allocate resources. The following table presents revenue, significant expenses, and segment profit and loss (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses excluding stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

 

17,006

 

 

 

5,183

 

 

 

26,770

 

 

 

12,160

 

Research and development

 

 

34,532

 

 

 

19,271

 

 

 

84,218

 

 

 

58,910

 

Sales and marketing

 

 

7,881

 

 

 

3,701

 

 

 

17,440

 

 

 

11,311

 

General and administrative

 

 

52,133

 

 

 

7,923

 

 

 

98,057

 

 

 

23,177

 

Stock-based compensation

 

 

72,945

 

 

 

24,567

 

 

 

205,366

 

 

 

67,607

 

Depreciation and amortization

 

 

24,182

 

 

 

4,890

 

 

 

41,359

 

 

 

13,150

 

Other segment items:

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on change in fair value of warrant liabilities

 

 

881,847

 

 

 

3,868

 

 

 

882,930

 

 

 

(11,398

)

Interest income, net

 

 

(14,437

)

 

 

(4,508

)

 

 

(26,469

)

 

 

(14,108

)

Offering costs associated with warrants

 

 

22,847

 

 

 

—

 

 

 

22,847

 

 

 

—

 

Other (income) expense, net

 

 

980

 

 

 

(15

)

 

 

697

 

 

 

164

 

Income tax (benefit) expense

 

 

(4,438

)

 

 

16

 

 

 

(19,695

)

 

 

39

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)