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Segments, Geographical Information, Concentrations and Significant Customers | 6 Months Ended
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Jun. 30, 2025
Segments, Geographical Information, Concentrations and Significant Customers |
Segments, Geographical Information, Concentrations and Significant Customers | (12) Segments, Geographical Information, Concentrations and Significant Customers ​ In addition to consolidated net income (loss), our Chief Operating Decision Maker (CODM), the Chief Executive Officer, reviews and utilizes natural expenses such as employee wages and benefits at a consolidated level and capital expenditures including fixed asset additions to manage the Company’s operations and strategic growth initiatives. The measure of segment assets is reported in the balance sheet as total consolidated assets. The following table sets forth our segment information of revenue, expenses and net income (loss) (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
Revenue | ​ | $ | 1,801 | ​ | $ | 3,086 | ​ | $ | 3,273 | ​ | $ | 6,138
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and employee related costs | ​ | ​ | 7,930 | ​ | ​ | 6,721 | ​ | ​ | 16,862 | ​ | ​ | 13,458
Stock-based compensation | ​ | ​ | 3,554 | ​ | ​ | 3,287 | ​ | ​ | 7,728 | ​ | ​ | 6,278
Rent and facilities | ​ | ​ | 1,495 | ​ | ​ | 2,020 | ​ | ​ | 2,834 | ​ | ​ | 3,902
Professional services and legal fees | ​ | ​ | 2,339 | ​ | ​ | 1,625 | ​ | ​ | 5,252 | ​ | ​ | 3,312
Technology & IT costs | ​ | ​ | 1,225 | ​ | ​ | 1,062 | ​ | ​ | 2,548 | ​ | ​ | 2,109
Direct and indirect materials | ​ | ​ | 570 | ​ | ​ | 609 | ​ | ​ | 1,263 | ​ | ​ | 1,015
Depreciation and amortization expense | ​ | ​ | 1,894 | ​ | ​ | 1,547 | ​ | ​ | 3,723 | ​ | ​ | 3,334
Interest expense | ​ | ​ | — | ​ | ​ | 969 | ​ | ​ | — | ​ | ​ | 2,076
Other segment items(1) | ​ | ​ | 22,448 | ​ | ​ | (2,333) | ​ | ​ | (39,902) | ​ | ​ | 3,848
Segment and net income (loss) | ​ | $ | (39,654) | ​ | $ | (12,421) | ​ | $ | 2,965 | ​ | $ | (33,194)
(1)Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the condensed consolidated statements of operations. ​ The following table presents a summary of our segment fixed asset additions (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2025 |  | 2024 | ​ | 2025 |  | 2024
Quantum computing fridges | ​ | $ | 2,623 | ​ | $ | 2,197 | ​ | $ | 4,334 | ​ | $ | 3,257
Process equipment | ​ | ​ | 219 | ​ | ​ | — | ​ | ​ | 682 | ​ | ​ | 6
Leasehold improvements | ​ | ​ | 110 | ​ | ​ | 34 | ​ | ​ | 194 | ​ | ​ | 51
IT hardware | ​ | ​ | 263 | ​ | ​ | 110 | ​ | ​ | 352 | ​ | ​ | 209
Construction in progress and other assets | ​ | ​ | 1,400 | ​ | ​ | 246 | ​ | ​ | 2,465 | ​ | ​ | 1,047
Total property and equipment | ​ | $ | 4,615 | ​ | $ | 2,587 | ​ | $ | 8,027 | ​ | $ | 4,570
​ The following table presents a summary of revenue by geography (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024
United States | ​ | $ | 967 | ​ | $ | 2,156 | ​ | $ | 1,352 | ​ | $ | 4,315
Europe | ​ | ​ | 771 |  | ​ | 407 | ​ | ​ | 1,784 | ​ | ​ | 1,300
Asia and others | ​ | ​ | 63 | ​ | ​ | 523 | ​ | ​ | 137 | ​ | ​ | 523
Total revenue | ​ | $ | 1,801 |  | $ | 3,086 | ​ | $ | 3,273 | ​ | $ | 6,138
​ Revenues from external customers are attributed to individual countries based on the physical location in which the services are provided or the particular customer location with whom the Company has contracted. ​ Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company’s cash and cash equivalents are placed with high-credit-quality financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents. ​ Significant customers that represent 10% or more of revenue are set forth in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 | ​ | 2024 |  | 2025 |  | 2024
Customer A |  | * | ​ | 22% | ​ | * | ​ | 19%
Customer B | ​ | 20% | ​ | * | ​ | 17% | ​ | 10%
Customer C |  | 27% | ​ | * | ​ | 15% | ​ | 20%
Customer D |  | 39% | ​ | 11% | ​ | 53% | ​ | 27%
Customer E | ​ | * | ​ | 26% | ​ | * | ​ | *
Customer F |  | * | ​ | 17% | ​ | * | ​ | *
* Customer accounted for less than 10% of revenue in the respective periods. ​ During the three and six months ended June 30, 2025, sales to government entities comprised 91.7% and 90.7% of the Company’s total revenue, respectively. During the three and six months ended June 30, 2024, sales to government entities comprised 79.5% and 88.4% of the Company’s total revenue, respectively. ​ Significant customers that represent 10% or more of accounts receivable are set forth in the following table: ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
Customer A |  | * | ​ | *
Customer B |  | 41% | ​ | 15%
Customer C |  | 26% | ​ | 23%
Customer D | ​ | * | ​ | 26%
Customer E | ​ | * | ​ | 31%
Customer F | ​ | 28% | ​ | *
* Customer accounted for less than 10% of accounts receivable in the respective periods.

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