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Segments, Geographical Information, Concentrations and Significant Customers

9 Months Ended

Sep. 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 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 loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	1,947	$	2,378	$	5,220	$	8,516
Less:
Salaries and employee related costs		7,959		7,195		24,821		20,653
Stock-based compensation		4,299		3,427		12,027		9,705
Rent and facilities		1,391		1,663		4,225		5,566
Professional services and legal fees		1,726		1,475		6,978		4,787
Technology & IT costs		1,196		1,295		3,744		3,404
Direct and indirect materials		1,037		646		2,300		1,661
Depreciation and amortization expense		2,074		1,821		5,797		5,155
Interest expense		—		733		—		2,809
Other segment items⁽¹⁾		183,233		(1,044)		143,331		2,803
Segment and net loss	$	(200,968)	$	(14,833)	$	(198,003)	$	(48,027)

(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 revenue by geography (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	1,260	$	1,548	$	2,612	$	5,688
Europe		687		767		2,471		2,241
Asia and others		—		63		137		587
Total revenue	$	1,947	$	2,378	$	5,220	$	8,516

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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Customer A	*	17%	*	19%
Customer B	32%	14%	23%	11%
Customer C	13%	*	14%	*
Customer D	32%	32%	45%	23%
Customer E	*	*	*	20%
Customer F	10%	15%	*	*
Customer G	*	14%	*	*

* Customer accounted for less than 10% of revenue in the respective periods.

During the three and nine months ended September 30, 2025, sales to government entities comprised 92.6% and 91.4% of the Company’s total revenue, respectively. During the three and nine months ended September 30, 2024, sales to government entities comprised 95.8% and 92.5% of the Company’s total revenue, respectively.

Significant customers that represent 10% or more of accounts receivable are set forth in the following table:


	September 30, 2025	December 31, 2024
Customer A	19%	15%
Customer B	37%	23%
Customer C	*	26%
Customer D	*	31%
Customer E	32%	*

* Customer accounted for less than 10% of accounts receivable in the respective periods.