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Net Loss Per Share | 6 Months Ended
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Jun. 30, 2025
Net Loss Per Share [Abstract] |
NET LOSS PER SHARE | NOTE 11 — NET LOSS PER SHARE The following presents the calculation of basic and diluted loss per share for the three and six months ended June 30, 2025 and 2024:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Basic and Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |
Net loss attributable to the Company |  | $ | (28,274,027 | ) |  | $ | (11,575,542 | ) |  | $ | (15,188,220 | ) |  | $ | (24,005,787 | )
Preferred shares redemption value accretion |  |  | – |  |  |  | (11,096,312 | ) |  |  | (21,702,737 | ) |  |  | (1,098,804,125 | )
Fair value of ordinary shares issued to preferred shareholders |  |  | (513,080,828 | ) |  |  | – |  |  |  | (513,080,828 | ) |  |  | – |
Fair value of ordinary share warrants issued to preferred shareholders |  |  | (15,600,000 | ) |  |  | – |  |  |  | (15,600,000 | ) |  |  | – |
Excess carrying value of preferred shares repurchased |  |  | 38,093,537 |  |  |  | – |  |  |  | 38,093,537 |  |  |  | – |
Net loss attributable to ordinary shareholders |  |  | (518,861,318 | ) |  |  | (22,671,854 | ) |  |  | (527,478,248 | ) |  |  | (1,122,809,912 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding - basic and diluted |  |  | 431,390,035 |  |  |  | 138,878,054 |  |  |  | 286,155,488 |  |  |  | 138,346,243 |
Basic and diluted loss per share |  | $ | (1.20 | ) |  | $ | (0.16 | ) |  | $ | (1.84 | ) |  | $ | (8.12 | )
The following table summarizes potential ordinary shares outstanding that were excluded from the calculation of diluted net loss per ordinary share, because their effect would have been anti-dilutive:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Options |  |  | 33,057,765 |  |  |  | 33,534,491 |  |  |  | 33,057,765 |  |  |  | 33,534,491 |
RSAs |  |  | 8,079,896 |  |  |  | 5,678,013 |  |  |  | 8,079,896 |  |  |  | 5,678,013 |
RSUs |  |  | 8,046,477 |  |  |  | 7,678,486 |  |  |  | 8,046,477 |  |  |  | 7,678,486 |
Public warrants |  |  | 9,675,386 |  |  |  | – |  |  |  | 9,675,386 |  |  |  | – |
Convertible redeemable preferred shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series A-1 |  |  | – |  |  |  | 50,997,533 |  |  |  | – |  |  |  | 50,997,533 |
Series A-2 |  |  | – |  |  |  | 47,849,869 |  |  |  | – |  |  |  | 47,849,869 |
Series A-3 |  |  | – |  |  |  | 9,503,120 |  |  |  | – |  |  |  | 9,503,120 |
Series B-1 |  |  | – |  |  |  | 44,047,138 |  |  |  | – |  |  |  | 44,047,138 |
Series B-2 |  |  | – |  |  |  | 30,539,060 |  |  |  | – |  |  |  | 30,539,060 |
Series B-3 |  |  | – |  |  |  | 7,054,530 |  |  |  | – |  |  |  | 7,054,530 |
Series C |  |  | – |  |  |  | 45,971,349 |  |  |  | – |  |  |  | 45,971,349 |
Series D |  |  | – |  |  |  | 43,548,544 |  |  |  | – |  |  |  | 43,548,544 |
Total convertible redeemable preferred shares |  |  | – |  |  |  | 279,511,143 |  |  |  | – |  |  |  | 279,511,143 |
Total potential ordinary shares outstanding |  |  | 58,859,524 |  |  |  | 326,402,133 |  |  |  | 58,859,524 |  |  |  | 326,402,133 |

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