XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.26.1

SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Schedule of Revenue By Geographic Area Based On Sales Location | The disaggregation of the Company’s revenue by geographic area based on the sales location where the sales originated was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
North America(1) | $ | 293,218 |  |  | $ | 218,369 |  |  | $ | 526,013 |  |  | $ | 441,267 |
Middle East(2) | 98,232 |  |  | 36,643 |  |  | 140,481 |  |  | 44,457 |
Other international | 13,897 |  |  | 4,420 |  |  | 21,318 |  |  | 8,756 |
Total revenue | $ | 405,347 |  |  | $ | 259,432 |  |  | $ | 687,812 |  |  | $ | 494,480 |
(1) U.S. revenue was $284.4 million and $509.7 million for the three and six months ended June 30, 2026, respectively, and $212.7 million and $431.1 million for the same periods in the prior year, respectively. (2) Kingdom of Saudi Arabia revenue was $98.2 million and $140.2 million for the three and six months ended June 30, 2026, respectively, and $35.9 million and $43.4 million for the same periods in the prior year, respectively.
Schedule of Segment Revenue, Segment Profit or Loss, and Significant Segment Expenses | The following table included information about reported segment revenue, segment profit or loss, and significant segment expenses (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenue | $ | 405,347 |  |  | $ | 259,432 |  |  | $ | 687,812 |  |  | $ | 494,480 |
Less: |  |  |  |  |  |  |
Cost of revenue - excluding LCNRV and provision for warranty | (514,194) |  |  | (332,144) |  |  | (851,400) |  |  | (631,756) |
Cost of revenue - LCNRV | (299,706) |  |  | (184,679) |  |  | (537,559) |  |  | (336,315) |
Cost of revenue - provision for warranty | (18,172) |  |  | (14,960) |  |  | (37,283) |  |  | (27,272) |
Research and development expenses | (321,336) |  |  | (273,839) |  |  | (657,006) |  |  | (525,085) |
Selling, general, and administrative expenses | (300,432) |  |  | (256,857) |  |  | (604,608) |  |  | (469,032) |
Workforce reduction charges | (33,675) |  |  | — |  |  | (71,609) |  |  | — |
Change in fair value of common stock warrant liability | — |  |  | 5,322 |  |  | — |  |  | 18,183 |
Change in fair value of equity securities | 549 |  |  | 3,948 |  |  | (9,672) |  |  | (9,505) |
Change in fair value of derivative liabilities and subscription agreements associated with redeemable convertible preferred stock (related party) | 102,790 |  |  | 111,475 |  |  | 110,165 |  |  | 393,175 |
Gain on extinguishment of debt | — |  |  | 116,360 |  |  | — |  |  | 116,360 |
Interest income | 9,634 |  |  | 44,318 |  |  | 22,738 |  |  | 96,527 |
Interest expense | (47,817) |  |  | (23,749) |  |  | (88,890) |  |  | (35,632) |
Other income (expense), net | (16,789) |  |  | 3,572 |  |  | (24,656) |  |  | 6,537 |
Benefit from (provision for) income taxes | (1,050) |  |  | 2,369 |  |  | (1,227) |  |  | 3,732 |
Segment net loss | (1,034,851) |  |  | (539,432) |  |  | (2,063,195) |  |  | (905,603) |
Consolidated net loss | $ | (1,034,851) |  |  | $ | (539,432) |  |  | $ | (2,063,195) |  |  | $ | (905,603) |
Schedule of Long-Lived Assets by Geographic Areas | The long-lived assets by geographic area were as follows (in thousands):
| June 30, 2026 |  | December 31, 2025
United States | $ | 3,510,683 |  |  | $ | 3,487,142 |
Foreign(1) | 961,177 |  |  | 732,964 |
Total long-lived assets | $ | 4,471,860 |  |  | $ | 4,220,106 |
(1) Kingdom of Saudi Arabia long-lived assets balance was $899.1 million and $658.6 million as of June 30, 2026 and December 31, 2025. No other individual foreign country had more than 10% of the total long-lived assets balance as of June 30, 2026 and December 31, 2025.

X
- Definition Tabular disclosure of long-lived asset located in country of domicile and foreign country in which asset is held if it is not provided as part of reportable segment information. Long-lived asset excludes financial instrument, long-term customer relationship of financial institution, mortgage and other servicing rights, deferred policy acquisition cost, and deferred tax asset. Includes, but is not limited to, subtotal of geographical information about group of countries. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of profit (loss) by reportable segment to consolidated profit (loss). Includes, but is not limited to, reconciliation of income (loss) before income tax expense (benefit) and after income tax if income tax is allocated to reportable segment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue attributed to and long-lived asset located in country of domicile and foreign country from which revenue is derived and in which asset is held, if it is not provided as part of reportable segment information. Long-lived asset excludes financial instrument, long-term customer relationship of financial institution, mortgage and other servicing rights, deferred policy acquisition cost, and deferred tax asset. Includes, but is not limited to, subtotal of geographical information about group of countries. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration