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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company operates in one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM is its Chief Executive Officer. The Company derives segment revenue primarily from the sale of EVs to customers, and the Company’s reported measure of the segment’s profit or loss is the consolidated net loss reported in the condensed consolidated statements of operations and comprehensive loss. The CODM uses the consolidated net loss for monitoring actual results to assess the Company’s financial performance. The Company’s CODM does not evaluate its reportable segment using asset information. 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. 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) |
Depreciation and amortization expenses were $122.2 million and $238.6 million for the three and six months ended June 30, 2026, respectively, and $111.1 million and $209.0 million for the same periods in the prior year, respectively. 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.

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