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Segment and Geographical Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographical Information

15. Segment and Geographical Information

The Company has determined that it operates in one operating segment and as a result, manages its operations and allocates resources as a single operating segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

30,778

 

 

$

22,370

 

 

$

102,182

 

 

$

51,758

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

(22,288

)

 

 

(14,599

)

 

 

(87,477

)

 

 

(42,959

)

Compensation(1)

 

 

(28,130

)

 

 

(19,955

)

 

 

(74,182

)

 

 

(59,958

)

Materials and consumables(1)

 

 

(18,014

)

 

 

(8,067

)

 

 

(55,729

)

 

 

(40,209

)

Contractors and outside services (1)

 

 

(3,695

)

 

 

(1,638

)

 

 

(11,231

)

 

 

(7,972

)

Depreciation and amortization(1)

 

 

(3,574

)

 

 

(2,598

)

 

 

(9,573

)

 

 

(7,287

)

Interest expense, net

 

 

1,334

 

 

 

(6,658

)

 

 

(9,067

)

 

 

(14,149

)

Change in fair value of warrant liability

 

 

(42,150

)

 

 

(341

)

 

 

(47,257

)

 

 

(372

)

Loss on extinguishment of debt

 

 

(30,400

)

 

 

—

 

 

 

(30,400

)

 

 

—

 

Other segment items(2)

 

 

(17,273

)

 

 

(9,304

)

 

 

(34,549

)

 

 

(25,866

)

Net loss and comprehensive loss

 

$

(133,412

)

 

$

(40,790

)

 

$

(257,283

)

 

$

(147,014

)

(1) Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses and exclude amounts included in the cost of sales.

(2) Other segment items included primarily related to building and utilities, software licenses and computer services, professional and consulting services fees, loss on disposal of fixed assets, other income, and provision for income taxes.

The measure of segment assets, including goodwill, is reported on the unaudited condensed consolidated balance sheets as total consolidated assets. Assets provided to the CODM are consistent with those reported on the unaudited condensed consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, and there are no other significant segment assets that would require disclosure or are regularly provided to the CODM.

The Company does not recognize revenue or hold material property and equipment outside of the United States for the three and nine months ended September 30, 2025, and as of September 30, 2025 and December 31, 2024, respectively.