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Segment and Geographical Information | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment and Geographical Information | 18. Segment and Geographical Info rmation The Company has determined that it operates in one ope rating 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. In the first quarter of fiscal 2026, the Company refined its segment reporting to better reflect how the CODM evaluates segment performance. Prior period segment results have been recast to conform to the current period presentation. The following table includes the significant expense categories and amounts that are regularly provided to the CODM:
|  | For the Three Months Ended March 31, |
|  | 2026 |  |  | 2025 (Recast) |
Revenue |  | $ | 80,879 |  |  | $ | 55,855 |
Less: |  |  |  |  |  |
Stock-based compensation expense |  |  | (12,512 | ) |  |  | (431 | )
Depreciation and amortization(1) |  |  | (11,453 | ) |  |  | (3,996 | )
Amortization of acquired intangibles |  |  | (5,000 | ) |  |  | — |
Cost of sales(2) |  |  | (61,625 | ) |  |  | (52,651 | )
Research and development(3) |  |  | (57,037 | ) |  |  | (44,936 | )
Selling, general, and administrative(4) |  |  | (26,934 | ) |  |  | (9,932 | )
Interest income |  |  | 5,974 |  |  |  | 1,028 |
Interest expense |  |  | (3,682 | ) |  |  | (6,192 | )
Change in fair value of warrant liability |  |  | (3,684 | ) |  |  | 3,073 |
One-time costs related to the IPO(6) |  |  | — |  |  |  | (2,453 | )
Transaction-related expenses |  |  | (1,909 | ) |  |  | — |
Gain on settlement of contingent liabilities |  |  | 381 |  |  |  | — |
Provision for income taxes |  |  | (67 | ) |  |  | — |
Other (expense) income, net(5) |  |  | (7 | ) |  |  | 542 |
Consolidated net loss |  | $ | (96,676 | ) |  | $ | (60,093 | )
(1) Depreciation and amortization excludes the amortization of acquired intangibles, which is presented separately. (2) Cost of sales excludes depreciation and amortization, and interest expense, which are presented separately. (3) Research and development excludes depreciation and amortization, and stock-based compensation expense, which are presented separately. (4) Selling, general, and administrative excludes depreciation and amortization, amortization of acquired intangibles, stock-based compensation expense, one-time costs related to the IPO, and transaction-related expenses, which are presented separately. (5) Other (expense) income, net, excludes interest income, interest expense, change in fair value of warrant liability, and gain on settlement of contingent liabilities, which are presented separately. (6) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be netted against the gross proceeds of the offering and that are not expected to recur in the future. 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 short-term investments, and there are no other significant segment assets that would require disclosure or are regularly provided to the CODM. The Company did no t recognize revenue or hold material property and equipment outside of the United States for the three months ended March 31, 2026 and 2025, and as of March 31, 2026 and December 31, 2025, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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