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Segment Reporting (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Segment Reporting Information [Line Items] |  |
Schedule of segment assets reported on the consolidated balance sheet |  | The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. Long-lived and ROU assets located in the United States, Asia Pacific and United Kingdon region were as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Fixed Assets |  |  | ROU Assets |  |  | Fixed Assets |  |  | ROU Assets |
United States |  | $ | 1,095 |  |  | $ | 277 |  |  | $ | 368 |  |  | $ | 421 |
Asia Pacific |  |  | 913 |  |  |  | 1,175 |  |  |  | 1,038 |  |  |  | 1,477 |
United Kingdom |  |  | 73 |  |  |  | 321 |  |  |  | 149 |  |  |  | 525 |
Total |  | $ | 2,081 |  |  | $ | 1,773 |  |  | $ | 1,555 |  |  | $ | 2,423 |
Summary of net loss and Adjusted EBITDA | Net loss is as follows:
|  | Three Months Ended March 31, |
(Amounts in thousands) |  | 2025 |  |  | 2024 |
Revenue |  | $ | 1,007 |  |  | $ | 549 |
Cost of revenue |  |  | (327 | ) |  |  | (306 | )
Employee costs |  |  | (19,081 | ) |  |  | (5,700 | )
Technology costs |  |  | (2,417 | ) |  |  | (360 | )
Depreciation and amortization |  |  | (191 | ) |  |  | (253 | )
Net interest (income)/expense |  |  | 399 |  |  |  | (229 | )
Fair value changes and financing charges |  |  | (109,530 | ) |  |  | (8,166 | )
Other segment items (a) |  |  | (17,621 | ) |  |  | (2,278 | )
Net loss |  | $ | (147,761 | ) |  | $ | (16,743 | )
(a) | Other segment items includes marketing expense, professional fees, income tax expense, facilities costs, foreign currency exchange gains and losses, credit loss expense, and other overhead expenses
The following reflects our Adjusted EBITDA:
|  | Three Months Ended March 31, |
(Amounts in thousands) |  | 2025 |  |  | 2024 |
Net loss |  | $ | (147,761 | ) |  | $ | (16,743 | )
Depreciation and amortization |  |  | 191 |  |  |  | 253 |
Provision for income taxes |  |  | 162 |  |  |  | 162 |
Other expenses, net |  |  | 109,578 |  |  |  | 8,444 |
EBITDA |  |  | (37,830 | ) |  |  | (7,884 | )
Stock-based compensation |  |  | 11,040 |  |  |  | 337 |
Non-cash inventory cost realignment adjustments |  |  | (625 | ) |  |  | (25 | )
Other non-recurring expenses (a) |  |  | 12,035 |  |  |  | 45 |
Adjusted EBITDA |  | $ | (15,380 | ) |  | $ | (7,527 | )
(a) | Includes, but not limited to, legal, accounting and consulting fees incurred in connection with the Merger. These costs are non-recurring and are not reflective of our ongoing operating performance. Management believes that excluding these costs provides a more meaningful comparison of our performance to prior periods.
| Net loss for the years ended December 31, 2024 and 2023 is as follows (in thousands):
|  | 2024 |  |  | 2023 |
Revenue |  | $ | 1,554 |  |  | $ | 3,856 |
Less: Costs and expenses |  |  |  |  |  |  |  |
Cost of sales |  |  | 579 |  |  |  | 3,656 |
Employee costs |  |  | 31,981 |  |  |  | 23,773 |
Technology costs |  |  | 4,694 |  |  |  | 2,693 |
Depreciation and amortization |  |  | 886 |  |  |  | 2,040 |
Net interest (income)/expense |  |  | (1,903 | ) |  |  | 255 |
Fair value changes and financing charges |  |  | 16,187 |  |  |  | 49,454 |
Other segment items (a) |  |  | 10,325 |  |  |  | 9,574 |
Net loss |  | $ | (61,195 | ) |  | $ | (87,589 | )
* | Other segment items included in segment net loss includes marketing expense, professional fees, income tax expense, facilities costs, foreign currency exchange gains and losses, credit loss, and other overhead expenses.
Summary of long-lived and ROU assets | The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Long-lived and ROU assets were located as follows:
|  | As of March 31, 2025 |  |  | As of December 31, 2024 |
(Amounts in thousands) |  | Fixed Assets |  |  | ROU Assets |  |  | Fixed Assets |  |  | ROU Assets |
United States |  | $ | 1,043 |  |  | $ | 238 |  |  | $ | 1,095 |  |  | $ | 277 |
Asia Pacific |  |  | 934 |  |  |  | 1,116 |  |  |  | 913 |  |  |  | 1,175 |
United Kingdom |  |  | 77 |  |  |  | 269 |  |  |  | 73 |  |  |  | 321 |
Total |  | $ | 2,054 |  |  | $ | 1,623 |  |  | $ | 2,081 |  |  | $ | 1,773 |

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