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Segment Reporting | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Segment Reporting Information [Line Items] |  |
Segment Reporting | Note 16. Segment Reporting The Company operates as a single reportable segment, and manages the business and evaluates financial performance on a consolidated basis. The CODM regularly receives and reviews consolidated financial results focusing primarily on revenue, costs and expenses, and net loss from the consolidated statements of operations to make decisions regarding the allocation of resources and assessment of performance. The Company has determined that net loss and earnings before interest, tax, depreciation and amortization (“EBITDA”) adjusted for irregular or non-recurring items (“Adjusted EBITDA”) are the profit or loss measures that the CODM uses to make resource allocation decisions and evaluate segment performance. Adjusted EBITDA assists management in comparing the performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations and, therefore, are not included in measuring performance. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider in our evaluation of ongoing operating performance from period to period. 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.
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 |
| Note 16. Segment Reporting The Company operates as a single reportable segment, manages the business, and evaluates financial performance on a consolidated basis. The CODM regularly receives and reviews consolidated financial results focusing primarily on revenue, costs and expenses, and net loss from the consolidated statements of operations to make decisions regarding the allocation of resources and assessment of performance. 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.
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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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