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Segment Reporting | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Segment Reporting Information [Line Items] |  |
Segment Reporting | Note 17. 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, key costs and expenses, net loss, and earnings before interest, tax, depreciation and amortization (“EBITDA”) and as further adjusted (“Adjusted EBITDA”), to make decisions regarding the allocation of resources and assessment of performance. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that it does not consider in its evaluation of ongoing operating performance from period to period. Net loss is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Amounts in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue |  | $ | 11,867 |  |  | $ | 781 |  |  | $ | 14,856 |  |  | $ | 1,553 |
Cost of revenue |  |  | (10,091 | ) |  |  | (476 | ) |  |  | (11,222 | ) |  |  | (1,039 | )
Employee costs |  |  | (17,175 | ) |  |  | (7,520 | ) |  |  | (51,498 | ) |  |  | (21,392 | )
Technology costs |  |  | (1,499 | ) |  |  | (974 | ) |  |  | (5,192 | ) |  |  | (1,580 | )
Depreciation and amortization |  |  | (364 | ) |  |  | (251 | ) |  |  | (1,011 | ) |  |  | (688 | )
Interest income, net |  |  | 693 |  |  |  | 1,273 |  |  |  | 1,406 |  |  |  | 1,677 |
Fair value changes and financing charges |  |  | (4,424 | ) |  |  | (15,488 | ) |  |  | (121,511 | ) |  |  | (25,130 | )
Other items (1) |  |  | (5,265 | ) |  |  | (2,952 | ) |  |  | (29,436 | ) |  |  | (7,904 | )
Net loss |  | $ | (26,258 | ) |  | $ | (25,607 | ) |  | $ | (203,608 | ) |  | $ | (54,503 | )
(1) | “Other items” includes marketing expense, professional fees, income tax expense, facilities costs, transaction costs, foreign exchange gains and losses, credit loss expense, and other overhead expenses.
The following reflects the Company’s EBITDA and Adjusted EBITDA:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(Amounts in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net loss |  | $ | (26,258 | ) |  | $ | (25,607 | ) |  | $ | (203,608 | ) |  | $ | (54,503 | )
Depreciation and amortization |  |  | 364 |  |  |  | 251 |  |  |  | 1,011 |  |  |  | 688 |
Provision for income taxes |  |  | 21 |  |  |  | 55 |  |  |  | 222 |  |  |  | 348 |
Interest income, net |  |  | (693 | ) |  |  | (1,273 | ) |  |  | (1,406 | ) |  |  | (1,677 | )
EBITDA |  |  | (26,566 | ) |  |  | (26,574 | ) |  |  | (203,781 | ) |  |  | (55,144 | )
Stock-based compensation |  |  | 9,486 |  |  |  | 359 |  |  |  | 28,092 |  |  |  | 1,042 |
Fair value changes and financing charges |  |  | 4,424 |  |  |  | 15,488 |  |  |  | 121,511 |  |  |  | 25,130 |
Transaction costs |  |  | — |  |  |  | 77 |  |  |  | 12,043 |  |  |  | 163 |
Non-cash inventory cost realignment adjustments |  |  | (112 | ) |  |  | 204 |  |  |  | (656 | ) |  |  | 179 |
Other adjustments (1) |  |  | 1,702 |  |  |  | (32 | ) |  |  | 3,419 |  |  |  | 66 |
Adjusted EBITDA |  | $ | (11,066 | ) |  | $ | (10,478 | ) |  | $ | (39,372 | ) |  | $ | (28,564 | )
(1) | “Other adjustments” includes, but is not limited to, other non-cash expenses, including foreign exchange gains and losses, and unusual or non-recurring expenses, including litigation expenses, financing advisory fees, and fines and penalties. The Company believes that these expenses are not reflective of its ongoing operating performance and excluding these costs provides a more meaningful comparison of its results of operations over comparative 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 September 30, 2025 |  |  | As of December 31, 2024 |
(Amounts in thousands) |  | Fixed Assets |  |  | ROU Assets |  |  | Fixed Assets |  |  | ROU Assets |
North America |  | $ | 814 |  |  | $ | 158 |  |  | $ | 1,095 |  |  | $ | 277 |
Asia Pacific |  |  | 397 |  |  |  | 948 |  |  |  | 913 |  |  |  | 1,175 |
United Kingdom |  |  | 54 |  |  |  | 586 |  |  |  | 73 |  |  |  | 321 |
Total |  | $ | 1,265 |  |  | $ | 1,692 |  |  | $ | 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 Kingdom 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. 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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