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Segment Reporting (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Segment Reporting Information [Line Items] |  |
Summary of net loss and Adjusted EBITDA | 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.
| 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.
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 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 |
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 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 |

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