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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