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Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment and Geographic Information  
Segment and Geographic Information

NOTE 17 — Segment and Geographic Information

The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM uses operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow operating income and the allocation of budget between cost of goods sold, research and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024:

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For the Three Months Ended June 30, 

 

For the Six Months Ended June 30, 

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​

2025

    

2024

    

2025

    

2024

Revenue

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$

864,053

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$

522,166

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$

1,229,524

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$

522,166

Cost of goods sold

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622,499

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448,095

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861,091

​

 

448,095

Gross margin

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​

241,554

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​

74,071

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​

368,433

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​

74,071

Operating expenses:

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​

​

 

​

​

 

​

​

 

​

General and administrative expenses

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1,984,659

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1,374,786

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6,748,375

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2,485,015

Research and development expenses

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1,297,968

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914,619

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2,316,320

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1,789,961

Depreciation and amortization

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8,898

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8,120

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17,113

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16,239

Total operating expenses

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3,291,525

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2,297,525

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9,081,808

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4,291,215

Loss from operations

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(3,049,971)

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(2,223,454)

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(8,713,375)

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(4,217,144)

Other income (expense):

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​

​

 

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​

​

 

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Change in fair value of derivative liabilities

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—

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(33,754)

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(827,445)

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(575,393)

Change in fair value of warrant liabilities

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—

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(435,469)

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223,162

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(13,478,661)

Change in fair value of pledged security

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​

(1,185,528)

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​

—

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(1,185,528)

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​

—

Change in earnout liability

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​

17,000

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​

—

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(13,000)

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​

—

Transaction costs expensed

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​

(8,502,003)

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​

—

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​

(18,167,007)

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​

—

Gain on settlement of forward purchase agreement

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​

—

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—

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​

1,406,669

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​

—

Other expense:

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—

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(30,195)

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—

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(16,176)

Interest expense

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(631,591)

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(2,984,232)

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(1,355,058)

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​

(5,857,183)

Gains (loss) from extinguishment of debt, net

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(7,771,709)

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—

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4,820,343

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—

Total other expense:

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(18,073,831)

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(3,483,650)

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(15,097,864)

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(19,927,413)

Loss before income taxes

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(21,123,802)

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(5,707,104)

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$

(23,811,239)

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$

(24,144,557)

Provision for income taxes

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—

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—

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—

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—

Net loss

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$

(21,123,802)

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$

(5,707,104)

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$

(23,811,239)

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$

(24,144,557)

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