v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

Note 16. Segment Information

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. The CODM uses net loss as the measure of profit and loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company's condensed consolidated statements of operations. Financial forecasts and budget to actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the table below on net loss.

The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than as presented in the Company's condensed consolidated balance sheets.

The table below presents the Company's consolidated operating results including segment expenses (in thousands):

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Net revenues

 

$

3,368

 

 

$

2,107

 

Less:

 

 

 

 

 

 

Stock-based compensation expense (1)

 

 

4,564

 

 

 

5,261

 

Cost of revenue (excluding 1)

 

 

3,027

 

 

 

3,397

 

Research and development expenses (excluding 1)

 

 

18,592

 

 

 

21,023

 

General and administrative expenses (excluding 1)

 

 

5,841

 

 

 

7,504

 

Selling and marketing expenses (excluding 1)

 

 

1,762

 

 

 

2,266

 

Loss from Operations

 

 

(30,418

)

 

 

(37,344

)

Change in fair value of warrant liabilities (2)

 

 

(5,400

)

 

 

(437

)

Interest income

 

 

1,007

 

 

 

2,457

 

Other income (expense), net (excluding 2)

 

 

1

 

 

 

(2

)

Income tax provision

 

 

(57

)

 

 

—

 

Net loss

 

$

(34,867

)

 

$

(35,326

)

 

 

 

 

 

 

 

Revenues from External Customers

Revenues from customers outside the United States were 7% and 21% of total revenues for the three months ended March 31, 2025 and March 31, 2024 respectively.

Long-Lived Assets

The following table sets forth the Company’s property, plant, and equipment, net by geographic region (in thousands):

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

North America

 

$

8,920

 

 

$

6,645

 

Asia

 

 

3,419

 

 

 

3,687

 

Total

 

$

12,339

 

 

$

10,332