v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 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 and comprehensive loss. 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 condensed consolidated 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 June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

5,511

 

 

$

2,012

 

 

$

8,879

 

 

$

4,119

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense (1)

 

 

6,024

 

 

 

5,364

 

 

 

10,588

 

 

 

10,625

 

Loss on joint development agreement (2)

 

 

3,785

 

 

 

—

 

 

 

3,785

 

 

 

—

 

Cost of revenue (excluding 1 and 2)

 

 

4,414

 

 

 

2,796

 

 

 

7,441

 

 

 

6,193

 

Research and development expenses (excluding 1)

 

 

19,407

 

 

 

22,007

 

 

 

37,999

 

 

 

43,030

 

General and administrative expenses (excluding 1)

 

 

5,620

 

 

 

7,750

 

 

 

11,461

 

 

 

15,254

 

Selling and marketing expenses (excluding 1)

 

 

1,184

 

 

 

1,508

 

 

 

2,946

 

 

 

3,774

 

Legal settlement, net

 

 

—

 

 

 

11,500

 

 

 

—

 

 

 

11,500

 

Loss from Operations

 

 

(34,923

)

 

 

(48,913

)

 

 

(65,341

)

 

 

(86,257

)

Change in fair value of warrant liability (3)

 

 

(88,478

)

 

 

3,517

 

 

 

(93,878

)

 

 

3,080

 

Fair value loss on share subscription liability (4)

 

 

(69,996

)

 

 

—

 

 

 

(69,996

)

 

 

—

 

Interest income

 

 

619

 

 

 

2,099

 

 

 

1,626

 

 

 

4,557

 

Other income (expense), net (excluding 3 and 4)

 

 

106

 

 

 

27

 

 

 

107

 

 

 

24

 

Income tax provision

 

 

(70

)

 

 

(123

)

 

 

(127

)

 

 

(123

)

Net loss

 

$

(192,742

)

 

$

(43,393

)

 

$

(227,609

)

 

$

(78,719

)

Revenues from External Customers

Revenue from customers outside the United States were 15% and 3% of total revenues for the three months ended June 30, 2025 and June 30, 2024 respectively. Revenue from customers outside the United States were 11% and 12% of total revenues for the six months ended June 30, 2025 and June 30, 2024 respectively.

Long-Lived Assets

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

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

North America

 

$

9,665

 

 

$

6,645

 

Asia

 

 

3,088

 

 

 

3,687

 

Total

 

$

12,753

 

 

$

10,332