Net Loss Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Net Loss Per Share [Abstract]

NET LOSS PER SHARE

NOTE 11 — NET LOSS PER SHARE

The following presents the calculation of basic and diluted loss per share for the three and six months ended June 30, 2025 and 2024:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Basic and Diluted EPS
Numerator
Net loss attributable to the Company		$	(28,274,027	)		$	(11,575,542	)		$	(15,188,220	)		$	(24,005,787	)
Preferred shares redemption value accretion			—				(11,096,312	)			(21,702,737	)			(1,098,804,125	)
Fair value of ordinary shares issued to preferred shareholders			(513,080,828	)			—				(513,080,828	)			—
Fair value of ordinary share warrants issued to preferred shareholders			(15,600,000	)			—				(15,600,000	)			—
Excess carrying value of preferred shares repurchased			38,093,537				—				38,093,537				—
Net loss attributable to ordinary shareholders			(518,861,318	)			(22,671,854	)			(527,478,248	)			(1,122,809,912	)
Denominator
Weighted-average shares outstanding – basic and diluted			431,390,035				138,878,054				286,155,488				138,346,243
Basic and diluted loss per share		$	(1.20	)		$	(0.16	)		$	(1.84	)		$	(8.12	)

The following table summarizes potential ordinary shares outstanding that were excluded from the calculation of diluted net loss per ordinary share, because their effect would have been anti-dilutive:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Options			33,057,765				33,534,491				33,057,765				33,534,491
RSAs			8,079,896				5,678,013				8,079,896				5,678,013
RSUs			8,046,477				7,678,486				8,046,477				7,678,486
Public warrants			9,675,386				—				9,675,386				—
Convertible redeemable preferred shares:
Series A-1			—				50,997,533				—				50,997,533
Series A-2			—				47,849,869				—				47,849,869
Series A-3			—				9,503,120				—				9,503,120
Series B-1			—				44,047,138				—				44,047,138
Series B-2			—				30,539,060				—				30,539,060
Series B-3			—				7,054,530				—				7,054,530
Series C			—				45,971,349				—				45,971,349
Series D			—				43,548,544				—				43,548,544
Total convertible redeemable preferred shares			—				279,511,143				—				279,511,143
Total potential ordinary shares outstanding			58,859,524				326,402,133				58,859,524				326,402,133

NOTE 19 — NET LOSS PER SHARE

The following presents the calculation of basic and diluted loss per share for the years ended December 31, 2024, 2023 and 2022:

		2024				2023				2022
(Loss) income from continuing operations attributable to the Company		$	(25,385,426	)		$	4,284,819			$	33,473,969
Preferred shares redemption value accretion			(495,088,038	)			(340,080,000	)			(51,409,749	)
Loss from continuing operations attributable to ordinary shareholders		$	(520,473,464	)		$	(335,795,181	)		$	(17,935,780	)

Weighted-average shares outstanding - basic and diluted			138,828,900				137,965,591				134,489,965
Basic and diluted earnings per share		$	(3.75	)		$	(2.43	)		$	(0.13	)

The following table summarizes potential ordinary shares outstanding that were excluded from the calculation of diluted net loss per ordinary share because their effect would have been anti-dilutive:

		2024				2023				2022
Options			32,490,743				30,717,331				28,716,868
RSAs			1,295,450				2,590,897				5,181,794
RSUs			7,694,426				5,006,247				3,448,445
Convertible redeemable preferred shares:
Series A-1			50,997,533				50,997,533				50,997,533
Series A-2			47,849,869				47,849,869				47,849,869
Series A-3			9,503,120				9,503,120				9,503,120
Series B-1			44,047,138				44,047,138				44,047,138
Series B-2			30,539,060				30,539,060				30,539,060
Series B-3			7,054,530				7,054,530				7,054,530
Series C			45,971,348				45,971,348				45,971,348
Series D			43,548,544				39,464,250				37,437,167
Total convertible redeemable preferred shares			279,511,142				275,426,850				273,399,768
Total potential ordinary shares outstanding			320,991,761				313,741,326				310,746,876