v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates in one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM is its Chief Executive Officer. The Company derives segment revenue primarily from the sale of EVs to customers, and the Company’s reported measure of the segment’s profit or loss is the consolidated net loss reported in the condensed consolidated statements of operations and comprehensive loss. The CODM uses the consolidated net loss for monitoring actual results to assess the Company’s financial performance. The Company’s CODM does not evaluate its reportable segment using asset information.
The disaggregation of the Company’s revenue by geographic area based on the sales location where the sales originated was as follows (in thousands):
Three Months Ended March 31,
20262025
North America(1)
$232,795 $222,898 
Middle East(2)
42,249 7,814 
Other international
7,421 4,336 
Total revenue
$282,465 $235,048 
(1) United States revenue was $225.3 million and $218.4 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Kingdom of Saudi Arabia revenue was $41.9 million and $7.5 million for the three months ended March 31, 2026 and 2025, respectively.
The following table included information about reported segment revenue, segment profit or loss, and significant segment expenses (in thousands):
Three Months Ended March 31,
20262025
Revenue
$282,465 $235,048 
Less:
Cost of revenue - excluding LCNRV and provision for warranty
(337,206)(299,612)
Cost of revenue - LCNRV(237,853)(151,636)
Cost of revenue - provision for warranty
(19,111)(12,312)
Research and development expenses
(335,670)(251,246)
Selling, general, and administrative expenses
(304,176)(212,175)
Workforce reduction charges
(37,934)— 
Change in fair value of common stock warrant liability
— 12,861 
Change in fair value of equity securities
(10,221)(13,453)
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party)
7,375 281,700 
Interest income
13,104 52,209 
Interest expense
(41,073)(11,883)
Other income (expense), net(7,867)2,965 
Benefit from (provision for) income taxes(177)1,363 
Segment net loss
(1,028,344)(366,171)
Consolidated net loss
$(1,028,344)$(366,171)
Depreciation and amortization expenses were $116.4 million and $98.0 million for the three months ended March 31, 2026 and 2025, respectively.
The long-lived assets by geographic area were as follows (in thousands):
March 31,
2026		December 31,
2025
United States$3,432,868 $3,487,142 
Foreign(1)
854,318 732,964 
Total long-lived assets$4,287,186 $4,220,106 
(1) Kingdom of Saudi Arabia long-lived assets balance was $784.1 million and $658.6 million as of March 31, 2026 and December 31, 2025. No individual foreign country had more than 10% of the total long-lived assets balance as of March 31, 2026 and December 31, 2025.