v3.26.1
Segments, Geographical Information, Concentrations and Significant Customers
3 Months Ended
Mar. 31, 2026
Segments, Geographical Information, Concentrations and Significant Customers  
Segments, Geographical Information, Concentrations and Significant Customers

(11) Segments, Geographical Information, Concentrations and Significant Customers

In addition to consolidated net income, our Chief Operating Decision Maker (the Chief Executive Officer) reviews and utilizes natural expenses such as employee wages and benefits at a consolidated level to manage the Company’s operations and strategic growth initiatives. The measure of segment assets is reported in the balance sheet as total consolidated assets. The following table sets forth our segment information of revenue, significant segment expenses and net income (in thousands):

  ​ ​ ​

Three Months Ended March 31,

2026

  ​ ​ ​

2025

Revenue

$

4,400

$

1,472

Less:

Salaries and employee related costs

10,570

8,932

Stock-based compensation

5,890

4,174

Rent and facilities

2,115

1,339

Professional services and legal fees

2,253

2,913

Technology & IT costs

1,374

1,323

Direct and indirect materials

1,538

693

Depreciation and amortization expense

2,615

1,829

Other segment items(1)

(55,064)

(62,350)

Segment net income

$

33,109

$

42,619

(1)Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the condensed consolidated statements of operations.

The following table presents a summary of revenue by geography (in thousands):

Three Months Ended March 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

United States

$

778

$

385

Europe

592

1,013

Asia and other

3,030

74

Total revenue

$

4,400

$

1,472

Revenues from external customers are attributed to individual countries based on the physical location in which the services are provided or the particular customer location with whom the Company has contracted.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company’s cash and cash equivalents are placed with high-credit-quality financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents.

Significant customers that represent 10% or more of revenue are set forth in the following table:

Three Months Ended March 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

Customer A

54%

*

Customer B

15%

*

Customer C

*

14%

Customer D

12%

69%

* Customer accounted for less than 10% of revenue in the respective periods.

During the three months ended March 31, 2026 and March 31, 2025, sales to government entities comprised 26.9% and 89.5% of the Company’s total revenue, respectively.

Significant customers that represent 10% or more of accounts receivable are set forth in the following table:

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Customer A

 

12%

20%

Customer B

 

56%

*

Customer C

 

15%

*

Customer D

12%

50%

Customer E

*

24%

* Customer accounted for less than 10% of accounts receivable in the respective periods.