v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segments [Abstract]  
Segments

Note 15 - Segments

 

The Company operates in a single reportable operating segment. Because the Company operates in a single segment and the CODM uses the consolidated net loss and the total assets as the primary measures, no reconciliation is required between segment measures and the unaudited condensed consolidated financial statement amounts.

 

Performance is reviewed on a consolidated basis and the measure of segment assets is reported on the Condensed consolidated balance sheets as total assets and segment assets are consistent with total assets presented on the face of the accompanying Condensed consolidated balance sheets.

 

The CODM assesses performance for the single segment and decides how to allocate resources based on the Company’s net loss, which is reported on the Unaudited condensed consolidated statements of operations. Net loss is used to monitor budget versus actual results. The categories of net loss, as reported on the Unaudited condensed consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis. The following table sets forth information about the Company’s single reportable segment and the expenses reviewed by the CODM, including a reconciliation to the consolidated net loss:

 

   For the Three Months Ended March 31, 
in thousands  2026   2025 
Revenues  $1,879   $
—
 
Cost of sales   (1,434)   
—
 
Gross profit   445    
—
 
           
Selling, general and administrative          
Segment selling, general and administrative   (539)   
—
 
Segment salaries and bonuses   (431)   — 
Corporate selling, general and administrative (1)   (15,129)   (2,802)
Other segment items (2)   (424,659)   (15,194)
Net loss  $(440,314)  $(17,996)

 

(1)Corporate selling, general and administrative costs primarily consist of unallocated corporate costs, such as costs incurred as part of the Business Combination.

(2)Other segment items primarily consists of change in fair value of financial instruments, interest (expense) income, net, and other income (expense), net.

Entity-wide information

 

As of March 31, 2026, the Company’s property, plant, and equipment of $7.4 million is domiciled entirely in the Republic of Korea. As of December 31, 2025, the Company did not own any property, plant, and equipment.

 

Refer to Note 14 - Revenue for geographic information regarding the Company’s revenues.