v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
Note 8. Segment Reporting

The Company operates as a single operating and reportable segment. “Operating segments” are defined as components of the Company that engage in business activities with distinct financial information that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer, who regularly reviews financial information presented on a consolidated basis for the purpose of making decisions and assessing financial performance, as the Company’s products and services have similar economic characteristics.

The financial information received by the CODM focuses primarily on total available cash and cash equivalents, total revenue, significant expenses, net loss, and earnings before interest, tax, depreciation and amortization (“EBITDA”), and EBITDA as further adjusted for certain non-cash items and other adjustments that the CODM does not consider in their
evaluation of ongoing operating performance from period to period (“Adjusted EBITDA”), to make decisions regarding the Company’s strategy, including the allocation of resources, as well as the Company’s assessment of operating performance.

As the Company operates as a single operating segment, the measures of total available cash and cash equivalents, total revenue and net loss, as reviewed by the CODM, are set forth on the condensed consolidated financial statements, as well as in certain notes to the condensed consolidated financial statements. See Note 4 — “Fair Value Measurements and Derivative Instruments” for details regarding the Company’s cash equivalents. See Note 3 — “Revenue and Accounts Receivable” for details regarding the Company’s total revenue disaggregated by customer geographical location and the major customer concentrations of the Company’s total revenue and accounts receivable balances.

Similarly, as the Company operates in a single segment, the condensed consolidated statements of operations provide one view of the Company’s significant expenses. Additional to the condensed consolidated statements of operations, the CODM regularly reviews the significant expense categories in the calculation of net loss, set forth as follows:

Three Months Ended March 31,
(Amounts in thousands)20262025
Revenue$2,738 $1,007 
Cost of revenue(1,162)(327)
Employee costs(17,495)(19,081)
Technology costs(1,396)(2,417)
Depreciation(186)(191)
Interest income, net179 399 
Fair value changes and financing charges1,027 (109,530)
Other items (1)
(6,358)(17,621)
Net loss$(22,653)$(147,761)

(1) “Other items” includes marketing expenses, professional fees, facilities costs, foreign exchange gains and losses, credit loss estimates, income taxes, and other overhead expenses.

The following table sets forth the Company’s reconciliation of net loss to EBITDA and Adjusted EBITDA:

Three Months Ended March 31,
(Amounts in thousands)20262025
Net loss$(22,653)$(147,761)
Depreciation186 191 
Provision for income taxes99 162 
Interest income, net(179)(399)
EBITDA(22,547)(147,807)
Stock-based compensation8,948 11,040 
Fair value changes and financing charges(1,027)109,530 
Transaction costs— 12,043 
Non-cash inventory cost realignment adjustments106 (625)
Other adjustments (1)
594 439 
Adjusted EBITDA$(13,926)$(15,380)

(1) “Other adjustments” includes, but is not limited to, other non-cash expenses, including foreign exchange gains and losses, and income and expenses that are not expected to be ongoing, including litigation expenses, financing advisory fees, and fines and penalties (or the recoveries and reversals of such). The Company believes that these items are not reflective of its ongoing operating performance and excluding these items provides a more meaningful comparison of its results of operations over comparative periods.