Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Expenses and Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

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)	2026		2025
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, net	179		399
Fair value changes and financing charges	1,027		(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)	2026		2025
Net loss	$	(22,653)	$	(147,761)
Depreciation	186		191
Provision for income taxes	99		162
Interest income, net	(179)		(399)
EBITDA	(22,547)		(147,807)
Stock-based compensation	8,948		11,040
Fair value changes and financing charges	(1,027)		109,530
Transaction costs	—		12,043
Non-cash inventory cost realignment adjustments	106		(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.