v3.26.1
SEGMENT REPORTING (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Schedule of Reconciliation of the Net Loss

The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the consolidated statements of operations and comprehensive loss:

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

Revenue

 

$

407,644

 

 

$

—

 

Cost of revenue:

 

 

 

 

 

 

Materials

 

 

3,620

 

 

 

4,593

 

Direct labor

 

 

187,605

 

 

 

153,116

 

Direct job costs

 

 

310,164

 

 

 

(33,273

)

Overhead

 

 

151,371

 

 

 

111,281

 

Total cost of revenue

 

 

652,760

 

 

 

235,717

 

Gross margin

 

 

(245,116

)

 

 

(235,717

)

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

67,500

 

 

 

184,563

 

Selling and marketing

 

 

1,977,525

 

 

 

543,337

 

General and administrative

 

 

5,614,686

 

 

 

2,078,805

 

Total operating expenses

 

 

7,659,711

 

 

 

2,806,705

 

Other segment income (expenses), net (1)

 

 

7,444,929

 

 

 

(13,569,003

)

Segment net loss

 

$

(459,898

)

 

$

(16,611,425

)

 

(1)
Other segment expenses, net consist of interest income, interest expense, change in fair value of warrant liabilities, loss on issuance of warrants, warrant issuance costs, change in fair value of debt, loss on issuance of debt, gain on initial recognition of Tekne Investment, change in fair value of investments, gain on issuance of SYME Bonds (related party), change in fair value of SYME Bonds (related party), change in fair value of contingent consideration, change in fair value of derivative liability, change in fair value of convertible notes receivable, remeasurement of subscription for Orbit shares (related party), remeasurement of Orbit equity method investment (related party), change in fair value of SEPA liability, loss on extinguishment of debt, gain on sale of intellectual property intangible assets, loss on impairment of inventories, property and equipment and operating lease right-of-use asset, interest expense recognized on remeasurement of preferred stock liability and other loss, net.

The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the consolidated statements of operations:

 

 

Year Ended
December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Revenue

 

$

—

 

 

$

152,127

 

Cost of revenue:

 

 

 

 

 

 

Materials

 

 

3,202

 

 

 

57,867

 

Direct labor

 

 

151,708

 

 

 

1,336,722

 

Direct job costs

 

 

(84,818

)

 

 

222,835

 

Overhead

 

 

111,281

 

 

 

588,052

 

Total cost of revenue

 

 

181,373

 

 

 

2,205,476

 

Gross margin

 

 

(181,373

)

 

 

(2,053,349

)

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

174,559

 

 

 

1,821,816

 

Selling and marketing

 

 

4,671,975

 

 

 

468,074

 

General and administrative

 

 

13,348,686

 

 

 

8,807,651

 

Total operating expenses

 

 

18,195,220

 

 

 

11,097,541

 

Other segment expenses, net (1)

 

 

(60,694,683

)

 

 

(21,364,864

)

Segment net loss

 

$

(79,071,276

)

 

$

(34,515,754

)

 

(1)
Other segment expenses, net consist of interest income, interest expense, equity in losses of unconsolidated affiliates, change in fair value of warrant liabilities, change in fair value of derivative liability, change in fair value of convertible note receivable, change in fair value of notes payable, change in fair value of SEPA liability, change in fair value of claims settlement liability, loss on issuance of warrants, loss on issuance of notes payable, loss on issuance of SEPA, loss on extinguishment of accounts payable, loss on extinguishment of notes payable, loss on extinguishment of claims liability, net, loss on settlement related to terminated acquisition, SEPA fees and issuance costs, gain on sale of intellectual property intangible assets, loss on impairment of inventories, property and equipment and operating lease right-of-use asset, interest expense recognized on remeasurement of preferred stock liability and other gain (loss), net.