v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 16. Segment Information

The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision-maker (“CODM”), consisting of the Company’s chief executive officer and the Company’s chief technology officer as a group, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, the Company has determined that the Company’s business operates in a single operating segment. The CODM uses net loss as the measure of profit and loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company's condensed consolidated statements of operations and comprehensive loss. Financial forecasts and budget to actual results used by the CODM to assess performance and allocate resources, as well as those used for strategic decisions related to headcount and capital expenditures are also reviewed on a consolidated basis. The CODM considers the impact of the significant segment expenses in the table below on net loss.

The measure of segment assets is reported on the condensed consolidated balance sheet as total assets. The CODM does not review segment assets at a level other than as presented in the Company's condensed consolidated balance sheets.

The table below presents the Company's consolidated operating results including segment expenses (in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

2,546

 

 

$

4,203

 

 

$

4,973

 

 

$

6,684

 

Professional service

 

 

3,590

 

 

 

1,308

 

 

 

7,425

 

 

 

2,195

 

Total revenues

 

 

6,136

 

 

 

5,511

 

 

 

12,398

 

 

 

8,879

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Segment expense:

 

 

 

 

 

 

 

 

 

 

 

 

Product (excluding 1)

 

 

2,558

 

 

 

3,960

 

 

 

5,547

 

 

 

6,512

 

Professional service (excluding 1 and 2)

 

 

1,277

 

 

 

454

 

 

 

2,377

 

 

 

929

 

Loss on joint development (2)

 

 

—

 

 

 

3,785

 

 

 

—

 

 

 

3,785

 

Stock-based compensation expense (1)

 

 

8,513

 

 

 

6,024

 

 

 

17,878

 

 

 

10,588

 

Research and development expenses (excluding 1)

 

 

19,962

 

 

 

19,407

 

 

 

38,790

 

 

 

37,999

 

General and administrative expenses (excluding 1)

 

 

7,229

 

 

 

5,620

 

 

 

14,580

 

 

 

11,461

 

Selling and marketing expenses (excluding 1)

 

 

1,157

 

 

 

1,184

 

 

 

2,922

 

 

 

2,946

 

Loss from Operations

 

 

(34,560

)

 

 

(34,923

)

 

 

(69,696

)

 

 

(65,341

)

Interest income

 

 

893

 

 

 

619

 

 

 

1,770

 

 

 

1,626

 

Change in fair value of warrant liabilities

 

 

(44,700

)

 

 

(88,478

)

 

 

(44,250

)

 

 

(93,878

)

Fair value loss on share subscription liability

 

 

 

 

 

(69,996

)

 

 

 

 

 

(69,996

)

Interest expense

 

 

(1,196

)

 

 

-

 

 

 

(2,379

)

 

 

-

 

Other income (expense), net

 

 

(3

)

 

 

106

 

 

 

42

 

 

 

107

 

Income tax provision

 

 

58

 

 

 

70

 

 

 

90

 

 

 

127

 

Net loss

 

$

(79,624

)

 

$

(192,742

)

 

$

(114,603

)

 

$

(227,609

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from External Customers

Revenue from customers outside the United States was 44% and 15% of total revenue for the three months ended June 30, 2026 and June 30, 2025, respectively. Revenue from customers outside the United States were 55% and 11% of total revenues for the six months ended June 30, 2026 and June 30, 2025 respectively.

Long-Lived Assets

The following table sets forth the Company’s property, plant, and equipment, net by geographic region (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

North America

 

$

6,803

 

 

$

8,135

 

Asia

 

 

5,596

 

 

 

4,710

 

Total

 

$

12,399

 

 

$

12,845