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

13. Segment Information

 

The Company has determined that it has a single operating segment. The Company derives revenues from engineering and research and development service contracts, product sales, including our AI/ML software products, and precision machining and fabrication services. The accounting policies of the segment are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.

 

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM allocates resources and makes operating decisions based on consolidated net income. The CODM does not evaluate profitability below the level of the consolidated company. Net (loss) income is used to monitor results on a budget versus actual basis. Net (loss) income is adjusted for various non-recurring and non-cash transactions such as stock compensation expenses and impairment expenses.

 

The following table presents selected financial information with respect to the Company's significant segment expenses:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Segment Revenue

 

$

5,775

 

 

$

1,012

 

 

$

9,313

 

 

$

2,722

 

Other Revenue (1)

 

 

8

 

 

 

3

 

 

 

8

 

 

 

3

 

Total Revenue

 

 

5,783

 

 

 

1,015

 

 

 

9,321

 

 

 

2,725

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

4,088

 

 

 

459

 

 

 

6,560

 

 

 

802

 

Research and development

 

 

4,195

 

 

 

3,014

 

 

 

8,011

 

 

 

5,805

 

General and administrative

 

 

6,181

 

 

 

3,196

 

 

 

12,028

 

 

 

6,514

 

Sales and marketing

 

 

1,989

 

 

 

1,121

 

 

 

3,648

 

 

 

2,161

 

Intangible amortization expense

 

 

356

 

 

 

—

 

 

 

711

 

 

 

—

 

Other (2)

 

 

2,387

 

 

 

1,319

 

 

 

3,695

 

 

 

2,468

 

Interest income, net

 

 

(262

)

 

 

(505

)

 

 

(587

)

 

 

(946

)

(Gain) loss on warrant liabilities

 

 

(814

)

 

 

(102

)

 

 

232

 

 

 

(29,351

)

Other income, net

 

 

(11

)

 

 

—

 

 

 

(43

)

 

 

—

 

Net (loss) income

 

$

(12,326

)

 

$

(7,487

)

 

$

(24,934

)

 

$

15,272

 

 

(1)
Other revenue includes revenue from legacy product sales.
(2)
Other for the three months ended June 30, 2026 includes $2.3 million of stock compensation expenses and $0.1 million of severance charges. Other for the three months ended June 30, 2025 includes $1.1 million of stock compensation expenses and $0.2 million of severance charges. Other for the six months ended June 30, 2026 includes $3.6 million of stock compensation expenses and $0.1 million of severance charges. Other for the six months ended June 30, 2025 includes $2.3 million of stock compensation expenses and $0.2 million of severance charges.

 

During the three and six months ended June 30, 2026 and 2025, the Company had no revenue earned from customers located outside the United States.

All long-lived assets are maintained in the United States. All losses are attributable to operations within the United States.