v3.26.1
BUSINESS COMBINATION (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Consideration Transferred
The following table summarizes the consideration transferred (in thousands):
Amounts
Cash consideration$256,030 
Equity consideration282,039 
Pre-acquisition portion of replacement equity awards439 
Acquisition Consideration$538,508 
Schedule of Identifiable Assets Acquired And Liabilities Assumed
As of the acquisition date, the Company recognized the identifiable assets acquired and liabilities assumed based on their estimated fair values as follows (in thousands):
Amounts
Assets:
Cash and cash equivalents$3,209 
Prepaid expenses and other current assets849 
Property and equipment, net5,272 
Operating lease right-of-use assets92 
Intangible assets217,150 
Goodwill342,588 
Total assets$569,160 
Liabilities:
Accounts payable$(1,579)
Current portion of right-of-use liability(77)
Accrued and other current liabilities(631)
Deferred Tax Liability(28,365)
Total liabilities$(30,652)
Total purchase price$538,508 
Schedule of Acquired Intangible Assets
The following table summarizes the acquired intangible assets (in thousands):
AmountsUseful life
Developed technology$216,700 15 years
Trademarks4502 years
Total intangible assets$217,150 
Schedule of Pro Forma Financial Information
The following unaudited pro forma financial information presents the combined results of operations of the Company and Quantum Circuits as if the acquisition had occurred on January 1, 2025. The unaudited pro forma information includes adjustments for items directly attributable to the acquisition, including incremental amortization expense related to acquired intangible assets of $0.7 million and $7.3 million for the six months ended June 30, 2026 and 2025, respectively, and non-recurring acquisition-related costs of $9.3 million assumed to have been incurred during the six months ended June 30, 2025. The unaudited pro forma results do not reflect any operating efficiency or potential cost savings which may result from the integration of Quantum Circuits. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operation of the combined company would have been if the acquisition had occurred as of January 1, 2025.

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share data)2026202520262025
Revenue$3,076 $3,195 $5,934 $18,296 
Loss from operations(53,278)(35,730)(101,920)(65,660)
Net loss$(47,844)$(176,586)$(60,125)$(200,682)
Net loss per share, basic and diluted$(0.13)$(0.56)$(0.16)$(0.66)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted370,840,115312,719,237370,318,503304,828,863
The following table represents Quantum Circuits' revenue and losses included in the Company's condensed consolidated statements of operations and comprehensive loss subsequent to the Quantum Circuits acquisition date (in thousands):
Period from January 20, 2026 through June 30, 2026
Revenue$250 
Net loss$(15,986)