v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
NOTE 21 - SEGMENT INFORMATION

The Company operates in one operating segment and one reportable segment underpinned by three core pillars (delivery services, data transmission services, and infrastructure as a service) that have similar capabilities, customers, and economic characteristics. The Company’s chief operating decision-maker (“CODM”) is our chief executive officer. Our CODM reviews and evaluates consolidated Net income (loss), a U.S. GAAP measure, and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), a non-GAAP measure, and Total assets for purposes of evaluating financial performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Although we utilize a non-GAAP measure of Adjusted EBITDA to evaluate our ability to generate cash and as an alternative measure of profitability, our primary profitability measure is the GAAP measure of Net income (loss).

All of the Company’s long-lived assets are maintained in the U.S. We geographically disaggregate our revenues based on the customer’s country of domicile and most of our revenues are derived from customers in the U.S. Refer to Note 2 for information regarding our major customers and Note 4 for further information on revenues.

The following presents the significant financial information with respect to the Company’s reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$206,168 $50,313 $392,898 $112,837 
Less:
Cost of revenues (excluding depreciation and amortization)(1)
170,302 62,156 326,925 118,003 
Depreciation and amortization14,927 752 27,975 1,375 
Research and development7,729 461 13,318 1,372 
General and administrative expense (excluding depreciation and amortization)(2)(3)
60,346 15,584 111,017 30,804 
Operating loss(47,136)(28,640)(86,337)(38,717)
Interest income1,476 3,500 2,907 4,919 
Interest expense(4,483)(72)(9,368)(97)
Change in fair value of earn-out liabilities— — — (33,369)
Change in fair value of warrant liabilities(11,622)(13,033)(21,044)29,969 
Change in fair value of contingent consideration liabilities(890)— (1,411)— 
Other income (expense), net(178)39 (106)65 
Income tax expense(8)— (10)— 
Net loss$(62,841)$(38,206)$(115,369)$(37,231)
(1)    Cost of revenue consists primarily of direct material and labor costs, launch costs, manufacturing overhead, freight expense, and other personnel-related expenses, which include employee compensation and benefits and stock-based compensation.
(2)    General and administrative expense includes sales and marketing expense primarily related to business development expenses such as, employee compensation and benefits, subcontract costs, marketing, and materials and supplies costs. Costs incurred for business development were $5.1 million and $1.0 million, for the three months ended June 30, 2026 and 2025, respectively, and $6.4 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.
(3)    Other general and administrative expense primarily includes all other employee compensation and benefits, stock-based compensation, facilities costs, professional services, software licenses, and other administrative costs.