v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Expenses and Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Additional to the condensed consolidated statements of operations, the CODM regularly reviews the significant expense categories in the calculation of net loss, set forth as follows:
Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2026202520262025
Revenue$11,985 $1,982 $14,723 $2,989 
Cost of revenue(11,067)(804)(12,229)(1,131)
Employee costs(17,126)(15,242)(34,621)(34,323)
Technology costs(2,269)(1,276)(3,665)(3,693)
Depreciation(219)(456)(405)(647)
Interest income, net183 314 362 713 
Fair value changes and financing charges1,948 (7,557)2,975 (117,087)
Other items (1)
(12,244)(6,550)(18,602)(24,171)
Net loss$(28,809)$(29,589)$(51,462)$(177,350)

(1) “Other items” includes marketing expenses, professional fees, facilities costs, foreign exchange gains and losses, credit loss estimates, income taxes, and other overhead expenses.

The following table sets forth the Company’s reconciliation of net loss to EBITDA and Adjusted EBITDA:

Three Months Ended June 30,Six Months Ended June 30,
(Amounts in thousands)2026202520262025
Net loss$(28,809)$(29,589)$(51,462)$(177,350)
Depreciation219 456 405 647 
Provision for income taxes268 39 367 201 
Interest income, net(183)(314)(362)(713)
EBITDA(28,505)(29,408)(51,052)(177,215)
Stock-based compensation8,689 7,566 17,637 18,606 
Fair value changes and financing charges(1,948)7,557 (2,975)117,087 
Transaction costs— — — 12,035 
Related party settlement expense2,760 — 2,760 — 
Non-cash inventory cost realignment adjustments(572)81 (466)(544)
Other adjustments (1)
(1,287)1,271 (693)1,710 
Adjusted EBITDA$(20,863)$(12,933)$(34,789)$(28,321)

(1) “Other adjustments” includes, but is not limited to, other non-cash expenses, including foreign exchange gains and losses, and income and expenses that are not expected to be ongoing, including litigation expenses, financing advisory fees, and fines and penalties (or the recoveries and reversals of such). The Company believes that these items are not reflective of its ongoing operating performance and excluding these items provides a more meaningful comparison of its results of operations over comparative periods.