v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reconciliation of the Net Loss

The following table shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP, to the Company’s total net loss in the condensed consolidated statements of operations and comprehensive loss:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

524,927

 

 

$

—

 

 

$

932,571

 

 

$

—

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Materials

 

 

7,545

 

 

 

11,870

 

 

 

11,165

 

 

 

16,463

 

Direct labor

 

 

303,443

 

 

 

(1,408

)

 

 

491,048

 

 

 

151,708

 

Direct job costs

 

 

392,973

 

 

 

(15,000

)

 

 

703,137

 

 

 

(48,273

)

Overhead

 

 

199,535

 

 

 

—

 

 

 

350,906

 

 

 

111,281

 

Total cost of revenue

 

 

903,496

 

 

 

(4,538

)

 

 

1,556,256

 

 

 

231,179

 

Gross loss

 

 

(378,569

)

 

 

4,538

 

 

 

(623,685

)

 

 

(231,179

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

227,480

 

 

 

—

 

 

 

294,980

 

 

 

184,563

 

Selling and marketing

 

 

1,582,358

 

 

 

526,996

 

 

 

3,559,883

 

 

 

1,070,333

 

General and administrative

 

 

3,632,893

 

 

 

4,095,229

 

 

 

9,247,579

 

 

 

6,174,034

 

Total operating expenses

 

 

5,442,731

 

 

 

4,622,225

 

 

 

13,102,442

 

 

 

7,428,930

 

Other segment income (expenses), net (1)

 

 

(654,562

)

 

 

(7,607,288

)

 

 

6,790,367

 

 

 

(21,176,291

)

Segment net loss

 

$

(6,475,862

)

 

$

(12,224,975

)

 

$

(6,935,760

)

 

$

(28,836,400

)

 

(1)
Other segment expenses, net consist of interest income, interest expense, change in fair value of warrant liabilities, loss on issuance of warrants and related costs, change in fair value of debt, loss on issuance of debt, gain on initial recognition of Tekne Investment, change in fair value of investments, gain on issuance of SYME Bonds (related party), change in fair value of SYME Bonds (related party), change in fair value of contingent consideration, change in fair value of derivative liability, change in fair value of convertible notes receivable, remeasurement of subscription for Orbit shares (related party), remeasurement of Orbit equity method investment (related party), change in fair value of SEPA liability, loss on issuance of SEPA, SEPA fees and issuance costs, loss on extinguishment of debt, gain on sale of intellectual property intangible assets, loss on impairment of inventories, property and equipment and operating lease right-of-use asset, interest expense recognized on remeasurement of preferred stock liability and other income (loss), net.