v3.26.3
Segments
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting [Abstract]    
Segments

15.Segment Reporting

The Company operates as a single reportable segment, which is the provision of autonomous drone swarm software and artificial intelligence solutions, specializing in vendor-agnostic technologies that address critical operational challenges faced by modern military forces. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer (Global) (following the management realignment described in Note 16, its President and Chief Executive Officer (U.S.)), who reviews financial information presented on a consolidated basis to assess performance and allocate resources. The CODM uses consolidated net loss, as reported on the Condensed Consolidated Statements of Operations and Comprehensive Loss, as the measure of segment profit or loss.

Other segment items included in consolidated net loss consist primarily of the change in the fair value of the ELOC derivative of $0.3 million for both the three and six months ended June 30, 2026, and other income of $0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively. Other income consists primarily of foreign exchange gains and losses associated with the Company’s international operations, consulting services provided outside the normal course of operations, grant proceeds from a government entity, and interest earned on cash and cash equivalents held with financial institutions. For the three and six months ended June 30, 2025, other segment items also included a $0.9 million change in the fair value of the SAFE liability. The measure of segment assets reviewed by the CODM is consolidated total assets, as reported on the Condensed Consolidated Balance Sheets.

The following table presents segment revenue, the significant segment expense categories regularly provided to the CODM and other segment items for the periods presented, reconciled to consolidated net loss, which is the measure of segment profit or loss:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Revenue

​

$

216,413

​

$

138,206

​

$

236,738

​

$

248,910

Cost of revenue

​

 

32,816

​

 

56,176

​

 

72,740

​

 

101,718

Selling, general and administrative

​

 

5,657,638

​

 

277,591

​

 

8,662,517

​

 

532,872

Research and development

​

 

1,805,532

​

 

577,256

​

 

3,291,614

​

 

1,099,454

Other segment items

​

 

45,465

​

 

854,365

​

 

(6,260)

​

 

836,025

Segment net loss

​

$

(7,325,038)

​

$

(1,627,182)

​

$

(11,783,873)

​

$

(2,321,159)

​

13.

Segments

The Company has a single reportable segment and allocates resources based on cash resources and operating expense projections. The measure of segment assets is reported on the consolidated balance sheet as total assets. The table below summarizes the significant revenue and expense categories regularly reviewed by the CODM:

​

​

​

​

​

​

​

​

​

​

Years Ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Revenue

​

$

309,920

​

$

329,410

Cost of revenue

​

 

182,163

​

 

187,848

Gross margin

​

 

127,757

​

 

141,562

Operating expenses:

​

 

  ​

​

 

  ​

Professional fees and consultants

​

 

4,237,050

​

 

1,097,942

Research and development

​

 

276,375

​

 

118,036

General and administrative

​

 

699,576

​

 

164,109

Sales and marketing

​

 

30,863

​

 

206

Total operating expenses

​

 

5,243,864

​

 

1,380,293

Change in fair value of SAFE liability

​

 

3,493,431

​

 

829,700

Other income

​

 

(80,275)

​

 

(524)

Loss before income taxes

​

 

(8,529,263)

​

 

(2,067,907)

Income tax expense

​

 

—

​

 

(1,735)

Segment net loss

​

$

(8,529,263)

​

$

(2,069,642)

​

​