SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company has one operating and reportable segment – Development and Manufacturing Electric Aircrafts. The Company determined its reportable segment using the management approach based on how the chief operating decision maker (the “CODM”) evaluates the business. Substantially all Company’s fixed assets are located in the United States and all of the Company’s revenue is generated in the United States. The Company’s foreign operations consist of expenses associated with engineering and related supporting administrative services.

The Company’s CODM is its Chief Executive Officer. As the Company has a single reportable segment and is managed on a consolidated basis, the measure of segment profit or loss is consolidated net loss as reported in the consolidated statements of operations and comprehensive loss. The CODM reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM does not use any segment asset measures to assess performance and decide how to allocate resources. The Company does not have intra-entity sales or transfers.

The Company’s reportable segment information is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	8,918	$	3,066	$	24,483	$	10,655
Cost of revenues	2,741		1,189		5,670		3,299
Operating and other expenses
Research and development	56,371		54,043		170,484		146,152
General and administrative	30,380		20,834		86,241		57,399
Other segment items(1)	356,640		2,064		357,997		3,008
Net loss	$	(437,214)	$	(75,064)	$	(595,909)	$	(199,203)

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(1)Other segment items are comprised of the loss on issuance of convertible preferred stock, interest income/expense and income taxes.