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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues:        
Revenues $ 17,672 $ 8,918 $ 42,463 $ 24,483
Cost of revenues:        
Cost of revenues 4,933 2,741 15,871 5,670
Gross margin:        
Gross margin 12,739 6,177 26,592 18,813
Operating expenses:        
Research and development [1] 90,536 56,371 304,640 170,484
General and administrative [1] 50,007 30,380 140,831 86,241
Total operating expenses 140,543 86,751 445,471 256,725
Loss from operations (127,804) (80,574) (418,879) (237,912)
Other (income) expense:        
Interest income (12,515) (2,628) (40,289) (7,348)
Interest expense [2] 3,678 3,464 10,956 9,214
Loss on issuance of convertible preferred stock 0 355,551 0 355,551
Total other (income) expense (8,837) 356,387 (29,333) 357,417
Loss before income taxes (118,967) (436,961) (389,546) (595,329)
Provision for income taxes 152 253 635 580
Net loss (119,119) (437,214) (390,181) (595,909)
Convertible preferred stock paid-in-kind dividend 0 14,596 0 39,136
Net loss attributable to common stockholders, basic (119,119) (451,810) (390,181) (635,045)
Net loss attributable to common stockholders, diluted $ (119,119) $ (451,810) $ (390,181) $ (635,045)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.51) $ (9.83) $ (1.68) $ (13.86)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.51) $ (9.83) $ (1.68) $ (13.86)
Comprehensive loss:        
Net loss $ (119,119) $ (437,214) $ (390,181) $ (595,909)
Foreign currency translation adjustments (17) (110) (206) 114
Comprehensive loss (119,136) (437,324) (390,387) (595,795)
Product        
Revenues:        
Revenues 5,184 2,917 9,427 7,993
Cost of revenues:        
Cost of revenues 2,516 1,660 4,773 2,255
Gross margin:        
Gross margin 2,668 1,257 4,654 5,738
Service        
Revenues:        
Revenues [3] 12,488 6,001 33,036 16,490
Cost of revenues:        
Cost of revenues 2,417 1,081 11,098 3,415
Gross margin:        
Gross margin $ 10,071 $ 4,920 $ 21,938 $ 13,075
[1] Includes related party amounts of $5,760 and $308 attributable to warrant expense (research and development) and $75 and $0 (general and administrative) for the three months ended September 30, 2026 and 2025, respectively. Includes related party amounts of $17,091 and $308 attributable to warrant expense (research and development) and $298 and $(140) (general and administrative) for the nine months ended September 30, 2026 and 2025, respectively (see Note 12).
[2] Includes related party amounts of $833 and $701 for the three months ended September 30, 2026 and 2025, respectively. Includes related party amounts of $2,488 and $701 for the nine months ended September 30, 2026 and 2025, respectively (see Note 12).
[3] Includes related party amounts of $5,587 and $1,454 for the three months ended September 30, 2026 and 2025, respectively. Includes related party amounts of $21,456 and $5,064 for the nine months ended September 30, 2026 and 2025, respectively (see Note 12).