Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has two reportable segments: AI Electric Vehicles (“AIEV”) and AIXC. Our reportable segments are based upon the industries where the Company commercializes its products and services. As of December 31, 2025, the Company has strategically allocated its resources in the electric vehicle and digital asset markets. Furthermore, our reportable segments reflect how we report our financial results to the chief operating decision maker ("CODM"). Our CODM is the Global Co-CEO who is responsible for reviewing segment performance and making decisions regarding resource allocation. “Loss from operations” is the segment performance measurement that the CODM reviews for both segments and the Company identified the same measurement as the key measure of “significant segment expense.”

The following table presents revenues, expenditures and loss from operations data of the Company and its reportable segments for the years ended December 31, 2025 and 2024. In 2024, the Company operated as a single segment (AIEV).

	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated
Revenue	$	536	$	—	$	536	$	539	$	—	$	539
Cost of revenues	98,302		—		98,302		84,029		—		84,029
Gross profit	(97,766)		—		(97,766)		(83,490)		—		(83,490)
Operating expenses
Research and development	16,757		(154)		16,603		25,227		—		25,227
Settlement on accrued research and development expenses	—		—		—		(14,935)		—		(14,935)
Sales and marketing	12,310		—		12,310		9,278		—		9,278
General and administrative	52,615		3,118		55,733		43,164		—		43,164
Loss on disposal of property, plant, and equipment	2,459		—		2,459		1,667		—		1,667
Asset impairment on long-lived assets	137,435		—		137,435		1,847		—		1,847
Impairment of goodwill and intangible assets	4,450		—		4,450		—		—		—
Credit loss expense - short-term note receivable	—		4,294		4,294		—		—		—
Total operating expenses	226,026		7,258		233,284		66,248		—		66,248
Loss from operations	$	(323,792)	$	(7,258)	$	(331,050)	$	(149,738)	$	—	$	(149,738)

Other segment disclosures were as follows:

	2025						2024
(in thousands)	AIEV		AIXC		Consolidated		AIEV		AIXC		Consolidated
Depreciation and amortization	$	64,807	$	—	$	64,807	$	71,442	$	—	$	71,442
Interest expense	$	(8,296)	$	(353)	$	(8,649)	$	(7,895)	$	—	$	(7,895)
Related party interest expense	$	—	$	—	$	—	$	(8,710)	$	—	$	(8,710)
Net loss on digital assets	$	(529)	$	(3,588)	$	(4,117)	$	—	$	—	$	—
Segment net assets	$	(18,666)	$	26,425	$	7,759	$	114,967	$	—	$	114,967