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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information
NOTE 16 - SEGMENT INFORMATION

The Company operates in one operating segment and one reportable segment underpinned by three core pillars (delivery services, data transmission services, and infrastructure as a service) that have similar capabilities, customers, and economic characteristics. The Company’s chief operating decision-maker (“CODM”) is our chief executive officer. Our CODM reviews and evaluates consolidated Net income (loss), a U.S. GAAP measure, and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), a non-GAAP measure, for purposes of evaluating financial performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Although we utilize a non-GAAP measure of Adjusted EBITDA to evaluate our ability to generate cash and as an alternative measure of profitability, our primary profitability measure is the GAAP measure of Net income (loss).

All of the Company’s long-lived assets are maintained in the U.S. We geographically disaggregate our revenues based on the customer’s country of domicile. Substantially all of our revenues are derived from customers in the U.S., and our revenues from foreign customers were 10% and 6% of total revenues for the three and nine months ended September 30, 2025, respectively, and were not material for the three and nine months ended September 30, 2024. Refer to Note 2 for information regarding our major customers and Note 3 for further information on revenues.

The following presents the significant financial information with respect to the Company’s reportable segment for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total revenues$52,437 $58,478 $165,274 $173,338 
Less:
Cost of revenue (excluding depreciation)(1)
46,769 54,357 164,772 171,248 
Depreciation815 482 2,190 1,319 
Impairment of property and equipment— 5,044 — 5,044 
General and administrative expense (excluding depreciation):
Sales and marketing expense(2)
5,156 807 7,960 2,276 
Other general and administrative expense(3)
15,116 11,512 44,488 37,450 
Total general and administrative expense (excluding depreciation)20,272 12,319 52,448 39,726 
Operating loss(15,419)(13,724)(54,136)(43,999)
Interest income4,833 44 9,752 118 
Interest expense(1,344)(13)(1,442)(87)
Change in fair value of earn-out liabilities— (33,328)(33,369)(33,816)
Change in fair value of warrant liabilities1,950 (33,686)31,919 (36,641)
Loss on issuance of securities— — — (68,080)
Other income, net25 346 90 768 
Income tax expense(5)(50)(5)(50)
Net loss$(9,960)$(80,411)$(47,191)$(181,787)
(1)    Cost of revenue consists primarily of direct material and labor costs, launch costs, manufacturing overhead, freight expense, and other personnel-related expenses, which include employee compensation and benefits and stock-based compensation expense.
(2)    Sales and marketing expense primarily includes business development and research and development related expenses such as, employee compensation and benefits, subcontract costs, marketing, and materials and supplies costs. Costs incurred for business development were $1.2 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $2.6 million and $1.4 million for the nine months ended September 30, 2025 and 2024, respectively. Costs incurred for research and development costs were $4.0 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and $5.4 million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(3)    Other general and administrative expense primarily includes all other employee compensation and benefits, stock-based compensation, facilities costs, professional services, software licenses, and other administrative costs.