Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

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,
	2025		2024		2025		2024
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
Depreciation	815		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 income	4,833		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 liabilities	1,950		(33,686)		31,919		(36,641)

Loss on issuance of securities	—		—		—		(68,080)
Other income, net	25		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.