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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Service revenue $ 50,987 $ 58,478 $ 163,824 $ 173,338
Grant revenue 1,450 0 1,450 0
Total revenue 52,437 58,478 165,274 173,338
Operating expenses:        
Depreciation 815 482 2,190 1,319
Impairment of property and equipment (see Note 4) 0 5,044 0 5,044
General and administrative expense (excluding depreciation) 20,272 12,319 52,448 39,726
Total operating expenses 67,856 72,202 219,410 217,337
Operating loss (15,419) (13,724) (54,136) (43,999)
Other income (expense), net:        
Interest income 4,833 44 9,752 118
Interest expense (1,344) (13) (1,442) (87)
Change in fair value of earn-out liabilities 0 (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 0 0 0 (68,080)
Other income, net 25 346 90 768
Total other income (expense), net 5,464 (66,637) 6,950 (137,738)
Loss before income taxes (9,955) (80,361) (47,186) (181,737)
Income tax expense (5) (50) (5) (50)
Net loss (9,960) (80,411) (47,191) (181,787)
Net loss attributable to redeemable noncontrolling interests (3,445) (25,679) (4,944) (50,001)
Net income attributable to noncontrolling interest 327 668 1,172 2,429
Net loss attributable to the Company (6,842) (55,400) (43,419) (134,215)
Less: Preferred dividends (158) (143) (456) (751)
Net income (loss) attributable to Class A common shareholders - basic (7,000) (55,543) (43,875) (134,966)
Net income (loss) attributable to Class A common shareholders - diluted $ (7,000) $ (55,543) $ (43,875) $ (134,966)
Net loss per share        
Net income (loss) per share of Class A common stock - basic (in dollars per share) $ (0.06) $ (0.83) $ (0.38) $ (2.55)
Net income (loss) per share of Class A common stock - diluted (in dollars per share) $ (0.06) $ (0.83) $ (0.38) $ (2.55)
Weighted-average common shares outstanding        
Weighted average shares outstanding - basic (in shares) 117,815,856 67,072,014 114,150,168 52,971,882
Weighted average shares outstanding - diluted (in shares) 117,815,856 67,072,014 114,150,168 52,971,882
Nonrelated Party        
Operating expenses:        
Cost of revenue (excluding depreciation) $ 41,033 $ 45,873 $ 146,005 $ 144,141
Affiliated Entity        
Operating expenses:        
Cost of revenue (excluding depreciation) $ 5,736 $ 8,484 $ 18,767 $ 27,107