Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

NOTE 21 - 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, and Total assets 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 and most of our revenues are derived from customers in the U.S. Refer to Note 2 for information regarding our major customers and Note 4 for further information on revenues.

The following presents the significant financial information with respect to the Company’s reportable segment for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026		2025
Revenues	$	186,730	$	62,524
Less:
Cost of revenue (excluding depreciation and amortization)(1)	153,522		55,847
Depreciation and amortization	13,048		623
Research and development	5,589		911
General and administrative expense (excluding depreciation and amortization)(2)(3)	50,671		15,220
Operating loss	(36,100)		(10,077)
Interest income	1,431		1,419
Interest expense	(4,885)		(26)
Change in fair value of earn-out liabilities	—		(33,369)
Change in fair value of warrant liabilities	(9,422)		43,002
Change in fair value of contingent consideration liabilities	(521)		—
Other income, net	72		26
Income tax expense	(2)		—
Net income (loss)	$	(49,427)	$	975

(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.

(2)    General and administrative expense includes sales and marketing expense primarily related to business development expenses such as, 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 March 31, 2026 and 2025, 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.