Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.3
Segment Information
9 Months Ended
Sep. 30, 2025
Segment Information  
Segment Information

12.

Segment Information

The Company has adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures and has revised prior year disclosures to conform with the current year presentation. The Company operates in one business segment. Our chief decision-maker, the President and Chief Executive Officer, evaluates our performance based on company-wide consolidated results.

Operating segments have been identified based on the financial information utilized by the Company’s Chief Executive Officer, the chief operating decision maker (“CODM”). The CODM uses net income as a measure of profitability to assess segment performance and deciding on how to allocate resources such as capital investments, share repurchases, and acquisitions. The CODM does not use or receive total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included.

The Company operates in one business segment. Our chief decision-maker, the Chief Executive Officer, evaluates our performance based on company-wide consolidated results.

12.Segment Information continued

The following table reflects results of operations of the Company’s reportable segment (in thousands):

For the Three Months Ended September 30, 

For the Nine Months Ended September 30, 

    

2025

2024

    

2025

2024

Net revenue

2,904

    

1,172

5,268

    

1,772

Cost of net revenue

 

2,809

946

5,069

 

1,618

Salaries, benefits, and stock based compensation expense

 

6,362

2,554

14,585

 

7,142

Other segment expenses

 

5,734

2,904

14,679

 

7,759

Depreciation and amortization expense

 

2,755

11

7,581

 

59

Interest (expense), net

 

(864)

9

(18,186)

 

(1,260)

Other (expense) income, net

 

(17,366)

142

(24,818)

 

(28,984)

Income tax expense

 

0

5

 

Net loss

$

(32,976)

$

(5,092)

$

(79,655)

$

(45,050)

Net revenue from customers is designated based on the geographic region to which the product is delivered. Net revenue by geographic region for the three and nine months ended September 30, 2025 and 2024 was as follows:

For the Three Months Ended

For the Nine Months Ended

September 30, 

September 30, 

(in thousands)

    

2025

    

2024

    

2025

    

2024

Asia Pacific

$

608

$

877

$

1,173

$

1,229

North America

2,279

161

3,893

275

Europe

 

17

 

134

 

202

 

268

Total

$

2,904

$

1,172

$

5,268

$

1,772

Substantially all of our long-lived assets are located in the United States.