Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in one business segment. Our chief decision-maker, the President and Chief Executive Officer, evaluates our performance based on company-wide condensed 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 condensed consolidated results.
The following table reflects results of operations of the Company’s reportable segment (in thousands):
For the Three Months Ended March 31,
2026 2025
Net revenue 3,416  629 
Cost of net revenue 3,305  560 
Salaries, benefits, and stock based compensation expense 9,468  3,558 
Other segment expenses 18,432  3,621 
Depreciation and amortization expense 3,161  2,321 
Interest (expense), net (1,121) (120)
Other (expense) income, net (21,060) (12)
Income tax expense —  — 
Net loss $ (53,131) $ (9,563)
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 months ended March 31, 2026 and 2025 was as follows:
For the Three Months Ended March 31,
(in thousands) 2026 2025
Asia Pacific $ 424  $ 365 
North America 2,515  137 
Europe 477  127 
Total $ 3,416  $ 629 
Substantially all of our long-lived assets are located in the United States.