Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory that is in excess of current and projected use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete are written down to net realizable value.
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(dollars in thousands) |
|
September 30,
2026 |
|
|
December 31,
2025 |
|
Raw material |
|
$ |
94,049 |
|
|
$ |
14,153 |
|
Work in process |
|
|
19,411 |
|
|
|
1,470 |
|
Finished goods |
|
|
16,106 |
|
|
|
7,992 |
|
Less inventory reserves |
|
|
(18,847 |
) |
|
|
(1,652 |
) |
Total inventory, net |
|
$ |
110,719 |
|
|
$ |
21,963 |
|
|
| Summary of Components of Other Income (Expense), Net |
The components of other income (expense), net were as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Gain on deconsolidation |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
48,834 |
|
|
$ |
- |
|
Change in fair value of warrant liability |
|
|
125,108 |
|
|
|
- |
|
|
|
529,906 |
|
|
|
- |
|
Unrealized gain (loss) on investments |
|
|
(6,686 |
) |
|
|
6,893 |
|
|
|
3,113 |
|
|
|
6,893 |
|
Realized gains on investments |
|
|
4,493 |
|
|
|
- |
|
|
|
7,418 |
|
|
|
- |
|
Change in fair value of investment in Networks |
|
|
3,486 |
|
|
|
- |
|
|
|
999 |
|
|
|
- |
|
Interest and dividend income |
|
|
8,730 |
|
|
|
1,992 |
|
|
|
33,359 |
|
|
|
2,443 |
|
Gain on acquisition consideration |
|
|
- |
|
|
|
- |
|
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6,182 |
|
|
|
- |
|
Loss on acquisition of variable interest entity |
|
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- |
|
|
|
- |
|
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(46,150 |
) |
|
|
- |
|
Change in fair value of Networks notes receivable |
|
|
(335 |
) |
|
|
- |
|
|
|
(30 |
) |
|
|
- |
|
Change in fair value of government grant liability |
|
|
(120 |
) |
|
|
(87 |
) |
|
|
(406 |
) |
|
|
(355 |
) |
Foreign exchange gain (loss), net |
|
|
(892 |
) |
|
|
(55 |
) |
|
|
18 |
|
|
|
(119 |
) |
Gain on equity method investment |
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|
101 |
|
|
|
- |
|
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|
101 |
|
|
|
- |
|
Other income (expense), net |
|
|
(189 |
) |
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|
31 |
|
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|
95 |
|
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|
13 |
|
Total other income (expense), net |
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$ |
133,696 |
|
|
$ |
8,774 |
|
|
$ |
583,439 |
|
|
$ |
8,875 |
|
|
| Schedule of Reconciliation of Basic to Diluted Shares |
The reconciliation of basic to diluted shares is as follows (in thousands except share and per share data):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
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|
2026 |
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2025 |
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|
2026 |
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|
2025 |
|
Calculation of basic income (loss) per share attributable to stockholders |
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Net income (loss) attributable to stockholders |
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$ |
(62,567 |
) |
|
$ |
(8,783 |
) |
|
$ |
210,508 |
|
|
$ |
(36,145 |
) |
Net income attributable to participating securities |
|
|
- |
|
|
|
- |
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|
(56,323 |
) |
|
|
- |
|
Net income (loss) attributable to common stockholders - basic |
|
$ |
(62,567 |
) |
|
$ |
(8,783 |
) |
|
$ |
154,185 |
|
|
$ |
(36,145 |
) |
Weighted-average common shares outstanding - basic |
|
|
617,640,953 |
|
|
|
259,909,415 |
|
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|
521,778,286 |
|
|
|
172,423,160 |
|
Net income (loss) per share - basic |
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.30 |
|
|
$ |
(0.21 |
) |
Calculation of diluted income (loss) per share attributable to stockholders |
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|
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|
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|
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|
Net income (loss) attributable to stockholders |
|
$ |
(62,567 |
) |
|
$ |
(8,783 |
) |
|
$ |
210,508 |
|
|
$ |
(36,145 |
) |
Net income attributable to participating securities |
|
|
- |
|
|
|
- |
|
|
|
(56,323 |
) |
|
|
- |
|
Change in fair value associated with dilutive shares |
|
|
(57 |
) |
|
|
- |
|
|
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(7,081 |
) |
|
|
- |
|
Net income (loss) attributable to common stockholders - diluted |
|
$ |
(62,624 |
) |
|
$ |
(8,783 |
) |
|
$ |
147,104 |
|
|
$ |
(36,145 |
) |
|
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Weighted-average common shares outstanding - basic |
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|
617,640,953 |
|
|
|
259,909,415 |
|
|
|
521,778,286 |
|
|
|
172,423,160 |
|
Common stock warrants |
|
|
- |
|
|
|
- |
|
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|
192,370 |
|
|
|
- |
|
Common stock options |
|
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- |
|
|
|
- |
|
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|
9,059,905 |
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|
|
- |
|
Restricted stock units |
|
|
- |
|
|
|
- |
|
|
|
5,006,372 |
|
|
|
- |
|
Other |
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|
346,833 |
|
|
|
- |
|
|
|
2,403,674 |
|
|
|
- |
|
Weighted-average common shares outstanding - diluted |
|
|
617,987,786 |
|
|
|
259,909,415 |
|
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|
538,440,607 |
|
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|
172,423,160 |
|
Net income (loss) per share - diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.03 |
) |
|
$ |
0.27 |
|
|
$ |
(0.21 |
) |
|
| Schedule of Dilutive Securities Excluded from Diluted Net Loss Per Share |
The following potentially dilutive securities for the three and nine months ended September 30, 2026 and 2025, have been excluded from the computation of diluted net income (loss) per share because the effect of their inclusion would have been anti-dilutive.
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Three Months Ended
September 30, |
|
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Nine Months Ended
September 30, |
|
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|
2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
|
Warrants to purchase common stock |
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196,256,760 |
|
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2,603,120 |
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196,165,849 |
|
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|
2,603,120 |
|
Options to purchase common stock |
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35,281,310 |
|
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17,360,603 |
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17,956,204 |
|
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|
17,360,603 |
|
Contingently issuable shares |
|
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150,831,841 |
|
|
|
- |
|
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|
145,975,139 |
|
|
|
- |
|
Restricted stock units |
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41,892,979 |
|
|
|
4,864,101 |
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|
|
- |
|
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|
4,864,101 |
|
Total potentially dilutive securities |
|
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424,262,890 |
|
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|
24,827,824 |
|
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|
360,097,192 |
|
|
|
24,827,824 |
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| Summary of Total Revenue Concentration of Customers |
A portion of our revenues are concentrated among certain customers. Revenues from each customer that were 10% or greater of total revenues were as follows:
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|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Customer A |
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15 |
% |
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|
90 |
% |
|
|
25 |
% |
|
|
59 |
% |
Customer B |
|
* |
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|
* |
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* |
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|
18 |
% |
Customer C |
|
* |
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|
* |
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|
* |
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|
15 |
% |
Customer D |
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|
21 |
% |
|
* |
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|
13 |
% |
|
* |
|
Customer E |
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13 |
% |
|
* |
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* |
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* |
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* less than 10% |
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A portion of our accounts receivable are concentrated among certain customers. Accounts receivable from each customer that were 10% or greater of total accounts receivable were as follows:
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|
|
|
|
September 30,
2026 |
|
|
December 31,
2025 |
|
Customer A |
|
|
22 |
% |
|
|
73 |
% |
Customer B |
|
|
12 |
% |
|
* |
|
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* less than 10% |
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