v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total revenue $ 15,634 $ 16,451 $ 34,520 $ 37,419
Total cost of sales 28,061 30,131 55,047 61,554
Gross loss (12,427) (13,680) (20,527) (24,135)
Operating expenses:        
Research and development 39,328 65,850 77,616 133,600
Sales and marketing 5,297 12,140 10,201 26,655
General and administrative   29,790 2,163 62,839
General and administrative, including one-time reversal of share-based compensation (18,753)      
Restructuring costs 1,180 6,262 1,244 6,262
Total operating expenses 27,052 114,042 91,224 229,356
Loss from operations (39,479) (127,722) (111,751) (253,491)
Change in fair value of private warrants 0 163 0 985
Interest expense (12,255) (2,757) (24,576) (5,514)
Interest income 1,269 2,519 3,036 5,949
Gain on extinguishment of debt 15,281 0 22,056 0
Gain (loss) from acquisition of EM4, LLC (“EM4”) 0 0 (48) 1,752
Gain from sale of investments 2,908 0 2,908 0
Change in fair value of derivative liability 8,991 0 5,320 0
Losses and impairments related to investments and certain other assets, and other income (expense) 536 (3,376) (238) (5,981)
Total other income (expense), net 16,730 (3,451) 8,458 (2,809)
Loss before provision for (benefit from) income taxes (22,749) (131,173) (103,293) (256,300)
Provision for (benefit from) income taxes 150 (566) 297 21
Net loss (22,899) (130,607) (103,590) (256,321)
Less: Deemed dividend on Series A preferred stock 7,602 0 7,602 0
Net loss attributable to common stockholders $ (30,501) $ (130,607) $ (111,192) $ (256,321)
Net loss per share attributable to common stockholders:        
Basic (in dollars per share) $ (0.62) $ (4.32) $ (2.44) $ (8.76)
Diluted (in dollars per share) $ (0.62) $ (4.32) $ (2.44) $ (8.76)
Weighted average shares used in computing net loss per share attributable to common stockholders:        
Basic (in shares) 49,087,995 30,242,540 45,608,362 29,274,792
Diluted (in shares) 49,087,995 30,242,540 45,608,362 29,274,792
Comprehensive Loss:        
Net loss $ (22,899) $ (130,607) $ (103,590) $ (256,321)
Net unrealized loss on available-for-sale debt securities (41) (41) (159) (111)
Comprehensive loss (22,940) (130,648) (103,749) (256,432)
Products        
Total revenue 11,967 15,739 24,939 31,041
Total cost of sales 24,124 19,969 46,954 44,476
Services        
Total revenue 3,667 712 9,581 6,378
Total cost of sales $ 3,937 $ 10,162 $ 8,093 $ 17,078

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