| Summary of cash, cash equivalents, and restricted cash |
The following table shows components of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets and in the condensed consolidated statements of cash flows as of the dates indicated:
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|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash and cash equivalents |
|
$ |
36,114 |
|
|
$ |
19,206 |
|
Restricted cash included in other long-term assets |
|
|
578 |
|
|
|
478 |
|
|
|
$ |
36,692 |
|
|
$ |
19,684 |
|
|
| Summary of customers whose revenue and accounts receivable balances |
The following customers represented 10% or more of the Company’s total revenue and total accounts receivable for each of the following periods:
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Revenue: |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Customer A (1) |
|
|
20 |
% |
|
|
31 |
% |
|
|
17 |
% |
|
|
23 |
% |
Customer B |
|
|
10 |
% |
|
|
0 |
% |
|
* |
|
|
* |
|
Customer C |
|
|
16 |
% |
|
* |
|
|
|
13 |
% |
|
* |
|
Customer D |
|
* |
|
|
* |
|
|
* |
|
|
|
16 |
% |
* Revenue from customer was less than 10% of total revenue during the applicable period.
(1) Consists of multiple U.S. government agencies, of which one government agency represented greater than 10% of total revenue for the three and six months ended June 30, 2024.
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|
Accounts Receivable: |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Customer A (1) |
|
|
22 |
% |
|
* |
|
Customer B |
|
|
13 |
% |
|
* |
|
Customer C |
|
* |
|
|
|
13 |
% |
Customer E |
|
* |
|
|
|
13 |
% |
* Accounts receivable from customer was less than 10% of total accounts receivable during the applicable period.
(1) Consists of multiple U.S. government agencies, of which one government agency represented greater than 10% of total accounts receivable as of June 30, 2025.
|
| Summary of Unaudited Condensed Consolidated Statements of Operations |
The tables below provide information about the adjustments as of and for the year ended December 31, 2024 and as of and for the three months ended March 31, 2025.
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|
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|
|
|
|
|
December 31, 2024 |
|
Condensed Consolidated Balance Sheet |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Additional paid-in capital |
|
$ |
536,184 |
|
|
$ |
541 |
|
|
$ |
536,725 |
|
Accumulated deficit |
|
$ |
(538,104 |
) |
|
$ |
(541 |
) |
|
$ |
(538,645 |
) |
Total stockholders’ equity |
|
$ |
(11,687 |
) |
|
$ |
— |
|
|
$ |
(11,687 |
) |
Total liabilities and stockholders’ equity |
|
$ |
193,575 |
|
|
$ |
— |
|
|
$ |
193,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
Unaudited Condensed Consolidated Statements of Operations |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Cost of revenue |
|
$ |
70,560 |
|
|
$ |
16 |
|
|
$ |
70,576 |
|
Gross profit |
|
$ |
39,891 |
|
|
$ |
(16 |
) |
|
$ |
39,875 |
|
Research and development |
|
$ |
29,188 |
|
|
$ |
49 |
|
|
$ |
29,237 |
|
Sales and marketing |
|
$ |
22,220 |
|
|
$ |
476 |
|
|
$ |
22,696 |
|
Total operating expenses |
|
$ |
108,625 |
|
|
$ |
525 |
|
|
$ |
109,150 |
|
Loss from operations |
|
$ |
(68,734 |
) |
|
$ |
(541 |
) |
|
$ |
(69,275 |
) |
Loss before income taxes |
|
$ |
(102,659 |
) |
|
$ |
(541 |
) |
|
$ |
(103,200 |
) |
Net loss |
|
$ |
(102,818 |
) |
|
$ |
(541 |
) |
|
$ |
(103,359 |
) |
Basic and diluted net loss per share |
|
$ |
(4.26 |
) |
|
$ |
(0.02 |
) |
|
$ |
(4.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
Unaudited Condensed Consolidated Balance Sheet |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Other accrued expenses |
|
$ |
21,985 |
|
|
$ |
1,840 |
|
|
$ |
23,825 |
|
Total current liabilities |
|
$ |
161,730 |
|
|
$ |
1,840 |
|
|
$ |
163,570 |
|
Total liabilities |
|
$ |
203,291 |
|
|
$ |
1,840 |
|
|
$ |
205,131 |
|
Additional paid-in capital |
|
$ |
576,758 |
|
|
$ |
1,559 |
|
|
$ |
578,317 |
|
Accumulated deficit |
|
$ |
(558,761 |
) |
|
$ |
(3,399 |
) |
|
$ |
(562,160 |
) |
Total stockholders’ equity |
|
$ |
5,555 |
|
|
$ |
(1,840 |
) |
|
$ |
3,715 |
|
Total liabilities and stockholders’ equity |
|
$ |
208,846 |
|
|
$ |
— |
|
|
$ |
208,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
Unaudited Condensed Consolidated Statements of Operations |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Cost of revenue |
|
$ |
15,092 |
|
|
$ |
72 |
|
|
$ |
15,164 |
|
Gross profit |
|
$ |
8,784 |
|
|
$ |
(72 |
) |
|
$ |
8,712 |
|
Research and development |
|
$ |
8,509 |
|
|
$ |
150 |
|
|
$ |
8,659 |
|
Sales and marketing |
|
$ |
4,735 |
|
|
$ |
796 |
|
|
$ |
5,531 |
|
General and administrative |
|
$ |
15,810 |
|
|
$ |
1,840 |
|
|
$ |
17,650 |
|
Total operating expenses |
|
$ |
34,214 |
|
|
$ |
2,786 |
|
|
$ |
37,000 |
|
Loss from operations |
|
$ |
(25,430 |
) |
|
$ |
(2,858 |
) |
|
$ |
(28,288 |
) |
Loss before income taxes |
|
$ |
(20,663 |
) |
|
$ |
(2,858 |
) |
|
$ |
(23,521 |
) |
Net loss |
|
$ |
(20,657 |
) |
|
$ |
(2,858 |
) |
|
$ |
(23,515 |
) |
Basic and diluted net loss per share |
|
$ |
(0.77 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.88 |
) |
|