Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Accounting Policies [Abstract] |
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| Summary of Unaudited Condensed Consolidated Balance Sheet |
The tables below provide information about the adjustments as of and for the three months ended March 31, 2025.
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March 31, 2025 |
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Unaudited Condensed Consolidated Balance Sheet |
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As Previously Reported |
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Adjustments |
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Revised |
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Other accrued expenses |
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$ |
21,985 |
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$ |
1,840 |
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$ |
23,825 |
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Total current liabilities |
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$ |
161,730 |
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$ |
1,840 |
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$ |
163,570 |
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Total liabilities |
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$ |
203,291 |
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$ |
1,840 |
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$ |
205,131 |
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Additional paid-in capital |
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$ |
576,758 |
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$ |
1,559 |
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$ |
578,317 |
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Accumulated deficit |
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$ |
(558,761 |
) |
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$ |
(3,399 |
) |
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$ |
(562,160 |
) |
Total stockholders’ equity |
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$ |
5,555 |
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$ |
(1,840 |
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$ |
3,715 |
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Total liabilities and stockholders’ equity |
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$ |
208,846 |
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$ |
— |
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$ |
208,846 |
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| Summary of Unaudited Condensed Consolidated Statements of Operations |
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Three Months Ended March 31, 2025 |
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Unaudited Condensed Consolidated Statements of Operations |
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As Previously Reported |
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Adjustments |
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Revised |
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Cost of revenue |
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$ |
15,092 |
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$ |
72 |
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$ |
15,164 |
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Gross profit |
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$ |
8,784 |
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$ |
(72 |
) |
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$ |
8,712 |
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Research and development |
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$ |
8,509 |
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$ |
150 |
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$ |
8,659 |
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Sales and marketing |
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$ |
4,735 |
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$ |
796 |
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$ |
5,531 |
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General and administrative |
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$ |
15,810 |
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$ |
1,840 |
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$ |
17,650 |
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Total operating expenses |
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$ |
34,214 |
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$ |
2,786 |
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$ |
37,000 |
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Loss from operations |
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$ |
(25,430 |
) |
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$ |
(2,858 |
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$ |
(28,288 |
) |
Loss before income taxes |
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$ |
(20,663 |
) |
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$ |
(2,858 |
) |
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$ |
(23,521 |
) |
Net loss |
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$ |
(20,657 |
) |
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$ |
(2,858 |
) |
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$ |
(23,515 |
) |
Loss per share: |
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Basic |
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$ |
(0.77 |
) |
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$ |
(0.11 |
) |
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$ |
(0.88 |
) |
Diluted |
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$ |
(0.77 |
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$ |
(0.11 |
) |
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$ |
(0.88 |
) |
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| 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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March 31, |
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December 31, |
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2026 |
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2025 |
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Cash and cash equivalents |
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$ |
16,048 |
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$ |
24,813 |
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Restricted cash included in other long-term assets |
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566 |
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579 |
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$ |
16,614 |
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$ |
25,392 |
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| Schedule of Company's Assets and Operations by Region |
The Company also operates globally, and a substantial portion of its assets are located in certain geographic regions. The allocation of the Company’s assets by region was as follows:
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March 31, |
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December 31, |
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2026 |
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2025 |
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EMEA |
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United Kingdom |
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35 |
% |
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33 |
% |
Germany |
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23 |
% |
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23 |
% |
Luxembourg |
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15 |
% |
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17 |
% |
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73 |
% |
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73 |
% |
Americas |
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U.S. |
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26 |
% |
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27 |
% |
Canada |
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1 |
% |
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0 |
% |
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27 |
% |
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27 |
% |
Total |
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100 |
% |
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100 |
% |
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| 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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Three Months Ended March 31, |
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Revenue: |
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2026 |
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2025 |
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Customer A (1) |
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30 |
% |
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15 |
% |
Customer B |
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13 |
% |
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* |
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Customer C |
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10 |
% |
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* |
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Customer D |
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* |
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10 |
% |
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March 31, |
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December 31, |
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Accounts Receivable: |
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2026 |
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2025 |
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Customer C |
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19 |
% |
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34 |
% |
Customer E |
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14 |
% |
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* |
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Customer F |
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12 |
% |
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* |
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Customer G |
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* |
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11 |
% |
(1) Consists of multiple U.S. government agencies, of which one government agency represented greater than 10% of total revenue for the three months ended March 31, 2026. No government agency represented greater than 10% of total revenue for the three months ended March 31, 2025.
* Revenue from customer was less than 10% of total revenue during the applicable period or accounts receivable from customer were less than 10% of total accounts receivable as of the applicable period.
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