| Condensed 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 |
| Unaudited Condensed Consolidated Balance Sheet |
|
As Previously Reported |
|
Adjustments |
|
Revised |
| 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) |
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| 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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Three Months Ended March 31, 2025 |
| Unaudited Condensed Consolidated Statements of Operations |
|
As Previously Reported |
|
Adjustments |
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Revised |
| 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) |
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| Loss before income taxes |
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$ |
(20,663) |
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$ |
(2,858) |
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$ |
(23,521) |
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| Net loss |
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$ |
(20,657) |
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$ |
(2,858) |
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$ |
(23,515) |
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| 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) |
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| Diluted |
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$ |
(0.77) |
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$ |
(0.11) |
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$ |
(0.88) |
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| Schedule of Cash and Cash Equivalents |
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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September 30,
2026 |
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December 31,
2025 |
| Cash and cash equivalents |
$ |
30,902 |
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$ |
24,813 |
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| Restricted cash included in other long-term assets |
562 |
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579 |
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$ |
31,464 |
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$ |
25,392 |
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| Schedule of 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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September 30,
2026 |
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December 31,
2025 |
| Cash and cash equivalents |
$ |
30,902 |
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$ |
24,813 |
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| Restricted cash included in other long-term assets |
562 |
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579 |
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$ |
31,464 |
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$ |
25,392 |
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| Schedules of Concentration of Risk, by Risk Factor |
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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September 30,
2026 |
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December 31,
2025 |
| EMEA |
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| United Kingdom |
32 |
% |
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33 |
% |
| Germany |
24 |
% |
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23 |
% |
| Luxembourg |
17 |
% |
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17 |
% |
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73 |
% |
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73 |
% |
| Americas |
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| U.S. |
27 |
% |
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27 |
% |
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27 |
% |
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27 |
% |
| Total |
100 |
% |
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100 |
% |
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| Revenue: |
2026 |
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2025 |
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2026 |
|
2025 |
Customer A (1)
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29 |
% |
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35 |
% |
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27 |
% |
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21 |
% |
| Customer B |
31 |
% |
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13 |
% |
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19 |
% |
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10 |
% |
| Customer C |
12 |
% |
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* |
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12 |
% |
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* |
| Customer D |
* |
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* |
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* |
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10 |
% |
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| Accounts Receivable: |
September 30,
2026 |
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December 31,
2025 |
| Customer E |
33 |
% |
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* |
| Customer F |
10 |
% |
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* |
| Customer G |
* |
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34 |
% |
| Customer H |
* |
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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 each of the three and nine months ended September 30, 2026. One government agency represented greater than 10% of total revenue for the three months ended September 30, 2025. No government agency represented greater than 10% of total revenue for the nine months ended September 30, 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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