Firefly Aerospace Inc 8-K, filed Nov 10, 2026
Firefly Aerospace Inc. (FLY)
About this 8-K
Firefly Aerospace Inc filed this 8-K on November 10, 2026.
Firefly Aerospace reported third-quarter revenue of $110.7 million, up 259%, and record backlog of $1.7 billion, up from $1.5 billion. It expects 2026 full-year revenue of $440 million to $450 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 10, 2026, Firefly Aerospace Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 (the “Section”) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release of Firefly Aerospace Inc. dated November 10, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FIREFLY AEROSPACE INC. |
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Date: |
November 10, 2026 |
By: |
/s/ Darren Ma |
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Chief Financial Officer |
Firefly Aerospace Announces Third Quarter 2026 Financial Results With Record Backlog of $1.7 Billion
Completed cleanroom expansion to scale Moon Base spacecraft production, signed first European launch contracts, while ramping up Alpha Block II manufacturing and executing across multiple national security programs of record.
A Miranda engine test firing in September 2026 at Firefly's Rocket Ranch in Briggs, Texas. Credit: Firefly Aerospace
Cedar Park, Texas, November 10, 2026 – Firefly Aerospace (Nasdaq: FLY), a market leading space and defense technology company, today issued financial results for the third quarter ended September 30, 2026.
"Firefly’s third quarter reflects the power of our diversified and vertically-integrated business," said Jason Kim, CEO of Firefly Aerospace. "With five Moon missions running in parallel, Alpha Block II moving toward launch, SciTec executing on critical national security programs, and our strategic deal with AST SpaceMobile, we are converting our pipeline and backlog into results."
Third Quarter 2026 Highlights
Additional Recent Highlights
2026 Full-Year Guidance
Conference Call
Firefly will host a conference call today at 4:00 p.m. CT (5:00 p.m. ET) to discuss its third quarter 2026 financial results.
The live webcast and accompanying presentation, as well as a replay of the webcast, will be available on Firefly’s Investor Relations website: investors.fireflyspace.com.
About Firefly Aerospace
Firefly Aerospace is a space and defense technology company on a mission to reliably and repeatedly launch, land, and operate space systems from Earth to the Moon and beyond. As the partner of choice for responsive space missions, Firefly is the first commercial company to launch a satellite to orbit with approximately 24-hour notice and the first to achieve a successful Moon landing. Firefly’s launch, lunar, and orbital vehicles paired with its AI software and data processing capabilities support end-to-end missions across cislunar space, including payload delivery and maneuverability, space domain awareness, and missile warning and tracking.
Established in 2017, Firefly’s engineering, manufacturing, and test facilities are co-located in central Texas to enable rapid innovation and vertical integration across the company’s product lines. For more information, visit www.fireflyspace.com. Firefly utilizes its website as a means to distribute material information about the company to the public.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Firefly. Statements included in this press release that are not statements of historical fact, including statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "advance," “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” "target," “will,” “would,” or the negative of these terms or other comparable terminology. In particular, our outlook and revenue forecasts for full-year 2026, statements about our programs and innovation, our ability or expectations regarding our partnerships, collaborations and contract wins, our expectations regarding new vehicle launches and launch timelines, and our ability to retain existing customers and maintain their bookings are forward-looking statements.
Various risks that could cause actual results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to our failure to manage our growth effectively and our ability to achieve and maintain profitability; the potential for delayed or failed launches, and any failure of our launch vehicles and spacecraft to operate as intended; our inability to manufacture our launch vehicles, landers, or orbital vehicles at a quantity and quality that our customers demand; the hazards and operational risks that our products and service offerings are exposed to, including the wide and unique range of risks due to the unpredictability of space; the market for commercial launch services for small- and medium-sized payloads not achieving the growth potential we expect; adverse impacts from current or future disruptions in U.S. government operations, including as a result of delays or reduction in appropriations or regulatory approvals from our programs, or changes in U.S. government funding and budgetary priorities and spending levels; our dependence on contracts entered into in the ordinary course of business and our dependence on major customers and vendors; a loss of, or default by, one or more of our major customers, or a material adverse change in any such customer’s business or financial condition, could materially reduce our revenues and backlog; uncertain global macro-economic and political conditions, including the implementation of tariffs; the failure of our information technology systems,
physical or electronic security protections; our failure to deliver engines, intellectual property, or certain services to AST SpaceMobile on the required timelines, or at all; the inability to operate Alpha at our anticipated launch rate (including due to potential regulatory delays) or finalize the development and delivery of Eclipse; our failure to establish and maintain important relationships with government agencies and prime contractors; the inability to realize our backlog; evolving government laws and regulations; our ability to consummate future acquisitions and successfully integrate operations in such acquisitions; our ability to implement and maintain effective internal control over financial reporting in the future; and the factors, risks and uncertainties included in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Loss from Operations, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share are non-GAAP financial measures. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with U.S. GAAP is included in the supplemental financial data attached to this press release. Non-GAAP financial measures have important limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of Firefly’s performance or cash flows as reported under U.S. GAAP. Non-GAAP financial measures may be defined differently by other companies in our industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Firefly believes non-GAAP financial information provides additional insight into the Company’s ongoing performance and liquidity. Therefore, Firefly provides this information to investors for a more consistent basis of comparison and to help them evaluate the Company’s ongoing performance and liquidity and to enable more meaningful period-to-period comparisons.
Adjusted EBITDA
We define Adjusted EBITDA as net loss, adjusted for provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation expense, change in fair value of warrant liability, loss on extinguishment of debt, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. In addition to net loss, we use Adjusted EBITDA to evaluate our business, measure its performance, and make strategic decisions.
We believe that Adjusted EBITDA provides useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net loss. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Free Cash Flow
We define Free Cash Flow as net cash used in operating activities, less purchases of property and equipment and internal-use software. We believe that Free Cash Flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from or used in operations, after purchases of property and internal-use software, that (after any debt service requirements or other non-discretionary expenditures not otherwise deducted from the measure) can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet.
Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under U.S. GAAP. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital, and our changes in our cash conversion cycle.
Non-GAAP Research and Development
We define Non-GAAP Research and Development as research and development, adjusted for stock-based compensation expense. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Non-GAAP Selling, General, and Administrative
We define Non-GAAP Selling, General and Administrative as selling, general and administrative, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Non-GAAP Operating Expenses
We define Non-GAAP Operating Expenses as operating expenses, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Non-GAAP Loss From Operations
We define Non-GAAP Loss From Operations as loss from operations, adjusted for amortization of acquired intangibles, stock-based compensation expense, certain one-time costs related to the IPO, transaction-related expenses, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Non-GAAP Other Income (Expense)
We define Non-GAAP Other Income (Expense) as other income (expense), adjusted for change in fair value of warrant liability, gain on settlement of contingent liabilities, loss on extinguishment of debt, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Non-GAAP Net Loss
We define Non-GAAP Net Loss as net loss, adjusted for the income tax effect of business acquisitions, amortization of acquired intangibles, stock-based compensation, change in fair value of warrant liability, loss on extinguishment of debt, certain one-time costs related to the IPO, transaction-related expenses, gain on settlement of contingent liabilities, and certain other items that are not expected to recur in the future or that management does not view as reflective of the performance of the business. Management believes this non-GAAP measure provides investors with meaningful insight into results from ongoing operations by excluding items of income or loss to present it in accordance with how management manages the business.
Contacts
Media Relations
press@fireflyspace.com
Investor Relations
investors@fireflyspace.com
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
(unaudited; in thousands, except per share amounts)
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For the Three Months Ended September 30, |
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For the 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 |
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Revenue |
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$ |
110,682 |
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$ |
30,778 |
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$ |
309,244 |
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$ |
102,182 |
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Cost of sales |
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85,385 |
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22,288 |
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242,611 |
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87,477 |
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Gross profit |
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25,297 |
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8,490 |
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66,633 |
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14,705 |
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Operating expenses |
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Research and development |
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75,991 |
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48,763 |
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215,032 |
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142,549 |
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Selling, general, and administrative |
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50,884 |
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21,920 |
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144,044 |
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47,243 |
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Total operating expenses |
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126,875 |
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70,683 |
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359,076 |
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189,792 |
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Loss from operations |
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(101,578 |
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(62,193 |
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(292,443 |
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(175,087 |
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Other income (expense), net |
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Change in fair value of warrant liability |
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4,040 |
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(42,150 |
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(269 |
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(47,257 |
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Loss on extinguishment of debt |
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— |
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(30,400 |
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— |
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(30,400 |
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Interest income |
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4,460 |
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5,289 |
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14,770 |
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8,078 |
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Interest expense |
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(1,637 |
) |
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(3,955 |
) |
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(7,036 |
) |
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(17,145 |
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Gain on settlement of contingent liabilities |
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— |
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— |
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1,307 |
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— |
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Other income (expense), net |
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559 |
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(3 |
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552 |
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4,528 |
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Total other income (expense), net |
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7,422 |
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(71,219 |
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9,324 |
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(82,196 |
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Loss before income taxes |
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(94,156 |
) |
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(133,412 |
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(283,119 |
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(257,283 |
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Provision for income taxes |
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42 |
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— |
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74 |
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— |
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Net loss and comprehensive loss |
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(94,198 |
) |
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(133,412 |
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(283,193 |
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(257,283 |
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Less: Accretion of dividends of Series C Preferred Stock |
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— |
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(2,298 |
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— |
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(13,240 |
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Less: Accretion of dividends of Series D-1 Preferred Stock |
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— |
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(4,524 |
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— |
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(21,989 |
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Less: Accretion of dividends of Series D-3 Preferred Stock |
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— |
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(128 |
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— |
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(394 |
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Net loss available to common stockholders |
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$ |
(94,198 |
) |
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$ |
(140,362 |
) |
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$ |
(283,193 |
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$ |
(292,906 |
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Net loss per common share |
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Basic and diluted |
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$ |
(0.56 |
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$ |
(1.50 |
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$ |
(1.73 |
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$ |
(7.25 |
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Weighted-average common shares outstanding |
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Basic and diluted |
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168,371 |
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93,849 |
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163,265 |
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40,389 |
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CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; in thousands, except per share amounts)
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September 30, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
409,285 |
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$ |
792,966 |
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Short-term investments |
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125,447 |
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100,008 |
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Accounts receivable, net |
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56,412 |
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46,129 |
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Advanced payments, current |
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79,664 |
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12,350 |
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Contract assets |
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25,417 |
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3,499 |
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Other current assets |
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19,159 |
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8,223 |
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Total current assets |
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715,384 |
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963,175 |
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Advanced payments, less current portion |
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14,380 |
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60,496 |
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Property and equipment, net |
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197,397 |
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163,738 |
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Right-of-use assets – operating leases |
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38,827 |
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13,938 |
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Right-of-use assets – finance leases |
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2,527 |
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3,735 |
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Intangible assets, net |
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147,706 |
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165,709 |
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Goodwill |
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463,619 |
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450,119 |
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Other assets, less current portion |
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2,119 |
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4,024 |
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Total assets |
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$ |
1,581,959 |
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$ |
1,824,934 |
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Liabilities, temporary equity, and stockholders' equity |
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Current liabilities |
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Accounts payable |
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$ |
66,820 |
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$ |
35,626 |
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Accrued expenses |
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43,423 |
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|
42,755 |
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Accounts payable and accrued expenses – related parties |
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805 |
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330 |
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Operating lease liability, current |
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4,039 |
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|
1,161 |
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Finance lease liability, current |
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1,411 |
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1,056 |
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Deferred revenue, current |
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171,172 |
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116,135 |
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Notes payable, current |
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7,284 |
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7,099 |
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Other current liabilities |
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17,533 |
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|
9,419 |
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Total current liabilities |
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312,487 |
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213,581 |
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Operating lease liability, less current portion |
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40,776 |
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|
15,832 |
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Finance lease liability, less current portion |
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|
855 |
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|
2,004 |
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Deferred revenue, less current portion |
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46,004 |
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|
92,565 |
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Notes payable, less current portion |
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17,820 |
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281,441 |
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Warrant liability |
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12,563 |
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12,294 |
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Other liabilities, less current portion |
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7,928 |
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|
17,278 |
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Total liabilities |
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$ |
438,433 |
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$ |
634,995 |
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Stockholders’ equity |
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Common stock, $0.0001 par value, 1,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 171,627 and 159,276 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively |
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18 |
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17 |
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Additional paid-in capital, net |
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2,446,980 |
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|
2,210,201 |
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Accumulated deficit |
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(1,303,472 |
) |
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(1,020,279 |
) |
Total stockholders’ equity |
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1,143,526 |
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1,189,939 |
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Total liabilities and stockholders’ equity |
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$ |
1,581,959 |
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$ |
1,824,934 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
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For the Three Months Ended September 30, |
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For the 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 |
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Cash flows from operating activities |
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Net loss |
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$ |
(94,198 |
) |
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$ |
(133,412 |
) |
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$ |
(283,193 |
) |
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$ |
(257,283 |
) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
|
|
13,293 |
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|
|
5,623 |
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|
|
43,181 |
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|
|
13,539 |
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Stock-based compensation |
|
|
15,292 |
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|
|
4,000 |
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|
|
44,831 |
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|
|
5,191 |
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Change in fair value of warrant liability |
|
|
(4,040 |
) |
|
|
42,150 |
|
|
|
269 |
|
|
|
47,257 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
|
|
30,400 |
|
|
Gain on settlement of contingent liabilities |
|
|
— |
|
|
|
— |
|
|
|
(1,307 |
) |
|
|
— |
|
|
Non-cash interest expense |
|
|
428 |
|
|
|
1,009 |
|
|
|
1,249 |
|
|
|
4,595 |
|
|
Non-cash interest income |
|
|
(83 |
) |
|
|
— |
|
|
|
(2,444 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
1,703 |
|
|
|
511 |
|
|
|
(10,135 |
) |
|
|
(4,123 |
) |
|
Advanced payments |
|
|
(12,183 |
) |
|
|
(4,228 |
) |
|
|
(20,556 |
) |
|
|
34,550 |
|
|
Contract assets |
|
|
(5,478 |
) |
|
|
— |
|
|
|
(21,918 |
) |
|
|
— |
|
|
Other assets |
|
|
(1,829 |
) |
|
|
3,242 |
|
|
|
(4,974 |
) |
|
|
(996 |
) |
|
Accounts payable |
|
|
4,622 |
|
|
|
(1,956 |
) |
|
|
25,471 |
|
|
|
(5,300 |
) |
|
Accrued expenses |
|
|
(7,761 |
) |
|
|
(7,280 |
) |
|
|
1,849 |
|
|
|
(5,035 |
) |
|
Accounts payable and accrued expenses – related parties |
|
|
(641 |
) |
|
|
349 |
|
|
|
475 |
|
|
|
704 |
|
|
Other liabilities |
|
|
12,162 |
|
|
|
(622 |
) |
|
|
818 |
|
|
|
(11,812 |
) |
|
Right-of-use assets |
|
|
2,487 |
|
|
|
563 |
|
|
|
4,333 |
|
|
|
1,549 |
|
|
Lease liabilities |
|
|
(1,111 |
) |
|
|
(4,583 |
) |
|
|
(235 |
) |
|
|
(6,646 |
) |
|
Deferred revenue |
|
|
7,637 |
|
|
|
11,188 |
|
|
|
8,476 |
|
|
|
15,745 |
|
|
Net cash used in operating activities |
|
|
(69,700 |
) |
|
|
(53,046 |
) |
|
|
(213,810 |
) |
|
|
(137,665 |
) |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment and internal-use software |
|
|
(15,559 |
) |
|
|
(8,920 |
) |
|
|
(56,648 |
) |
|
|
(20,757 |
) |
|
Purchases of short-term investments |
|
|
— |
|
|
|
— |
|
|
|
(125,000 |
) |
|
|
— |
|
|
Payments for acquisitions of businesses, net of acquired cash |
|
|
— |
|
|
|
— |
|
|
|
(3,699 |
) |
|
|
— |
|
|
Proceeds from sale of short-term investments |
|
|
50,000 |
|
|
|
— |
|
|
|
100,008 |
|
|
|
— |
|
|
Net cash used in investing activities |
|
|
34,441 |
|
|
|
(8,920 |
) |
|
|
(85,339 |
) |
|
|
(20,757 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from issuance of common stock |
|
|
— |
|
|
|
943,736 |
|
|
|
184,111 |
|
|
|
943,736 |
|
|
Payments of offering costs |
|
|
(1,055 |
) |
|
|
(4,208 |
) |
|
|
(2,557 |
) |
|
|
(4,208 |
) |
|
Proceeds from issuance of Preferred Stock |
|
|
— |
|
|
|
51,390 |
|
|
|
— |
|
|
|
235,506 |
|
|
Principal payments on finance leases |
|
|
(264 |
) |
|
|
(283 |
) |
|
|
(796 |
) |
|
|
(1,166 |
) |
|
Payments of notes payable |
|
|
(1,918 |
) |
|
|
(128,262 |
) |
|
|
(5,863 |
) |
|
|
(131,457 |
) |
|
Payment of IPO Closing Preferred Stock Dividend |
|
|
— |
|
|
|
(4,990 |
) |
|
|
— |
|
|
|
(4,990 |
) |
|
Repayment of notes payable – related parties |
|
|
— |
|
|
|
(21,117 |
) |
|
|
— |
|
|
|
(21,117 |
) |
|
Payments of debt issuance costs |
|
|
(171 |
) |
|
|
(1,508 |
) |
|
|
(1,359 |
) |
|
|
(2,083 |
) |
|
Proceeds from repayment of employee note |
|
|
18 |
|
|
|
13 |
|
|
|
43 |
|
|
|
396 |
|
|
Proceeds from issuance of notes payable |
|
|
— |
|
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
Repayment of Revolving Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
(260,000 |
) |
|
|
— |
|
|
Proceeds from exercise of stock options, net of shares withheld for taxes |
|
|
(11,883 |
) |
|
|
1,643 |
|
|
|
159 |
|
|
|
2,238 |
|
|
Net cash (used in) provided by financing activities |
|
|
(15,273 |
) |
|
|
836,414 |
|
|
|
(84,532 |
) |
|
|
1,016,855 |
|
|
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
|
(50,532 |
) |
|
|
774,448 |
|
|
|
(383,681 |
) |
|
|
858,433 |
|
|
Cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance, beginning of period |
|
|
459,817 |
|
|
|
221,543 |
|
|
|
792,966 |
|
|
|
137,558 |
|
|
Balance, end of period |
|
$ |
409,285 |
|
|
$ |
995,991 |
|
|
$ |
409,285 |
|
|
$ |
995,991 |
|
|
Reconciliation of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
409,285 |
|
|
$ |
995,162 |
|
|
$ |
409,285 |
|
|
$ |
995,162 |
|
|
Restricted cash |
|
|
— |
|
|
|
829 |
|
|
|
— |
|
|
|
829 |
|
|
Total cash and cash equivalents and restricted cash at the end of the period |
|
$ |
409,285 |
|
|
$ |
995,991 |
|
|
$ |
409,285 |
|
|
$ |
995,991 |
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
||||
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash paid for interest |
|
$ |
1,423 |
|
|
$ |
3,342 |
|
|
$ |
6,969 |
|
|
$ |
14,443 |
|
|
Non-cash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Increase in accounts payable for property and equipment |
|
$ |
1,465 |
|
|
$ |
492 |
|
|
$ |
2,577 |
|
|
$ |
1,905 |
|
|
Property and equipment acquired through loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
642 |
|
|
$ |
— |
|
|
Capitalized interest (paid-in-kind) |
|
$ |
— |
|
|
$ |
573 |
|
|
$ |
— |
|
|
$ |
683 |
|
|
Equity issued for business combinations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
10,144 |
|
|
$ |
— |
|
|
Issuance of debt in exchange for software licenses and obligations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
664 |
|
|
Acquisition of internal-use software licenses and obligations |
|
$ |
756 |
|
|
$ |
10,633 |
|
|
$ |
4,297 |
|
|
$ |
10,633 |
|
|
Right-of-use asset acquired in exchange for operating lease liabilities |
|
$ |
4,857 |
|
|
$ |
— |
|
|
$ |
9,923 |
|
|
$ |
— |
|
|
Right-of-use asset acquired in exchange for finance lease liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,625 |
|
|
Net exercise of Common Warrants into common stock |
|
$ |
— |
|
|
$ |
46,060 |
|
|
$ |
— |
|
|
$ |
46,060 |
|
|
Unpaid deferred offering costs associated with IPO |
|
$ |
— |
|
|
$ |
7,195 |
|
|
$ |
— |
|
|
$ |
7,195 |
|
|
Preferred Stock issuance costs not yet paid |
|
$ |
— |
|
|
$ |
3,510 |
|
|
$ |
— |
|
|
$ |
3,510 |
|
|
Issuance of common stock to settle Preferred Stock Dividend |
|
$ |
— |
|
|
$ |
86,124 |
|
|
$ |
— |
|
|
$ |
86,124 |
|
|
Conversion of Preferred Stock to common stock upon IPO |
|
$ |
— |
|
|
$ |
937,087 |
|
|
$ |
— |
|
|
$ |
937,087 |
|
|
Non-cash purchase consideration for acquisitions of businesses |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,438 |
|
|
$ |
— |
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited; in thousands)
The following tables present reconciliations of Adjusted EBITDA, Free Cash Flow, Non-GAAP Research and Development, Non-GAAP Selling, General, and Administrative, Non-GAAP Operating Expenses, Non-GAAP Other Income (Expense), Non-GAAP Net Loss, and Non-GAAP Net Loss Per Share to their most directly comparable financial measures presented in accordance with U.S. GAAP:
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net loss |
|
$ |
(94,198 |
) |
|
$ |
(133,412 |
) |
|
$ |
(283,193 |
) |
|
$ |
(257,283 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes |
|
|
42 |
|
|
|
— |
|
|
|
74 |
|
|
|
— |
|
Interest income |
|
|
(4,460 |
) |
|
|
(5,289 |
) |
|
|
(14,770 |
) |
|
|
(8,078 |
) |
Interest expense |
|
|
1,637 |
|
|
|
3,955 |
|
|
|
7,036 |
|
|
|
17,145 |
|
Depreciation and amortization |
|
|
13,627 |
|
|
|
6,447 |
|
|
|
44,389 |
|
|
|
14,363 |
|
Stock-based compensation expense |
|
|
15,292 |
|
|
|
4,000 |
|
|
|
44,831 |
|
|
|
5,191 |
|
Change in fair value of warrant liability |
|
|
(4,040 |
) |
|
|
42,150 |
|
|
|
269 |
|
|
|
47,257 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
|
|
30,400 |
|
One-time costs related to the IPO(1) |
|
|
— |
|
|
|
3,792 |
|
|
|
— |
|
|
|
8,012 |
|
Transaction-related expenses |
|
|
2,587 |
|
|
|
1,528 |
|
|
|
7,220 |
|
|
|
1,528 |
|
Gain on settlement of contingent liabilities |
|
|
— |
|
|
|
— |
|
|
|
(1,307 |
) |
|
|
— |
|
Other(2) |
|
|
(14 |
) |
|
|
97 |
|
|
|
1 |
|
|
|
97 |
|
Adjusted EBITDA |
|
$ |
(69,527 |
) |
|
$ |
(46,332 |
) |
|
$ |
(195,450 |
) |
|
$ |
(141,368 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net cash used in operating activities |
|
$ |
(69,700 |
) |
|
$ |
(53,046 |
) |
|
$ |
(213,810 |
) |
|
$ |
(137,665 |
) |
Purchases of property and equipment and internal-use software |
|
|
(15,559 |
) |
|
|
(8,920 |
) |
|
|
(56,648 |
) |
|
|
(20,757 |
) |
Free Cash Flow |
|
$ |
(85,259 |
) |
|
$ |
(61,966 |
) |
|
$ |
(270,458 |
) |
|
$ |
(158,422 |
) |
(1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A that were netted against the gross proceeds of the IPO and are not expected to recur in the future.
(2) Other includes (gain) loss on foreign exchange and executive severance.
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Research and development |
|
$ |
75,991 |
|
|
$ |
48,763 |
|
|
$ |
215,032 |
|
|
$ |
142,549 |
|
Stock-based compensation expense |
|
|
(8,279 |
) |
|
|
(501 |
) |
|
|
(22,682 |
) |
|
|
(796 |
) |
Non-GAAP Research and Development |
|
$ |
67,712 |
|
|
$ |
48,262 |
|
|
$ |
192,350 |
|
|
$ |
141,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general, and administrative |
|
$ |
50,884 |
|
|
$ |
21,920 |
|
|
$ |
144,044 |
|
|
$ |
47,243 |
|
Amortization of acquired intangibles |
|
|
(5,000 |
) |
|
|
— |
|
|
|
(15,000 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
(7,013 |
) |
|
|
(3,499 |
) |
|
|
(22,149 |
) |
|
|
(4,395 |
) |
One-time costs related to the IPO(1) |
|
|
— |
|
|
|
(3,792 |
) |
|
|
— |
|
|
|
(8,012 |
) |
Transaction-related expenses |
|
|
(2,587 |
) |
|
|
(1,528 |
) |
|
|
(7,220 |
) |
|
|
(1,528 |
) |
Other(2) |
|
|
— |
|
|
|
(97 |
) |
|
|
— |
|
|
|
(97 |
) |
Non-GAAP Selling, General, and Administrative |
|
$ |
36,284 |
|
|
$ |
13,004 |
|
|
$ |
99,675 |
|
|
$ |
33,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
$ |
126,875 |
|
|
$ |
70,683 |
|
|
$ |
359,076 |
|
|
$ |
189,792 |
|
Amortization of acquired intangibles |
|
|
(5,000 |
) |
|
|
— |
|
|
|
(15,000 |
) |
|
|
— |
|
Stock-based compensation expense |
|
|
(15,292 |
) |
|
|
(4,000 |
) |
|
|
(44,831 |
) |
|
|
(5,191 |
) |
One-time costs related to the IPO(1) |
|
|
— |
|
|
|
(3,792 |
) |
|
|
— |
|
|
|
(8,012 |
) |
Transaction-related expenses |
|
|
(2,587 |
) |
|
|
(1,528 |
) |
|
|
(7,220 |
) |
|
|
(1,528 |
) |
Other(2) |
|
|
— |
|
|
|
(97 |
) |
|
|
— |
|
|
|
(97 |
) |
Non-GAAP Operating Expenses |
|
$ |
103,996 |
|
|
$ |
61,266 |
|
|
$ |
292,025 |
|
|
$ |
174,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from operations |
|
$ |
(101,578 |
) |
|
$ |
(62,193 |
) |
|
$ |
(292,443 |
) |
|
$ |
(175,087 |
) |
Amortization of acquired intangibles |
|
|
5,000 |
|
|
|
— |
|
|
|
15,000 |
|
|
|
— |
|
Stock-based compensation expense |
|
|
15,292 |
|
|
|
4,000 |
|
|
|
44,831 |
|
|
|
5,191 |
|
One-time costs related to the IPO(1) |
|
|
— |
|
|
|
3,792 |
|
|
|
— |
|
|
|
8,012 |
|
Transaction-related expenses |
|
|
2,587 |
|
|
|
1,528 |
|
|
|
7,220 |
|
|
|
1,528 |
|
Other(2) |
|
|
— |
|
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
Non-GAAP Loss from Operations |
|
$ |
(78,699 |
) |
|
$ |
(52,776 |
) |
|
$ |
(225,392 |
) |
|
$ |
(160,259 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income (expense) |
|
$ |
7,422 |
|
|
$ |
(71,219 |
) |
|
$ |
9,324 |
|
|
$ |
(82,196 |
) |
Change in fair value of warrant liabilities |
|
|
(4,040 |
) |
|
|
42,150 |
|
|
|
269 |
|
|
|
47,257 |
|
Gain on settlement of contingent liabilities |
|
|
— |
|
|
|
— |
|
|
|
(1,307 |
) |
|
|
— |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
|
|
30,400 |
|
Other(2) |
|
|
(14 |
) |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Non-GAAP Other Income (Expense) |
|
$ |
3,368 |
|
|
$ |
1,331 |
|
|
$ |
8,287 |
|
|
$ |
(4,539 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(94,198 |
) |
|
$ |
(133,412 |
) |
|
$ |
(283,193 |
) |
|
$ |
(257,283 |
) |
Income tax effect of business acquisitions |
|
|
— |
|
|
|
— |
|
|
|
128 |
|
|
|
— |
|
Amortization of acquired intangibles |
|
|
5,000 |
|
|
|
— |
|
|
|
15,000 |
|
|
|
— |
|
Stock-based compensation |
|
|
15,292 |
|
|
|
4,000 |
|
|
|
44,831 |
|
|
|
5,191 |
|
Change in fair value of warrant liability |
|
|
(4,040 |
) |
|
|
42,150 |
|
|
|
269 |
|
|
|
47,257 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
30,400 |
|
|
|
— |
|
|
|
30,400 |
|
One-time costs related to the IPO(1) |
|
|
— |
|
|
|
3,792 |
|
|
|
— |
|
|
|
8,012 |
|
Transaction-related expenses |
|
|
2,587 |
|
|
|
1,528 |
|
|
|
7,220 |
|
|
|
1,528 |
|
Gain on settlement of contingent liabilities |
|
|
— |
|
|
|
— |
|
|
|
(1,307 |
) |
|
|
— |
|
Other(2) |
|
|
(14 |
) |
|
|
97 |
|
|
|
1 |
|
|
|
97 |
|
Non-GAAP Net Loss |
|
$ |
(75,373 |
) |
|
$ |
(51,445 |
) |
|
$ |
(217,051 |
) |
|
$ |
(164,798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted weighted average shares outstanding |
|
|
168,371 |
|
|
|
93,849 |
|
|
|
163,265 |
|
|
|
40,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP net loss per share, basic and diluted |
|
$ |
(0.56 |
) |
|
$ |
(1.50 |
) |
|
$ |
(1.73 |
) |
|
$ |
(7.25 |
) |
Non-GAAP net loss per share, basic and diluted |
|
$ |
(0.45 |
) |
|
$ |
(0.55 |
) |
|
$ |
(1.33 |
) |
|
$ |
(4.08 |
) |
(1) Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A that were netted against the gross proceeds of the IPO and are not expected to recur in the future.
(2) Other includes (gain) loss on foreign exchange and executive severance.