Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash, cash equivalents and restricted cash $ 145,211 $ 95,183
Accounts receivable, net 24,342 37,251
Contract assets 61,440 44,019
Inventory, net 69,350 55,847
Prepaid expenses and other current assets 20,368 20,512
Total current assets 320,711 252,812
Property, plant and equipment, net of accumulated depreciation of $17,174 and $14,558 51,460 49,199
Right-of-use assets 35,837 31,741
Intangible assets, net of accumulated amortization of $54,351 and $46,192 326,702 336,153
Goodwill 775,968 779,114
Other non-current assets 450 118
Total assets 1,511,128 1,449,137
Current liabilities:    
Accounts payable 42,375 32,295
Notes payable to sellers 3,171 2,171
Short-term debt, including current portion of long-term debt 4,831 5,162
Short-term operating lease liabilities 4,443 4,088
Short-term finance lease liabilities 606 595
Accrued expenses 31,811 32,034
Deferred revenue 79,847 60,119
Other current liabilities 16,020 19,150
Total current liabilities 183,104 155,614
Long-term debt, net 83,369 80,036
Long-term operating lease liabilities 34,231 30,471
Long-term finance lease liabilities 1,237 1,276
Warrant liabilities 4,532 4,213
Deferred tax liabilities 38,430 38,358
Other non-current liabilities 1,669 2,119
Total liabilities 346,572 312,087
Commitments and contingencies (Note L – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2026—46,505.13 and 2025—46,505.13. Liquidation preference: 2026—$136,672 and 2025—$118,434 (Note M – Convertible Preferred Stock) 77,034 77,034
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2026—198,918,728 and 2025—191,915,804 20 19
Treasury stock, at cost: 2026—1,036,294 shares and 2025—1,036,294 shares (7,342) (7,342)
Additional paid-in capital 1,789,231 1,678,799
Accumulated deficit (698,264) (621,762)
Accumulated other comprehensive income (loss) 3,877 10,302
Total shareholders’ equity (deficit) 1,087,522 1,060,016
Total liabilities, convertible preferred stock and equity (deficit) $ 1,511,128 $ 1,449,137