Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 54,328 $ 49,071
Accounts receivable, net 31,976 21,905
Contract assets 50,925 43,044
Inventory, net 53,491 2,239
Prepaid expenses and other current assets 19,920 9,666
Total current assets 210,640 125,925
Property, plant and equipment, net of accumulated depreciation of $15,188 and $9,628 50,630 17,837
Right-of-use assets 31,370 15,277
Intangible assets, net of accumulated amortization of $41,704 and $25,920 353,229 61,788
Goodwill 800,012 71,161
Other non-current assets 365 629
Total assets 1,446,246 292,617
Current liabilities:    
Accounts payable 34,309 32,127
Notes payable to sellers 2,171 0
Short-term debt, including current portion of long-term debt 6,274 1,266
Short-term operating lease liabilities 4,309 4,354
Short-term finance lease liabilities 550 473
Accrued expenses 28,963 24,192
Deferred revenue 60,009 67,201
Other current liabilities 12,994 19,730
Total current liabilities 149,579 149,343
Long-term debt, net 184,699 124,464
Long-term operating lease liabilities 29,732 13,444
Long-term finance lease liabilities 1,111 980
Warrant liabilities 8,816 55,285
Deferred tax liabilities 37,279 582
Other non-current liabilities 2,116 428
Total liabilities 413,332 344,526
Commitments and contingencies (Note M – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—71,702.95 and 2024—108,649.30. Liquidation preference: 2025—$223,024 and 2024—$599,412 (Note N – Convertible Preferred Stock) 104,869 136,805
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 2025—155,188,092 and 2024—67,002,370 15 7
Treasury stock, at cost: 2025—903,925 shares and 2024—728,739 shares (6,336) (3,573)
Additional paid-in capital 1,459,710 161,619
Accumulated deficit (536,289) (348,106)
Accumulated other comprehensive income (loss) 10,945 1,339
Total shareholders’ equity (deficit) 928,045 (188,714)
Total liabilities, convertible preferred stock and equity (deficit) $ 1,446,246 $ 292,617