Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Total revenue $ 71,250 $ 67,868 $ 143,392 $ 143,843
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) 31,910 29,245 64,932 63,458
Operating expenses        
Depreciation and amortization 13,576 14,423 27,487 28,029
Goodwill impairment 0 65,864 0 65,864
Total operating expenses 44,564 115,323 86,140 164,466
Operating loss (5,224) (76,700) (7,680) (84,081)
Other expense (income)        
Interest income (166) (375) (310) (675)
Change in fair value of warrant liabilities to affiliates (192) (4,365) (1,996) (6,686)
Loss on sale of assets 1,115 0 1,115 0
Other (income) expense, net (3,828) 302 (3,514) 609
Loss before income taxes (15,392) (85,287) (29,191) (103,294)
Income tax expense (benefit) 1,486 (1,654) 2,595 (2,074)
Net loss $ (16,878) $ (83,633) $ (31,786) $ (101,220)
Loss per share:        
Basic (in dollars per share) $ (0.86) $ (4.37) $ (1.63) $ (5.31)
Diluted (in dollars per share) $ (0.86) $ (4.37) $ (1.63) $ (5.31)
Weighted average shares outstanding:        
Basic (in shares) 19,580,173 19,147,677 19,507,033 19,069,876
Diluted (in shares) 19,580,173 19,147,677 19,507,033 19,069,876
Comprehensive loss        
Net loss $ (16,878) $ (83,633) $ (31,786) $ (101,220)
Other comprehensive loss:        
Foreign currency translation adjustment (1,982) 477 (2,926) 717
Comprehensive loss (18,860) (83,156) (34,712) (100,503)
Nonrelated Party        
Operating expenses        
Selling, general, and administrative expenses 30,988 34,877 58,653 70,244
Other expense (income)        
Interest expense, including amortization of deferred financing costs 7,330 7,976 14,644 15,729
Affiliate        
Operating expenses        
Selling, general, and administrative expenses 0 159 0 329
Other expense (income)        
Interest expense, including amortization of deferred financing costs 5,909 5,049 11,572 10,236
Services        
Revenue        
Total revenue 56,348 57,318 111,779 116,958
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) 22,395 22,919 45,721 46,865
Products        
Revenue        
Total revenue 14,902 10,550 31,613 26,885
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) $ 9,515 $ 6,326 $ 19,211 $ 16,593