Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash, cash equivalents and restricted cash $ 557,718 $ 95,183
Accounts receivable, net 27,495 37,251
Contract assets 72,045 44,019
Inventory, net 85,364 55,847
Prepaid expenses and other current assets 18,538 20,512
Total current assets 761,160 252,812
Property, plant and equipment, net of accumulated depreciation of $20,013 and $14,558 56,092 49,199
Right-of-use assets 34,390 31,741
Intangible assets, net of accumulated amortization of $62,817 and $46,192 319,104 336,153
Goodwill 772,170 779,114
Other non-current assets 428 118
Total assets 1,943,344 1,449,137
Current liabilities:    
Accounts payable 54,158 32,295
Notes payable to sellers 3,171 2,171
Short-term debt, including current portion of long-term debt 4,500 5,162
Short-term operating lease liabilities 4,545 4,088
Short-term finance lease liabilities 611 595
Accrued expenses 29,715 32,034
Deferred revenue 84,970 60,119
Other current liabilities 12,568 19,150
Total current liabilities 194,238 155,614
Long-term debt, net 43,561 80,036
Long-term operating lease liabilities 32,698 30,471
Long-term finance lease liabilities 1,189 1,276
Warrant liabilities 692 4,213
Deferred tax liabilities 39,885 38,358
Other non-current liabilities 1,224 2,119
Total liabilities 313,487 312,087
Commitments and contingencies (Note L – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2026—none and 2025—46,505.13. Liquidation preference: 2026—none and 2025—$118,434 (Note M – Convertible Preferred Stock) 0 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—249,221,102 and 2025—191,915,804 25 19
Treasury stock, at cost: 2026—1,036,294 shares and 2025—1,036,294 shares (7,342) (7,342)
Additional paid-in capital 2,377,689 1,678,799
Accumulated deficit (739,235) (621,762)
Accumulated other comprehensive income (loss) (1,280) 10,302
Total shareholders’ equity (deficit) 1,629,857 1,060,016
Total liabilities, convertible preferred stock and equity (deficit) $ 1,943,344 $ 1,449,137