Tempus Reports Fourth Quarter and Full Year 2025 Results

CHICAGO--( BUSINESS WIRE)--Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, today reported financial results for the quarter and year ended December 31, 2025.

“In 2025, Tempus continued to set the standard for what it means to be a technology company operating in the healthcare space,” said Eric Lefkofsky, Founder and CEO of Tempus. “The strength of our unit growth in diagnostics along with the accelerating growth of our data business is proof that we are unique in this space. As the network effects from our investments in AI continue to compound, we expect to not only drive significant growth over the next several years, but to also enhance the lives of millions of patients around the world.”

Fourth Quarter Summary Results:

Full Year 2025 Summary Results:

Recent Operational Highlights

Fourth Quarter and Full Year 2025 Financial Results

Three Months Ended

December 31, 2025

Year Ended

December 31, 2025

(in thousands, except percentages and per share amounts)

(unaudited)

Revenue

367,211

1,271,789

Year-over-year growth

83.0

83.4

Gross profit

237,713

797,897

Loss from operations

(61,413

)

(252,872

)

Net loss

(54,166

)

(245,028

)

Adjusted EBITDA

12,893

(7,385

)

Net loss per share attributable to common shareholders, basic and diluted

(0.30

)

(1.41

)

Non-GAAP net loss per share

(0.04

)

(0.61

)

Financial Outlook and Guidance

Tempus is providing full year 2026 revenue guidance of approximately $1.59 billion, which represents ~25% annual growth. We expect 2026 Adjusted EBITDA to be ~$65 million.

For additional information on the quarter, including a letter from our CEO and CFO, please visit our investor relations site at investors.tempus.com.

Webcast and Conference Call Information

A conference call and webcast will begin today, February 24, 2026 after market close at 4:30 p.m. Eastern Time. Interested parties may access details at:

Conference ID: 4652845

United States - New York: (646) 307-1963

USA & Canada - Toll-Free: (800) 715-9871

Live webcast: https://edge.media-server.com/mmc/p/c83akphq/

The webcast may be accessed on the company’s investor relations website at investors.tempus.com. For those unable to listen to the live webcast, a recording will be made available on the company’s website after the event and will be accessible for one year. Visit the investor relations website to find the company’s latest deck, and commentary on the quarter by Eric Lefkofsky, Founder and CEO and Jim Rogers, CFO, which will be discussed on the conference call and webcast.

About Tempus

Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of multimodal data, and an operating system to make that data accessible and useful, Tempus provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.

Non-GAAP Financial Measures

In addition to the financial information presented in this release in accordance with accounting principles generally accepted in the United States of America (GAAP), Tempus also presents adjusted non-GAAP financial measures.

Non-GAAP gross profit is defined as GAAP gross profit, excluding stock-based compensation expense and employer payroll tax related to stock-based compensation (collectively, the “stock-based compensation adjustments”). Non-GAAP gross margin is defined as gross profit, excluding the stock-based compensation adjustments, as a percentage of revenue. Non-GAAP operating expenses are calculated as the sum of technology research and development expense, research and development expense, and selling, general and administrative expense, excluding the stock-based compensation adjustments, acquisition-related expenses, amortization of intangibles due to acquisition, and franchise taxes related to our IPO. Non-GAAP loss from operations is defined as loss from operations, adjusted to exclude (i) stock-based compensation expense, (ii) employer payroll tax related to stock-based compensation expense, (iii) acquisition-related expenses, (iv) franchise taxes related to our IPO, and (v) amortization of intangibles due to acquisition. Non-GAAP net loss is defined as net loss, adjusted to exclude (i) changes in fair value of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities and indemnity-related holdback liabilities, (ii) stock-based compensation expense, (iii) employer payroll tax related to stock-based compensation expense, (iv) acquisition-related expenses, (v) amortization of intangibles due to acquisition, (vi) losses from equity method investments, (vii) (benefit from) provision for income taxes, (viii) the payment of $2.3 million of our Series G-4 convertible preferred stock in connection with the initial public offering (the "G-4 Special Payment"), (ix) franchise taxes related to our IPO, (x) other tax expense, (xi) loss on debt extinguishment, and (xii) amortization of deferred other income from our IP License Agreement with SB Tempus. Non-GAAP net loss per share is defined as non-GAAP net loss divided by weighted average common shares outstanding, basic and diluted.

Adjusted EBITDA is defined as net loss, adjusted to exclude (i) interest income, (ii) interest expense, (iii) depreciation and amortization, (iv) (benefit from) provision for income taxes, (v) losses from equity method investments, (vi) changes in fair value of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities and indemnity-related holdback liabilities, (vii) stock-based compensation expense, (viii) employer payroll tax related to stock-based compensation expense, (ix) acquisition-related expenses, (x) the G-4 Special Payment, (xi) amortization of deferred other income from our IP License Agreement with SB Tempus, (xii) franchise taxes related to our IPO, (xiii) other tax expense and (xiv) loss on debt extinguishment.

Tempus believes these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus’ business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

Tempus does not provide guidance for net loss, the most directly comparable GAAP measure to Adjusted EBITDA, and similarly cannot provide a reconciliation between Tempus’ forecasted Adjusted EBITDA and net loss without unreasonable effort due to the unavailability of reliable estimates for certain components of net loss and the respective reconciliations. These forecasted items are not within Tempus’ control, may vary greatly between periods, and could significantly impact future financial results.

Other Key Metrics

Total Remaining Contract Value (TCV) is equal to the total potential value of signed contracts and assumes the exercise of all contract options, all discretionary opt-ins, and no early termination. Remaining TCV excludes any revenue recognized to date on these contracts or any future adjustments made to the contractual value as a result of amendments or terminations.

Net Revenue Retention compares the annual Insights product revenue generated from all customers that made an Insights purchase in one year to the annual Insights product revenue generated from the same cohort of customers in the subsequent year.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Tempus and its industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, Tempus’ expected financial results for 2026; and Tempus ability to drive significant growth over the next several years and enhance the lives of millions of patients. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Tempus cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. Tempus has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect Tempus’ business, financial condition, results of operations and prospects. These forward-looking statements are subject to risks and uncertainties related to: the intended use of Tempus’ products and services; Tempus’ financial performance; the ability to attract and retain customers and partners; managing Tempus’ growth and future expenses; competition and new market entrants; compliance with new laws, regulations and executive actions, including any evolving regulations in the artificial intelligence space; the ability to maintain, protect and enhance Tempus’ intellectual property; the ability to attract and retain qualified team members and key personnel; the ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures or investments, including Tempus’ ability to realize the expected benefits of the acquisition of Paige AI, Ambry Genetics and Deep 6 AI; the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, trade tensions and tariffs, and war or other armed conflict, as well as risks, uncertainties, and other factors described in the section titled “Risk Factors” in Tempus’ Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“the SEC”) on February 24, 2026. In addition, any forward-looking statements contained in this press release are based on assumptions that Tempus believes to be reasonable as of this date. Tempus undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Tempus AI, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

Year Ended December 31,

2025

2024

2023

Net revenue

Diagnostics

955,381

451,749

363,022

Data and applications (1)

316,408

241,649

168,800

Total net revenue

1,271,789

693,398

531,822

Cost and operating expenses

Cost of revenues, diagnostics

386,102

243,467

189,165

Cost of revenues, data and applications

87,790

68,818

56,482

Technology research and development

146,107

167,519

95,155

Research and development

172,924

149,325

90,343

Selling, general and administrative

731,738

755,351

296,760

Total cost and operating expenses

1,524,661

1,384,480

727,905

Loss from operations

(252,872

)

(691,082

)

(196,083

)

Interest income

12,628

11,084

7,601

Interest expense

(70,267

)

(53,653

)

(46,869

)

Loss on debt extinguishment

(12,034

)

—

Other income, net

31,447

32,336

21,822

Loss before benefit from (provision for) income taxes

(291,098

)

(701,315

)

(213,529

)

Benefit from (provision for) income taxes

51,684

(266

)

(288

)

Losses from equity method investments

(5,614

)

(4,228

)

(301

)

Net Loss

(245,028

)

(705,809

)

(214,118

)

Accretion of convertible preferred stock to redemption value

—

(4,338

)

Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares

—

(39,347

)

(44,497

)

Cumulative undeclared dividends on Series C preferred shares

—

(1,174

)

(3,011

)

Net loss attributable to common shareholders, basic and diluted

(245,028

)

(746,330

)

(265,964

)

Net loss per share attributable to common shareholders, basic and diluted

(1.41

)

(6.23

)

(4.20

)

Weighted-average shares outstanding used to compute net loss per share, basic and diluted

174,264

119,849

63,306

Comprehensive Loss, net of tax

Net loss

(245,028

)

(705,809

)

(214,118

)

Foreign currency translation adjustment

808

(13

)

Comprehensive loss

(244,220

)

(705,720

)

(214,131

)

(1)

Includes related party revenue of $65,251, $4,502 and $673 for the years ended December 31, 2025, 2024 and 2023, respectively.

Tempus AI, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31, 2025

December 31, 2024

Assets

Current Assets

Cash and cash equivalents

604,787

340,954

Accounts receivable (1), net of allowances of $2,755 and $1,141 at December 31, 2025 and 2024, respectively

311,170

154,819

Inventory

51,724

38,386

Related party asset

8,785

—

Prepaid expenses and other current assets

40,498

26,135

Marketable equity securities

150,211

107,309

Total current assets

1,167,175

667,603

Property and equipment, net

89,156

58,056

Goodwill

470,211

73,343

Intangible assets, net

355,253

11,716

Investments and other assets

21,111

8,305

Investment in joint venture

86,557

91,450

Related party asset, less current portion

16,215

—

Operating lease right-of-use assets

64,496

14,762

Restricted cash

4,664

881

Total Assets

2,274,838

926,116

Liabilities, Convertible redeemable preferred stock, and Stockholders' equity

Current Liabilities

Accounts payable

81,994

53,804

Accrued expenses

155,370

130,407

Deferred revenue (2)

92,673

75,981

Deferred other income

15,955

Other current liabilities

8,680

6,964

Operating lease liabilities

13,355

6,459

Accrued data licensing fees

4,361

1,500

Total current liabilities

372,388

291,070

Operating lease liabilities, less current portion

74,272

26,199

Convertible promissory note

208,672

168,192

Other long-term liabilities

56,600

15,980

Revolving credit facility

100,000

—

Interest payable

12,393

70,450

Long-term debt, net

202,753

267,244

Convertible senior notes, net

728,078

—

Deferred other income, less current portion

7,977

23,932

Deferred revenue, less current portion

20,379

6,710

Total Liabilities

1,783,512

869,777

(1)

Includes related party accounts receivable of $6,428 and $4,287 as of December 31, 2025 and 2024, respectively.

(2)

Includes related party deferred revenue of $3,938 and $0 as of December 31, 2025 and 2024, respectively.

Tempus AI, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

Commitments and contingencies (Note 7)

Convertible redeemable preferred stock, $0.0001 par value, 20,000,000 shares authorized at December 31, 2025 and 2024, respectively, no shares issued and outstanding at December 31, 2025 and 2024

—

Stockholders' equity

Class A Common Stock, $0.0001 par value, 1,000,000,000 shares authorized at December 31, 2025 and 2024, respectively; 173,235,428 and 157,076,972 shares issued and outstanding at December 31, 2025 and 2024, respectively

Class B Common Stock, $0.0001 par value, 5,500,000 shares authorized at December 31, 2025 and 2024, respectively; 5,043,789 issued and outstanding at December 31, 2025 and 2024, respectively

Non-voting Common Stock, $0.0001 par value, no shares authorized at December 31, 2025 and 2024, respectively; no shares issued and outstanding at December 31, 2025, and 2024, respectively

—

Treasury Stock, 183,229 and 145,466 shares at December 31, 2025 and 2024, respectively, at cost

(6,642

)

(3,602

)

Additional Paid-In Capital

2,892,910

2,210,664

Accumulated Other Comprehensive Income

902

Accumulated deficit

(2,395,862

)

(2,150,834

)

Total Stockholders' equity

491,326

56,339

Total Liabilities, Convertible redeemable preferred stock, and Stockholders' equity

2,274,838

926,116

Tempus AI, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share amounts)

Year Ended December 31,

2025

2024

2023

Operating activities

Net loss

(245,028

)

(705,809

)

(214,118

)

Adjustments to reconcile net loss to net cash used in operating activities

Change in fair value of warrant liability

—

42,400

(8,000

)

Gain on warrant termination

—

(39,100

)

—

Reversal of warrant contract asset amortization

—

(16,301

)

—

Stock-based compensation

124,747

534,138

—

Gain on warrant exercise

—

(173

)

—

Gain on marketable equity securities

(16,471

)

(12,110

)

(9,807

)

Loss on disposal of property and equipment

415

—

Loss on debt extinguishment

12,034

—

Deferred income taxes

(52,665

)

—

Losses from equity method investments

5,614

4,228

301

Amortization of original issue discount

4,088

1,382

1,117

Amortization of deferred financing fees

484

510

Change in fair value of contingent consideration

—

(400

)

Change in fair value of holdback liability

(1,337

)

—

Amortization of warrant contract asset

—

4,843

5,221

Depreciation and amortization

102,324

37,245

33,049

Provision for bad debt expense

2,558

680

1,646

Provision for obsolete inventory

1,335

—

Amortization of finance right-of-use lease assets

—

283

Change in fair value of warrant asset

—

(18,302

)

(4,100

)

Non-cash operating lease costs

11,554

6,047

6,760

Minimum accretion expense

268

197

Impairment of intangible assets

—

7,359

PIK interest added to principal

10,537

8,811

3,587

Change in assets and liabilities

Accounts receivable (1)

(90,402

)

(61,037

)

(7,347

)

Inventory

(3,369

)

(9,541

)

(6,563

)

Prepaid expenses and other current assets

(1,699

)

(13,683

)

(6,474

)

Investments and other assets

(17,301

)

(751

)

(4,209

)

Accounts payable

(7,241

)

(23,852

)

(23,363

)

Related party asset

(25,000

)

—

Deferred revenue (2)

(6,960

)

(20,942

)

(26,412

)

Deferred other income

(15,955

)

39,887

—

Accrued data licensing fees

2,966

(5,000

)

(9,121

)

Accrued expenses & other

(12,844

)

50,540

38,577

Interest payable

14,206

15,129

15,836

Operating lease liabilities

(14,948

)

(8,553

)

(8,761

)

Net cash used in operating activities

(218,090

)

(189,045

)

(214,339

)

(1)

Includes increase in related party accounts receivable of $2,141 and $4,203 as of December 31, 2025 and 2024, respectively. Includes decrease in related party accounts receivable of $318 as of December 31, 2023.

(2)

Includes increase in related party deferred revenue of $3,938 , $0 and $0 as of December 31, 2025, 2024 and 2023, respectively.

Tempus AI, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share amounts)

Year Ended December 31,

2025

2024

2023

Investing activities

Purchases of property and equipment

(21,049

)

(22,121

)

(34,608

)

Proceeds from sale of marketable equity securities

8,316

23,098

—

Purchases of marketable equity securities

(2,740

)

(36,183

)

—

Business combinations, net of cash acquired (Note 3)

(376,666

)

—

(5,705

)

Investment in joint venture

—

(95,186

)

—

Capitalized software costs

(6,216

)

—

Net cash used in investing activities

(398,355

)

(130,392

)

(40,313

)

Financing activities

Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions

—

381,951

—

Tax withholding related to net share settlement of restricted stock units

—

(69,918

)

—

Issuance of Series G-4 Preferred Stock, net of offering costs

—

44,885

Issuance of Series G-5 Preferred Stock

—

199,750

—

Principal payments on finance lease liabilities

—

(288

)

Purchase of treasury stock

(3,040

)

—

(3,602

)

Payment of deferred offering costs

(806

)

(8,766

)

(698

)

Dividends paid

—

(5,625

)

(5,625

)

Proceeds from revolving credit facility, net of original issue discount

98,000

—

Proceeds from long-term debt, net of original issue discount

196,000

—

82,875

Proceeds from convertible senior notes, net of initial purchasers' discount

726,497

—

Payment of deferred financing fees

(1,519

)

—

Payment of indemnity holdback related to acquisition

—

(813

)

—

G-4 Special Payment

—

(2,250

)

—

Principal payments on long-term debt

(276,892

)

—

Prepayment premium on long-term debt

(7,841

)

—

Purchases of capped call

(41,775

)

—

Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions

195,499

—

Net cash provided by financing activities

884,123

494,329

117,547

Effect of foreign exchange rates on cash

(62

)

336

(19

)

Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash

267,616

175,228

(137,124

)

Cash, cash equivalents and restricted cash, beginning of period

341,835

166,607

303,731

Cash, cash equivalents and restricted cash, end of period

609,451

341,835

166,607

Cash, Cash Equivalents and Restricted Cash are Comprised of:

Cash and cash equivalents

604,787

340,954

165,767

Restricted cash and cash equivalents

4,664

881

840

Total cash, cash equivalents and restricted cash

609,451

341,835

166,607

Tempus AI, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share amounts)

Year Ended December 31,

2025

2024

2023

Supplemental disclosure of cash flow information

Cash paid during the year for interest

44,031

28,045

16,913

Cash paid for income taxes

654

206

161

Marketable equity securities received on accounts receivable

32,000

22,000

Supplemental disclosure of noncash investing and financing activities

Dividends payable

—

5,487

12,535

Purchases of property and equipment, accrued but not paid

5,535

4,292

6,137

Redemption of convertible promissory note

32,008

24,932

27,970

Non-voting common stock issued in connection with business combinations

—

344

9,209

Accretion of convertible preferred stock to redemption value

—

4,338

Deferred offering costs, accrued but not yet paid

—

3,504

Deferred financing fees, accrued but not yet paid

226

—

Reclassification of deferred offering costs to additional paid-in capital upon at-the-market offering

821

—

Operating lease liabilities arising from obtaining right-of-use assets

22,670

1,997

1,097

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

—

1,348,809

—

Taxes related to net share settlement of restricted stock units not yet paid

—

Reclassification of deferred offering costs to additional paid-in capital upon initial public offering

—

12,347

—

Class A Common Stock issued in connection with business combinations

403,154

—

Class A Common Stock issued in connection with license agreement

1,443

—

Issuance of Series G-3 Preferred Stock

—

3,809

2,738

Issuance of Series G-4 Preferred Stock

—

611

—

Issuance of warrant

—

4,223

Issuance of common stock in connection with contingent consideration

—

847

—

Convertible promissory note principal reset due to amendment

72,488

—

Tempus AI, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

(in thousands, except percentages and per share amounts)

Diagnostics Gross Profit & Gross Margin

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Diagnostics revenue

266,856

120,434

955,381

451,749

Cost of revenues, diagnostics

102,920

62,182

386,102

243,467

Gross profit, diagnostics

163,936

58,252

569,279

208,282

Stock-based compensation expense

2,138

1,215

6,224

13,625

Employer payroll tax related to stock-based compensation

293

373

455

Non-GAAP gross profit, diagnostics

166,109

59,760

575,876

222,362

Diagnostics gross margin

61.4

48.4

59.6

46.1

Stock-based compensation expense

0.8

1.0

0.7

3.0

Employer payroll tax related to stock-based compensation

0.0

0.2

0.0

0.1

Non-GAAP gross margin, diagnostics

62.2

49.6

60.3

49.2

Data and applications Gross Profit & Gross Margin

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Data and applications revenue

100,355

80,246

316,408

241,649

Cost of revenues, data and applications

26,578

16,434

87,790

68,818

Gross profit, data and applications

73,777

63,812

228,618

172,831

Stock-based compensation expense

893

385

3,091

8,530

Employer payroll tax related to stock-based compensation

202

268

364

Non-GAAP gross profit, data and applications

74,718

64,399

231,977

181,725

Gross margin, data and applications

73.5

79.5

72.3

71.5

Stock-based compensation expense

0.9

0.5

1.0

3.5

Employer payroll tax related to stock-based compensation

0.0

0.3

0.1

0.2

Non-GAAP gross margin, data and applications

74.5

80.3

73.3

75.2

Total Gross Profit & Gross Margin

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Net revenue

367,211

200,680

1,271,789

693,398

Cost of revenues

129,498

78,616

473,892

312,285

Gross profit

237,713

122,064

797,897

381,113

Stock-based compensation expense

3,031

1,600

9,315

22,155

Employer payroll tax related to stock-based compensation

495

641

819

Non-GAAP gross profit

240,827

124,159

807,853

404,087

Gross margin

64.7

60.8

62.7

55.0

Stock-based compensation expense

0.8

0.7

3.2

Employer payroll tax related to stock-based compensation

0.0

0.2

0.1

Non-GAAP gross margin

65.6

61.9

63.5

58.3

Operating Expenses

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Technology research and development

40,147

31,864

146,107

167,519

Stock-based compensation expense

6,995

4,110

19,062

58,473

Employer payroll tax related to stock-based compensation

186

1,306

1,220

2,747

Non-GAAP technology research and development

32,966

26,448

125,825

106,299

Research and development

50,471

29,612

172,924

149,325

Stock-based compensation expense

5,070

2,851

12,688

47,638

Employer payroll tax related to stock-based compensation

756

632

1,566

Non-GAAP research and development

45,302

26,005

159,604

100,121

Selling, general and administrative

208,508

111,288

731,738

755,351

Stock-based compensation expense

30,243

16,226

83,682

405,872

Employer payroll tax related to stock-based compensation

3,006

5,023

9,046

8,411

Acquisition related expenses (1)

143

2,708

6,216

2,708

Amortization of intangibles due to acquisition

16,838

—

61,529

—

Franchise taxes related to IPO

—

1,647

—

Non-GAAP selling, general and administrative

158,278

87,331

569,618

338,360

Operating expenses

299,126

172,764

1,050,769

1,072,195

Stock-based compensation expense

42,308

23,187

115,432

511,983

Employer payroll tax related to stock-based compensation

3,291

7,085

10,898

12,724

Acquisition related expenses (1)

143

2,708

6,216

2,708

Amortization of intangibles due to acquisition

16,838

—

61,529

—

Franchise taxes related to IPO

—

1,647

—

Non-GAAP operating expenses

236,546

139,784

855,047

544,780

(1)

Acquisition related expenses consist of legal, diligence, accounting, and financing costs, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024.

Earnings per Share

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Net loss

(54,166

)

(13,014

)

(245,028

)

(705,809

)

Fair value changes (1)

(13,366

)

(47,753

)

(17,807

)

(27,868

)

Stock-based compensation expense

45,339

24,787

124,747

534,138

Employer payroll tax related to stock-based compensation

3,374

7,580

11,539

13,543

Acquisition related expenses (2)

(136

)

2,708

5,937

2,708

Amortization of intangibles due to acquisition

16,838

—

61,529

—

Losses from equity method investments

3,149

2,536

5,614

4,228

(Benefit from) provision for income taxes

(5,992

)

122

(51,684

)

266

G-4 Special Payment

—

2,250

Franchise taxes related to IPO

—

1,647

—

Other tax expense

1,608

—

1,608

—

Loss on debt extinguishment

—

12,034

—

Amortization of technology license

(3,989

)

(3,988

)

(15,955

)

(7,977

)

Non-GAAP net loss

(7,341

)

(27,022

)

(105,819

)

(184,521

)

Non-GAAP net loss per share

(0.04

)

(0.16

)

(0.61

)

(1.54

)

Weighted average common shares outstanding, basic and diluted

178,093

166,398

174,264

119,849

(1)

Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities.

(2)

Acquisition related expenses consist of legal, diligence, accounting, and financing costs, as well as a gain on bargain purchase, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024.

Adjusted EBITDA

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Net loss

(54,166

)

(13,014

)

(245,028

)

(705,809

)

Interest income

(5,122

)

(3,546

)

(12,628

)

(11,084

)

Interest expense

15,286

13,359

70,267

53,653

Depreciation

7,704

6,884

32,054

26,356

Amortization

19,204

2,573

70,270

10,889

(Benefit from) provision for income taxes

(5,992

)

122

(51,684

)

266

EBITDA

(23,086

)

6,378

(136,749

)

(625,729

)

Losses from equity method investments

3,149

2,536

5,614

4,228

Fair value changes (1)

(13,366

)

(47,753

)

(17,807

)

(27,868

)

Stock-based compensation expense

45,339

24,787

124,747

534,138

Employer payroll tax related to stock-based compensation

3,374

7,580

11,539

13,543

Acquisition related expenses (2)

(136

)

2,708

5,937

2,708

G-4 Special Payment

—

2,250

Amortization of technology license

(3,989

)

(3,988

)

(15,955

)

(7,977

)

Franchise taxes related to IPO

—

1,647

—

Other tax expense

1,608

—

1,608

—

Loss on debt extinguishment

—

12,034

—

Adjusted EBITDA

12,893

(7,752

)

(7,385

)

(104,707

)

(1)

(2)

Acquisition related expenses consist of legal, diligence, accounting, and financing costs, as well as a gain on bargain purchase, incurred for acquisitions of during the three months and years ended December 31, 2025 and 2024.

Three Months Ended September 30,

2025

Net loss

(79,982

)

Interest income

(4,600

)

Interest expense

15,399

Depreciation

8,120

Amortization

18,911

Provision for income taxes

276

EBITDA

(41,876

)

Gains on equity method investments

(1,518

)

Fair value changes (1)

1,255

Stock-based compensation expense

33,979

Employer payroll tax related to stock-based compensation

1,039

Acquisition related expenses (2)

552

Amortization of technology license

(3,989

)

Loss on debt extinguishment

12,034

Adjusted EBITDA

1,476

(1)

(2)

Acquisition related expenses consist of legal, diligence, accounting, and financing costs incurred for acquisitions of during the three months ended September 30, 2025.

Loss from Operations

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Loss from operations

(61,413

)

(50,700

)

(252,872

)

(691,082

)

Stock-based compensation expense

45,339

24,787

124,747

534,138

Employer payroll tax related to stock-based compensation

3,374

7,580

11,539

13,543

Acquisition related expenses (1)

143

2,708

6,216

2,708

Franchise taxes related to IPO

—

1,647

—

Amortization of intangibles due to acquisition

16,838

—

61,529

—

Non-GAAP loss from operations

4,281

(15,625

)

(47,194

)

(140,693

)

(1)

Acquisition related expenses consist of legal, diligence, accounting, and financing costs, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024.