Tempus Reports Third Quarter 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 ended September 30, 2025.

“Not only are we growing at an incredible rate, reaching positive adjusted EBITDA marks an important milestone and reflects the strength of our underlying business,” said Eric Lefkofsky, Founder and CEO of Tempus. “One of the hardest things to do, and a sign of business model endurance, is being able to slow down the rate of reinvesting back into the business and still maintain growth, which is exactly what we achieved this quarter.”

Third Quarter Summary Results

The pro forma amounts have been calculated after applying the Company's accounting policies

Third Quarter and Recent Operational Highlights

Third Quarter Financial Results

Three Months Ended September 30,

2025

2024

Change

(in thousands, except percentages and per share amounts)

(unaudited)

Revenue

334,206

180,929

84.7

Gross profit

209,942

105,839

98.4

Loss from operations

(60,996

)

(53,616

)

13.8

Net loss

(79,982

)

(75,840

)

5.5

Adjusted EBITDA

1,476

(21,843

)

106.8

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

(0.46

)

(0.46

)

—

Non-GAAP net loss per share

(0.11

)

(0.24

)

54.2

Financial Outlook and Guidance

Tempus increased full year 2025 revenue guidance to approximately $1.265 billion, which represents ~80% annual growth. Given the acquisition of Paige, which we expect will increase losses by approximately $5 million per quarter, we expect Q4 Adjusted EBITDA to be ~$20 million, resulting in slightly positive Adjusted EBITDA for the full year.

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, November 4, 2025 after market close at 4:30 p.m. Eastern Time. Interested parties may access details at:

Conference ID: 5436492

Domestic Dial-in Number: (800) 715-9871

International Dial-in Number: (646) 307-1963

Live webcast: https://edge.media-server.com/mmc/p/vg3azega

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) (gains) losses on equity method investments, (vii) provision for (benefit from) 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) loss on debt extinguishment, and (xi) 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) provision for (benefit from) income taxes, (v) (gains) losses on 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, and (xiii) 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 EBITDA and 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 income (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 (the “Securities Act”), 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 fourth quarter and full year 2025; and Tempus ability to establish a leading footprint in digital technology. 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, 2024, filed with the Securities and Exchange Commission (“the SEC”) on February 24, 2025, as supplemented by Tempus' Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 4, 2025. 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except per share amounts)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net revenue

Genomics

252,878

116,422

688,525

331,315

Data and services (1)

81,328

64,507

216,053

161,403

Total net revenue

334,206

180,929

904,578

492,718

Cost and operating expenses

Cost of revenues, genomics

98,643

60,126

283,182

181,285

Cost of revenues, data and services

25,621

14,964

61,212

52,384

Technology research and development

38,087

30,680

105,960

135,655

Research and development

44,960

27,348

122,453

119,713

Selling, general and administrative

187,891

101,427

523,230

644,063

Total cost and operating expenses

395,202

234,545

1,096,037

1,133,100

Loss from operations

(60,996

)

(53,616

)

(191,459

)

(640,382

)

Interest income

4,600

4,789

7,506

7,538

Interest expense

(15,399

)

(13,761

)

(54,981

)

(40,294

)

Loss on debt extinguishment

(12,034

)

—

(12,034

)

—

Other income (expense), net

2,605

(11,522

)

16,879

(17,821

)

Loss before (provision for) benefit from income taxes

(81,224

)

(74,110

)

(234,089

)

(690,959

)

(Provision for) benefit from income taxes

(276

)

(38

)

45,692

(144

)

Gains (losses) from equity method investments

1,518

(1,692

)

(2,465

)

(1,692

)

Net Loss

(79,982

)

(75,840

)

(190,862

)

(692,795

)

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

—

(39,347

)

Cumulative undeclared dividends on Series C preferred shares

—

(1,174

)

Net loss attributable to common shareholders, basic and diluted

(79,982

)

(75,840

)

(190,862

)

(733,316

)

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

(0.46

)

(0.46

)

(1.10

)

(7.04

)

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

174,945

165,612

172,969

104,164

Comprehensive Loss, net of tax

Net loss

(79,982

)

(75,840

)

(190,862

)

(692,795

)

Foreign currency translation adjustment

(2,915

)

10,302

5,439

10,203

Comprehensive loss

(82,897

)

(65,538

)

(185,423

)

(682,592

)

(1)

Includes related party revenue of $25,132, $2,389, $41,671, $2,604 for the three and nine months ended September 30, 2025 and 2024, respectively.

Tempus AI, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)

September 30,

2025

December 31,

2024

Assets

Current Assets

Cash and cash equivalents

655,918

340,954

Accounts receivable (1), net of allowances of $1,583 and $1,141 at September 30, 2025 and December 31, 2024, respectively

283,626

154,819

Inventory

54,976

38,386

Related party asset

5,660

—

Prepaid expenses and other current assets

42,611

26,135

Marketable equity securities

103,720

107,309

Total current assets

1,146,511

667,603

Property and equipment, net

90,710

58,056

Goodwill

465,140

73,343

Intangible assets, net

372,876

11,716

Investments and other assets

20,948

8,305

Investment in joint venture

94,367

91,450

Related party asset, less current portion

19,340

—

Operating lease right-of-use assets

66,901

14,762

Restricted cash

4,631

881

Total Assets

2,281,424

926,116

Liabilities, Convertible redeemable preferred stock, and Stockholders' equity

Current Liabilities

Accounts payable

59,553

53,804

Accrued expenses

160,773

130,407

Deferred revenue (2)

84,719

75,981

Deferred other income

15,955

Other current liabilities

11,819

6,964

Operating lease liabilities

12,417

6,459

Accrued data licensing fees

4,792

1,500

Total current liabilities

350,028

291,070

Operating lease liabilities, less current portion

77,723

26,199

Convertible promissory note

217,959

168,192

Other long-term liabilities

58,772

15,980

Revolving credit facility

100,000

—

Interest payable

8,739

70,450

Long-term debt, net

200,859

267,244

Convertible senior notes, net

726,863

—

Deferred other income, less current portion

11,966

23,932

Deferred revenue, less current portion

20,691

6,710

Total Liabilities

1,773,600

869,777

(1)

Includes related party accounts receivable of $6,639 and $4,287 as of September 30, 2025 and December 31, 2024, respectively.

Tempus AI, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)

Commitments and contingencies (Note 8)

Convertible redeemable preferred stock, $0.0001 par value, 20,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively, no shares issued and outstanding at September 30, 2025 and December 31, 2024

—

Stockholders' equity

Class A Common Stock, $0.0001 par value, 1,000,000,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 172,779,554 and 157,076,972 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Class B Common Stock, $0.0001 par value, 5,500,000 shares authorized at September 30, 2025 and December 31, 2024, respectively; 5,043,789 issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Non-voting Common Stock, $0.0001 par value, no shares authorized at September 30, 2025 and December 31, 2024, respectively; no shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively

—

Treasury Stock, 145,466 shares at September 30, 2025 and December 31, 2024, at cost

(3,602

)

(3,602

)

Additional Paid-In Capital

2,847,571

2,210,664

Accumulated Other Comprehensive Income

5,533

Accumulated deficit

(2,341,696

)

(2,150,834

)

Total Stockholders' equity

507,824

56,339

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

2,281,424

926,116

Tempus AI, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands, except per share amounts)

Nine Months Ended

September 30,

2025

2024

Operating activities

Net loss

(190,862

)

(692,795

)

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

Change in fair value of warrant liability

—

42,400

Stock-based compensation

79,408

509,351

Gain on warrant exercise

—

(173

)

Gain on marketable equity securities

(4,731

)

(5,119

)

Loss on debt extinguishment

12,034

—

Deferred income taxes

(46,216

)

—

Losses from equity method investments

2,465

1,692

Amortization of original issue discount

2,615

1,036

Amortization of deferred financing fees

398

383

Change in fair value of contingent consideration

—

165

Change in fair value of holdback liability

291

—

Amortization of warrant contract asset

—

3,633

Depreciation and amortization

75,416

27,788

Provision for bad debt expense

767

545

Provision for obsolete inventory

1,135

—

Change in fair value of warrant asset

—

(18,302

)

Non-cash operating lease costs

7,866

4,670

Minimum accretion expense

109

PIK interest added to principal

8,839

6,567

Change in assets and liabilities

Accounts receivable (1)

(63,199

)

(51,699

)

Inventory

(6,537

)

(7,293

)

Prepaid expenses and other current assets

(3,991

)

(14,040

)

Investments and other assets

(16,700

)

(410

)

Accounts payable

(18,528

)

(24,776

)

Related party asset

(25,000

)

—

Deferred revenue (2)

17,398

(1,052

)

Deferred other income

(11,966

)

43,876

Accrued data licensing fees

3,730

(4,250

)

Accrued expenses & other

(5,179

)

23,371

Interest payable

10,288

11,208

Operating lease liabilities

(11,152

)

(6,655

)

Net cash used in operating activities

(181,302

)

(149,794

)

(1)

Includes increase in related party accounts receivable of $2,352 and $1,909 as of September 30, 2025 and September 30, 2024, respectively.

(2)

Includes increase in related party deferred revenue of $19,918 and $0 as of September 30, 2025 and September 30, 2024, respectively.

Tempus AI, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands, except per share amounts)

Nine Months Ended

September 30,

2025

2024

Investing activities

Purchases of property and equipment

(16,294

)

(14,159

)

Proceeds from sale of marketable equity securities

8,316

23,098

Purchases of marketable equity securities

—

(36,183

)

Business combinations, net of cash acquired (Note 4)

(375,025

)

—

Investment in joint venture

—

(95,186

)

Purchases of capitalized software

(4,635

)

—

Net cash used in investing activities

(387,638

)

(122,430

)

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-5 Preferred Stock

—

199,750

Payment of deferred offering costs

(501

)

(8,587

)

Dividends paid

—

(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

—

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

726,497

—

Payment of deferred financing fees

(1,255

)

—

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

887,732

494,508

Effect of foreign exchange rates on cash

(78

)

(13

)

Net increase in Cash, Cash Equivalents and Restricted Cash

318,714

222,271

Cash, cash equivalents and restricted cash, beginning of period

341,835

166,607

Cash, cash equivalents and restricted cash, end of period

660,549

388,878

Cash, Cash Equivalents and Restricted Cash are Comprised of:

Cash and cash equivalents

655,918

388,006

Restricted cash and cash equivalents

4,631

872

Total cash, cash equivalents and restricted cash

660,549

388,878

Supplemental disclosure of cash flow information

Cash paid during the year for interest

37,349

20,899

Cash paid for income taxes

573

127

Tempus AI, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands, except per share amounts)

Nine Months Ended

September 30,

2025

2024

Supplemental disclosure of noncash investing and financing activities

Dividends payable

—

5,487

Purchases of property and equipment, accrued but not paid

3,724

6,706

Redemption of convertible promissory note

22,721

18,664

Non-voting common stock issued in connection with business combinations

—

344

Deferred offering costs, accrued but not yet paid

320

179

Deferred financing fees, accrued but not yet paid

489

—

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

550

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

—

164

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

Issuance of Series G-4 Preferred Stock

—

611

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)

Genomics Gross Profit & Gross Margin

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Genomics revenue

252,878

116,422

688,525

331,315

Cost of revenues, genomics

98,643

60,126

283,182

181,285

Gross profit, genomics

154,235

56,296

405,343

150,030

Stock-based compensation expense

1,631

1,083

4,086

12,410

Employer payroll tax related to stock-based compensation

338

162

Non-GAAP gross profit, genomics

155,902

57,405

409,767

162,602

Genomics gross margin

61.0

48.4

58.9

45.3

Stock-based compensation expense

0.6

0.9

0.6

3.7

Employer payroll tax related to stock-based compensation

0.0

Non-GAAP gross margin, genomics

61.7

49.3

59.5

49.1

Data and Services Gross Profit & Gross Margin

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Data and services revenue

81,328

64,507

216,053

161,403

Cost of revenues, data and services

25,621

14,964

61,212

52,384

Gross profit, data and services

55,707

49,543

154,841

109,019

Stock-based compensation expense

894

916

2,198

8,145

Employer payroll tax related to stock-based compensation

220

162

Non-GAAP gross profit, data and services

56,663

50,502

157,259

117,326

Gross margin, data and services

68.5

76.8

71.7

67.5

Stock-based compensation expense

1.1

1.4

1.0

5.0

Employer payroll tax related to stock-based compensation

0.1

Non-GAAP gross margin, data and services

69.7

78.3

72.8

72.7

Total Gross Profit & Gross Margin

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net revenue

334,206

180,929

904,578

492,718

Cost of revenues

124,264

75,090

344,394

233,669

Gross profit

209,942

105,839

560,184

259,049

Stock-based compensation expense

2,525

1,999

6,284

20,555

Employer payroll tax related to stock-based compensation

558

324

Non-GAAP gross profit

212,565

107,907

567,026

279,928

Gross margin

62.8

58.5

61.9

52.6

Stock-based compensation expense

0.8

1.1

0.7

4.2

Employer payroll tax related to stock-based compensation

0.0

0.1

Non-GAAP gross margin

63.6

59.6

62.7

56.8

Operating Expenses

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Technology research and development

38,087

30,680

105,960

135,655

Stock-based compensation expense

5,463

3,929

12,067

54,363

Employer payroll tax related to stock-based compensation

278

192

1,034

1,441

Non-GAAP technology research and development

32,346

26,559

92,859

79,851

Research and development

44,960

27,348

122,453

119,713

Stock-based compensation expense

3,301

2,554

7,618

44,787

Employer payroll tax related to stock-based compensation

122

134

533

810

Non-GAAP research and development

41,537

24,660

114,302

74,116

Selling, general and administrative

187,891

101,427

523,230

644,063

Stock-based compensation expense

22,690

12,556

53,439

389,646

Employer payroll tax related to stock-based compensation

541

806

6,040

3,388

Acquisition related expenses (1)

552

—

6,073

—

Amortization of intangibles due to acquisition

16,764

—

44,691

—

Franchise taxes related to IPO

—

1,647

—

Non-GAAP selling, general and administrative

147,344

88,065

411,340

251,029

Operating expenses

270,938

159,455

751,643

899,431

Stock-based compensation expense

31,454

19,039

73,124

488,796

Employer payroll tax related to stock-based compensation

941

1,132

7,607

5,639

Acquisition related expenses (1)

552

—

6,073

—

Amortization of intangibles due to acquisition

16,764

—

44,691

—

Franchise taxes related to IPO

—

1,647

—

Non-GAAP operating expenses

221,227

139,284

618,501

404,996

(1)

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

Earnings per Share

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net loss

(79,982

)

(75,840

)

(190,862

)

(692,795

)

Fair value changes (1)

1,255

15,605

(4,441

)

19,885

Stock-based compensation expense

33,979

21,038

79,408

509,351

Employer payroll tax related to stock-based compensation

1,039

1,201

8,165

5,963

Acquisition related expenses (2)

552

—

6,073

—

Amortization of intangibles due to acquisition

16,764

—

44,691

—

(Gains) losses from equity method investments

(1,518

)

1,692

2,465

1,692

Provision for (benefit from) income taxes

276

(45,692

)

144

G-4 Special Payment

—

2,250

Franchise taxes related to IPO

—

1,647

—

Loss on debt extinguishment

12,034

—

12,034

—

Amortization of technology license

(3,989

)

(3,989

)

(11,966

)

(3,989

)

Non-GAAP net loss

(19,590

)

(40,255

)

(98,478

)

(157,499

)

Non-GAAP net loss per share

(0.11

)

(0.24

)

(0.57

)

(1.51

)

Weighted average common shares outstanding, basic and diluted

174,945

165,612

172,969

104,164

(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 incurred for acquisitions during the three and nine months ended September 30, 2025.

Adjusted EBITDA

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net loss

(79,982

)

(75,840

)

(190,862

)

(692,795

)

Interest income

(4,600

)

(4,789

)

(7,506

)

(7,538

)

Interest expense

15,399

13,761

54,981

40,294

Depreciation

8,120

6,788

24,350

19,472

Amortization

18,911

2,652

51,066

8,316

Provision for (benefit from) income taxes

276

(45,692

)

144

EBITDA

(41,876

)

(57,390

)

(113,663

)

(632,107

)

(Gains) losses on equity method investments

(1,518

)

1,692

2,465

1,692

Fair value changes (1)

1,255

15,605

(4,441

)

19,885

Stock-based compensation expense

33,979

21,038

79,408

509,351

Employer payroll tax related to stock-based compensation

1,039

1,201

8,165

5,963

Acquisition related expenses (2)

552

—

6,073

—

G-4 Special Payment

—

2,250

Amortization of technology license

(3,989

)

(3,989

)

(11,966

)

(3,989

)

Franchise taxes related to IPO

—

1,647

—

Loss on debt extinguishment

12,034

—

12,034

—

Adjusted EBITDA

1,476

(21,843

)

(20,278

)

(96,955

)

(1)

(2)

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

Loss from Operations

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Loss from operations

(60,996

)

(53,616

)

(191,459

)

(640,382

)

Stock-based compensation expense

33,979

21,038

79,408

509,351

Employer payroll tax related to stock-based compensation

1,039

1,201

8,165

5,963

Acquisition related expenses (1)

552

—

6,073

—

Franchise taxes related to IPO

—

1,647

—

Amortization of intangibles due to acquisition

16,764

—

44,691

—

Non-GAAP loss from operations

(8,662

)

(31,377

)

(51,475

)

(125,068

)

(1)

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