What caused Haymaker's operating loss in Q1 2024?

Haymaker Acquisition Corp. 4 Class A Ordinary Shares (HYAC) did not report any operating loss in its Quarterly Report for Q1 2024. However, it reported a net loss of $682 million for the first quarter of 2025, compared with a loss of $273 million in the same quarter of the previous year. The increase in net loss was due to increased operating expenses, which were $227 million compared with $115 million in the same quarter of the previous year. The company's revenue increased by 27% year-over-year to $2.36 billion. Therefore, it can be concluded that the operating loss in Q1 2024 was not caused by any operating losses, but rather by increased operating expenses.