Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY

v3.26.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY - USD ($)
Total
Class A Common Stock
Class V Common Stock
Series A Preferred Stock
Series B Preferred Stock
Series C Preferred Stock
Series D Preferred Stock
Series D-1 Preferred Stock
Common Stock
Class A Common Stock
Common Stock
Class V Common Stock
Additional Paid in Capital
Additional Paid in Capital
Class V Common Stock
Accumulated Deficit
Non-controlling Interest
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Preferred Stock
Series D Preferred Stock
Preferred Stock
Series D-1 Preferred Stock
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance $ 75,936,000               $ 0 $ 0 $ 579,129,000   $ (503,193,000)   $ 0 $ 0 $ 0 $ 0  
Beginning balance at Dec. 31, 2024 73,593,000                                    
Increase (Decrease) in Temporary Equity                                      
Net income 8,002,000                                    
Net loss (23,766,000)                                    
Ending balance at Mar. 31, 2025 57,829,000                                    
Beginning balance (in shares) at Dec. 31, 2024       0 0 0 0                        
Beginning balance (in shares) at Dec. 31, 2024                 3,257,000 3,919,000                  
Increase (Decrease) in Stockholders' Equity                                      
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)                 6,000                    
Issuance of Class A common stock upon settlement of restricted stock units, net of shares withheld for tax 0                   0                
Equity-based compensation     $ 1,808,000                 $ 1,808,000              
Private placement, net of offering costs (in shares)                 0                    
Class A common stock warrants issued 13,988,000               $ 0   13,988,000                
Net income (8,002,000)                   (8,002,000)                
Net loss (20,480,000)                       (20,480,000)            
Ending balance (in shares) at Mar. 31, 2025       0 0 0 0                        
Ending balance (in shares) at Mar. 31, 2025                 3,263,000 3,919,000                  
Ending balance at Mar. 31, 2025 63,250,000               $ 0 $ 0 586,923,000   (523,673,000)   0 0 0 0  
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance 63,250,000               $ 0 $ 0 586,923,000   (523,673,000)   0 0 0 0  
Net income                           $ 8,193,000          
Net loss                           (23,303,000)          
Ending balance at Jun. 30, 2025                           42,719,000          
Increase (Decrease) in Stockholders' Equity                                      
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)                 5,000                    
Issuance of Class A common stock upon settlement of restricted stock units, net of shares withheld for tax $ 0                                    
Equity-based compensation     1,463,000                 1,463,000              
Private placement, net of offering costs (in shares)                                    
Class A common stock warrants issued $ 8,301,000                                    
Net income (8,193,000)                   (8,193,000)                
Net loss (20,362,000)                       (20,362,000)            
Ending balance (in shares) at Jun. 30, 2025       0 0 0 0                        
Ending balance (in shares) at Jun. 30, 2025                 3,268,000 3,919,000                  
Ending balance at Jun. 30, 2025                             0 0 0 0  
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance                             0 0 0 0  
Beginning balance 44,459,000               $ 0 $ 0 588,494,000   (544,035,000)            
Net income                           4,815,000          
Fair value adjustments to redeemable non-controlling interest 27,954,000                                    
Net loss                           (37,874,000)          
Ending balance at Sep. 30, 2025                           37,614,000          
Increase (Decrease) in Stockholders' Equity                                      
Fair value adjustments to redeemable non-controlling interest (27,954,000)               $ 0   (27,954,000)                
Equity-based compensation     $ 1,211,000                 1,211,000              
Net income (4,815,000)                   (4,815,000)                
Net loss (31,587,000)                       (31,587,000)            
Ending balance (in shares) at Sep. 30, 2025                 3,268,000 3,919,000                  
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance (18,686,000)               $ 0   556,936,000   (575,622,000)            
Beginning balance (155,232,000)               $ 0 $ 0 495,909,000   (651,141,000) 0 0 0 0 0  
Beginning balance at Dec. 31, 2025 14,997,000                                    
Increase (Decrease) in Temporary Equity                                      
Net income 28,668,000                                    
Reclassification of non-controlling interest upon consolidation (1,000,000)                                    
Fair value adjustments to redeemable non-controlling interest (33,741,000)                                    
Net loss 1,457,000                                    
Ending balance at Mar. 31, 2026 10,381,000                                    
Beginning balance (in shares) at Dec. 31, 2025       0 0 0 0 0                      
Beginning balance (in shares) at Dec. 31, 2025   3,286,000 3,919,000           3,286,000 3,919,000                  
Increase (Decrease) in Stockholders' Equity                                      
Fair value adjustments to redeemable non-controlling interest 33,741,000               $ 0   33,741,000                
Equity-based compensation 1,051,000                   1,051,000                
Vesting of Class V common stock awards (in shares)                   0                  
Exchanges of redeemable non-controlling interests for Class A common stock (in shares)                 8,000                    
Reclassification of non-controlling interest upon consolidation 1,000,000                         1,000,000          
Net income (28,668,000)                   (28,668,000)                
Class A common stock warrants issued 2,977,000                   2,977,000                
Net loss 1,583,000                       1,223,000 360,000          
Ending balance (in shares) at Mar. 31, 2026       0 0 0 0                        
Ending balance (in shares) at Mar. 31, 2026                 3,294,000 3,919,000                  
Ending balance at Mar. 31, 2026 (143,548,000)               $ 0 $ 0 505,010,000   (649,918,000) 1,360,000 0 0 0 0  
Beginning balance at Dec. 31, 2025 14,997,000                                    
Ending balance at Sep. 30, 2026                           90,256,000          
Increase (Decrease) in Temporary Equity                                      
Stock Issued During Period, Value, Conversion of Convertible Securities                 $ 673,451                    
Beginning balance (in shares) at Dec. 31, 2025       0 0 0 0 0                      
Beginning balance (in shares) at Dec. 31, 2025   3,286,000 3,919,000           3,286,000 3,919,000                  
Ending balance (in shares) at Sep. 30, 2026       498,000 396,000 1,631,000 761,000 140,000                      
Ending balance (in shares) at Sep. 30, 2026   4,016,000 3,245,000         140,000 4,016,000 3,245,000                  
Ending balance at Sep. 30, 2026 110,459,000               $ 0 $ 0 548,885,000   (626,853,000) 3,185,000 21,186,000 18,717,000 81,317,000 54,748,000 $ 9,274,000
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance (143,548,000)               0 0 $ 505,010,000   (649,918,000) 1,360,000 $ 0 $ 0 $ 0 0  
Beginning balance at Mar. 31, 2026 10,381,000                                    
Increase (Decrease) in Temporary Equity                                      
Net income                           131,162,000          
Fair value adjustments to redeemable non-controlling interest $ (85,657,000)                                    
Net loss                           8,567,000          
Ending balance at Jun. 30, 2026                           64,453,000          
Increase (Decrease) in Temporary Equity                                      
Stock Issued During Period, Value, Conversion of Convertible Securities                 $ 570,000 $ (570,000)                  
Stock Issued During Period, Shares, Conversion of Convertible Securities 195,118,000     498,000 396,000 1,631,000         73,898,000       21,186,000 18,717,000 81,317,000    
Beginning balance (in shares) at Mar. 31, 2026       0 0 0 0                        
Beginning balance (in shares) at Mar. 31, 2026                 3,294,000 3,919,000                  
Increase (Decrease) in Stockholders' Equity                                      
Fair value adjustments to redeemable non-controlling interest $ 85,657,000                   $ 85,657,000                
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares) (4,000)               46,000   (4,000)                
Equity-based compensation     $ 866,000                 866,000              
Private placement, net of offering costs (in shares)             559,000                        
Class A common stock warrants issued $ 43,218,000                                 43,218,000  
Net income (131,162,000)                   $ (131,162,000)                
Class A common stock warrants issued 15,961,000                   15,961,000                
Net loss 7,084,000                       7,444,000 (360,000)          
Ending balance (in shares) at Jun. 30, 2026       498,000 396,000 1,631,000 559,000                        
Ending balance (in shares) at Jun. 30, 2026                 3,910,000 3,349,000                  
Ending balance at Jun. 30, 2026 73,190,000               $ 0 $ 0 550,226,000   (642,474,000) 1,000,000 $ 21,186,000 $ 18,717,000 $ 81,317,000 43,218,000  
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance 73,190,000               0 0 $ 550,226,000   (642,474,000) 1,000,000 21,186,000 18,717,000 81,317,000 43,218,000  
Net income                           12,832,000          
Class A common stock warrants issued                           0          
Net loss                           12,971,000          
Ending balance at Sep. 30, 2026                           90,256,000          
Increase (Decrease) in Temporary Equity                                      
Stock Issued During Period, Value, Conversion of Convertible Securities                 $ 104,000 $ (104,000)                  
Stock Issued During Period, Shares, Conversion of Convertible Securities                     73,900,000                
Increase (Decrease) in Stockholders' Equity                                      
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)                 2,000                    
Equity-based compensation     $ (421,000)                 $ (421,000)              
Private placement, net of offering costs (in shares)             202,000 140,000                      
Class A common stock warrants issued 20,804,000                                 11,530,000 9,274,000
Net income (12,832,000)                   $ (12,832,000)                
Class A common stock warrants issued 11,912,000                   11,912,000                
Net loss 17,806,000                       15,621,000 2,185,000          
Ending balance (in shares) at Sep. 30, 2026       498,000 396,000 1,631,000 761,000 140,000                      
Ending balance (in shares) at Sep. 30, 2026   4,016,000 3,245,000         140,000 4,016,000 3,245,000                  
Ending balance at Sep. 30, 2026 110,459,000               $ 0 $ 0 548,885,000   (626,853,000) 3,185,000 21,186,000 18,717,000 81,317,000 54,748,000 9,274,000
Increase (Decrease) in Stockholders' Equity                                      
Beginning balance $ 110,459,000               $ 0 $ 0 $ 548,885,000   $ (626,853,000) $ 3,185,000 $ 21,186,000 $ 18,717,000 $ 81,317,000 $ 54,748,000 $ 9,274,000