v3.25.4
JOINT VENTURE - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 491,329 $ 55,930
Accounts receivable, net 29,819 15,360
Prepaid expenses and other current assets 26,541 11,461
Property and equipment, net 164,286 49,439
Operating lease right-of-use assets 18,164 8,167
Other assets 30,048 7,210
TOTAL ASSETS [1] 1,050,454 247,596
LIABILITIES    
Accounts payable 27,386 22,787
Operating lease liabilities 5,831 3,000
Accrued expenses and other current liabilities 75,472 39,594
Operating lease liabilities, non-current 13,336 6,205
Convertible notes, net 447,634 7,435
Embedded derivatives 0 2,723
Contract liabilities, non-current 7,899 2,762
TOTAL LIABILITIES [1] 620,921 187,669
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Cash and cash equivalents 54,610 17,808
Accounts receivable, net 10,003 0
Prepaid expenses and other current assets 17,790 2,716
Property and equipment, net 127,735 36,188
Operating lease right-of-use assets 64 140
Other assets 723 14
TOTAL ASSETS 210,925 56,866
LIABILITIES    
Accounts payable 18,107 18,781
Operating lease liabilities 64 84
Accrued expenses and other current liabilities 15,898 5,414
Operating lease liabilities, non-current 0 56
Convertible notes, net 0 7,435
Embedded derivatives 0 2,723
Contract liabilities, non-current 9,003 0
TOTAL LIABILITIES $ 43,072 $ 34,493
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “TOTAL ASSETS” that can only be used to settle obligations of the VIE as well as liabilities of the VIE reflected within “TOTAL LIABILITIES” for which creditors do not have recourse to the general credit of Voyager. Refer to Note 20, “Joint Ventures”, for additional information