Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income (loss) from continuing operations before income taxes for the following periods were as follows (in thousands):


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Domestic	$	(97,384)	$	(94,301)	$	(153,294)
Foreign	—		—		(4)
Loss from continuing operations before provision for income taxes	(97,384)		(94,301)		(153,298)
Loss from discontinued operations before provision for income taxes	(34,555)		(8,976)		(72,070)
Total loss before income taxes	$	(131,939)	$	(103,277)	$	(225,368)

Schedule of Components of Income Tax Expense (Benefit)

Details of the income tax expense (benefit) from continuing operations are as follows (in thousands):


	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2023
Current:
Foreign	$	—	$	—	$	—
Federal	—		—		—
State	(49)		110		355
Total current income tax expense (benefit)	(49)		110		355
Deferred:
Foreign	—		—		—
Federal	—		—		—
State	—		—		—
Total deferred income tax expense (benefit)	—		—		—
Income tax (benefit) expense from continuing operations	(49)		110		355
Income tax expense (benefit) from discontinued operations	19		60		89
Total Income tax (benefit) expense	$	(30)	$	170	$	444

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31, 2025		%
Tax provision at federal statutory rate	$	(20,451)	21.00	%
Increase (decrease) in income tax resulting from:
State income taxes, net of federal tax effect (a)	(39)		0.04	%
Non-taxable or non-deductible items
Noncontrolling interest	4,000		(4.11)	%
Stock compensation	3,207		(3.29)	%
TRA settlements expense	4,250		(4.36)	%
Changes in valuation allowance	14,772		(15.17)	%
Tax Credits	67		(0.07)	%
Other
Deferred tax adjustment	1,587		(1.63)	%
Perm goodwill	(7,442)		7.64	%
Provision for (benefit from) income taxes	$	(49)	0.05	%
(a) State taxes in California, New York and Texas made up the majority (greater than 50 percent) of the tax effect in this category.


	Year Ended December 31, 2024			Year Ended December 31, 2023
Tax provision at federal statutory rate	$	(19,803)		$	(32,193)
Increase (decrease) in income tax resulting from:
State income taxes, net of federal tax effect (a)	(3,175)			919
Noncontrolling interest	10,871			21,517
Fair value of warrant liability	3,609			330
Changes in valuation allowance	7,078			5,860
Stock compensation	2,156			2,097
Subsidiary liquidation	—			1,978
Other	(626)			(153)
Provision for (benefit from) income taxes	$	110		$	355
Effective tax rate	(0.12)		%	(0.23)		%

Schedule of Deferred Tax Assets and Liabilities

The following summarizes the significant components of our deferred tax assets and liabilities (in thousands):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Investment in partnership	$	—	$	124,810
Net operating loss carryforwards	49,665		33,638
Deferred and share-based compensation	10,384		2,607
Warrant liability	5,304		—
Intangible assets and Goodwill	108,123		—
Other	5,899		541
Total deferred tax assets	179,375		161,596
Less: valuation allowance	(177,609)		(152,453)
Net deferred tax assets	1,766		9,143
Deferred tax liabilities:
Intercompany asset with Opco	—		9,143
Other	1,766		—
Total deferred tax liabilities	1,766		9,143
Net deferred tax assets (liabilities)	$	—	$	—