v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurements [Abstract]  
Schedule of Liabilities Subject to Fair Value Measurements

Liabilities subject to fair value measurements that are valued on a recurring basis are as follows:

 

 

As of December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Earnout Shares liability

 

$

 

 

$

 

 

$

6,196,000

 

 

$

6,196,000

 

Subject Vesting Shares liability

 

 

 

 

 

 

 

 

1,180,000

 

 

 

1,180,000

 

Total liabilities

 

$

 

 

$

 

 

$

7,376,000

 

 

$

7,376,000

 

Schedule of Estimated Fair Value Earnout Shares See the following summary of key inputs:

 

 

As of
December 31,
2025

 

 

As of
December 31,
2024

 

Stock Price

 

$

3.94

 

 

$

7.97

 

Volatility

 

 

39.0

%

 

 

40.0

%

Risk free rate of return

 

 

3.6

%

 

 

4.3

%

Discount rate

 

 

20.5

%

 

 

25.0

%

Expected term (in years)

 

 

3.2

 

 

 

4.2

 

 

Schedule of Earnout Share Liability

The following table presents the changes in the fair value of the Earnout Shares liability:

 

 

Year Ended
December 31,
2025

 

Earnout Shares liability as of December 31, 2024

 

$

24,524,000

 

Change in fair value

 

 

(18,328,000

)

Balance as of December 31, 2025

 

$

6,196,000

 

Schedule of Vesting Shares Liability

The following table presents the changes in the fair value of the Subject Vesting Shares liability:

 

 

Year Ended
December 31,
2025

 

Subject Vesting Shares liability as of December 31, 2024

 

$

7,819,000

 

Change in fair value

 

 

(6,639,000

)

Balance as of December 31, 2025

 

$

1,180,000