v3.26.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Service-Based RSU Activity
A summary of the Company’s service-based RSU activity is as follows:

Number of RSUsWeighted Average Grant Date Fair Value
Nonvested at December 31, 2025
7,644,581 $15.50 
Granted6,905,889 8.06 
Forfeited
(21,385)
17.48 
Vested(1,081,185)14.90 
Nonvested at March 31, 2026
13,447,900 $11.72 
Schedule of Performance-Based RSU Activity
A summary of the Company’s PSU activity is as follows:

Number of PSUs
Weighted Average Grant Date Fair Value (1)
Nonvested at December 31, 2025
3,798,141 $20.38 
Granted6,837,681 9.36 
Forfeited
(11,358)
33.97 
Vested(1,203,546)22.82 
Nonvested at March 31, 2026
9,420,918 $12.05 

(1) Weighted average grant date fair value reflects the incremental impact of the Company’s modified 2024 LTIP awards, which resulted in a 200% achievement of the target level as of the December 2024 modification date.
Schedule of Stock-Based Compensation
The following table presents a summary of the Company’s stock-based compensation expense, by award type:

Three Months Ended March 31,
(in thousands)20262025
Performance-based restricted stock units$14,752 $24,323 
Restricted stock units17,121 24,792 
Total stock-based compensation expense$31,873 $49,115 


The following table presents information about stock-based compensation expense by financial statement line item on the Company’s Condensed Consolidated Statements of Operations:

Three Months Ended March 31,
(in thousands)20262025
Operating and maintenance costs$681 $91 
General and administrative29,155 48,920 
Research and development670 104 
Restructuring costs (1)
1,367 — 
Total stock-based compensation expense$31,873 $49,115 

(1) Represents stock-based compensation expenses recognized in connection with the 2026 Restructuring Plan. Refer to Note 2 – Summary of Significant Accounting Policies, “Restructuring Costs,” for further information.