v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash $ 43,982,867 $ 97,149,425
Accounts receivable, net 96,631,099 61,282,268
Contract assets 85,238,241 54,894,260
Prepaid expenses 1,686,826 1,892,615
Other assets 540,049 432,584
Total current assets 228,079,082 215,651,152
Property and equipment, net 125,541,991 84,901,602
Operating lease right-of-use assets 20,438,873 8,929,742
Goodwill 128,619,937 23,510,649
Intangible assets, net 109,046,343 15,513,692
Deferred tax assets 45,095,262 46,080,518
Other non-current assets 430,427 0
Total assets 657,251,915 394,587,355
Current liabilities:    
Current portion of notes payable 10,129,136 6,128,674
Current portion of finance lease liabilities 3,487,722 3,349,359
Current portion of operating lease liabilities 5,455,264 3,814,686
Accounts payable 94,734,950 60,600,099
Accrued expenses 8,172,033 2,956,314
Deferred consideration payable 200,001 3,966,618
Contract liabilities 9,669,372 10,831,564
Other current liabilities 22,178 0
Total current liabilities 131,870,656 91,647,314
Notes payable, less current portion, net of unamortized debt issuance costs 185,898,921 113,152,864
Finance lease liabilities, less current portion 4,993,315 4,974,309
Operating lease liabilities, less current portion 17,255,749 5,851,516
Tax receivable agreement liability 39,423,529 39,423,529
Contingent consideration 15,254,000 0
Other non-current liabilities 554,159 0
Total liabilities 395,250,329 255,049,532
Commitments and contingencies (Note 15)
Stockholders' equity    
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31 2025
Additional paid-in capital 66,275,188 57,593,814
Retained earnings 4,282,031 863,593
Accumulated other comprehensive loss (151,904) 0
Noncontrolling interests 191,591,984 81,076,582
Total stockholders' equity 262,001,586 139,537,823
Total liabilities and stockholders' equity 657,251,915 394,587,355
Class A Common Stock    
Stockholders' equity    
Common stock, value 1,530 1,495
Class B Common Stock    
Stockholders' equity    
Common stock, value $ 2,757 $ 2,339