v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT AND MEZZANINE EQUITY - USD ($)
$ in Thousands
Total
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Additional Paid-in Capital
Class A Common Units
Class A Common Units
Common Capital Units
Class B Common Units
Class B Common Units
Common Capital Units
Series A Preferred Stock
Series A Preferred Stock
Preferred Capital Units
Series A-1 Preferred Stock
Series A-1 Preferred Stock
Preferred Capital Units
Series B Preferred Stock
Series B Preferred Stock
Preferred Capital Units
Series C Preferred Stock
Series C Preferred Stock
Preferred Capital Units
Series C-1 Preferred Units
Series C-1 Preferred Units
Preferred Capital Units
Series D Preferred Stock
Series D Preferred Stock
Preferred Capital Units
Beginning Balance, Shares at Dec. 31, 2024           3,128,026   13,961,705   90,625,588   8,808,351   11,643,171   37,093,420   99,672,593   0
Beginning Balance at Dec. 31, 2024 $ 1,300,376         $ 1,800   $ 90,859   $ 218,408   $ 21,477   $ 101,382   $ 230,987   $ 635,463   $ 0
Beginning balance at Dec. 31, 2024 (846,561) $ (846,567) $ 6                                  
Unit-based compensation 290             $ 290                        
Unit-based compensation (225) (225)                                    
Issuance of Series C-1 Preferred Units, net of issuance costs, Shares                                   8,235,521    
Issuance of Series C-1 Preferred Units, net of issuance costs 51,252                                 $ 51,252    
Net Loss (10,212) (10,212)                                    
Foreign currency translation adjustment (210)   (210)                                  
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 153   153                                  
Ending Balance, Shares at Mar. 31, 2025           3,128,026   13,961,705   90,625,588   8,808,351   11,643,171   37,093,420   107,908,114   0
Ending Balance at Mar. 31, 2025 1,351,918         $ 1,800   $ 91,149   $ 218,408   $ 21,477   $ 101,382   $ 230,987   $ 686,715   $ 0
Ending balance at Mar. 31, 2025 (857,055) (857,004) (51)                                  
Beginning Balance, Shares at Dec. 31, 2024           3,128,026   13,961,705   90,625,588   8,808,351   11,643,171   37,093,420   99,672,593   0
Beginning Balance at Dec. 31, 2024 1,300,376         $ 1,800   $ 90,859   $ 218,408   $ 21,477   $ 101,382   $ 230,987   $ 635,463   $ 0
Beginning balance at Dec. 31, 2024 (846,561) (846,567) 6                                  
Ending Balance, Shares at Dec. 31, 2025         3,128,026 3,128,026 16,838,205 16,838,205 90,625,588 90,625,588 8,808,351 8,808,351 11,643,171 11,643,171 39,963,592 39,963,592 107,908,114 107,908,114 48,154,955 48,154,955
Ending Balance at Dec. 31, 2025 2,066,555       $ 1,800 $ 1,800 $ 93,353 $ 93,353 $ 218,408 $ 218,408 $ 21,477 $ 21,477 $ 101,382 $ 101,382 $ 265,797 $ 265,797 $ 686,715 $ 686,715 $ 677,623 $ 677,623
Ending balance at Dec. 31, 2025 (1,224,295) (1,236,345) (117) $ 12,167                                
Unit-based compensation, Shares               1,982,000                        
Unit-based compensation 188             $ 188                        
Unit-based compensation 4,392     4,392                                
Net Loss (166,217) (166,217)                                    
Foreign currency translation adjustment 143   143                                  
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 0                                      
Conversion of 2024 Warrant into Series C-1 Preferred Units, Shares                                   19,576,222    
Conversion of 2024 Warrant into Series C-1 Preferred Units 365,166                                 $ 365,166    
Ending Balance, Shares at Mar. 31, 2026         3,128,026 3,128,026 18,820,205 18,820,205 90,625,588 90,625,588 8,808,351 8,808,351 11,643,171 11,643,171 39,963,592 39,963,592 127,484,336 127,484,336 48,154,955 48,154,955
Ending Balance at Mar. 31, 2026 2,431,909       $ 1,800 $ 1,800 $ 93,541 $ 93,541 $ 218,408 $ 218,408 $ 21,477 $ 21,477 $ 101,382 $ 101,382 $ 265,797 $ 265,797 $ 1,051,881 $ 1,051,881 $ 677,623 $ 677,623
Ending balance at Mar. 31, 2026 $ (1,385,977) $ (1,402,562) $ 26 $ 16,559