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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (1,144) $ 15,646
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 21,719 20,993
Share-based compensation expense 22,775 0
Amortization of borrowing costs 727 975
Restructuring and other expenses 0 1,800
Deferred tax expense (benefit) (6,725) 846
Payment-in-kind interest 2,908 5,421
Provision for bad debt expense 468 480
Provision for inventory write-down 1,989 3,034
Changes in operating assets and liabilities    
Accounts receivable and related party accounts receivable (16,371) (6,569)
Contract assets 11,419 18,196
Inventories, net (956) 1,307
Other current receivables (5,083) 13,412
Prepaid and other current assets (1,636) (7,582)
Accounts payable and accounts payable—related party 7,858 (38,875)
Accrued expenses (12,427) (22,192)
Contract liabilities 7,504 (295)
Other current and long-term liabilities (9,915) (8,957)
Other, net 2,046 (5,192)
Net cash provided by (used in) operating activities 25,156 (7,552)
Cash flows from investing activities    
Purchase of property, plant and equipment (2,086) (4,840)
Development costs (5,896) (1,073)
Acquisition of business, net of cash (770) 0
Net cash provided by (used in) investing activities (8,752) (5,913)
Cash flows from financing activities    
Issuance of common stock in initial public offering (IPO), net of underwriting discount 210,670 0
Purchase of HMH B.V. voting shares from Principal Stockholders (39,480) 0
Redemption under exchange agreement with Principal Stockholders (12,894) 0
IPO issuance costs (10,380) 0
Repayment of long-term debt, net—related party (137,099) 0
Proceeds from issuance of revolving credit facilities 719 90,000
Repayment of revolving credit facilities 0 (92,000)
Purchase of treasury shares (4,888) 0
Net cash provided by (used in) financing activities 6,648 (2,000)
Effect of foreign exchange rate on cash and cash equivalents 68 4,966
Net increase (decrease) in cash and cash equivalents 23,120 (10,499)
Cash and cash equivalents beginning of period 96,585 48,912
Cash and cash equivalents end of period 119,705 38,413
Supplemental cash flow information:    
Cash paid for income taxes, net 13,020 9,175
Cash paid for interest 9,195 13,700
Supplemental non-cash financing activities:    
Deferred IPO cost netted with IPO proceeds 15,809 0
Settlement of long-term debt, net —related party and related party notes receivable $ 9,541 $ 0