v3.26.1
Condensed Consolidated Statements of Temporary Equity and Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
SVS
Common Shares
SVS
Common Shares
MVS
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Redeemable non-controlling interest, beginning balance at Dec. 31, 2024 $ 132,179            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) 2,756            
Excess redemption value above carrying value 13,327            
Net income (loss) 817            
Redeemable non-controlling interest, ending balance at Mar. 31, 2025 149,079            
Common stock, beginning balance (in shares) at Dec. 31, 2024     218,696,071 [1] 31,323,568 [2]      
Balance, beginning of period at Dec. 31, 2024 861,214   $ 0 [1] $ 0 [2] $ 2,237,468 $ (20,080) $ (1,356,174)
Changes in stockholders equity              
Extinguishment of convertible notes by issuance of SVS (in shares) [1]     1,427,532        
Extinguishment of convertible notes by issuance of SVS [1] 16,500       16,500    
Foreign currency translation gain (loss) 6,063         6,063  
Exercise of stock options (in shares) [1]     33,333        
Exercise of stock options 10       10    
Issuance of SVS for settlement of RSUs (in shares) [1],[3]     556,208        
Issuance of SVS for settlement of PSUs (in shares) [1],[3]     119,983        
Excess redemption value above carrying value (13,327)       (13,327)    
Share-based compensation 4,624       4,624    
Net income (loss) (61,063)           (61,063)
Common stock, ending balance (in shares) at Mar. 31, 2025     220,833,127 [1] 31,323,568 [2]      
Balance, end of period at Mar. 31, 2025 814,021   $ 0 [1] $ 0 [2] 2,245,275 (14,017) (1,417,237)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2024 132,179            
Redeemable non-controlling interest, ending balance at Jun. 30, 2025 63,962            
Common stock, beginning balance (in shares) at Dec. 31, 2024     218,696,071 [1] 31,323,568 [2]      
Balance, beginning of period at Dec. 31, 2024 861,214   $ 0 [1] $ 0 [2] 2,237,468 (20,080) (1,356,174)
Changes in stockholders equity              
Net income (loss) (114,222)            
Common stock, ending balance (in shares) at Jun. 30, 2025     223,483,360 [1] 31,323,568 [2]      
Balance, end of period at Jun. 30, 2025 871,295   $ 0 [1] $ 0 [2] 2,342,112 (419) (1,470,398)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2024 132,179            
Redeemable non-controlling interest, ending balance at Dec. 31, 2025 83,931            
Common stock, beginning balance (in shares) at Dec. 31, 2024     218,696,071 [1] 31,323,568 [2]      
Balance, beginning of period at Dec. 31, 2024 $ 861,214   $ 0 [1] $ 0 [2] 2,237,468 (20,080) (1,356,174)
Common stock, ending balance (in shares) at Dec. 31, 2025 257,491,582   226,168,014 [4] 31,323,568 [5]      
Balance, end of period at Dec. 31, 2025 $ 756,350   $ 0 [4] $ 0 [5] 2,345,402 (1,808) (1,587,244)
Redeemable non-controlling interest, beginning balance at Mar. 31, 2025 149,079            
Changes in redeemable non-controlling interest contingency              
Issuance of SVS to settle non-controlling interest [1] (102,114)            
Foreign currency translation gain (loss) 5,581            
Excess redemption value above carrying value 11,861            
Net income (loss) (445)            
Redeemable non-controlling interest, ending balance at Jun. 30, 2025 63,962            
Common stock, beginning balance (in shares) at Mar. 31, 2025     220,833,127 [1] 31,323,568 [2]      
Balance, beginning of period at Mar. 31, 2025 814,021   $ 0 [1] $ 0 [2] 2,245,275 (14,017) (1,417,237)
Changes in stockholders equity              
Issuance of SVS to settle non-controlling interest (in shares) [1]     2,270,284        
Issuance of SVS to settle non-controlling interest [1] 102,114       102,114    
Acquisition related contingent equity consideration (in shares) [1]     207,055        
Acquisition related contingent equity consideration 497       497    
Acquisition related deferred equity consideration (in shares) [1]     32,017        
Acquisition related deferred equity consideration 77       77    
Issuance of SVS for settlement of liability (in shares) [1],[6]     32,017        
Issuance of SVS for settlement of liability [1],[6] 77       77    
Foreign currency translation gain (loss) 13,598         13,598  
Issuance of SVS for settlement of RSUs (in shares) [1],[3]     108,860        
Excess redemption value above carrying value (11,861)       (11,861)    
Share-based compensation 5,933       5,933    
Net income (loss) (53,161)           (53,161)
Common stock, ending balance (in shares) at Jun. 30, 2025     223,483,360 [1] 31,323,568 [2]      
Balance, end of period at Jun. 30, 2025 871,295   $ 0 [1] $ 0 [2] 2,342,112 (419) (1,470,398)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2025 83,931            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) 3,701            
Excess redemption value above carrying value 381            
Net income (loss) (16)            
Redeemable non-controlling interest, ending balance at Mar. 31, 2026 $ 87,997            
Common stock, beginning balance (in shares) at Dec. 31, 2025 257,491,582   226,168,014 [4] 31,323,568 [5]      
Balance, beginning of period at Dec. 31, 2025 $ 756,350   $ 0 [4] $ 0 [5] 2,345,402 (1,808) (1,587,244)
Changes in stockholders equity              
Foreign currency translation gain (loss) (8,354)         (8,354)  
Exercise of stock options (in shares) [4]     996,576        
Exercise of stock options 478       478    
Issuance of SVS for settlement of RSUs (in shares) [4],[7]     1,995,496        
Issuance of SVS for settlement of PSUs (in shares) [4],[7]     928,214        
SVS withheld to satisfy statutory tax withholding obligations (in shares) [4],[8]     (920,404)        
SVS withheld to satisfy statutory tax withholding obligations [4],[8] (6,444)       (6,444)    
Excess redemption value above carrying value (381)       (381)    
Share-based compensation 9,664       9,664    
Net income (loss) 69,799           69,799
Common stock, ending balance (in shares) at Mar. 31, 2026     229,167,896 [4] 31,323,568 [5]      
Balance, end of period at Mar. 31, 2026 821,112   $ 0 [4] $ 0 [5] 2,348,719 (10,162) (1,517,445)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2025 83,931            
Redeemable non-controlling interest, ending balance at Jun. 30, 2026 $ 0            
Common stock, beginning balance (in shares) at Dec. 31, 2025 257,491,582   226,168,014 [4] 31,323,568 [5]      
Balance, beginning of period at Dec. 31, 2025 $ 756,350   $ 0 [4] $ 0 [5] 2,345,402 (1,808) (1,587,244)
Changes in stockholders equity              
Exercise of stock options (in shares) 1,298,324            
Net income (loss) $ 82,306            
Common stock, ending balance (in shares) at Jun. 30, 2026 264,737,501   233,413,933 [4] 31,323,568 [5]      
Balance, end of period at Jun. 30, 2026 $ 867,460   $ 0 [4] $ 0 [5] 2,385,008 (12,610) (1,504,938)
Redeemable non-controlling interest, beginning balance at Mar. 31, 2026 87,997            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) (3,685)            
Acquisition of non-controlling interest (65,421)            
Excess redemption value above carrying value (18,891)            
Redeemable non-controlling interest, ending balance at Jun. 30, 2026 0            
Common stock, beginning balance (in shares) at Mar. 31, 2026     229,167,896 [4] 31,323,568 [5]      
Balance, beginning of period at Mar. 31, 2026 821,112   $ 0 [4] $ 0 [5] 2,348,719 (10,162) (1,517,445)
Changes in stockholders equity              
Issuance of SVS to settle non-controlling interest (in shares) [4]     3,473,087        
Issuance of SVS to settle non-controlling interest [4] 36,676       36,676    
Foreign currency translation gain (loss) 93       2,541 (2,448)  
Acquisition of non-controlling interest 65,421       65,421    
Exercise of stock options (in shares) [4]     301,748        
Exercise of stock options 805       805    
Repurchase of SVS for retirement (in shares)   (93,363) (93,363) [4],[9]        
Repurchase of SVS for retirement (1,000) [9] $ (1,000)     (1,000) [9]    
Issuance of SVS for settlement of RSUs (in shares) [4],[7]     563,276        
SVS withheld to satisfy statutory tax withholding obligations (in shares) [4],[8]     (1,289)        
SVS withheld to satisfy statutory tax withholding obligations [4],[8] (15)       (15)    
Excess redemption value above carrying value (78,609)       (78,609)    
Share-based compensation 10,470       10,470    
Net income (loss) $ 12,507           12,507
Common stock, ending balance (in shares) at Jun. 30, 2026 264,737,501   233,413,933 [4] 31,323,568 [5]      
Balance, end of period at Jun. 30, 2026 $ 867,460   $ 0 [4] $ 0 [5] $ 2,385,008 $ (12,610) $ (1,504,938)
[1]
* as defined in Note 1 — Operations of the Company.
[2]
*** as defined in Note 17 - Shareholders' equity
[3]
** as defined in Note 3 - Significant accounting policies
[4]
* as defined in Note 1 — Operations of the Company.
[5]
*** as defined in Note 17 - Shareholders' equity
[6]
(1) The Company issued shares to settle a liability stemming from then-outstanding supply obligations.
[7]
** as defined in Note 3 - Significant accounting policies
[8]
(3) Represents share withholding and issuance activity related to statutory tax obligations upon vesting of PSUs and RSUs during the three months ended June 30, 2026.
[9]
(1) In connection with the Company’s repurchases of SVS* under the normal course issuer bid during the six months ended June 30, 2026. See Note 17, "Shareholders' equity" for further details.