v3.26.1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 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 
Granted7,085,220 8.13 
Forfeited
(106,800)
15.67 
Vested(2,237,377)14.46 
Nonvested at June 30, 2026
12,385,624 $11.47 
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 
Granted6,870,020 9.34 
Forfeited
(39,541)
26.54 
Vested(1,767,550)26.02 
Nonvested at June 30, 2026
8,861,070 $10.67 

(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 June 30,
Six Months Ended June 30,
(in thousands)2026202520262025
Performance-based restricted stock units$23,585 $35,210 $38,337 $59,533 
Restricted stock units23,306 19,446 40,427 44,238 
Total stock-based compensation expense$46,891 $54,656 $78,764 $103,771 

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 June 30,
Six Months Ended June 30,
(in thousands)2026202520262025
Operating and maintenance costs$612 $698 $1,293 $789 
General and administrative45,182 52,867 74,337 101,787 
Research and development889 1,091 1,559 1,195 
Restructuring costs (1)
208 — 1,575 — 
Total stock-based compensation expense$46,891 $54,656 $78,764 $103,771 

(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.