v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Series B Convertible Perpetual Preferred Stock
Common stock
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2024     173,566      
Beginning balance at Dec. 31, 2024 $ 180,449   $ 174 $ 813,573 $ 78 $ (633,376)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of Common Stock (in shares)     4,091      
Issuance of Common Stock 33,152   $ 4 33,148    
Warrants exercised (in shares)     1,511      
Warrants exercised 14,217   $ 1 14,216    
Share repurchase (in shares)     (187)      
Share repurchase (1,697)     (1,697)    
Equity-based compensation (in shares)     554      
Equity-based compensation 3,354   $ 1 3,353    
Cumulative translation adjustment (94)       (94)  
Net Income (Loss) 8,832         8,832
Ending balance (in shares) at Mar. 31, 2025     179,535      
Ending balance at Mar. 31, 2025 238,213   $ 180 862,593 (16) (624,544)
Beginning balance (in shares) at Dec. 31, 2024     173,566      
Beginning balance at Dec. 31, 2024 180,449   $ 174 813,573 78 (633,376)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cumulative translation adjustment (309)          
Net Income (Loss) (135,408)          
Ending balance (in shares) at Jun. 30, 2025   300        
Ending balance at Jun. 30, 2025   $ 294,058        
Ending balance (in shares) at Jun. 30, 2025     179,836      
Ending balance at Jun. 30, 2025 98,871   $ 180 867,706 (231) (768,784)
Beginning balance (in shares) at Mar. 31, 2025     179,535      
Beginning balance at Mar. 31, 2025 238,213   $ 180 862,593 (16) (624,544)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of Series B Convertible Perpetual Preferred Stock (Shares)   300        
Issuance of Series B Convertible Perpetual Preferred Stock   $ 293,475        
Accrued dividends on Series B Convertible Perpetual Preferred Stock   $ 583        
Accrued dividends on Series B Convertible Perpetual Preferred Stock (583)     (583)    
Issuance of Common Stock 155     $ 155    
Share repurchase (in shares)     (105) (1,103)    
Share repurchase (1,103)          
Equity-based compensation (in shares)     406      
Equity-based compensation 6,411     $ 6,411    
Reclassification of warrant liability to equity 233     233    
Cumulative translation adjustment (215)       (215)  
Net Income (Loss) (144,240)         (144,240)
Ending balance (in shares) at Jun. 30, 2025   300        
Ending balance at Jun. 30, 2025   $ 294,058        
Ending balance (in shares) at Jun. 30, 2025     179,836      
Ending balance at Jun. 30, 2025 $ 98,871   $ 180 867,706 (231) (768,784)
Beginning balance (in shares) at Dec. 31, 2025 180,281   180,281      
Beginning balance at Dec. 31, 2025 $ 45,887   $ 180 861,953 (305) (815,941)
Beginning balance (in shares) at Dec. 31, 2025 300 300        
Beginning balance at Dec. 31, 2025 $ 304,701 $ 304,701        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accrued dividends on Series B Convertible Perpetual Preferred Stock   5,313        
Redemption of Series B Convertible Perpetual Preferred Stock   $ (10)        
Accrued dividends on Series B Convertible Perpetual Preferred Stock (5,313)     (5,313)    
Redemption of Series B Convertible Perpetual Preferred Stock (in shares)     1      
Redemption of Series B Convertible Perpetual Preferred Stock 10     10    
Warrants exercised (in shares)     20      
Warrants exercised 230     230    
Share repurchase (in shares)     (295)      
Share repurchase (2,223)     (2,223)    
Equity-based compensation (in shares)     834      
Equity-based compensation 2,544   $ 1 2,543    
Unrealized loss on available for sale debt securities (16)       (16)  
Cumulative translation adjustment (254)       (254)  
Net Income (Loss) (33,441)         (33,441)
Ending balance (in shares) at Mar. 31, 2026   300        
Ending balance at Mar. 31, 2026   $ 310,004        
Ending balance (in shares) at Mar. 31, 2026     180,841      
Ending balance at Mar. 31, 2026 $ 7,424   $ 181 857,200 (575) (849,382)
Beginning balance (in shares) at Dec. 31, 2025 180,281   180,281      
Beginning balance at Dec. 31, 2025 $ 45,887   $ 180 861,953 (305) (815,941)
Beginning balance (in shares) at Dec. 31, 2025 300 300        
Beginning balance at Dec. 31, 2025 $ 304,701 $ 304,701        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (shares) [1] 40          
Cumulative translation adjustment $ (308)          
Net Income (Loss) $ (175,660)          
Ending balance (in shares) at Jun. 30, 2026 300 300        
Ending balance at Jun. 30, 2026 $ 315,530 $ 315,530        
Ending balance (in shares) at Jun. 30, 2026 200,905   200,905      
Ending balance at Jun. 30, 2026 $ 15,502   $ 201 1,007,534 (632) (991,601)
Beginning balance (in shares) at Mar. 31, 2026     180,841      
Beginning balance at Mar. 31, 2026 7,424   $ 181 857,200 (575) (849,382)
Beginning balance (in shares) at Mar. 31, 2026   300        
Beginning balance at Mar. 31, 2026   $ 310,004        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accrued dividends on Series B Convertible Perpetual Preferred Stock   $ 5,526        
Accrued dividends on Series B Convertible Perpetual Preferred Stock (5,526)     (5,526)    
Issuance of Common Stock (in shares)     19,854      
Issuance of Common Stock 153,913   $ 20 153,893    
Warrants exercised (in shares)     1      
Warrants exercised 13     13    
Share repurchase (in shares)     (22)      
Share repurchase (295)     (295)    
Equity-based compensation (in shares)     191      
Equity-based compensation 1,962     1,962    
Exercise of stock options (shares)     40      
Exercise of stock options 287     287    
Unrealized loss on available for sale debt securities (3)       (3)  
Cumulative translation adjustment (54)       (54)  
Net Income (Loss) $ (142,219)         (142,219)
Ending balance (in shares) at Jun. 30, 2026 300 300        
Ending balance at Jun. 30, 2026 $ 315,530 $ 315,530        
Ending balance (in shares) at Jun. 30, 2026 200,905   200,905      
Ending balance at Jun. 30, 2026 $ 15,502   $ 201 $ 1,007,534 $ (632) $ (991,601)
[1] The intrinsic value of options exercised during the six months ended June 30, 2026 was $0.2 million.