v3.26.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) AND MEZZANINE EQUITY - USD ($)
Total
Class A Common Stock
Class V Common Stock
Series A Preferred Stock
Series B Preferred Stock
Series C Preferred Stock
Series D Preferred Stock
Common Stock
Class A Common Stock
Common Stock
Class V Common Stock
Additional Paid in Capital
Additional Paid in Capital
Class V Common Stock
Accumulated Deficit
Non-controlling Interest
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Preferred Stock
Series D Preferred Stock
Increase (Decrease) in Stockholders' Equity                                  
Beginning balance $ 75,936,000             $ 0 $ 0 $ 579,129,000   $ (503,193,000)   $ 0 $ 0 $ 0 $ 0
Beginning balance at Dec. 31, 2024 73,593,000                                
Increase (Decrease) in Temporary Equity                                  
Net income 8,002,000                                
Net loss (23,766,000)                                
Ending balance at Mar. 31, 2025 57,829,000                                
Beginning balance (in shares) at Dec. 31, 2024       0 0 0 0                    
Beginning balance (in shares) at Dec. 31, 2024               3,257,000 3,919,000                
Increase (Decrease) in Stockholders' Equity                                  
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)               6,000                  
Issuance of Class A common stock upon settlement of restricted stock units, net of shares withheld for tax 0                 0              
Equity-based compensation     $ 1,808,000               $ 1,808,000            
Private placement, net of offering costs (in shares)               0                  
Class A common stock warrants issued 13,988,000             $ 0   13,988,000              
Net income (8,002,000)                 (8,002,000)              
Net loss (20,480,000)                     (20,480,000)          
Ending balance (in shares) at Mar. 31, 2025       0 0 0 0                    
Ending balance (in shares) at Mar. 31, 2025               3,263,000 3,919,000                
Ending balance at Mar. 31, 2025 63,250,000             $ 0 $ 0 586,923,000   (523,673,000)   0 0 0 0
Increase (Decrease) in Stockholders' Equity                                  
Beginning balance 63,250,000             $ 0 $ 0 586,923,000   (523,673,000)   0 0 0 0
Net income                         $ 8,193,000        
Net loss                         (23,303,000)        
Ending balance at Jun. 30, 2025                         42,719,000        
Increase (Decrease) in Stockholders' Equity                                  
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares)               5,000                  
Issuance of Class A common stock upon settlement of restricted stock units, net of shares withheld for tax $ 0                                
Equity-based compensation     $ 1,463,000               1,463,000            
Private placement, net of offering costs (in shares)                                
Class A common stock warrants issued $ 8,301,000                                
Net income (8,193,000)                 (8,193,000)              
Net loss (20,362,000)                     (20,362,000)          
Ending balance (in shares) at Jun. 30, 2025       0 0 0 0                    
Ending balance (in shares) at Jun. 30, 2025               3,268,000 3,919,000                
Ending balance at Jun. 30, 2025                           0 0 0 0
Increase (Decrease) in Stockholders' Equity                                  
Beginning balance                           0 0 0 0
Beginning balance 44,459,000             $ 0 $ 0 588,494,000   (544,035,000)          
Beginning balance (155,232,000)             $ 0 $ 0 495,909,000   (651,141,000) 0 0 0 0 0
Beginning balance at Dec. 31, 2025 14,997,000                                
Increase (Decrease) in Temporary Equity                                  
Net income 28,668,000                                
Reclassification of non-controlling interest upon consolidation (1,000,000)                                
Fair value adjustments to redeemable non-controlling interest (33,741,000)                                
Net loss 1,457,000                                
Ending balance at Mar. 31, 2026 10,381,000                                
Beginning balance (in shares) at Dec. 31, 2025       0 0 0 0                    
Beginning balance (in shares) at Dec. 31, 2025   3,286,000 3,919,000         3,286,000 3,919,000                
Increase (Decrease) in Stockholders' Equity                                  
Fair value adjustments to redeemable non-controlling interest 33,741,000             $ 0   33,741,000              
Equity-based compensation 1,051,000                 1,051,000              
Vesting of Class V common stock awards (in shares)                 0                
Exchanges of redeemable non-controlling interests for Class A common stock (in shares)               8,000                  
Reclassification of non-controlling interest upon consolidation 1,000,000                       1,000,000        
Net income (28,668,000)                 (28,668,000)              
Class A common stock warrants issued 2,977,000                 2,977,000              
Net loss 1,583,000                     1,223,000 360,000        
Ending balance (in shares) at Mar. 31, 2026       0 0 0 0                    
Ending balance (in shares) at Mar. 31, 2026               3,294,000 3,919,000                
Ending balance at Mar. 31, 2026 (143,548,000)             $ 0 $ 0 505,010,000   (649,918,000) 1,360,000 0 0 0 0
Beginning balance at Dec. 31, 2025 14,997,000                                
Ending balance at Jun. 30, 2026                         64,453,000        
Increase (Decrease) in Temporary Equity                                  
Stock Issued During Period, Value, Conversion of Convertible Securities               $ 570,104                  
Beginning balance (in shares) at Dec. 31, 2025       0 0 0 0                    
Beginning balance (in shares) at Dec. 31, 2025   3,286,000 3,919,000         3,286,000 3,919,000                
Ending balance (in shares) at Jun. 30, 2026       498,000 396,000 1,631,000 559,000                    
Ending balance (in shares) at Jun. 30, 2026   3,910,000           3,910,000 3,349,000                
Ending balance at Jun. 30, 2026 73,190,000             $ 0 $ 0 550,226,000   (642,474,000) 1,000,000 21,186,000 18,717,000 81,317,000 43,218,000
Increase (Decrease) in Stockholders' Equity                                  
Beginning balance (143,548,000)             0 0 $ 505,010,000   (649,918,000) 1,360,000 $ 0 $ 0 $ 0 0
Beginning balance at Mar. 31, 2026 10,381,000                                
Increase (Decrease) in Temporary Equity                                  
Net income                         131,162,000        
Fair value adjustments to redeemable non-controlling interest $ (85,657,000)                                
Net loss                         8,567,000        
Ending balance at Jun. 30, 2026                         64,453,000        
Increase (Decrease) in Temporary Equity                                  
Stock Issued During Period, Value, Conversion of Convertible Securities               $ 570,000 $ (570,000)                
Stock Issued During Period, Shares, Conversion of Convertible Securities 195,118,000     498,000 396,000 1,631,000       73,898,000       21,186,000 18,717,000 81,317,000  
Beginning balance (in shares) at Mar. 31, 2026       0 0 0 0                    
Beginning balance (in shares) at Mar. 31, 2026               3,294,000 3,919,000                
Increase (Decrease) in Stockholders' Equity                                  
Fair value adjustments to redeemable non-controlling interest $ 85,657,000                 $ 85,657,000              
Issuance of Class A common stock upon settlement of RSUs, net of shares withheld for tax (in shares) (4,000)             46,000   (4,000)              
Equity-based compensation     $ 866,000               $ 866,000            
Private placement, net of offering costs (in shares)             559,000                    
Class A common stock warrants issued $ 43,218,000                               43,218,000
Net income (131,162,000)                 $ (131,162,000)              
Class A common stock warrants issued 15,961,000                 15,961,000              
Net loss 7,084,000                     7,444,000 (360,000)        
Ending balance (in shares) at Jun. 30, 2026       498,000 396,000 1,631,000 559,000                    
Ending balance (in shares) at Jun. 30, 2026   3,910,000           3,910,000 3,349,000                
Ending balance at Jun. 30, 2026 73,190,000             $ 0 $ 0 550,226,000   (642,474,000) 1,000,000 $ 21,186,000 $ 18,717,000 $ 81,317,000 43,218,000
Increase (Decrease) in Stockholders' Equity                                  
Beginning balance $ 73,190,000             $ 0 $ 0 $ 550,226,000   $ (642,474,000) $ 1,000,000 $ 21,186,000 $ 18,717,000 $ 81,317,000 $ 43,218,000