Supplemental Information to the Condensed Consolidated Financial Statements

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Information to the Condensed Consolidated Financial Statements

Note 9 – Supplemental Information to the Condensed Consolidated Financial Statements

Allowance for Credit Losses

The following table summarizes the change in the accounts receivable allowance for credit losses for the periods presented (in thousands):


	Six Months Ended June 30,
	2026			2025
Accounts receivable allowance for credit losses, beginning of period	$	1,079		$	1,169
Write-offs		(267	)		(292	)
Expense		513			649
Accounts receivable allowance for credit losses, end of period	$	1,325		$	1,526

Contract Balances

The following table provides information about accounts receivable and deferred revenues from contracts with customers (in thousands):


	As of June 30,		As of December 31,
	2026		2025
Accounts receivable, net	$	145,469	$	100,465
Deferred revenue	$	18,914	$	7,376

The Company does not disclose the aggregate transaction price for remaining performance obligations, generally because either the revenue from the satisfaction of the performance obligations is recognized in the amount invoiced or the original expected duration of the contract is one year or less.

Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract and is included within deferred revenue in the accompanying consolidated balance sheets.

The following table presents a reconciliation of contract liabilities for the periods presented (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Deferred revenue, beginning of period	$	16,732		$	7,578		$	7,376		$	8,002
Acquired from Valiant Business Combination		(1	)		—			4,335			—
Deposits received		8,718			3,253			17,815			10,988
Revenue recognized		(6,361	)		(4,908	)		(10,438	)		(13,067	)
Adjustment to acquired deferred revenue from Valiant Business Combination		(174	)		—			(174	)		—
Deferred revenue, end of period	$	18,914		$	5,923		$	18,914		$	5,923

During the three and six months ended June 30, 2026, the Company recognized $4.7 million and $4.9 million, respectively, that were included within the deferred revenue balances at the beginning of the period. During the three and six months ended June 30, 2025, the Company recognized $4.5 million and $7.0 million, respectively, that were included within the deferred revenue balances at the beginning of the period.

Accrued Liabilities

Accrued liabilities as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):


	As of June 30,		As of December 31,
	2026		2025
Accrued payroll and employee expenses	$	21,952	$	20,167
Accrued taxes		6,929		1,916
Customer deposits		7,136		480
Accrued interest		1,938		1,598
Accrued legal claims		8,000		—
Other accrued liabilities		3,483		2,748
Total accrued expenses	$	49,438	$	26,909

Supplemental Cash Flow Information


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025			2026		2025
Supplemental disclosures of investing and financing activities
Cash paid for interest	$	4,444	$	2,703		$	7,484	$	6,977
Cash paid for income taxes	$	—	$	5,100		$	—	$	5,100
Supplemental schedule of non-cash activities
Establishment of deferred tax asset under Tax Receivable Agreement and at the IPO			$	(119	)			$	10,054
Establishment of liabilities under Tax Receivable Agreement in the IPO			$	—				$	12,484
Lease liabilities arising from obtaining operating right-of-use assets	$	6,412	$	438		$	7,784	$	783
Lease liabilities arising from obtaining financing right-of-use assets	$	3,067	$	5,623		$	5,735	$	9,426