v3.26.1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Unaudited Pro forma Condensed Consolidated Balance Sheet
The unaudited pro forma condensed consolidated balance sheet data is presented as if the IPO was completed on June 30, 2026, by applying adjustments to the Company’s historical condensed consolidated balance sheet as shown in the below table. The historical condensed consolidated balance sheet as of June 30, 2026 reflects the recognition of $35.8 million of stock-based compensation expense for restricted stock units as the satisfaction of the IPO performance condition was deemed probable of achievement when the Company’s registration statement became effective and the conversion of the 2020 Notes and 2021 Notes into 12,648,586 and 27,326,950 shares of common stock, respectively, and as such they are not reflected as pro forma adjustments. (Refer to Note 8 – Convertible Notes and Term Loan for more information).
As of June 30, 2026
ActualPro Forma AdjustmentsPro Forma
(in thousands)
Assets
Total current assets$476,811 $17,442 (1-4)$494,253 
Total noncurrent assets698,923 — 698,923 
Total assets$1,175,734 $17,442 $1,193,176 
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities$298,733 $(123,897)(2-4)$174,836 
Total noncurrent liabilities80,797 (27)(5)80,770 
Total liabilities379,530 (123,924)255,606 
Convertible preferred stock114,027 (114,027)(6)— 
Stockholders’ equity
Common stock5 1 (1,6,7,8)6 
Additional paid-in capital1,182,730 255,770 (1,3,5,6,7)1,438,500 
Accumulated other comprehensive income10,525 — 10,525 
Accumulated deficit(511,083)(378)(2)(511,461)
Total stockholders’ equity682,177 255,393 937,570 
Total liabilities, convertible preferred stock and stockholders’ equity$1,175,734 $17,442 $1,193,176 
(1)Receipt of aggregate net IPO proceeds of $141.7 million for the issuance of 6,679,791 shares of common stock
(2)Payment of outstanding debt with a principal balance of $115.0 million, consisting of $114.6 million of outstanding term loan, current and $0.4 million of debt issuance costs
(3)Payment of $3.3 million of unpaid offering expenses
(4)Payment of $6.1 million of tax withholding obligations related to restricted stock units
(5)Conversion of 11,674 preferred stock warrants into common stock warrants and the related reclassification of the noncurrent liability to additional paid-in capital
(6)Conversion and reclassification of all convertible preferred stock into an aggregate of 6,916,489 shares of common stock
(7)Conversion of 203,496 warrants into 148,748 shares of common stock, net of 54,748 shares of common stock withheld
(8)Issuance of 417,618 shares of common stock upon the vesting of the restricted stock units upon satisfaction of the IPO performance condition, net of 244,421 shares of common stock withheld for taxes
Disaggregation of Revenue
Total revenues disaggregated between lease revenue and revenue from contracts with customers are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Lease revenue$233,194 $182,563 $356,746 $276,622 
Revenue from contracts with customers71,030 63,505 117,628 98,461 
Total revenue$304,224 $246,068 $474,374 $375,083