v3.26.1
Equity-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the stock option activity for the six months ended June 30, 2026:
Stock Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025647,862 20.00 9.7$1,458 
Granted95,240 $7.16 
Forfeited (25,406)20.00 
Outstanding as of June 30, 2026717,696 $18.30 9.3$108 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The grant date fair value of stock options granted during the six months ended June 30, 2026 was determined using the Black-Scholes model with the following assumptions:
Dividend yield(1)
None
Volatility(2)
50.3 %
Risk-free interest rate(3)
4.17 %
Expected term (years)(4)
6.5
Weighted-average grant date fair value per share$3.93
(1) The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock in the foreseeable future.
(2) Volatility was based on a group of industry peers with sufficient history.
(3) The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected term of the options.
(4) Because the Company does not yet have sufficient historical exercise data to provide a reasonable basis for estimating future exercise patterns,
the expected term was calculated using a simplified method averaging the contractual term and the vesting period of the option.
Schedule of RSU Activity
The activity for RSUs for the six months ended June 30, 2026 was as follows:
Number of RSUsWeighted-Average Grant Date Fair Value
Nonvested as of December 31, 2025
341,246 $20.00 
Granted
113,228 $7.82 
Vested
(16,872)20.00 
Forfeited
(18,124)20.00 
Nonvested as of June 30, 2026
419,478 $16.71 
Schedule of Equity-Based Compensation Expense
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Selling, general and administrative expenses$1,140 $— $2,327 $—