v3.26.1
Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Thousands
Total
Ordinary shares
Class A Ordinary Shares
Ordinary shares
Class B Ordinary Shares
Additional paid-in-capital
Net investment by Hexagon
Retained earnings
Accumulated other comprehensive income (loss)
Balance, beginning of period (in shares) at Dec. 31, 2024   0 0        
Balance as of beginning of period at Dec. 31, 2024 $ 7,673,687 $ 0 $ 0 $ 0 $ 7,795,874 $ 0 $ (122,187)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 59,486       59,486    
Foreign currency translation adjustments 16,181           16,181
Net transfers (to) from Hexagon (71,575)       (71,575)    
Balance, end of period (in shares) at Mar. 31, 2025   0 0        
Balance as of end of period at Mar. 31, 2025 7,677,779 $ 0 $ 0 0 7,783,785 0 (106,006)
Balance, beginning of period (in shares) at Dec. 31, 2024   0 0        
Balance as of beginning of period at Dec. 31, 2024 7,673,687 $ 0 $ 0 0 7,795,874 0 (122,187)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 134,654            
Foreign currency translation adjustments 46,516            
Balance, end of period (in shares) at Jun. 30, 2025   0 0        
Balance as of end of period at Jun. 30, 2025 7,695,463 $ 0 $ 0 0 7,771,134 0 (75,671)
Balance, beginning of period (in shares) at Mar. 31, 2025   0 0        
Balance as of beginning of period at Mar. 31, 2025 7,677,779 $ 0 $ 0 0 7,783,785 0 (106,006)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 75,168       75,168    
Foreign currency translation adjustments 30,335           30,335
Net transfers (to) from Hexagon (87,819)       (87,819)    
Balance, end of period (in shares) at Jun. 30, 2025   0 0        
Balance as of end of period at Jun. 30, 2025 7,695,463 $ 0 $ 0 0 7,771,134 0 (75,671)
Balance, beginning of period (in shares) at Dec. 31, 2025   0 0        
Balance as of beginning of period at Dec. 31, 2025 7,677,635 $ 0 $ 0 0 7,749,558 0 (71,923)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 47,381       47,381    
Foreign currency translation adjustments (7,638)           (7,638)
Net transfers (to) from Hexagon (56,753)       (56,753)    
Balance, end of period (in shares) at Mar. 31, 2026   0 0        
Balance as of end of period at Mar. 31, 2026 7,660,625 $ 0 $ 0 0 7,740,186 0 (79,561)
Balance, beginning of period (in shares) at Dec. 31, 2025   0 0        
Balance as of beginning of period at Dec. 31, 2025 7,677,635 $ 0 $ 0 0 7,749,558 0 (71,923)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (1,923,297)            
Foreign currency translation adjustments (4,841)            
Balance, end of period (in shares) at Jun. 30, 2026   11,025,000 257,413,000        
Balance as of end of period at Jun. 30, 2026 5,079,950 $ 110 $ 2,574 6,783,958 0 (1,629,928) (76,764)
Balance, beginning of period (in shares) at Mar. 31, 2026   0 0        
Balance as of beginning of period at Mar. 31, 2026 7,660,625 $ 0 $ 0 0 7,740,186 0 (79,561)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (1,970,678)       (340,750) (1,629,928)  
Foreign currency translation adjustments 2,797           2,797
Net transfers (to) from Hexagon 10,821       10,821    
Cash payment to Hexagon in connection with the Distribution (625,000)       (625,000)    
Issuance of Ordinary Shares in connection with the Distribution (in shares)   11,025,000 257,413,000        
Issuance of Ordinary Shares in connection with the Distribution 0 $ 110 $ 2,574 6,782,573 (6,785,257)    
Stock-based compensation expense 1,385     1,385      
Balance, end of period (in shares) at Jun. 30, 2026   11,025,000 257,413,000        
Balance as of end of period at Jun. 30, 2026 $ 5,079,950 $ 110 $ 2,574 $ 6,783,958 $ 0 $ (1,629,928) $ (76,764)