v3.26.1
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Equity based and Unit based compensation expense

The table below summarizes equity-based and unit-based compensation expense that is reflected in the condensed consolidated statements of operations and comprehensive loss and condensed consolidated balance sheets (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct costs

 

$

6,190

 

 

$

1,000

 

 

$

7,626

 

 

$

1,000

 

Selling, general, and administrative

 

 

33,471

 

 

 

5,358

 

 

 

36,300

 

 

 

5,424

 

Property and equipment, net

 

 

1,740

 

 

 

57

 

 

 

2,055

 

 

 

57

 
Summary of Fair Value of Options Using Black-Scholes Option Pricing Model The fair value of the options was determined using the Black-Scholes option-pricing model based on the fair value of the underlying stock price and exercise price at the grant date and the significant inputs and assumptions summarized below:

 

 

 

IPO Options (1)

 

Other Grants

Expected term (years)

 

5.0 - 6.1

 

6.0

Equity volatility (2)

 

87.0% - 90.0%

 

93.8%

Risk-free rate (3)

 

3.9% - 4.0%

 

4.3%

__________

(1)
As the IPO Options are subject to the same provisions with respect to vesting as the related PIUs, the inputs for all such options were determined using the respective grant date of the related PIUs.
(2)
Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.
(3)
Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.
Stock Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Award Activities and Changes The following table summarizes the Company’s options and changes during the six months ended June 30, 2026:

 

 

 

Number of Options

 

 

Weighted Average Grant-Date Fair Value

 

Outstanding as of January 1, 2026

 

 

—

 

 

$

—

 

Options granted

 

 

7,604,346

 

 

 

17.42

 

Options exercised

 

 

—

 

 

 

—

 

Options forfeited

 

 

(37,498

)

 

 

(17.45

)

Outstanding as of June 30, 2026

 

 

7,566,848

 

 

$

17.42

 
Restricted Stock Awards  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Award Activities and Changes The following table summarizes the Company’s RSAs and changes during the six months ended June 30, 2026:

 

 

 

Number of RSAs

 

 

Weighted Average Grant-Date Fair Value

 

Outstanding as of January 1, 2026

 

 

—

 

 

$

—

 

RSAs granted

 

 

7,391,764

 

 

 

5.02

 

RSAs vested

 

 

(174,115

)

 

 

2.81

 

RSAs forfeited

 

 

(75,579

)

 

 

3.80

 

Outstanding as of June 30, 2026

 

 

7,142,070

 

 

$

5.09

 
Restricted Stock Units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Award Activities and Changes

The following table summarizes the Company’s RSUs and changes during the six months ended June 30, 2026:

 

 

 

Number of RSUs

 

 

Weighted Average Grant-Date Fair Value

 

Outstanding as of January 1, 2026

 

 

—

 

 

$

—

 

RSUs granted

 

 

389,558

 

 

 

27.21

 

Outstanding as of June 30, 2026

 

 

389,558

 

 

$

27.21