Stock-based Compensation	6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 12. Stock-based Compensation 2024 Equity and Incentive Compensation Plan Restricted Stock Units During the six months ended June 30, 2026, the Company granted 2,189,295 restricted stock units (“RSUs”) to Company employees, directors and contractors as part of the 2024 Equity and Incentive Compensation Plan. The RSUs had a grant date fair value of $11.6 million based on a weighted average fair value per unit of $5.30. The fair value of RSUs is determined based on the closing market price of the Company’s Common Stock at the date of the grant. The Company recognized compensation costs related to RSUs of $2.2 million and $3.8 million for the three and six months ended June 30, 2026, respectively, and $7.0 million and $10.9 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $12.6 million in stock-based compensation expense related to RSUs remaining to be recognized over approximately 1.9 years. Stock Options On April 2, 2026, the Company issued 614,865 stock options to Company employees. The stock options were granted with an exercise price of $6.00. Using the Black-Scholes option pricing model, the estimated grant date fair value of the stock options was $2.36 per option based on an expected volatility of 60%, an expected option term of approximately 5.5 years and risk-free rate of return of 3.93%. The stock options have a maximum contractual life of 10 years from the grant date. The Company recognized compensation costs related to stock options of $0.5 million and $0.9 million for the three and six months ended June 30, 2026 and $1.5 million and $2.5 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $2.7 million in compensation expense related to stock options remaining to be recognized over approximately 1.9 years. Stock Appreciation Rights In 2024, the Company issued 30,000 cash-settled stock appreciation rights (“SARs”) which were recognized at their fair value as of the date of the grant. These SARs entitle participants to cash equal to the value of the appreciation in Accelsius’ stock price over the base price established of $12.175. These cash-settled SARs are liability classified and are revalued at each reporting period. The SARs were valued as of June 30, 2026 using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 1.0 year, and risk-free rate of return of 3%. The Company recognized an immaterial decrease in compensation expense for the three and six months ended June 30, 2026 in relation to the change in fair value of the cash-settled SARs. For the three and six months ended June 30, 2025, the Company recognized decreases in compensation expense of $0.2 million and $0.7 million, respectively, in relation to the change in fair value of the cash-settled SARs. Subsidiary Equity Plan On May 8, 2026, the Company granted 252,580 Class C units under the Accelsius Subsidiary Equity Plan, with a grant date fair value of $9.00 per share. The Company recognized unit-based compensation costs of $3.0 million and $5.7 million for the three and six months ended June 30, 2026, respectively, and $0.9 million and $1.8 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $16.3 million in unit-based compensation expense remaining to be recognized over approximately 1.6 years.

During the six months ended June 30, 2026, the Company granted 2,189,295 restricted stock units (“RSUs”) to Company employees, directors and contractors as part of the 2024 Equity and Incentive Compensation Plan. The RSUs had a grant date fair value of $11.6 million based on a weighted average fair value per unit of $5.30. The fair value of RSUs is determined based on the closing market price of the Company’s Common Stock at the date of the grant.

The Company recognized compensation costs related to RSUs of $2.2 million and $3.8 million for the three and six months ended June 30, 2026, respectively, and $7.0 million and $10.9 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $12.6 million in stock-based compensation expense related to RSUs remaining to be recognized over approximately 1.9 years.

On April 2, 2026, the Company issued 614,865 stock options to Company employees. The stock options were granted with an exercise price of $6.00. Using the Black-Scholes option pricing model, the estimated grant date fair value of the stock options was $2.36 per option based on an expected volatility of 60%, an expected option term of approximately 5.5 years and risk-free rate of return of 3.93%. The stock options have a maximum contractual life of 10 years from the grant date.

The Company recognized compensation costs related to stock options of $0.5 million and $0.9 million for the three and six months ended June 30, 2026 and $1.5 million and $2.5 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $2.7 million in compensation expense related to stock options remaining to be recognized over approximately 1.9 years.

In 2024, the Company issued 30,000 cash-settled stock appreciation rights (“SARs”) which were recognized at their fair value as of the date of the grant. These SARs entitle participants to cash equal to the value of the appreciation in Accelsius’ stock price over the base price established of $12.175. These cash-settled SARs are liability classified and are revalued at each reporting period. The SARs were valued as of June 30, 2026 using the Black-Scholes option-pricing model based on an expected volatility of 70%, an expected term of approximately 1.0 year, and risk-free rate of return of 3%. The Company recognized an immaterial decrease in compensation expense for the three and six months ended June 30, 2026 in relation to the change in fair value of the cash-settled SARs. For the three and six months ended June 30, 2025, the Company recognized decreases in compensation expense of $0.2 million and $0.7 million, respectively, in relation to the change in fair value of the cash-settled SARs.

On May 8, 2026, the Company granted 252,580 Class C units under the Accelsius Subsidiary Equity Plan, with a grant date fair value of $9.00 per share. The Company recognized unit-based compensation costs of $3.0 million and $5.7 million for the three and six months ended June 30, 2026, respectively, and $0.9 million and $1.8 million for the three and six months ended June 30, 2025, respectively, in the condensed consolidated statements of operations and comprehensive income (loss). As of June 30, 2026, the Company had $16.3 million in unit-based compensation expense remaining to be recognized over approximately 1.6 years.