Stockholders’ Equity and Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
| Stockholders’ Equity and Stock-Based Compensation [Abstract] |
|
| Schedule of Net Proceeds |
The table below details the net proceeds of the January 2026 Offering.
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|
|
|
|
(dollars in thousands) |
|
|
|
Gross proceeds |
|
$ |
999,996 |
|
Offering costs: |
|
|
|
Underwriting discounts and commissions |
|
|
(40,000 |
) |
Other offering costs |
|
|
(892 |
) |
Net proceeds |
|
$ |
959,104 |
|
|
| Schedule of Warrants Activity |
A summary of our Warrants activity and related information is as follows:
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Number of Shares Under Warrant |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Life |
|
Balance as of January 1, 2026 |
|
|
75,476,378 |
|
|
$ |
19.74 |
|
|
|
6.74 |
|
Granted |
|
|
163,370,822 |
|
|
$ |
20.84 |
|
|
|
|
Exercised |
|
|
(42,590,440 |
) |
|
$ |
0.15 |
|
|
|
|
Canceled |
|
|
- |
|
|
$ |
- |
|
|
|
|
Balance as of June 30, 2026 |
|
|
196,256,760 |
|
|
$ |
24.91 |
|
|
|
6.44 |
|
Vested and Exercisable as of June 30, 2026 |
|
|
196,230,207 |
|
|
$ |
24.91 |
|
|
|
6.44 |
|
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The assumptions used in the Black-Scholes Model are set forth in the table below.
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Six Months Ended June 30, |
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|
2026 |
|
2025 |
Risk-free interest rate |
|
3.69-4.25% |
|
4.42-4.65% |
Volatility |
|
65.98-77.49% |
|
59.05-88.69% |
Expected life in years |
|
5.17-5.88 |
|
5.00-5.77 |
Dividend yield |
|
-% |
|
-% |
|
| Schedule of Option Activity |
A summary of our option activity and related information is as follows:
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Number of Shares Under Option |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Life |
|
Balance as of January 1, 2026 |
|
|
20,014,381 |
|
|
$ |
3.72 |
|
|
|
8.16 |
|
Granted |
|
|
11,457,727 |
|
|
$ |
10.51 |
|
|
|
|
Exercised |
|
|
(2,517,970 |
) |
|
$ |
2.34 |
|
|
|
|
Forfeited |
|
|
(1,067,560 |
) |
|
$ |
4.15 |
|
|
|
|
Canceled |
|
|
(20,191 |
) |
|
$ |
1.09 |
|
|
|
|
Balance as of June 30, 2026 |
|
|
27,866,387 |
|
|
$ |
6.62 |
|
|
|
8.31 |
|
Vested and Exercisable as of June 30, 2026 |
|
|
4,775,812 |
|
|
$ |
3.40 |
|
|
|
7.08 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation expense for stock options for the three and six months ended June 30, 2026 and 2025 is as follows:
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|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative |
|
$ |
4,856 |
|
|
$ |
876 |
|
|
$ |
8,801 |
|
|
$ |
1,664 |
|
Sales and marketing |
|
|
1,272 |
|
|
|
136 |
|
|
|
2,086 |
|
|
|
134 |
|
Research and development |
|
|
2,365 |
|
|
|
136 |
|
|
|
4,100 |
|
|
|
205 |
|
Cost of goods sold |
|
|
707 |
|
|
|
125 |
|
|
|
1,282 |
|
|
|
194 |
|
Total stock-based compensation related to options |
|
$ |
9,200 |
|
|
$ |
1,273 |
|
|
$ |
16,269 |
|
|
$ |
2,197 |
|
Total stock-based compensation expense for RSUs for the three and six months ended June 30, 2026 and 2025 is as follows:
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|
|
|
|
|
|
|
|
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|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative |
|
$ |
56,636 |
|
|
$ |
637 |
|
|
$ |
67,186 |
|
|
$ |
924 |
|
Sales and marketing |
|
|
1,098 |
|
|
|
57 |
|
|
|
1,825 |
|
|
|
211 |
|
Research and development |
|
|
1,356 |
|
|
|
53 |
|
|
|
2,151 |
|
|
|
104 |
|
Cost of goods sold |
|
|
859 |
|
|
|
68 |
|
|
|
1,322 |
|
|
|
133 |
|
Total stock-based compensation related to restricted stock units |
|
$ |
59,949 |
|
|
$ |
815 |
|
|
$ |
72,484 |
|
|
$ |
1,372 |
|
|
| Schedule of Restricted Stock Unit (RSUs) Activity |
A summary of our RSUs activity and related information is as follows:
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RSUs |
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|
Weighted Average Grant Date Fair Value |
|
|
Weighted Average Vesting Period (Years) |
|
Unvested balance at January 1, 2026 |
|
|
9,110,776 |
|
|
$ |
5.64 |
|
|
|
2.35 |
|
Granted |
|
|
30,881,854 |
|
|
$ |
10.64 |
|
|
|
|
Vested |
|
|
(6,472,288 |
) |
|
$ |
7.68 |
|
|
|
|
Canceled |
|
|
(238,109 |
) |
|
$ |
7.97 |
|
|
|
|
Unvested balance at June 30, 2026 |
|
|
33,282,233 |
|
|
$ |
9.87 |
|
|
|
2.49 |
|
|