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EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION
NOTE 12. EQUITY-BASED COMPENSATION
On March 28, 2025, the Board of Directors adopted the Company's 2025 Omnibus Equity Incentive Plan (the “2025 Incentive Plan”) and was approved by the Company's shareholders on March 24, 2025 (the “Effective Date”). Under the 2025 Incentive Plan, 6,500,000 shares of Class B Common Stock are initially available for grant. The Company's administrator may grant incentive stock options (“ISOs”), non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to participants to acquire shares of common stock under the 2025 Incentive Plan. The 2025 Incentive Plan is administered by the Board. On March 28, 2025, the Company granted stock options to employees and certain service providers to purchase an aggregate of 3,382,000 shares of common stock at an exercise price of $10.00 per share, which was the fair market value on the grant date. These options allow for early exercise after 90 days, vest over 1.5 years, and expire 10 years from the grant date.
As of June 30, 2026, the Company’s total compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees under the 2025 Incentive Plan was $3.7 million and is expected to be recognized over a weighted average period of 0.3 years. The Company’s equity-based awards are settled in Class B Common Stock. As of June 30, 2026, the Company had 3.0 million shares of Class B common stock reserved for future issuance as equity-based compensation.
The following table summarizes stock options for the six months ended June 30, 2026:
Number of SharesWeighted-Average Exercise Price per Share
Outstanding at December 31, 20253,152,005 $9.36 
Granted203,674 6.87 
Exercised(31,526)4.77 
Forfeited(31,351)10.00 
Outstanding at June 30, 20263,292,802 $9.24 
Exercisable as of June 30, 20263,103,104 $9.33 
The following table shows summary information for outstanding options and options that are exercisable (including 386,321 vested options and 2,716,783 options which are early exercisable) as of June 30, 2026:
Options OutstandingOptions Exercisable
Number of options3,292,802 3,103,104 
Weighted average remaining contractual term (years)8.218.12
Weighted average exercise price$9.24 $9.33 
Aggregate intrinsic value$1,575,641 $1,396,037 
The equity-based compensation expense was recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of services$1,989,864 $2,101,966 $4,033,271 $2,754,116 
Personnel costs1,328,971 1,315,720 2,640,931 2,240,678 
Total equity-based compensation expense$3,318,835 $3,417,686 $6,674,202 $4,994,794