v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
Total
SAFE Notes
Legacy Teamshares Common Stock
Previously Reported
Revision of Prior Period, Adjustment
Total Stockholders’ Equity
Total Stockholders’ Equity
SAFE Notes
Total Stockholders’ Equity
Legacy Teamshares Common Stock
Total Stockholders’ Equity
Previously Reported
Preferred Stock
Preferred Stock
Previously Reported
Preferred Stock
Revision of Prior Period, Adjustment
Common Stock
Common Stock
SAFE Notes
Common Stock
Legacy Teamshares Common Stock
Common Stock
Common Class B
Common Stock
Previously Reported
Common Stock
Revision of Prior Period, Adjustment
Additional Paid-in Capital
Additional Paid-in Capital
SAFE Notes
Additional Paid-in Capital
Legacy Teamshares Common Stock
Additional Paid-in Capital
Common Class B
Additional Paid-in Capital
Previously Reported
Additional Paid-in Capital
Revision of Prior Period, Adjustment
Accumulated Deficit
Accumulated Deficit
Previously Reported
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss
Previously Reported
Noncontrolling Interests
Noncontrolling Interests
Previously Reported
Beginning Balance at Dec. 31, 2024 $ 4,194,000     $ 4,194,000                                                    
Increase (Decrease) in Temporary Equity [Roll Forward]                                                            
Dividends to Noncontrolling Interests (18,000)                                                          
Noncontrolling Interest Repurchases and Adjustments (65,000)                                                          
Net Income (Loss) 121,000                                                          
Ending Balance at Mar. 31, 2025 4,232,000                                                          
Beginning balance, preferred stock (in shares) at Dec. 31, 2024                   0 7,740,549 (7,740,549)                                    
Beginning balance (in shares) at Dec. 31, 2024                         48,989,541       1,162,180 47,827,361                        
Beginning balance at Dec. 31, 2024 127,708,000     127,708,000 $ 0 $ 128,183,000     $ 128,183,000 $ 0 $ 77 $ (77) $ 4,899       $ 12 $ 4,887 $ 324,194,000       $ 324,199,000 $ (5,000) $ (195,856,000) $ (195,856,000) $ (159,000) $ (159,000) $ (476,000) $ (476,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Exercise of Common Stock Options for Cash (in shares)                         81                                  
Exercise of Common Stock Options for Cash 1,000         1,000                         1,000                      
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)                         99,680                                  
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) 1,000,000         1,000,000             $ 100           1,000,000                      
Stock-Based Compensation 986,000         611,000                         611,000                   375,000  
Dividends to Noncontrolling Interests (224,000)                                                       (224,000)  
Noncontrolling Interest Repurchases and Adjustments (409,000)                                                       (409,000)  
Net Income (Loss) (21,511,000)         (21,330,000)                                     (21,330,000)       (181,000)  
Other Comprehensive Loss (21,000)         (21,000)                                         (21,000)      
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)                         99,680                                  
Ending balance, preferred stock (in shares) at Mar. 31, 2025                   0                                        
Ending balance (in shares) at Mar. 31, 2025                         49,089,302                                  
Ending balance at Mar. 31, 2025 107,530,000         108,444,000       $ 0     $ 4,999           325,806,000           (217,186,000)   (180,000)   (914,000)  
Beginning Balance at Dec. 31, 2024 4,194,000     4,194,000                                                    
Ending Balance at Jun. 30, 2025 3,593,000                                                          
Beginning balance, preferred stock (in shares) at Dec. 31, 2024                   0 7,740,549 (7,740,549)                                    
Beginning balance (in shares) at Dec. 31, 2024                         48,989,541       1,162,180 47,827,361                        
Beginning balance at Dec. 31, 2024 127,708,000     127,708,000 0 128,183,000     128,183,000 $ 0 $ 77 $ (77) $ 4,899       $ 12 $ 4,887 324,194,000       324,199,000 (5,000) (195,856,000) (195,856,000) (159,000) (159,000) (476,000) (476,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Other Comprehensive Loss (50,000)                                                          
Ending balance, preferred stock (in shares) at Jun. 30, 2025                   0                                        
Ending balance (in shares) at Jun. 30, 2025                         49,124,670                                  
Ending balance at Jun. 30, 2025 95,310,000         96,501,000       $ 0     $ 5,002           326,729,000           (230,024,000)   (210,000)   (1,191,000)  
Beginning Balance at Mar. 31, 2025 4,232,000                                                          
Increase (Decrease) in Temporary Equity [Roll Forward]                                                            
Dividends to Noncontrolling Interests (29,000)                                                          
Noncontrolling Interest Repurchases and Adjustments (624,000)                                                          
Net Income (Loss) 14,000                                                          
Ending Balance at Jun. 30, 2025 3,593,000                                                          
Beginning balance, preferred stock (in shares) at Mar. 31, 2025                   0                                        
Beginning balance (in shares) at Mar. 31, 2025                         49,089,302                                  
Beginning balance at Mar. 31, 2025 107,530,000         108,444,000       $ 0     $ 4,999           325,806,000           (217,186,000)   (180,000)   (914,000)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Exercise of Common Stock Options for Cash (in shares)                         59                                  
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)                         35,309                                  
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) 350,000         350,000             $ 4           350,000                      
Stock-Based Compensation 964,000         573,000                         573,000                   391,000  
Dividends to Noncontrolling Interests (349,000)                                                       (349,000)  
Noncontrolling Interest Repurchases and Adjustments (289,000)                                                       (289,000)  
Net Income (Loss) (12,868,000)         (12,838,000)                                     (12,838,000)       (30,000)  
Other Comprehensive Loss (29,000)         (29,000)                                         (29,000)      
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)                         35,309                                  
Ending balance, preferred stock (in shares) at Jun. 30, 2025                   0                                        
Ending balance (in shares) at Jun. 30, 2025                         49,124,670                                  
Ending balance at Jun. 30, 2025 95,310,000         96,501,000       $ 0     $ 5,002           326,729,000           (230,024,000)   (210,000)   (1,191,000)  
Beginning Balance at Dec. 31, 2025 2,451,000     2,451,000                                                    
Increase (Decrease) in Temporary Equity [Roll Forward]                                                            
Dividends to Noncontrolling Interests (11,000)                                                          
Noncontrolling Interest Repurchases and Adjustments (682,000)                                                          
Net Income (Loss) 4,000                                                          
Ending Balance at Mar. 31, 2026 $ 1,762,000                                                          
Beginning balance, preferred stock (in shares) at Dec. 31, 2025                   0 7,758,235 (7,758,235)                                    
Beginning balance (in shares) at Dec. 31, 2025 49,180,937                       49,180,937       1,174,429 48,006,508                        
Beginning balance at Dec. 31, 2025 $ 63,633,000     63,633,000 0 65,941,000     65,941,000 $ 0 $ 78 $ (78) $ 4,919       $ 12 $ 4,907 327,839,000       327,843,000 (5,000) (261,775,000) (261,775,000) (128,000) (128,000) (2,308,000) (2,308,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Stock-Based Compensation 936,000         627,000                         627,000                   310,000  
Dividends to Noncontrolling Interests (412,000)                                                       (412,000)  
Noncontrolling Interest Repurchases and Adjustments (43,000)         164,000                         164,000                   (207,000)  
Net Income (Loss) (22,781,000)         (22,877,000)                                     (22,877,000)       96,000  
Other Comprehensive Loss (1,170,000)         (1,170,000)                                         (1,170,000)      
Ending balance, preferred stock (in shares) at Mar. 31, 2026                   0                                        
Ending balance (in shares) at Mar. 31, 2026                         49,180,937       1,174,429                          
Ending balance at Mar. 31, 2026 40,163,000         42,684,000       $ 0     $ 4,919       $ 12   328,629,000       328,629,000   (284,652,000)   (1,298,000)   (2,521,000)  
Beginning Balance at Dec. 31, 2025 2,451,000     2,451,000                                                    
Ending Balance at Jun. 30, 2026 $ 1,890,000                                                          
Beginning balance, preferred stock (in shares) at Dec. 31, 2025                   0 7,758,235 (7,758,235)                                    
Beginning balance (in shares) at Dec. 31, 2025 49,180,937                       49,180,937       1,174,429 48,006,508                        
Beginning balance at Dec. 31, 2025 $ 63,633,000     $ 63,633,000 $ 0 65,941,000     $ 65,941,000 $ 0 $ 78 $ (78) $ 4,919       $ 12 $ 4,907 327,839,000       327,843,000 $ (5,000) (261,775,000) $ (261,775,000) (128,000) $ (128,000) (2,308,000) $ (2,308,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Other Comprehensive Loss $ (1,747,000)                                                          
Ending balance, preferred stock (in shares) at Jun. 30, 2026                   0                                        
Ending balance (in shares) at Jun. 30, 2026 71,985,735                       71,985,735                                  
Ending balance at Jun. 30, 2026 $ 105,318,000         108,521,000       $ 0     $ 7,199           385,873,000           (275,484,000)   (1,875,000)   (3,204,000)  
Beginning Balance at Mar. 31, 2026 1,762,000                                                          
Beginning balance, preferred stock (in shares) at Mar. 31, 2026                   0                                        
Beginning balance (in shares) at Mar. 31, 2026                         49,180,937       1,174,429                          
Beginning balance at Mar. 31, 2026 40,163,000         42,684,000       $ 0     $ 4,919       $ 12   328,629,000       328,629,000   (284,652,000)   (1,298,000)   (2,521,000)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Exercise of Common Stock Options for Cash (in shares)                                 7,488                          
Exercise of Common Stock Options for Cash                                 $ 0           10,000              
Ending balance (in shares) at Jun. 17, 2026                                 10,961,084                          
Ending balance at Jun. 17, 2026                                 $ 110                          
Beginning Balance at Mar. 31, 2026 1,762,000                                                          
Increase (Decrease) in Temporary Equity [Roll Forward]                                                            
Dividends to Noncontrolling Interests (15,000)                                                          
Net Income (Loss) 143,000                                                          
Ending Balance at Jun. 30, 2026 1,890,000                                                          
Beginning balance, preferred stock (in shares) at Mar. 31, 2026                   0                                        
Beginning balance (in shares) at Mar. 31, 2026                         49,180,937       1,174,429                          
Beginning balance at Mar. 31, 2026 40,163,000         42,684,000       $ 0     $ 4,919       $ 12   328,629,000       $ 328,629,000   (284,652,000)   (1,298,000)   (2,521,000)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Exercise of Common Stock Options for Cash (in shares)                         33,771                                  
Exercise of Common Stock Options for Cash 10,000         10,000             $ 3           10,000                      
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)                         37,136                                  
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)                         $ 4                                  
Stock-Based Compensation 1,079,000         745,000                         745,000                   334,000  
Dividends to Noncontrolling Interests (425,000)                                                       (425,000)  
Noncontrolling Interest Repurchases and Adjustments (808,000)                                                       (808,000)  
Net Income (Loss) 9,383,000         9,168,000                                     9,168,000       215,000  
Other Comprehensive Loss (577,000)         (577,000)                                         (577,000)      
Merger and PIPE Financing, net (in shares)                         18,311,605                                  
Merger and PIPE Financing, net 112,873,000         112,873,000             $ 1,831           112,871,000                      
Conversion of convertible securities (in shares)                           751,343 220,943 3,450,000                            
Conversion of convertible securities   $ 8,505,000 $ 2,501,000       $ 8,505,000 $ 2,501,000           $ 75 $ 22 $ 345       $ 8,505,000 $ 2,501,000                  
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)                         37,136                                  
Initial Value of Earnout Shares and Deferred Founder Shares (Note 11) (62,001,000)         (62,001,000)                         (62,001,000)                      
Initial Value of the Forward Purchase Agreement Liability (Note 11) $ (5,386,000)         (5,386,000)                         (5,386,000)                      
Ending balance, preferred stock (in shares) at Jun. 30, 2026                   0                                        
Ending balance (in shares) at Jun. 30, 2026 71,985,735                       71,985,735                                  
Ending balance at Jun. 30, 2026 $ 105,318,000         $ 108,521,000       $ 0     $ 7,199           385,873,000           $ (275,484,000)   $ (1,875,000)   $ (3,204,000)  
Beginning balance (in shares) at Jun. 17, 2026                                 10,961,084                          
Beginning balance at Jun. 17, 2026                                 $ 110                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                            
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing) (in shares)                         37,136                                  
Issuance of Series E-1 Convertible Preferred Stock, Net (converted to Company Common Stock at the Closing)                         $ 4           0                      
Merger and PIPE Financing, net (in shares)                         18,311,605                                  
Merger and PIPE Financing, net                         $ 1,831           112,871,000                      
Conversion of convertible securities (in shares)                               3,450,000                            
Conversion of convertible securities                               $ 345           $ 0                
Issuance of Sponsor Incentive Shares to NRA Investors (Note 3) (in shares)                         37,136                                  
Ending balance (in shares) at Jun. 18, 2026                         71,985,735                                  
Ending balance at Jun. 18, 2026                         $ 7,199           $ 452,511,000