v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY/(DEFICIT) - USD ($)
$ in Thousands
Total
Private Placement
Common Stock
Common Stock
Private Placement
Additional Paid-in Capital
Additional Paid-in Capital
Private Placement
Accumulated Deficit
Accumulated Other Comprehensive Income
Mezzanine Equity Preferred Stock
Additional Paid-in Capital
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2024                 0  
Beginning balance, temporary equity at Dec. 31, 2024 $ 0               $ 0 $ 0
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2025                 0  
Ending balance, temporary equity at Mar. 31, 2025 0               $ 0 0
Beginning balance (in shares) at Dec. 31, 2024 [1]     1,949,157              
Beginning balance at Dec. 31, 2024 13,447   $ 19   $ 981,638   $ (969,603) $ 1,393    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation expense 2,353       2,353          
Net income (loss) (19,229)           (19,229)      
Issuance of common stock upon exercise of warrants and vesting of RSUs (in shares) [1]     29,819              
Other comprehensive (loss) income, net 2,696             2,696    
Foreign currency translation (441)             (441)    
Ending balance (in shares) at Mar. 31, 2025 [1]     1,978,976              
Ending balance at Mar. 31, 2025 (1,174)   $ 19   983,991   (988,832) 3,648    
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2024                 0  
Beginning balance, temporary equity at Dec. 31, 2024 0               $ 0 0
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2025                 20,000,000  
Ending balance, temporary equity at Jun. 30, 2025 13,169               $ 2 13,167
Beginning balance (in shares) at Dec. 31, 2024 [1]     1,949,157              
Beginning balance at Dec. 31, 2024 13,447   $ 19   981,638   (969,603) 1,393    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) (51,728)                  
Ending balance (in shares) at Jun. 30, 2025 [1]     2,319,960              
Ending balance at Jun. 30, 2025 (25,184)   $ 23   994,394   (1,021,331) 1,730    
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2025                 0  
Beginning balance, temporary equity at Mar. 31, 2025 0               $ 0 0
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Issuance of preferred stock, net of issuance costs (in shares)                 20,000,000  
Issuance of preferred shares, net of issuance costs 13,169               $ 2 13,167
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2025                 20,000,000  
Ending balance, temporary equity at Jun. 30, 2025 13,169               $ 2 13,167
Beginning balance (in shares) at Mar. 31, 2025 [1]     1,978,976              
Beginning balance at Mar. 31, 2025 (1,174)   $ 19   983,991   (988,832) 3,648    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation expense 2,275       2,275          
Net income (loss) (32,499)           (32,499)      
Issuance of common stock upon exercise of warrants and vesting of RSUs (in shares) [1]     441              
Conversion of preferred stock into common stock (in shares) [1]     340,543              
Conversion of preferred stock into common stock 8,132   $ 4   8,128          
Other comprehensive (loss) income, net (1,605)             (1,605)    
Foreign currency translation (313)             (313)    
Ending balance (in shares) at Jun. 30, 2025 [1]     2,319,960              
Ending balance at Jun. 30, 2025 $ (25,184)   $ 23   994,394   (1,021,331) 1,730    
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2025 20,000,000               20,000,000  
Beginning balance, temporary equity at Dec. 31, 2025 $ 13,169               $ 2 13,167
Increase (Decrease) in Temporary Equity [Roll Forward]                    
Conversion of preferred stock into common stock (in shares)                 (20,000,000)  
Conversion of preferred stock into common stock (13,169)               $ (2) (13,167)
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2026                 0  
Ending balance, temporary equity at Mar. 31, 2026 $ 0               $ 0 0
Beginning balance (in shares) at Dec. 31, 2025 2,320,511   2,320,511              
Beginning balance at Dec. 31, 2025 $ (3,892)   $ 23   1,013,195   (1,018,554) 1,444    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation expense 1,330       1,330          
Net income (loss) (14,679)           (14,679)      
Issuance of common stock upon exercise of warrants and vesting of RSUs (in shares)     7,362              
Forward Purchase Agreement settlement 32,139       32,139          
Conversion of preferred stock into common stock (in shares)     3,250,322              
Conversion of preferred stock into common stock 13,169       13,169          
Issuance of common stock in private placement (in shares)       4,510,968            
Issuance of common stock in private placement   $ 20,000       $ 20,000        
Foreign currency translation (8)             (8)    
Ending balance (in shares) at Mar. 31, 2026     10,089,163              
Ending balance at Mar. 31, 2026 $ 48,059   $ 23   1,079,833   (1,033,233) 1,436    
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2025 20,000,000               20,000,000  
Beginning balance, temporary equity at Dec. 31, 2025 $ 13,169               $ 2 13,167
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2026 0               0  
Ending balance, temporary equity at Jun. 30, 2026 $ 0               $ 0 0
Beginning balance (in shares) at Dec. 31, 2025 2,320,511   2,320,511              
Beginning balance at Dec. 31, 2025 $ (3,892)   $ 23   1,013,195   (1,018,554) 1,444    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) $ 169,626                  
Issuance of common stock upon exercise of warrants and vesting of RSUs (in shares) 0                  
Ending balance (in shares) at Jun. 30, 2026 13,089,163   13,089,163              
Ending balance at Jun. 30, 2026 $ 260,636   $ 23   1,108,713   (848,928) 828    
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2026                 0  
Beginning balance, temporary equity at Mar. 31, 2026 $ 0               $ 0 0
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2026 0               0  
Ending balance, temporary equity at Jun. 30, 2026 $ 0               $ 0 $ 0
Beginning balance (in shares) at Mar. 31, 2026     10,089,163              
Beginning balance at Mar. 31, 2026 48,059   $ 23   1,079,833   (1,033,233) 1,436    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation expense 739       739          
Net income (loss) 184,305           184,305      
Issuance of common stock in private placement (in shares)       3,000,000            
Issuance of common stock in private placement   $ 28,141       $ 28,141        
Other comprehensive (loss) income, net (700)             (700)    
Foreign currency translation $ 92             92    
Ending balance (in shares) at Jun. 30, 2026 13,089,163   13,089,163              
Ending balance at Jun. 30, 2026 $ 260,636   $ 23   $ 1,108,713   $ (848,928) $ 828    
[1] All common stock share and per share data for all periods prior to the quarterly period ending September 30, 2025 have been retroactively adjusted to reflect the 1-for-100 reverse stock split of the Company’s common stock and the decrease in the par value of the Company’s common stock from $0.0001 to $0.0000001 per share which became effective on August 18, 2025. See Note 2 —Summary of Significant Accounting Policies for further information.