Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-Based Payment Arrangement, Expensed and Capitalized, Amount |
The Company’s share-based compensation expense for the periods presented was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | | | | | | | | | | | Cost of Revenue | | $ | 477,803 | | | $ | 80,304 | | | $ | 950,635 | | | $ | 80,304 | | | General and administrative costs | | 1,670,402 | | | 95,398 | | | 2,706,867 | | | 95,398 | | | Total share-based compensation expense | | $ | 2,148,205 | | | $ | 175,702 | | | $ | 3,657,502 | | | $ | 175,702 | |
The weighted average unrecognized compensation cost at June 30, 2026, for stock options and restricted stock was as follows: | | | | | | | | | | | | | Amount | | Weighted
Average
Remaining
Recognition
Period (Years) | | Stock options | $ | 17,438,296 | | | 3.32 | | Restricted stock | 16,002,469 | | | 3.91 | | Total compensation cost | $ | 33,440,765 | | | 3.54 |
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| Share-Based Payment Arrangement, Option, Activity |
The summary of stock options and restricted stock under the Company’s 2025 Stock Plan as of June 30, 2026, and changes for the six months then ended are presented as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | Stock Options | | Number of
Options | | Weighted
Average
Exercise Price | | Number of
Options | | Weighted
Average
Exercise Price | Outstanding at the beginning of the period | | 6,459,000 | | $0.21 | | — | | | $— | Granted | | 7,060,972 | | $0.96 | | 6,534,000 | | | $0.21 | Exercised | | (134,998) | | | $0.21 | | — | | | $— | Forfeited/expired | | (1,058,418) | | | $0.58 | | — | | | $— | Outstanding at the end of the period | | 12,326,556 | | $0.61 | | 6,534,000 | | | $0.21 | Exercisable at the end of the period | | 2,154,647 | | $0.23 | | — | | | $— |
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| Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | Restricted Stock | | Number of
Shares | | Weighted
Average Grant
Date Fair Value | | Number of
Shares | | Weighted
Average Grant
Date Fair Value | Outstanding at the beginning of the period | | 5,585,000 | | $0.97 | | — | | $— | Granted | | 1,808,222 | | $7.28 | | 5,585,000 | | $0.97 | Vested | | (1,978,020) | | | $0.97 | | — | | $— | Forfeited/expired | | — | | $— | | — | | $— | Outstanding at the end of the period | | 5,415,202 | | $3.08 | | 5,585,000 | | | $0.97 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
Assumptions used in determining the fair value of stock options granted for the three and six months ended June 30, 2026 were as follows: | | | | | | | | | | | | | Assumption | | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | | Expected volatility | | 110.0% | 110.0% | | Expected term (years) | | 7.0 | 7.0 | | Risk-free interest rate | | 4.50% | 4.29% - 4.5% | | Expected dividend yield | | 0.0% | 0.0% | | Weighted Average Grant-Date Fair Value | | $ | 2.71 | $ | 2.59 |
Assumptions used in determining the fair value of stock options granted for the three and six months ended June 30, 2025 were as follows: | | | | | | | | | | | | Assumption | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Expected volatility | | 110.0% | 110.0% | Expected term (years) | | 7.0 | 7.0 | Risk-free interest rate | | 4.17% | 4.17% | Expected dividend yield | | 0.0% | 0.0% | Weighted Average Grant-Date Fair Value | | $ | 0.921 | | $ | 0.921 | |
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