Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Compensation [Abstract] |
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| Schedule of Weighted Average of Significant Assumptions |
The following are the weighted average of significant assumptions used in the model: | | | For the Six Months Ended
June 30, | | | | | 2026 | | | 2025 | | | Dividend yield | | | – | | | | – | | | Risk-free interest rate | | | 1.37 | % | | | 1.62 | % | | Expected volatility(1) | | | 81.70 | % | | | 35.50 | % | | Expected term | | | 2.75 years | | | | 2.75 years | | | (1) | Expected volatility of the underlying ordinary shares of the Company was estimated based on the average historical volatility of comparable companies for the period before grant date with time frames equal to the life of the options. |
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| Schedule of Share Option Activity |
A summary of the Share Option activity for the six months ended June 30, 2026 is as follows: | | | Options | | | Weighted
Average
Exercise
Price | | | Weighted
Average
Remaining
Contractual
Life | | | Aggregate
Intrinsic
Value | | | | | | | | | | | (in Years) | | | | | | Outstanding at January 1, 2026 | | | 11,163,778 | | | $ | 0.14 | | | | 5.25 | | | $ | 61,876,911 | | | Granted | | | 379,600 | | | $ | 0.14 | | | | – | | | | – | | | Exercised | | | (5,117,972 | ) | | $ | 0.14 | | | | – | | | $ | 31,915,250 | | | Cancelled/forfeited | | | (346,182 | ) | | $ | 0.14 | | | | – | | | | – | | | Outstanding at June 30, 2026 | | | 6,079,224 | | | $ | 0.14 | | | | 6.16 | | | $ | 38,995,604 | | | | | | | | | | | | | | | | | | | | | Exercisable at June 30, 2026 | | | 3,603,413 | | | $ | 0.14 | | | | 4.95 | | | $ | 23,173,497 | |
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| Schedule of Non Vested Share Option Activity |
The following is a summary of the non-vested Share Option activity for the six months ended June 30, 2026: | | | Options | | | Weighted
Average
Grant-Date
Fair Value | | | Non-vested at January 1, 2026 | | | 2,976,656 | | | $ | 6.72 | | | Granted | | | 379,600 | | | $ | 5.46 | | | Vested | | | (535,103 | ) | | $ | 6.35 | | | Cancelled/forfeited | | | (345,342 | ) | | $ | 6.04 | | | Non-vested at June 30, 2026 | | | 2,475,811 | | | $ | 6.71 | |
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| Schedule of Restricted Share Activity |
A summary of the Restricted Share Unit activity for the six months ended June 30, 2026, is as follows: | | | RSUs | | | Weighted
Average
Grant-Date
Fair Value | | | Outstanding at January 1, 2026 | | | 3,617,840 | | | $ | 6.45 | | | Granted | | | 19,890,515 | | | $ | 4.84 | | | Cancelled/forfeited | | | (376,057 | ) | | $ | 6.42 | | | Shares delivered | | | (2,756,938 | ) | | $ | 6.06 | | | Outstanding at June 30, 2026 | | | 20,375,360 | | | $ | 4.93 | | A summary of the Restricted Share Award activity for the six months ended June 30, 2026, is as follows: | | | RSAs | | | Weighted
Average
Grant-Date
Fair Value | | | Outstanding at January 1, 2026 | | | – | | | $ | – | | | Granted | | | 1,010,000 | | | $ | 5.48 | | | Vested | | | (260,000 | ) | | $ | 5.45 | | | Cancelled/forfeited | | | – | | | $ | – | | | Outstanding at June 30, 2026 | | | 750,000 | | | $ | 5.49 | |
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| Schedule of Non-Vested Restricted Share Award activity |
The following is a summary of the non-vested Restricted Share Unit activity for the six months ended June 30, 2026: | | | RSUs | | | Weighted
Average
Grant-Date
Fair Value | | | Non-vested at January 1, 2026 | | | 2,087,179 | | | $ | 6.74 | | | Granted | | | 19,890,515 | | | $ | 4.84 | | | Vested | | | (2,231,743 | ) | | $ | 5.83 | | | Cancelled/forfeited | | | (376,057 | ) | | $ | 6.42 | | | Non-vested at June 30, 2026 | | | 19,369,894 | | | $ | 4.90 | | A summary of the non-vested Restricted Share Award activity for the six months ended June 30, 2026, is as follows: | | | RSAs | | | Weighted
Average
Grant-Date
Fair Value | | | Non-vested at January 1, 2026 | | | – | | | $ | – | | | Granted | | | 1,010,000 | | | $ | 5.48 | | | Vested | | | (260,000 | ) | | $ | 5.45 | | | Cancelled/forfeited | | | – | | | $ | – | | | Non-vested at June 30, 2026 | | | 750,000 | | | $ | 5.49 | |
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| Schedule of Compensation Expense from Share Based Awards |
The compensation expense was recorded in the condensed consolidated statements of operations and comprehensive income (loss) as follows: | | | For the Three Months Ended
June 30, | | | For the Six Months Ended
June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | General and administrative | | $ | 15,072,056 | | | $ | 24,802,131 | | | $ | 27,893,819 | | | $ | 31,062,124 | | | Technology and development | | | 1,583,533 | | | | 1,586,014 | | | | 5,709,110 | | | | 3,084,857 | | | Marketing and branding | | | 479,607 | | | | 581,257 | | | | 733,843 | | | | 891,466 | | | Total | | $ | 17,135,196 | | | $ | 26,969,402 | | | $ | 34,336,772 | | | $ | 35,038,447 | |
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