v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net loss $ (153,063) $ (79,330)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 23,248 8,440
Stock-based compensation 12,877 15,390
Amortization of operating lease right-of-use assets 4,871 1,795
Loss on debt extinguishment 0 7,804
Amortization of debt issuance costs and other non-cash interest expense 3,644 2,300
Deferred taxes (2,895) (1,552)
Non-cash services acquired 9,000 11,124
Other 889 446
Change in operating assets and liabilities, net of acquisitions:    
Accounts receivable (9,450) (113)
Prepaid expenses and other current assets (11,600) (4,810)
Contract assets (10,578) (4,507)
Inventories (9,414) (193)
Other assets 5,608 (374)
Accounts payable 4,775 3,488
Contract liabilities 18,836 (14,585)
Accrued expenses 3,928 10,522
Operating lease liabilities (2,118) (1,597)
Other liabilities (2,289) (212)
Net cash used in operating activities (113,731) (45,964)
Cash Flows from Investing Activities:    
Purchases of property and equipment (114,839) (96,562)
Grant funding for property and equipment 41,196 41,850
Acquisitions, net of cash acquired (121,596) (32,597)
Purchase of investment 0 (2,500)
Acquisition working capital settlement 0 0
Net cash used in investing activities (195,239) (89,809)
Cash Flows from Financing Activities:    
Repayment of term loan 0 (64,420)
Borrowings from the credit facility 0 64,500
Repayments on the credit facility 0 (64,500)
Proceeds from the exercise of stock options 10,300 155
Proceeds from the issuance of Common stock, net 0 45,886
Proceeds from the issuance of Class C preferred stock, net 0 116,047
Proceeds from the issuance of Class A common stock upon IPO, net of underwriting costs 0 409,405
Costs associated with initial public offering 0 (8,133)
Sale of noncontrolling interest 21,078 37,767
Purchase of noncontrolling interest 0 (10,600)
Redemptions of Class A-1 redeemable preferred stock 0 (3,044)
Cash repayment of Preferred B dividends 0 (27,584)
Costs associated with the credit facility 0 (2,593)
Proceeds from convertible notes 402,500 130
Payments for debt issuance costs related to convertible notes (10,063) 0
Purchase of capped call option (52,526) 0
Other 0 22
Net cash provided by financing activities 371,289 493,038
Effect of foreign exchange on cash and cash equivalents (35) 125
Net increase in cash and cash equivalents 62,284 357,390
Cash and cash equivalents at the beginning of the period 491,329 55,930
Cash and cash equivalents at the end of the period  $ 553,613 $ 413,320