v3.26.3
Condensed Consolidated Statements of Temporary Equity and Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
SVS
Common Shares
SVS
Common Shares
MVS
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Redeemable non-controlling interest, beginning balance at Dec. 31, 2024 $ 132,179            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) 2,756            
Excess redemption value above carrying value 13,327            
Net income (loss) 817            
Redeemable non-controlling interest, ending balance at Mar. 31, 2025 149,079            
Common stock, beginning balance (in shares) at Dec. 31, 2024 [1]     218,696,071 [2] 31,323,568 [3]      
Balance, beginning of period at Dec. 31, 2024 861,214   $ 0 [2] $ 0 [3] $ 2,237,468 $ (20,080) $ (1,356,174)
Changes in stockholders equity              
Extinguishment of convertible notes by issuance of SVS (in shares) [1],[2]     1,427,532        
Extinguishment of convertible notes by issuance of SVS [2] 16,500       16,500    
Foreign currency translation gain (loss) 6,063         6,063  
Exercise of stock options (in shares) [1],[2]     33,333        
Exercise of stock options 10       10    
Issuance of SVS for settlement of RSUs (in shares) [1],[2],[4]     556,208        
Issuance of SVS for settlement of PSUs (in shares) [1],[2],[4]     119,983        
Excess redemption value above carrying value (13,327)       (13,327)    
Share-based compensation 4,624       4,624    
Net income (loss)             (61,063)
Common stock, ending balance (in shares) at Mar. 31, 2025 [1]     220,833,127 [2] 31,323,568 [3]      
Balance, end of period at Mar. 31, 2025 814,021   $ 0 [2] $ 0 [3] 2,245,275 (14,017) (1,417,237)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2024 132,179            
Redeemable non-controlling interest, ending balance at Sep. 30, 2025 71,406            
Common stock, beginning balance (in shares) at Dec. 31, 2024 [1]     218,696,071 [2] 31,323,568 [3]      
Balance, beginning of period at Dec. 31, 2024 861,214   $ 0 [2] $ 0 [3] 2,237,468 (20,080) (1,356,174)
Changes in stockholders equity              
Net income (loss) (171,253)            
Common stock, ending balance (in shares) at Sep. 30, 2025 [1]     224,152,062 [2] 31,323,568 [3]      
Balance, end of period at Sep. 30, 2025 814,824   $ 0 [2] $ 0 [3] 2,344,461 (2,210) (1,527,427)
Redeemable non-controlling interest, beginning balance at Mar. 31, 2025 149,079            
Changes in redeemable non-controlling interest contingency              
Issuance of SVS to settle non-controlling interest [2] (102,114)            
Foreign currency translation gain (loss) 5,581            
Excess redemption value above carrying value 11,861            
Net income (loss) (445)            
Redeemable non-controlling interest, ending balance at Jun. 30, 2025 63,962            
Common stock, beginning balance (in shares) at Mar. 31, 2025 [1]     220,833,127 [2] 31,323,568 [3]      
Balance, beginning of period at Mar. 31, 2025 814,021   $ 0 [2] $ 0 [3] 2,245,275 (14,017) (1,417,237)
Changes in stockholders equity              
Issuance of SVS to settle non-controlling interest (in shares) [1],[2]     2,270,284        
Issuance of SVS to settle non-controlling interest [2] 102,114       102,114    
Acquisition related contingent equity consideration (in shares) [1],[2]     207,055        
Acquisition related contingent equity consideration 497       497    
Acquisition related deferred equity consideration (in shares) [1],[2]     32,017        
Acquisition related deferred equity consideration 77       77    
Issuance of SVS for settlement of liability (in shares) [1],[2],[5]     32,017        
Issuance of SVS for settlement of liability [2],[5] 77       77    
Foreign currency translation gain (loss) 13,598         13,598  
Issuance of SVS for settlement of RSUs (in shares) [1],[2],[4]     108,860        
Excess redemption value above carrying value (11,861)       (11,861)    
Share-based compensation 5,933       5,933    
Net income (loss) (53,161)           (53,161)
Common stock, ending balance (in shares) at Jun. 30, 2025 [1]     223,483,360 [2] 31,323,568 [3]      
Balance, end of period at Jun. 30, 2025 871,295   $ 0 [2] $ 0 [3] 2,342,112 (419) (1,470,398)
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) 20            
Excess redemption value above carrying value 7,079            
Net income (loss) 345            
Redeemable non-controlling interest, ending balance at Sep. 30, 2025 71,406            
Changes in stockholders equity              
Foreign currency translation gain (loss) (1,791)         (1,791)  
Exercise of stock options (in shares) [1],[2]     583,334        
Exercise of stock options 203       203    
Issuance of SVS for settlement of RSUs (in shares) [1],[2],[4]     85,368        
Excess redemption value above carrying value (7,079)       (7,079)    
Share-based compensation 9,225       9,225    
Net income (loss) (57,029)           (57,029)
Common stock, ending balance (in shares) at Sep. 30, 2025 [1]     224,152,062 [2] 31,323,568 [3]      
Balance, end of period at Sep. 30, 2025 814,824   $ 0 [2] $ 0 [3] 2,344,461 (2,210) (1,527,427)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2025 83,931            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) 3,701            
Excess redemption value above carrying value 381            
Net income (loss) (16)            
Redeemable non-controlling interest, ending balance at Mar. 31, 2026 $ 87,997            
Common stock, beginning balance (in shares) at Dec. 31, 2025 257,491,582   226,168,014 [6],[7] 31,323,568 [6],[8]      
Balance, beginning of period at Dec. 31, 2025 $ 756,350   $ 0 [7] $ 0 [8] 2,345,402 (1,808) (1,587,244)
Changes in stockholders equity              
Foreign currency translation gain (loss) (8,354)         (8,354)  
Exercise of stock options (in shares) [6],[7]     996,576        
Exercise of stock options 478       478    
Issuance of SVS for settlement of RSUs (in shares) [6],[7],[9]     1,995,496        
Issuance of SVS for settlement of PSUs (in shares) [6],[7],[9]     928,214        
SVS withheld to satisfy statutory tax withholding obligations (in shares) [6],[7],[10]     (920,404)        
SVS withheld to satisfy statutory tax withholding obligations [7],[10] (6,444)       (6,444)    
Excess redemption value above carrying value (381)       (381)    
Share-based compensation 9,664       9,664    
Net income (loss) 69,799           69,799
Common stock, ending balance (in shares) at Mar. 31, 2026 [6]     229,167,896 [7] 31,323,568 [8]      
Balance, end of period at Mar. 31, 2026 821,112   $ 0 [7] $ 0 [8] 2,348,719 (10,162) (1,517,445)
Redeemable non-controlling interest, beginning balance at Dec. 31, 2025 83,931            
Redeemable non-controlling interest, ending balance at Sep. 30, 2026 $ 0            
Common stock, beginning balance (in shares) at Dec. 31, 2025 257,491,582   226,168,014 [6],[7] 31,323,568 [6],[8]      
Balance, beginning of period at Dec. 31, 2025 $ 756,350   $ 0 [7] $ 0 [8] 2,345,402 (1,808) (1,587,244)
Changes in stockholders equity              
Exercise of stock options (in shares) 1,572,346            
Repurchase of SVS for retirement (in shares)   (198,803)          
Repurchase of SVS for retirement   $ (2,000)          
Net income (loss) $ 49,585            
Common stock, ending balance (in shares) at Sep. 30, 2026 264,984,190   233,660,622 [6],[7] 31,323,568 [6],[8]      
Balance, end of period at Sep. 30, 2026 $ 847,025   $ 0 [7] $ 0 [8] 2,398,807 (14,123) (1,537,659)
Redeemable non-controlling interest, beginning balance at Mar. 31, 2026 87,997            
Changes in redeemable non-controlling interest contingency              
Foreign currency translation gain (loss) (3,685)            
Acquisition of non-controlling interest (65,421)            
Excess redemption value above carrying value (18,891)            
Redeemable non-controlling interest, ending balance at Jun. 30, 2026 0            
Common stock, beginning balance (in shares) at Mar. 31, 2026 [6]     229,167,896 [7] 31,323,568 [8]      
Balance, beginning of period at Mar. 31, 2026 821,112   $ 0 [7] $ 0 [8] 2,348,719 (10,162) (1,517,445)
Changes in stockholders equity              
Issuance of SVS to settle non-controlling interest (in shares) [6],[7]     3,473,087        
Issuance of SVS to settle non-controlling interest [7] 36,676       36,676    
Foreign currency translation gain (loss) 93       2,541 (2,448)  
Acquisition of non-controlling interest 65,421       65,421    
Exercise of stock options (in shares) [6],[7]     301,748        
Exercise of stock options 805       805    
Repurchase of SVS for retirement (in shares) [6],[7]     (93,363)        
Repurchase of SVS for retirement [7] (1,000)       (1,000)    
Issuance of SVS for settlement of RSUs (in shares) [6],[7],[9]     563,276        
SVS withheld to satisfy statutory tax withholding obligations (in shares) [6],[7],[10]     (1,289)        
SVS withheld to satisfy statutory tax withholding obligations [7],[10] (15)       (15)    
Excess redemption value above carrying value (78,609)       (78,609)    
Share-based compensation 10,470       10,470    
Net income (loss) 12,507           12,507
Common stock, ending balance (in shares) at Jun. 30, 2026 [6]     233,413,933 [7] 31,323,568 [8]      
Balance, end of period at Jun. 30, 2026 867,460   $ 0 [7] $ 0 [8] 2,385,008 (12,610) (1,504,938)
Redeemable non-controlling interest, ending balance at Sep. 30, 2026 0            
Changes in stockholders equity              
Foreign currency translation gain (loss) (1,513)         (1,513)  
Exercise of stock options (in shares) [6],[7]     274,022        
Exercise of stock options 749       749    
Repurchase of SVS for retirement (in shares)   (105,440) (105,440) [6],[7],[11]        
Repurchase of SVS for retirement (995) [11] $ (1,000)     (995) [11]    
Issuance of SVS for settlement of RSUs (in shares) [6],[7],[9]     78,107        
Share-based compensation 14,045       14,045    
Net income (loss) $ (32,721)            
Common stock, ending balance (in shares) at Sep. 30, 2026 264,984,190   233,660,622 [6],[7] 31,323,568 [6],[8]      
Balance, end of period at Sep. 30, 2026 $ 847,025   $ 0 [7] $ 0 [8] $ 2,398,807 $ (14,123) $ (1,537,659)
[1]
(2) Share and per share amounts have been adjusted to reflect the 1-for-3 Reverse Split on June 5, 2026. See Note 2 — Basis of presentation and consolidation for details regarding the reverse stock split.
[2]
* as defined in Note 1 — Operations of the Company.
[3]
*** as defined in Note 17 — Shareholders’ equity.
[4]
** as defined in Note 3 — Significant accounting policies.
[5]
(1) The Company issued shares to settle a liability stemming from then-outstanding supply obligations.
[6]
(2) Share and per share amounts have been adjusted to reflect the 1-for-3 Reverse Split on June 5, 2026. See Note 2 — Basis of presentation and consolidation for details regarding the reverse stock split.
[7]
* as defined in Note 1 — Operations of the Company.
[8]
*** as defined in Note 17 — Shareholders’ equity.
[9]
** as defined in Note 3 — Significant accounting policies.
[10]
(3) Represents share withholding and issuance activity related to statutory tax obligations upon vesting of PSUs and RSUs during the six months ended June 30, 2026.
[11]
(1) In connection with the Company’s repurchases of SVS* under its normal course issuer bid (the "NCIB" or the "Bid") during the nine months ended September 30, 2026. See Note 17 — Shareholders’ equity for further details.