Stockholders' Equity |
9 Months Ended |
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Sep. 30, 2026 | |
| Stockholders' Equity | |
| Stockholders' Equity | Note 13. Stockholders’ Equity Common Stock The Company is authorized to issue up to 680,000,000 shares of common stock, without any par value per share. Each holder of common stock is entitled to one vote for each share held of record on all matters to be voted on by such holders. Holders of common stock are entitled to receive dividends, if declared. Upon liquidation, dissolution, or winding-up, holders of common stock are entitled to share ratably in the net assets legally available for distribution after payment of all debts and other liabilities, subject to any preferential rights of the holders of preferred stock, if any. During the nine months ended September 30, 2026, the increase of approximately 3.5 million shares of common stock outstanding was attributable to the awarding of approximately 8.2 million restricted stock awards (“RSAs”) and the issuance of approximately 1.4 million shares of common stock in settlement of an equal number of fully vested restricted stock units (“RSUs”), net of approximately 4.3 million shares, with a fair value of approximately $86.2 million, withheld to cover taxes related to the vesting and settlement of such RSAs, as permitted by the 2019 Equity Incentive Plan, as amended (the “2019 Equity Incentive Plan”). These increases were partially offset by the forfeiture of approximately 1.8 million RSAs. At-the-Market Equity (“ATM”) Program During 2025 and 2024, the Company offered and sold shares of its common stock through ATM offering programs pursuant to sales agreements with sales agents (each, an “ATM Program”). In December 2025, the Company established the 2025 ATM program, under which it could offer and sell up to $500.0 million in shares of the Company’s common stock (the “2025 ATM Program”). During the nine months ended September 30, 2026, no shares were sold under the 2025 ATM Program, and as of September 30, 2026, all $500.0 million in shares of the Company’s common stock were available for sale under the 2025 ATM Program. In August 2024, the Company established the August 2024 ATM program, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock (the “August 2024 ATM Program”). During the nine months ended September 30, 2025, the Company received net proceeds of approximately $195.2 million ($199.6 million of gross proceeds, net of $4.5 million in commissions and expenses) from the sale of 16,076,733 shares of its common stock at a weighted average price of $12.42 per share under its August 2024 ATM Program. Effective December 30, 2025, the sales agreement associated with the August 2024 ATM Program was terminated and no additional shares of the Company’s common stock were offered or sold under the August 2024 ATM Program. Warrants During the year ended December 31, 2021, the Company issued warrants to XMS Capital Partners, LLC (“XMS”) as partial payment for its advisory services in connection with the acquisition of Whinstone. The warrants entitled XMS to purchase up to 63,000 shares of the Company’s common stock at a purchase price of $48.37 per share. The warrants expired on August 12, 2026. The warrants were recognized as a liability with a fair value of zero upon issuance and a redemption value of zero as of December 31, 2025.
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