v3.26.3
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Final Purchase Consideration
The purchase consideration consisted of the following:

At August 28, 2025
Total estimated fair value of Series B Preferred Stock$907,920 
Total incremental estimated fair value of Series A Preferred Stock 27,867 
Total fair value of Series B Preferred Stock and incremental fair value of Series A Preferred Stock$935,787 
Fair value of non-cash amount attributable to ASC 606 implicit upfront payment to customer$598,787 
Fair value of non-cash amount attributable to ASC 805 business acquisition$337,000 
Less: Net working capital cash received from Pepsi [1]
(29,397)
Total purchase consideration$307,603 
[1]     This amount includes net working capital adjustments received from Pepsi pursuant to the Transaction Agreement. Of this amount, $29.2 million was received during the year ended December 31, 2025, with the remaining $0.2 million received during the nine months ended September 30, 2026. The amounts are classified within investing activities in the Condensed Consolidated Statements of Cash Flows.
The purchase consideration consisted of the following:

At April 1, 2025
Cash consideration$1,322,425 
Share consideration721,964 
Contingent consideration [1]
11,200 
Total purchase consideration$2,055,589 
[1] A probability-weighted expected return method was used to value the contingent consideration as of the Closing Date of Alani Nu, whereby the value was determined based on expected cash flows under various scenarios related to the achievement of the revenue target.
Schedule of Final Fair Value of Assets Acquired and Liabilities
The following table summarizes the final fair values of the assets acquired and liabilities assumed, inclusive of measurement period adjustments:

At August 28, 2025
ASSETS
Inventories$10,288 
Property, plant and equipment4,917 
Brands176,000 
Customer relationships5,500 
Prepaid expenses and other current assets1,461 
LIABILITIES
Accrued expenses390 
Net identifiable assets acquired$197,776 
Goodwill109,827 
Total purchase consideration$307,603 
The following table summarizes the final fair values of the assets acquired and liabilities assumed, inclusive of measurement period adjustments:

At April 1, 2025
ASSETS
Cash and cash equivalents$43,655 
Accounts receivable [1]
83,655 
Inventories [1] [2]
95,425 
Prepaid expenses and other current assets1,699 
Property, plant and equipment [1]
103 
Brands1,104,000 
Customer relationships111,000 
LIABILITIES
Accounts payable49,117 
Accrued expenses [1] [3]
52,371 
Deferred revenue-current8,519 
Other current liabilities426 
Deferred revenue-non-current3,780 
Other long-term liabilities6,698 
Net identifiable assets acquired$1,318,626 
Goodwill736,963 
Total purchase consideration$2,055,589 
[1] Includes fair value adjustments recorded during the measurement period see Measurement Period Adjustments section below.
[2] Includes an inventory valuation step-up of $21.7 million which was recognized as an adjustment to the Company’s cost of revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income during the year ended December 31, 2025.
[3] Includes $3.1 million the Company paid relating to the settlement of the net working capital adjustment during the year ended December 31, 2025. The settlement resulted in a decrease in accrued expenses and an increase in the total purchase consideration. The adjustment did not impact goodwill.
Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived
The following table summarizes the estimated fair value of identifiable intangible assets acquired and their respective amortization periods:

Estimated Useful Life in YearsAt August 28, 2025
BrandsIndefinite$176,000 
Customer relationships105,500
Total intangibles acquired$181,500 
The following table summarizes the estimated fair value of identifiable intangible assets acquired and their respective amortization periods:
Estimated Useful Life in YearsAt April 1, 2025
BrandsIndefinite$1,104,000 
Customer relationships 5111,000
Total intangibles acquired$1,215,000 
Schedule of Pro forma Consolidated Financial Information
The following unaudited pro forma financial information summarizes the results of operations for the periods indicated as if the Alani Nu Acquisition and the Rockstar Acquisition had been completed on January 1, 2024. The unaudited pro forma information is not necessarily indicative of the results that the Company would have achieved had the acquisitions actually occurred on January 1, 2024, nor does such information purport to be indicative of future financial operating results.


Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue$847,228 $778,218 $2,447,768 $2,208,397 
Net income (loss)126,956 (58,576)292,347 162,985 
Net income (loss) attributable to common stockholders$99,534 $(72,820)$221,013 $105,543