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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Preliminary Purchase Consideration | The preliminary purchase consideration is calculated as follows:
|  | Purchase Consideration
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
Non-cash amount attributable to ASC 606 upfront payment to customer |  | $598,787
Non-cash amount attributable to ASC 805 business acquisition |  | $337,000
Less: Net working capital cash received from Pepsi [1] |  | (29,156)
Total preliminary Rockstar purchase consideration |  | $307,844
[1] Amount includes $30.6 million net working capital payment received from Pepsi pursuant to the Transaction Agreement, offset by $1.5 million payable to Pepsi upon finalization of customary post-closing adjustments. The cash payment of $30.6 million is presented within the cash flows from investing activities in the condensed consolidated statement of cash flows for the nine months ended September 30, 2025. The Alani Nu Acquisition was accounted for as a business combination. Preliminary purchase consideration consisted of the following:
|  | Purchase Consideration
Cash consideration [1] |  | $1,322,425
Share consideration |  | 721,964
Contingent consideration[2] |  | 11,200
Preliminary fair value of purchase consideration |  | $2,055,589
[1] Amount includes base cash consideration of $1,275.0 million per the Alani Nu purchase agreemen t, plus $22.4 million of cash paid in connection with the finalization of customary post-closing adjust ments, plus Alani Nu closing cash acquired, offset by certain indebtedness related items. For the nine months ended September 30, 2025, the Company paid $1,278.8 million, net of cash acquired, as reflected in the condensed consolidated statement of cash flows. [2] A probability-weighted expected return method was used to value the contingent consideration, whereby value is determined based on expected cash flows under various scenarios related to the achievement of the revenue target. The measurement includes significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820. A summary of the allocation of the total purchase consideration is presented below:
| Purchase Consideration |  | Goodwill |  | Property, Plant and Equipment Acquired |  | Other Net Identifiable Assets Acquired
Big Beverages Acquisition | $76,812 |  | $58,257 |  | $13,254 |  | $5,301
Schedule of Preliminary Fair Value of Assets Acquired and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date of the Pepsi Transactions. The Company is in the process of reviewing and finalizing third-party valuations of certain intangible assets, tangible assets, and finished goods inventory; therefore, the provisional measurements of assets acquired are subject to change as the valuation procedures are finalized.
|  | At August 28, 2025
ASSETS |  |
Inventories |  | $10,529
Property, plant and equipment |  | 4,917
Brands |  | 176,000
Customer relationships |  | 5,500
Prepaid expenses and other current assets |  | 1,461
LIABILITIES |  |
Accrued expenses |  | 390
Net identifiable assets acquired |  | $198,017
Goodwill |  | 109,827
Total preliminary Rockstar purchase consideration |  | $307,844
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on the Closing Date of Alani Nu. Given the close proximity to the Closing Date of Alani Nu, the Company is still finalizing and reviewing the estimated useful lives of intangible assets and the estimated fair values of the assets acquired and liabilities assumed. Accordingly, additional measurement period adjustments may be recorded. T he provisional measurements of intangible assets, net working capital assets, property, plant, and equipment, and goodwill are subject to change as the valuation procedures are finalized.
|  | At April 1, 2025
ASSETS |  |
Cash and cash equivalents |  | $43,655
Accounts receivable |  | 82,412
Inventories [1] |  | 95,776
Prepaid expenses and other current assets |  | 1,699
Property, plant and equipment [2] |  | 2,662
Brands |  | 1,104,000
Customer relationships |  | 111,000
LIABILITIES |  |
Accounts payable |  | 49,117
Accrued expenses [3] |  | 48,887
Deferred revenue-current |  | 8,519
Other current liabilities |  | 426
Deferred revenue-non-current |  | 3,780
Other long term liabilities |  | 6,698
Net identifiable assets acquired |  | $1,323,777
Goodwill |  | 731,812
Total purchase consideration |  | $2,055,589
[1] 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 for the three months ended June 30, 2025. The preliminary fair value was determined based on Level 3 inputs including th e estimated selling price of the inventory, less the remaining estimated costs to sell such inventory and an estimated normal profit margin on the disposal efforts. [2] Includes preliminary fair value adjustments related to acquired Alani Nu assets, which are subject to finalization during the measurement period. A measurement period adjustment of $2.9 million recorded for the three months ended September 30, 2025 was primarily related to property, plant and equipment and prepaid expenses and other current assets. [3] Includes $3.1 million the Company paid relating to the settlement of the net working capital adjustment. The settlement resulted in a decrease in accrued expenses and an increase in the estimated 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 values of identifiable intangible assets acquired and their respective amortization periods:
|  | Estimated Useful Life in Years |  | At August 28, 2025
Brands |  | Indefinite |  | $176,000
Customer relationships |  | 10 |  | 5,500
Total intangibles acquired |  |  |  | $181,500
The following table summarizes the estimated fair value of identifiable intangible assets acquired and their respective remaining amortization periods:
|  | Estimated Useful Life in Years |  | At April 1, 2025
Brands |  | Indefinite |  | $1,104,000
Customer relationships |  | 5 |  | 111,000
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 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,
|  | 2025 |  | 2024
Revenue |  | $798,496 |  | $513,912
Net (loss) income |  | (51,019) |  | 17,015
Net (loss) income attributable to common stockholders |  | $(65,263) |  | $2,444
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Revenue |  | $2,271,993 |  | $1,737,287
Net income |  | 187,809 |  | 161,800
Net income attributable to common stockholders |  | $127,290 |  | $104,485
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The acquired intangible asset fair values consisted of the following, which are amortized on a straight-line basis over their estimated useful lives:
| Estimated Useful Life in Years |  | At November 1, 2024
Customer relationships | 6 |  | $900
Brands | 3 |  | 500
Intangibles |  |  | $1,400

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