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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Compensation [Abstract] |
Schedule of Weighted Average of Significant Assumptions | The following are the weighted average of significant assumptions used in the model:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Risk-free interest rate |  |  | 1.6 | % |  |  | 2.3 | % |  |  | 3.8 | %
Expected volatility(1) |  |  | 35.5 | % |  |  | 59.8 | % |  |  | 50.0 | %
Expected term |  |  | 2.75 years |  |  |  | 2.75 years |  |  |  | 2.75 years |
(1) | Expected volatility of the underlying ordinary shares of the Company was estimated based on the average historical volatility of comparable companies for the period before grant date with time frames equal to the life of the options.
Schedule of Option Activity | A summary of the Share Option activity for the year ended December 31, 2025 is as follows:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in Years) |  |  |  |
Outstanding at January 1, 2025 |  |  | 32,490,744 |  |  | $ | 0.13 |  |  |  | 5.26 |  |  | $ | 304,071,390 |
Granted |  |  | 833,889 |  |  | $ | 0.14 |  |  |  |  |  |  |  |  |
Exercised |  |  | (21,580,475 | ) |  | $ | 0.14 |  |  |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (580,380 | ) |  | $ | 0.14 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2025 |  |  | 11,163,778 |  |  | $ | 0.14 |  |  |  | 5.97 |  |  | $ | 84,588,262 |
Exercisable at December 31, 2025 |  |  | 8,187,122 |  |  | $ | 0.14 |  |  |  | 5.25 |  |  | $ | 61,876,911 |
Schedule of Non-Vested Share Option Activity | The following is a summary of the non-vested Share Option activity for the year ended December 31, 2025:
|  | Options |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at January 1, 2025 |  |  | 6,808,475 |  |  | $ | 5.21 |
Granted |  |  | 833,889 |  |  | $ | 9.67 |
Vested |  |  | (4,144,539 | ) |  | $ | 4.90 |
Cancelled/forfeited |  |  | (521,172 | ) |  | $ | 6.24 |
Non-vested at December 31, 2025 |  |  | 2,976,656 |  |  | $ | 6.72 |
Schedule of Restricted Share Activity | A summary of the Restricted Share Unit activity for the year ended December 31, 2025, is as follows:
|  | RSUs |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at January 1, 2025 |  |  | 7,694,425 |  |  | $ | 5.21 |
Granted |  |  | 693,764 |  |  | $ | 9.62 |
Cancelled/forfeited |  |  | (718,917 | ) |  | $ | 6.76 |
Shares delivered |  |  | (4,051,432 | ) |  | $ | 4.57 |
Outstanding at December 31, 2025 |  |  | 3,617,840 |  |  | $ | 6.45 |
We granted 2,401,884 and 496,218 RSAs during the years ended December 31, 2025 and 2024, respectively. We did not grant any RSAs during 2023. A summary of the Restricted Share Award activity for the year ended December 31, 2025, is as follows:
|  | RSAs |  |  | Weighted Average Grant-Date Fair Value |
Outstanding at January 1, 2025 |  |  | 5,678,012 |  |  | $ | 3.19 |
Granted |  |  | 2,401,884 |  |  | $ | 9.61 |
Cancelled/forfeited |  |  | (10,000 | ) |  | $ | 9.62 |
Vested |  |  | (8,069,896 | ) |  | $ | 5.09 |
Outstanding at December 31, 2025 |  |  | – |  |  | $ | – |
Schedule of Non-Vested Share Option Unit Activity | The following is a summary of the non-vested Restricted Share Unit activity for the year ended December 31, 2025:
|  | RSUs |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at January 1, 2025 |  |  | 4,211,661 |  |  | $ | 5.97 |
Granted |  |  | 693,764 |  |  | $ | 9.62 |
Vested |  |  | (2,354,303 | ) |  | $ | 5.98 |
Cancelled/forfeited |  |  | (463,943 | ) |  | $ | 8.11 |
Non-vested at December 31, 2025 |  |  | 2,087,179 |  |  | $ | 6.74 |
A summary of the non-vested Restricted Share Award activity for the year ended December 31, 2025, is as follows:
|  | RSAs |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at January 1, 2025 |  |  | 1,295,450 |  |  | $ | 2.85 |
Granted |  |  | 2,401,884 |  |  | $ | 9.61 |
Vested |  |  | (3,687,334 | ) |  | $ | 7.24 |
Cancelled/forfeited |  |  | (10,000 | ) |  | $ | 9.62 |
Non-vested at December 31, 2025 |  |  | – |  |  | $ | – |
Schedule of Compensation Expense from Share Based Awards | The compensation expense was recorded in the consolidated statement of operations and comprehensive (loss) income as follows:
|  | 2025 |  |  | 2024 |  |  | 2023 |
General and administrative |  | $ | 35,902,434 |  |  | $ | 22,269,185 |  |  | $ | 19,963,974 |
Technology and development |  |  | 5,952,939 |  |  |  | 8,290,375 |  |  |  | 7,748,683 |
Marketing and branding |  |  | 2,017,526 |  |  |  | 2,028,051 |  |  |  | 1,699,228 |
Total |  | $ | 43,872,899 |  |  | $ | 32,587,611 |  |  | $ | 29,411,885 |

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