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v3.25.4

Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share Based Compensation Expense | The Company recorded share-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
|  | For The Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Cost of goods |  | $ | 2,704 |  |  | $ | 2,115 |  |  | $ | — |
Cost of services |  | $ | 3,884 |  |  | $ | 3,296 |  |  | $ | — |
Selling, general, and administrative expense |  | $ | 52,577 |  |  | $ | 55,925 |  |  | $ | 3,780 |
Summary of RSU activity | The following table summarizes the RSU activity under the 2024 Incentive Plan for the period presented:
|  | Units |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value (in millions) |
Outstanding RSUs at January 1, 2025 |  |  | 10,587,226 |  |  | $ | 11.85 |  |  |  | 2.51 |  |  | $ | 180.3 |
Granted |  |  | 1,931,654 |  |  |  | 17.93 |  |  |  |  |  |  |
Forfeited |  |  | (1,364,458 | ) |  |  | 11.64 |  |  |  |  |  |  |
Vested |  |  | (1,948,306 | ) |  |  | 14.03 |  |  |  |  |  |  |
Outstanding RSUs at December 31, 2025 |  |  | 9,206,116 |  |  | $ | 12.68 |  |  |  | 1.73 |  |  | $ | 344.8 |
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Options Granted | The following table summarizes the weighted average assumptions used to estimate the fair value of options granted during the periods presented:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Expected volatility (range) |  | 40.0 - 42.0% |  |  | 43.8 - 52.5% |  |  | 35.0 - 50.0% |
Risk free interest rate (range) |  | 3.6 - 4.1% |  |  | 3.9 - 4.1% |  |  | 4.2 - 5.5% |
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |
Average expected term (years) |  | 6.0 |  |  | 6.0 |  |  | 0.5 - 7.5 |
Average fair value per share of time-based stock options based on the Black-Scholes-Merton model (dollars) |  | $ | 8.33 |  |  | $ | 6.86 |  |  | $ | 9.69 |
Average fair value per share of performance stock options based on the Monte Carlo simulation (dollars) |  |  | — |  |  |  | — |  |  | $ | 3.10 |
Weighted average fair value of options granted (in millions) |  | $ | 25.06 |  |  | $ | 11.40 |  |  | $ | 9.20 |
Time-Based Options |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Options | The following table summarizes the Time-Based Options stock incentive plan activity under the 2017 Stock Plan and the 2024 Incentive Plan for the period presented:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value (in millions) |  |  | Aggregate Intrinsic Value (in millions) |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding options at January 1, 2025 |  |  | 8,278,818 |  |  | $ | 9.98 |  |  | $ | 35.5 |  |  | $ | 64.2 |  |  |  | 6.1 |
Granted |  |  | 3,009,601 |  |  |  | 17.70 |  |  |  | 24.9 |  |  |  |  |  |  |
Forfeited, repurchased or expired |  |  | (406,848 | ) |  |  | 13.94 |  |  |  | (2.6 | ) |  |  |  |  |  |
Exercised |  |  | (1,010,014 | ) |  |  | 8.40 |  |  |  | (3.5 | ) |  |  |  |  |  |
Outstanding options at December 31, 2025 |  |  | 9,871,557 |  |  | $ | 12.35 |  |  | $ | 54.3 |  |  | $ | 247.8 |  |  |  | 6.4 |
Exercisable options at December 31, 2025 |  |  | 6,065,430 |  |  | $ | 9.52 |  |  | $ | 23.70 |  |  | $ | 168.4 |  |  |  | 4.8 |
Tier I and II Performance Option |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Options | The following table summarizes the Tier I and II Performance Option stock incentive plan activity under the 2017 Stock Plan for the period presented:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value (in millions) |  |  | Aggregate Intrinsic Value (in millions) |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding options at January 1, 2025 |  |  | 6,656,999 |  |  | $ | 7.82 |  |  | $ | 13.8 |  |  | $ | 63.9 |  |  |  | 5.0 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited, repurchased or expired |  |  | (366,842 | ) |  |  | 12.21 |  |  |  | (1.0 | ) |  |  |  |  |  |
Exercised |  |  | (2,340,254 | ) |  |  | 7.07 |  |  |  | (4.6 | ) |  |  |  |  |  |
Outstanding options at December 31, 2025 |  |  | 3,949,903 |  |  | $ | 7.86 |  |  | $ | 8.2 |  |  | $ | 116.9 |  |  |  | 4.0 |
Exercisable options at December 31, 2025 |  |  | 880,300 |  |  | $ | 9.13 |  |  | $ | 2.00 |  |  | $ | 24.9 |  |  |  | 4.3 |

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