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EQUITY-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity

A summary of RSU activity for the years ended December 31, 2025 and 2024 is as follows:

 

Number of RSUs
(in thousands)

 

 

Weighted Average Grant
Date Fair Value

 

 

Weighted Average Remaining Recognition
Period
(
in years)

 

Non-vested at December 31, 2023

 

 

2,847

 

 

$

9.31

 

 

 

2.3

 

Granted

 

 

1,857

 

 

 

6.70

 

 

 

 

Vested

 

 

(1,015

)

 

 

10.03

 

 

 

 

Forfeited

 

 

(251

)

 

 

6.46

 

 

 

 

Non-vested at December 31, 2024

 

 

3,438

 

 

 

7.90

 

 

 

2.5

 

Granted

 

 

914

 

 

 

9.65

 

 

 

 

Vested

 

 

(1,266

)

 

 

8.84

 

 

 

 

Forfeited

 

 

(157

)

 

 

6.88

 

 

 

 

Non-vested at December 31, 2025

 

 

2,929

 

 

$

8.08

 

 

 

2.4

 

Schedule of Stock Options Valuation Assumptions The fair value of the stock option award is calculated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Expected annual dividend yield

 

 

 %

 

 

 %

Expected volatility

 

89.9% - 90.2%

 

 

 

88.50

 %

Risk-free rate of return

 

4.06% - 4.45%

 

 

 

4.32

 %

Expected option term (years)

 

 

6.50

 

 

 

6.50

 

Schedule of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2025 and 2024 is as follows:

 

 

Number of Options
(
in thousands)

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(
Years)

 

Balance, December 31, 2023

 

 

983

 

 

$

20.17

 

 

 

5.4

 

Granted

 

 

355

 

 

 

5.73

 

 

 

 

Exercised

 

 

(16

)

 

 

5.72

 

 

 

 

Forfeited

 

 

(32

)

 

 

5.72

 

 

 

 

Balance, December 31, 2024

 

 

1,290

 

 

 

16.75

 

 

 

5.5

 

Granted

 

 

223

 

 

 

10.16

 

 

 

 

Forfeited

 

 

(26

)

 

 

5.73

 

 

 

 

Balance, December 31, 2025

 

 

1,487

 

 

$

15.95

 

 

 

5.1

 

Exercisable

 

 

613

 

 

 

 

 

 

 

 

Schedule of Performance-Based Restricted Stock Activity

A summary of the PSU activity for the years ended December 31, 2025 and 2024 is as follows:

 

Number of PSUs
(
in thousands)

 

 

Weighted
Average
Grant Date
 Fair Value

 

 

Weighted Average Remaining Recognition Period
(
in years)

 

Balance, December 31, 2023

 

 

1,246

 

 

$

8.85

 

 

 

1.4

 

Granted

 

 

362

 

 

 

5.89

 

 

 

 

Forfeited

 

 

(267

)

 

 

15.03

 

 

 

 

Balance, December 31, 2024

 

 

1,341

 

 

 

6.82

 

 

 

1.7

 

Granted

 

 

194

 

 

 

10.15

 

 

 

 

Vested

 

 

(94

)

 

 

6.00

 

 

 

 

Forfeited

 

 

(912

)

 

 

7.24

 

 

 

 

Balance, December 31, 2025

 

 

529

 

 

$

7.45

 

 

 

1.8

 

Schedule of Equity-Based Compensation Expense

Equity-based compensation expense was comprised of the following for the years ended December 31, 2025, 2024 and 2023, and is recorded in cost of operations and selling, general and administrative expenses within the Consolidated Statements of Comprehensive Loss:

 

Year Ended December 31,

 

(in thousands)

 

2025

 

 

2024

 

 

2023

 

Total equity-based compensation for RSUs

 

$

10,801

 

 

$

10,779

 

 

$

11,040

 

Total equity-based compensation for restricted
  stock award

 

 

2,268

 

 

 

 

 

 

 

Total equity-based compensation for stock options

 

 

1,385

 

 

 

864

 

 

 

423

 

Total equity-based compensation for PSUs

 

 

481

 

 

 

10

 

 

 

366

 

Total equity-based stock compensation expense

 

$

14,935

 

 

$

11,653

 

 

$

11,829