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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 127,362 $ 77,461
Accounts receivable 0 47,449
Inventories, net 0 44,833
Prepaid expenses and other current assets 4,665 4,159
Total current assets 132,027 173,902
Property and equipment, net 0 23,448
Right-of-use asset - operating leases 0 5,404
Deferred tax asset 289,152 264,815
Derivative asset - interest rate swap 0 2,749
Equity method investment 84,296 0
Deposits and other assets 0 3,600
Total assets 505,475 473,918
CURRENT LIABILITIES    
Accounts payable 1,518 11,544
Accrued expenses 40,841 14,682
Bonus payable 0 8,466
Commission payable 0 2,563
Current portion of long-term debt 0 11,250
Current portion of lease liabilities - operating leases 0 2,113
Current portion of earnout consideration liability 20,533
Current portion of tax receivable agreement liability 16,103 5,171
Total current liabilities 58,462 76,322
Long-term debt, net of deferred financing costs 0 184,389
Warrant liability 41,427 104,231
Lease liabilities - operating leases 0 3,888
Tax receivable agreement liability 253,117 248,534
Total liabilities 353,006 617,364
Commitments and contingencies (Note 14)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Treasury shares (12,247) 0
Additional paid-in-capital 659,319 361,379
Accumulated other comprehensive (loss) income (206) 2,543
Accumulated deficit (494,409) (507,378)
Total stockholders' equity (deficit) 152,469 (143,446)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 505,475 473,918
Class A Common Stock    
CURRENT LIABILITIES    
Class A common stock, $0.0001 par value; 1,000,000,000 and 250,000,000 shares were authorized as of September 30, 2025 and December 31, 2024, respectively; 124,961,235 and 100,462,844 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively $ 12 $ 10