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Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity
Note 9 - Stockholders' Equity
2026 Equity Offering
On March 12, 2026, the Company completed its underwritten public offering of 7,003,813 shares of common stock offered by the Company and 4,142,089 shares offered by Bedrock as the selling stockholder (the "2026 Equity Offering"), and the Company received net proceeds of $186.2 million. The proceeds from the 2026 Equity Offering were used for general corporate purposes, including working capital, operating expenses and capital expenditures.
Equity-Based Compensation
2024 Equity and Incentive Compensation Plan
The Company's 2024 Equity and Incentive Compensation Plan (the “2024 Plan”) became effective immediately prior to the consummation of the Company's IPO in September 2024, and in December 2025, the Company's board of directors approved an amendment and restatement of the 2024 Plan to increase the number of shares of common stock available for grant and issuance under the 2024 Plan by 2,500,000 shares, effective March 5, 2026 (the 2024 Plan, as so amended and restated, the “A&R 2024 Plan”). As of June 30, 2026, 4,126,599 shares were available for future grants under the A&R 2024 Plan. See Note 12 - Equity-Based Compensation in the Company's 2025 Annual Report on Form 10-K for further discussion on the A&R 2024 Plan.
Performance-Based Restricted Stock Units
The table below summarizes the activity of the performance-based restricted stock units (“PRSUs”) for the six months ended June 30, 2026:
(in thousands, except per share amounts)Shares Weighted Average Grant Date Fair Value
Unvested PRSUs as of January 1, 20261,185 $16.06 
Granted615 $30.68 
Vested(6)$17.23 
Forfeited(33)$19.16 
Unvested PRSUs as of June 30, 20261,761 $21.10 
As of June 30, 2026, there was $31.1 million of unrecognized compensation expense related to the PRSU awards, which will be amortized over a weighted average period of 1.5 years.
Equity-based compensation related to PRSUs was $4.0 million and $2.9 million for the three months ended June 30, 2026 and 2025, respectively, and equity-based compensation related to PRSUs was $6.3 million and $4.1 million for the six months ended June 30, 2026 and 2025, respectively. Equity compensation related to PRSUs is included in general and administrative expenses in the condensed consolidated statements of income.
Time-Based Restricted Stock Units
The table below summarizes the activity of the time-based restricted stock units (“TRSUs”) for the six months ended June 30, 2026:
(in thousands, except per share amounts)Shares Weighted Average Grant Date Fair Value
Unvested TRSUs as of January 1, 2026689 $19.39 
Granted445 $28.56 
Vested(274)$19.31 
Forfeited(17)$22.80 
Unvested TRSUs as of June 30, 2026843 $24.19 
As of June 30, 2026, there was $17.1 million of unrecognized compensation expense related to the A&R 2024 Plan TRSU awards, which will be amortized over a weighted average period of 2.0 years.
Equity-based compensation related to the TRSUs was $2.3 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and equity-based compensation related to TRSUs was $3.9 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively, which is included in general and administrative expenses in the condensed consolidated statements of income.
Employee Stock Purchase Plan
For both the three and six months ended June 30, 2026, the Company recognized equity-based compensation expense related to the ESPP of $0.1 million, which is included in general and administrative expenses in the condensed consolidated statements of income. There was no equity-based compensation related to the ESPP for the three and six months ended June 30, 2025.