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Net Loss per Common Share (Tables)
12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Common Unit

Basic and diluted net loss per common share was calculated as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(150,712

)

 

$

(144,187

)

 

$

(128,832

)

Less: Net loss attributable to noncontrolling interest

 

 

(7,646

)

 

 

(11,584

)

 

 

(11,207

)

Net loss attributable to common stockholders — basic

 

$

(143,066

)

 

$

(132,603

)

 

$

(117,625

)

 

 

 

 

 

 

 

 

 

Net loss attributable to common shares — dilutive

 

$

(143,066

)

 

$

(132,603

)

 

$

(117,625

)

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding — basic

 

 

197,246,432

 

 

 

175,029,650

 

 

 

145,188,867

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding—diluted

 

 

197,246,432

 

 

 

175,029,650

 

 

 

145,188,867

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common shares— basic

 

$

(0.73

)

 

$

(0.76

)

 

$

(0.81

)

Net loss per share attributable to common shares— diluted

 

$

(0.73

)

 

$

(0.76

)

 

$

(0.81

)

Schedule of Antidilutive Units Excluded from Computation of Net Loss Per Unit The Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to stockholders for the periods indicated as their inclusion would have had an anti-dilutive effect:

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Unvested Class B units

 

 

 

 

 

 

 

 

61,683

 

Unvested Phantom units

 

 

 

 

 

 

 

 

290,138

 

Unvested Restricted stock units

 

 

17,929,582

 

 

 

16,694,162

 

 

 

14,915,588

 

Convertible Class V common shares

 

 

16,521,251

 

 

 

17,671,251

 

 

 

18,694,332

 

Unexercised options

 

 

61,461

 

 

 

150,240

 

 

 

223,753

 

Earn-out Shares

 

 

5,000,000

 

 

 

5,000,000

 

 

 

5,000,000

 

Escrow Shares

 

 

1,725,000

 

 

 

1,725,000

 

 

 

1,725,000

 

2027 Convertible notes into Class A common shares

 

 

15,026,297

 

 

 

18,497,110

 

 

 

18,497,110

 

2029 Convertible notes into Class A common shares

 

 

42,524,208

 

 

 

42,524,208

 

 

 

 

 

 

98,787,799

 

 

 

102,261,971

 

 

 

59,407,604