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Fair Value Measurement (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Fair Value Measurement [Abstract] |  |
Schedule of Company’s Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024, and December 31, 2023:
|  | September 30, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 5,614 |  | $ | — |  | $ | — |  | $ | 5,614
Earnout liabilities |  |  |  |  |  | — |  |  | — |  |  |
|  | $ | 5,614 |  | $ | — |  | $ | — |  | $ | 5,614
|  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 3,904 |  | $ | — |  | $ | — |  | $ | 3,904
Earnout liabilities |  |  | — |  |  | — |  |  | 488,641 |  |  | 488,641
|  | $ | 3,904 |  | $ | — |  | $ | 488,641 |  | $ | 492,545
| The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:
|  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | 3,904 |  |  |  |  |  |  |  |  | 3,904
Earnout liabilities |  |  |  |  |  |  |  |  | 488,641 |  |  | 488,641
|  | $ | 3,904 |  | $ |  |  | $ | 488,641 |  | $ | 492,545
Schedule of Unobservable Inputs of the Earnout Liability for Earnout Shares Based on Revenue and EBITDA Targets: | The following table presents the unobservable inputs of the earnout liability for earnout shares based on revenue and EBITDA targets:
|  | September 30, 2024 |  | December 31, 2023
Current stock price |  | 8.26 |  |  | 10.25 |
Earnout period – beginning |  | 7/1/2023 |  |  | 7/1/2023 |
Earnout period – end |  | 12/31/2024 |  |  | 12/31/2024 |
Equity volatility, EBITDA volatility |  | 30.00 | % |  | 25.0 | %
Operational leverage ratio |  | 65.00 | % |  | 65.00 | %
Revenue volatility |  | 10.00 | % |  | 10.00 | %
Revenue/stock price correlation |  | 40.00 | % |  | 45.00 | %
EBITDA/stock price correlation |  | 30.00 | % |  | 25.00 | %
Revenue discount rate |  | 14.27 | % |  | 9.21 | %
Dividend yield |  | 0.00 | % |  | 0.00 | %
| The following table presents the unobservable inputs of the earnout liability for earnout shares based on revenue and EBITDA targets:
|  | Amount
Current stock price |  | 10.25 |
Earnout period – beginning |  | July 1, 2023 |
Earnout period – end |  | December 31, 2024 |
Equity volatility, EBITDA volatility |  | 25.0 | %
Operational leverage ratio |  | 65.0 | %
Revenue volatility |  | 10.0 | %
Revenue/stock price correlation |  | 45.0 | %
EBITDA/stock price correlation |  | 25.0 | %
Revenue discount rate |  | 9.21 | %
Dividend yield |  | 0.0 | %
Schedule of Unobservable Inputs of the Earnout Liability for Earnout Shares Based on the Company’s Stock Price | The following table presents the unobservable inputs of the earnout liability for earnout shares based on the Company’s stock price:
|  | September 30, 2024 |  | December 31, 2023
Term (years) |  | 5.0 |  |  | 5.8 |
Volatility |  | 40.00 | % |  | 40.00 | %
Risk-free rate |  | 3.55 | % |  | 3.80 | %
Dividend yield |  | 0.00 | % |  | 0.00 | %
Current stock price |  | 8.26 |  |  | 10.25 |
| The following table presents the unobservable inputs of the earnout liability for earnout shares based on the Company’s stock price:
|  | Amount
Term (years) |  | 5.8 |
Volatility |  | 40.0 | %
Risk-free rate |  | 3.8 | %
Dividend yield |  | 0.0 | %
Current stock price |  | 10.25 |
Schedule of Summarizes the Activity for the Company’s Level 3 Instruments Measured at Fair Value on a Recurring Basis | The following table summarizes the activity for the Company’s Level 3 instruments measured at fair value on a recurring basis (in thousands):
|  | Earnout Liabilities
Balance as of December 31, 2023 |  | $ | 488,641 |
Issuances |  |  | — |
Change in fair value |  |  | (118,615 | )
Balance as of March 31, 2024 |  | $ | 370,026 |
Release of earnout shares |  |  | (66,255 | )
Change in fair value |  |  | (13,006 | )
Balance as of June 30, 2024 |  | $ | 290,765 |
Change in fair value |  |  | (40,649 | )
Forfeiture of earnout shares |  |  | 69,280 |
Reclassification of stock price based earnout shares |  |  | 180,836 |
Balance as of September 30, 2024 |  | $ | — |
| The following table summarizes the activity for the Company’s Level 3 instruments measured at fair value on a recurring basis (in thousands):
|  | Earnout Liabilities
Balance as of December 31, 2022 |  | $ | —
Issuances |  |  | 143,228
Change in fair value |  |  | 345,413
Balance as of December 31, 2023 |  |  | 488,641

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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