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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.

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-Topic 820
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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

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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.

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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

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