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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Total net sales $ 210,522 $ 0 $ 396,741 $ 0
Cost of sales 189,374 0 325,051 0
Gross profit 21,148 0 71,690 0
Operating expenses:        
Selling, general and administrative 62,663 17,397 166,027 46,085
Impairment of intangible assets 53,208 0 53,208 0
Total operating expenses 115,871 17,397 219,235 46,085
Operating loss from continuing operations (94,723) (17,397) (147,545) (46,085)
Other (expense) income:        
Warrant liability fair value adjustment 1,521 1,096 2,868 1,294
Derivative liabilities fair value adjustment (30,868) 0 (4,591) 0
Loss on settlement of warrant liability (5,836) 0 (5,836) 0
Interest (expense) income, net (9,395) 1,074 (27,293) 3,627
Foreign currency transaction (loss) gain 2 (18) (42) 556
Other (expense) income, net (377) 1,066 (1,712) 4,788
Total other (expense) income (44,953) 3,218 (36,606) 10,265
Loss from continuing operations before income taxes (139,676) (14,179) (184,151) (35,820)
Income tax benefit (expense) 12,083 0 20,575 (11)
Net loss from continuing operations (127,593) (14,179) (163,576) (35,831)
Net loss from discontinued operations, net of tax (2,966) (13,377) (15,131) (47,576)
Net loss (130,559) (27,556) (178,707) (83,407)
Net loss attributable to non-controlling interests 0 81 0 402
Preferred stock dividends and accretion (819) 0 (2,601) 0
Preferred stock deemed dividend (7,777) 0 (7,777) 0
Tranche right deemed dividend (1,667) 0 (1,667) 0
Net loss attributable to common stockholders $ (140,822) $ (27,475) $ (190,752) $ (83,005)
Weighted average shares outstanding:        
Weighted average shares of common stock outstanding - basic (in shares) 160,977 140,490 157,622 140,102
Weighted average shares of common stock outstanding - diluted (in shares) 160,977 140,490 157,622 140,102
Net loss per share attributable to common stockholders:        
Net loss per share from continuing operations - basic (in USD per share) $ (0.85) $ (0.10) $ (1.11) $ (0.25)
Net loss per share from continuing operations - diluted (in USD per share) (0.85) (0.10) (1.11) (0.25)
Net loss per share from discontinued operations - basic (in USD per share) (0.02) (0.10) (0.10) (0.34)
Net loss per share from discontinued operations - diluted (in USD per share) (0.02) (0.10) (0.10) (0.34)
Net loss per share - basic (in USD per share) (0.87) (0.20) (1.21) (0.59)
Net loss per share - diluted (in USD per share) $ (0.87) $ (0.20) $ (1.21) $ (0.59)
Other comprehensive loss:        
Net loss $ (130,559) $ (27,556) $ (178,707) $ (83,407)
Foreign currency translation adjustments 3,622 5,973 43,169 (15,209)
Foreign currency translation adjustments (126,937) (21,583) (135,538) (98,616)
Comprehensive loss attributable to non-controlling interests 0 81 0 402
Preferred stock dividends and accretion (819) 0 (2,601) 0
Deemed dividend related to amendment of Tranche Right (1,667) 0 (1,667) 0
Comprehensive loss attributable to common stockholders (137,200) (21,502) (147,583) (98,214)
Nonrelated party        
Total net sales 90,385 0 156,850 0
Related party        
Total net sales $ 120,137 $ 0 $ 239,891 $ 0