SHARE-BASED PAYMENTS

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

(a) Employee Stock Incentive Plans

Under the Company’s 2021 Stock Incentive Plan, share-based compensation expense for restricted stock units was:


	Three Months Ended March 31,
	2026		2025
Share-based compensation expense for restricted stock units for continuing operations	$	1,640	$	3,009
Share-based compensation expense for restricted stock units for discontinued operations	—		216
Total share-based compensation expense for restricted stock units	$	1,640	$	3,225

During the three months ended March 31, 2026, in connection with employee stock incentive plans, the Company did not grant any restricted stock units. Share-based compensation expense is recorded in the “Selling, general and administrative expenses” line item in the accompanying unaudited condensed consolidated statements of operations.

As of March 31, 2026, the Company’s Registration Statement on Form S-8 covering the Company’s 2021 Stock Incentive Plan became effective. As a result, the Company intends to settle vested restricted stock units in shares of common stock to be issued in accordance with such plan. The restricted stock units were reclassified to equity and the change in classification was accounted for as a modification. The Company continues to recognize compensation expense based on the grant date fair value of the original award and no additional compensation expense was recognized. The fair value of the liability on the modification date was $2,589 and was reclassified from “Accrued expenses and other liabilities” to the “Additional paid-in capital” line item in the accompanying unaudited condensed consolidated balance sheets.

Prior to the modification, the Company’s restricted stock units were classified as a liability. The liability represented the fair value of the restricted stock units that had not been settled through the balance sheet date for which the requisite services had been provided by the employees. The fair value of the liability at each balance sheet date was determined based on the Company’s stock price. As of December 31, 2025, the liability was $1,274. The changes in fair value of the liability at the end of the reporting period do not impact earnings. For the three months ended March 31, 2025, the Company settled $1,862 of restricted stock units in cash.

(b) Employee Stock Purchase Plan

In connection with the Company’s Employee Stock Purchase Plan (the “Purchase Plan”), there was no share-based compensation expense during the three months ended March 31, 2026 and 2025. As of March 31, 2026, there were 236,949 shares reserved for issuance under the Purchase Plan.

On March 10, 2025, the Company’s majority-owned subsidiary approved the BRSH Stock Incentive Plan which allows for issuance of up to 4,000,000 restricted stock awards of BRSH. No restricted stock awards of BRSH were granted during the three months ended March 31, 2026 and there is no intention to issue restricted stock awards of BRSH after the date hereof.

The restricted stock awards granted generally vest over a period of four to five years, based on continued service. The restricted stock awards vest for common stock of BRSH and increase the noncontrolling interest in BRSH, when vested. During the three months ended March 31, 2026 and 2025, share-based compensation expense of $756 and $293, respectively, related to the BRSH restricted stock awards was recorded in the “Selling, general and administrative expenses” line item in the accompanying unaudited condensed consolidated statements of operations.

On March 10, 2026, 269,347 restricted stock awards vested, of which 107,071 shares valued at $1,902 were withheld to satisfy tax withholding obligations, resulting in the net issuance of 162,276 shares. During the three months ended March 31, 2026, 118,797 awards were forfeited. This activity, including shares withheld to satisfy tax withholding obligations, contributed to changes in noncontrolling interest, as more fully described in Note 16 – Noncontrolling Interest.

(d) Common Stock and Stock Options Issued

On June 3, 2025, the Company issued 100,000 unregistered shares and options to purchase a total of 300,000 shares of the Company’s common stock in connection with the employment agreement entered into with the Company’s chief financial officer. The 100,000 unregistered shares issued were issued upon execution of the employment agreement as an employment inducement grant that is not subject to vesting conditions and expensed immediately. The fair value of the unregistered shares of $295 was expensed upon issuance. The options to purchase a total of 300,000 shares of the Company’s common stock vests in three tranches (in each case, subject to continued employment): (1) 100,000 with an exercise price of $7.00, (2) 100,000 with an exercise price of $10.00 and (3) 100,000 with an exercise price of $12.50. The stock options vest in annual installments over a three-year period on each anniversary of the grant date based on continued service and acceleration upon a change in control. The maximum term of the stock options is 10 years. During the three months ended March 31, 2026, share-based compensation expense for the options totaled $44.