Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Share Based Compensation Expense |
The Company recorded share-based compensation expense on the consolidated statements of operations for the periods indicated as follows (in thousands):
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For The Years Ended December 31, |
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2025 |
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2024 |
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|
2023 |
|
Cost of goods |
|
$ |
2,704 |
|
|
$ |
2,115 |
|
|
$ |
— |
|
Cost of services |
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$ |
3,884 |
|
|
$ |
3,296 |
|
|
$ |
— |
|
Selling, general, and administrative expense |
|
$ |
52,577 |
|
|
$ |
55,925 |
|
|
$ |
3,780 |
|
|
| Summary of RSU activity |
The following table summarizes the RSU activity under the 2024 Incentive Plan for the period presented:
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Units |
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Weighted Average Grant Date Fair Value |
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Weighted Average Remaining Contractual Term (years) |
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Aggregate Intrinsic Value
(in millions) |
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Outstanding RSUs at January 1, 2025 |
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|
10,587,226 |
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|
$ |
11.85 |
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|
|
2.51 |
|
|
$ |
180.3 |
|
Granted |
|
|
1,931,654 |
|
|
|
17.93 |
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|
|
|
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Forfeited |
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|
(1,364,458 |
) |
|
|
11.64 |
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Vested |
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(1,948,306 |
) |
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|
14.03 |
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Outstanding RSUs at December 31, 2025 |
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|
9,206,116 |
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|
$ |
12.68 |
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|
|
1.73 |
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|
$ |
344.8 |
|
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| Summary of Weighted Average Assumptions Used to Estimate Fair Value of Options Granted |
The following table summarizes the weighted average assumptions used to estimate the fair value of options granted during the periods presented:
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2025 |
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2024 |
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|
2023 |
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Expected volatility (range) |
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40.0 - 42.0% |
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|
43.8 - 52.5% |
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|
35.0 - 50.0% |
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Risk free interest rate (range) |
|
3.6 - 4.1% |
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|
3.9 - 4.1% |
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|
4.2 - 5.5% |
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Expected dividends |
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— |
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— |
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|
— |
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Average expected term (years) |
|
6.0 |
|
|
6.0 |
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|
0.5 - 7.5 |
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Average fair value per share of time-based stock options based on the
Black-Scholes-Merton model (dollars) |
|
$ |
8.33 |
|
|
$ |
6.86 |
|
|
$ |
9.69 |
|
Average fair value per share of performance stock options based on the
Monte Carlo simulation (dollars) |
|
|
— |
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|
— |
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|
$ |
3.10 |
|
Weighted average fair value of options granted (in millions) |
|
$ |
25.06 |
|
|
$ |
11.40 |
|
|
$ |
9.20 |
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| Time-Based Options |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
The following table summarizes the Time-Based Options stock incentive plan activity under the 2017 Stock Plan and the 2024 Incentive Plan for the period presented:
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Number of Shares |
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Weighted Average Exercise Price |
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Weighted Average Grant Date Fair Value
(in millions) |
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Aggregate Intrinsic Value
(in millions) |
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Weighted Average Remaining Contractual Term (years) |
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Outstanding options at January 1, 2025 |
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|
8,278,818 |
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|
$ |
9.98 |
|
|
$ |
35.5 |
|
|
$ |
64.2 |
|
|
|
6.1 |
|
Granted |
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|
3,009,601 |
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|
|
17.70 |
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|
24.9 |
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Forfeited, repurchased or expired |
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(406,848 |
) |
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|
13.94 |
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(2.6 |
) |
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Exercised |
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(1,010,014 |
) |
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|
8.40 |
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(3.5 |
) |
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Outstanding options at December 31, 2025 |
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|
9,871,557 |
|
|
$ |
12.35 |
|
|
$ |
54.3 |
|
|
$ |
247.8 |
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|
6.4 |
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Exercisable options at December 31, 2025 |
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6,065,430 |
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|
$ |
9.52 |
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$ |
23.70 |
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$ |
168.4 |
|
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|
4.8 |
|
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| Tier I and II Performance Option |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Options |
The following table summarizes the Tier I and II Performance Option stock incentive plan activity under the 2017 Stock Plan for the period presented:
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Number of Shares |
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Weighted Average Exercise Price |
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Weighted Average Grant Date Fair Value
(in millions) |
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Aggregate Intrinsic Value
(in millions) |
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Weighted Average Remaining Contractual Term (years) |
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Outstanding options at January 1, 2025 |
|
|
6,656,999 |
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|
$ |
7.82 |
|
|
$ |
13.8 |
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|
$ |
63.9 |
|
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|
5.0 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
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|
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|
Forfeited, repurchased or expired |
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|
(366,842 |
) |
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|
12.21 |
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|
(1.0 |
) |
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Exercised |
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|
(2,340,254 |
) |
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|
7.07 |
|
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(4.6 |
) |
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Outstanding options at December 31, 2025 |
|
|
3,949,903 |
|
|
$ |
7.86 |
|
|
$ |
8.2 |
|
|
$ |
116.9 |
|
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|
4.0 |
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Exercisable options at December 31, 2025 |
|
|
880,300 |
|
|
$ |
9.13 |
|
|
$ |
2.00 |
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|
$ |
24.9 |
|
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|
4.3 |
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