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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 615,233 $ 890,190
Accounts receivable-net [1] 490,389 270,342
Inventories-net 230,046 131,165
Deferred other costs-current [2] 14,124 14,124
Prepaid expenses and other current assets 41,420 18,759
Total current assets 1,391,212 1,324,580
Property, plant and equipment-net 72,516 55,602
Goodwill 802,234 71,582
Deferred other costs-non-current [2] 227,153 234,215
Deferred tax assets 43,158 38,699
Other long-term assets 36,755 29,990
Total Assets 3,795,143 1,766,881
Current liabilities:    
Accounts payable [3] 120,962 41,287
Accrued expenses [4] 225,859 148,780
Income taxes payable 21,765 10,834
Accrued promotional allowance [5] 200,169 135,948
Contingent consideration 25,000 0
Deferred revenue-current [6] 16,071 9,513
Other current liabilities 49,949 19,173
Total current liabilities 659,775 365,535
Total long-term debt 862,917 0
Deferred revenue-non-current [7] 156,135 157,714
Other long term liabilities 25,002 19,215
Total Liabilities 1,703,829 542,464
Commitments and contingencies (Note 15)
Mezzanine equity:    
Series A convertible preferred stock, $0.001 par value, 1,467 shares issued and outstanding [2] 824,488 824,488
Stockholders’ equity:    
Common stock, $0.001 par value; 400,000 shares authorized, 257,769 and 235,014 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 101 79
Additional paid-in capital 1,028,384 297,579
Accumulated other comprehensive income (loss) 2,178 (3,250)
Retained earnings 236,163 105,521
Total Stockholders’ Equity 1,266,826 399,929
Total Liabilities, Mezzanine Equity and Stockholders’ Equity 3,795,143 1,766,881
Customer relationships-net    
Current assets:    
Intangible assets, net (excluding goodwill) 117,726 11,306
Brands-net    
Current assets:    
Intangible assets, net (excluding goodwill) $ 1,104,389 $ 907
[1] Includes $204.5 million and $168.2 million from a related party as of June 30, 2025 and December 31, 2024, respectively.
[2] Amounts in this line item are associated with a related party for all periods presented.
[3] Includes $17.3 million and $1.7 million due to a related party as of June 30, 2025 and December 31, 2024, respectively.
[4] Includes $0.3 million and $0.2 million due to a related party as of June 30, 2025 and December 31, 2024, respectively.
[5] Includes $94.8 million and $75.1 million due to a related party as of June 30, 2025 and December 31, 2024, respectively.
[6] Includes $9.5 million and $9.5 million due to a related party as of June 30, 2025 and December 31, 2024, respectively.
[7] Includes $153.0 million and $157.7 million due to a related party as of June 30, 2025 and December 31, 2024, respectively.