Equity Warrants Classified as Derivative Liabilities

12 Months Ended

Dec. 31, 2025

Equity Warrants Classified as Derivative Liabilities

16. Equity Warrants Classified as Derivative Liabilities

Warrant Valuation

Equity warrants that are classified as derivative liabilities are included in derivative liabilities in the Company's consolidated balance sheets and must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying consolidated statements of operations and comprehensive loss (see Note 22). As of December 31, 2025 and 2024, the Company's derivative liabilities included only equity warrants and the Sponsor Shares.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at December 31, 2025:


	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	(Gain) Loss in Value for the Year Ended December 31, 2025		Fair Value as of December 31, 2025
	(in thousands)							(in thousands)
Public Warrants	1,977	$	92.00	$	144.00	9/9/2026	Liability	$	(918)	$	810
Private Placement Warrants - Issued October 2019	520	92.00		144.00		9/9/2026	Liability	(281)		203
Private Placement Warrants - Issued October 2019	520	160.00		144.00		9/9/2026	Liability	(187)		42
Private Placement Warrants - Issued March 2023	1,440	17.61		N/A		9/8/2028	Liability	7,140		16,843

In July 2025, holders exercised 611 thousand of the March 2023 Private Placement Warrants, resulting in proceeds of $10.8 million to the Company in exchange for shares of Class A common stock. The Company recognized a net loss, which was recorded to loss on derivatives in the consolidated statements of operations and comprehensive loss, of $1.2 million related to the exercised warrants during the year ended December 31, 2025.

In addition, the Company has 221 thousand Class A common stock warrants outstanding that have an exercise price of $0.88 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and were included in additional paid-in capital in the Company’s consolidated balance sheets.