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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net loss $ (112,332,000) $ (65,628,000) $ (25,198,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 13,416,000 13,595,000 10,294,000
Impairment losses 0 3,594,000 0
Stock-based compensation 18,916,000 3,761,000 2,707,000
Amortization of operating lease right-of-use assets 2,976,000 2,782,000 2,635,000
Loss on debt extinguishment 7,804,000 9,392,000 1,287,000
Amortization of debt issuance costs and other non-cash interest expense 3,038,000 5,667,000 4,139,000
Reduction in fair value of earnout 0 (5,659,000) (3,874,000)
Deferred taxes (478,000) (2,614,000) (645,000)
Non-cash services acquired 13,752,000 12,669,000 0
Other 667,000 (160,000) 254,000
Change in operating assets and liabilities, net of acquisitions:      
Accounts receivable (5,156,000) (4,432,000) 526,000
Prepaid expenses and other current assets (4,943,000) 101,000 (261,000)
Contract assets (556,000) (1,485,000) (1,986,000)
Inventories (341,000) 1,576,000 1,487,000
Other assets (4,228,000) (5,432,000) (560,000)
Accounts payable 4,073,000 (6,070,000) (1,559,000)
Contract liabilities (6,657,000) 7,408,000 (5,754,000)
Accrued expenses 12,084,000 8,554,000 3,294,000
Operating lease liabilities (2,766,000) (2,829,000) (2,170,000)
Other liabilities (212,000) (292,000) 3,000
Net cash used in operating activities (60,943,000) (25,502,000) (15,381,000)
Cash Flows from Investing Activities:      
Purchases of property and equipment (144,673,000) (82,703,000) (17,210,000)
Grant funding for property and equipment 50,400,000 54,930,000 26,858,000
Acquisitions, net of cash acquired (151,834,000) 0 2,050,000
Purchase of investments (15,500,000) 0 (100,000)
Net cash (used in) provided by investing activities (261,607,000) (27,773,000) 11,598,000
Cash Flows from Financing Activities:      
Proceeds from Term Loan, net 0 57,922,000 47,100,000
Repayment of Term Loan (64,420,000) (56,574,000) (35,275,000)
Borrowings from the credit facility 64,500,000 0 0
Repayments on the credit facility (64,500,000) 0 0
Proceeds from the issuance of Common stock, net 45,886,000 0 0
Proceeds from the issuance of Class B convertible preferred stock, net 0 0 3,128,000
Proceeds from the issuance of Class C preferred stock, net 116,047,000 66,598,000 0
Proceeds from the issuance of Class A common stock upon IPO, net of underwriting costs 409,406,000 0 0
Costs associated with initial public offering (8,550,000) 0 0
Sale of noncontrolling interest 81,720,000 13,425,000 0
Redemptions of redeemable noncontrolling interests 0 (10,739,000) (6,705,000)
Repayment of line of credit 0 0 (4,339,000)
Purchase of noncontrolling interest (10,724,000) 0 0
Redemptions of Class A-1 redeemable preferred stock (3,044,000) 0 0
Cash repayment of Preferred B dividends (27,584,000) 0 0
Costs associated with the credit facility (3,311,000) 0 0
Proceeds from convertible notes 460,000,000 10,097,000 0
Payments for debt issuance costs related to convertible notes (13,184,000) 0 0
Payment of forward stock purchase transaction (131,147,000) 0 0
Share repurchases (27,702,000) 0 0
Purchase of Capped Call Option (66,746,000) 0 0
Other 1,176,000 (1,772,000) (1,978,000)
Net cash provided by financing activities 757,823,000 78,957,000 1,931,000
Effect of foreign exchange on cash and cash equivalents 126,000 (31,000) 9,000
Net increase (decrease) in cash and cash equivalents 435,399,000 25,651,000 (1,843,000)
Cash and cash equivalent at the beginning of the period 55,930,000 30,279,000 32,122,000
Cash and cash equivalents at the end of the period $ 491,329,000 $ 55,930,000 $ 30,279,000