Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income tax provision, based on tax jurisdiction, consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Income before income taxes:
Domestic	$	(404,885)	$	(251,969)	$	(197,304)
Foreign	789		3,143		2,842
Total	$	(404,096)	$	(248,826)	$	(194,462)

Schedule of Income Tax Expenses (Benefit)

Income tax expense (benefit) from continuing operations consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	(109)	$	119
State	766		91		1,382
Foreign	725		1,254		893
	1,491		1,236		2,394
Deferred:
Federal	(546)		849		(1,070)
State	690		(492)		(399)
Foreign	(384)		(142)		(134)
	(240)		215		(1,603)
Income tax expense (benefit)	$	1,251	$	1,451	$	791

Schedule of Difference Between Taxes Computed the U.S. Statutory Rate and Taxes Recorded

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows (in thousands):

	Year Ended December 31, 2025
	$		%
U.S. federal statutory tax	$	(84,860)	21	%
State and local income taxes, net of federal income tax effect(1)	1,363		—	%
Foreign tax effects	162		—	%
Effect of cross-border tax laws	16		—	%
Tax credits
Changes in valuation allowances	71,916		(18)	%
Nontaxable or nondeductible items
Goodwill impairment	4,928		(1)	%
Stock Based Compensation	4,413		(1)	%
Other	2,187		(1)	%
Changes in unrecognized tax benefits	34		—	%
Other adjustments	1,092		—	%
Income tax expense (benefit)	$	1,251	—	%

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(1)State taxes in Florida and Kentucky made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Computed tax at U.S. federal statutory rate of 21%	$	(52,253)	$	(40,837)
Increase (decrease) in taxes resulting from:
Foreign rate differential	446		162
State taxes, net of federal impact	(404)		713
Stock-based compensation	6,900		(6,366)
Nondeductible compensation	1,919		5,430
Permanent differences	101		424
Valuation allowance	46,629		40,240
Other, net	(1,887)		1,025
Income tax expense (benefit)	$	1,451	$	791

Schedule of Components of Net Deferred Tax Liability

Components of the net deferred tax liability consisted of the following (in thousands):

	December 31,
	2025		2024
Deferred income tax assets:
Net operating and capital losses	$	477,990	$	404,964
Accrued expenses	13,509		20,692
Transaction costs	559		710
Stock-based compensation	14,462		14,329
Lease liabilities	891		2,703
Fixed assets	5,416		—
Intangible assets	390		—
Other, net	37		3,856
Total deferred income tax assets	$	513,254	$	447,254
Deferred income tax liabilities:
ROU assets	$	(890)	$	(2,606)
Intangible assets	(253)		(3,114)
Investments in marketable securities	(1,175)		(1,603)
Investments in partnerships and affiliates	(8,101)		(12,985)
Other, net	(408)		—
Total deferred income tax liabilities	$	(10,827)	$	(20,308)
Valuation allowance	(503,962)		(428,717)
Net deferred income tax liabilities	$	(1,535)	$	(1,771)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

	December 31,
	2025		2024		2023
Balance at beginning of the year	$	5,343	$	5,471	$	5,212
Additions related to current year acquisition	—		—		722
Additions related to current year tax positions	37		192		79
Reductions related to settlements with taxing authorities	—		(320)		(542)
Balance at end of the year	$	5,380	$	5,343	$	5,471

Schedule of Income Tax Paid and Refund

For the year ended December 31, 2025, income taxes paid by (refunded to) the Company consisted of the following (in thousands):

Federal	$	—
State
Kentucky	256
North Carolina	(124)
Pennsylvania	(698)
Tennessee	225
All other	41
Foreign
India	857
All other	19
Income taxes paid (refunded), net	$	576

The following table provides supplemental cash flow information (in thousands):

	Year Ended December 31,
	2025		2024		2023
Supplemental cash flow information:
Interest paid	$	5,663	$	4,597	$	5,798
Supplemental disclosure of non-cash investing and financing activities:
Settlement of liabilities through issuance of stock(1)	—		15,230		—
Right-of-use asset obtained in exchange for new operating lease liability	1,657		372		2,953

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(1)For additional information regarding stock issuance, see Note 17.