STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Performance-based Restricted Stock Units Vesting Conditions

The following table presents additional information relating to each MSU award:

Share Price Goal		Incremental Units	Tranche Cumulative Units
December 31, 2025 Vesting:
$	3.14	144,041	144,041
$	5.00	144,041	288,082
$	8.00	144,041	432,123
$	10.00	144,041	576,164
$	12.00	144,041	720,205
$	14.00	144,041	864,246
December 31, 2026 Vesting:
$	3.14	142,050	142,050
$	5.00	142,050	284,100
$	8.00	142,050	426,150
$	10.00	142,050	568,200
$	12.00	142,050	710,250
$	14.00	142,050	852,300

Schedule of Grant Fair Value PSU Tranches

The grant date fair value PSU tranches with RTSR market conditions were estimated using a Monte Carlo simulation model. The following assumptions were used to determine the grant date fair value:

	Three Months Ended June 30, 2025
Expected term of awards in years	0.7 - 1.0
Expected volatility	96	%
Risk-free interest rate	3.76% - 4.11%
Expected dividend yield	0	%

Schedule of Restricted Stock Units Activity

A summary of RSU and MSU activity for the six months ended June 30, 2025, is as follows (amounts in thousands, except per share amounts):

	Restricted Stock Units			Market Condition Restricted Stock Units			Performance & Market Condition Restricted Stock Units
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Unvested - December 31, 2024	18,341	$	7.68	1,728	$	6.11	—	$	—
Granted	4,115	10.12		—	—		6,255	11.14
Vested	(4,479)	7.91		—	—		—	—
Forfeited	(744)	6.55		(12)	3.99		—	—
Unvested - June 30, 2025	17,233	$	8.20	1,716	$	6.13	6,255	$	11.14

Schedule of Unrecognized Compensation Cost And Weighted Average Period For Recognition

As of June 30, 2025, unrecognized compensation cost and the related weighted-average period over which the cost is expected to be recognized for each award type were as follows (in thousands):

	Unrecognized Compensation Cost		Weighted-Average Recognition Period (Years)
RSUs	$	115,323	2.3 years
PSUs	50,261		2.8 years
MSUs	4,693		1.5 years
Total	$	170,277

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024, is included in the Company’s Condensed Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	941	$	2,199	$	2,323	$	3,158
Selling, general and administrative	23,229		6,295		38,032		4,276
Stock-based compensation expense, net of amounts capitalized1	24,170		8,494		40,355		7,434
Capitalized stock-based compensation2	176		—		396		—
Total stock-based compensation cost	$	24,346	$	8,494	$	40,751	$	7,434

1 The six months ended June 30, 2025 includes $3.0 million of stock-based compensation expense as a result of accelerated vesting of outstanding RSUs for former board members.

2 Represents the amounts of stock-based compensation capitalized to property, plant, and equipment.