STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 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:

	Nine Months Ended  September 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 restricted stock units (“RSU”), MSU and PSU activity for the nine months ended September 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	4,235	10.44		—	—		7,358	$12.07
Vested	(6,109)	8.75		—	—		—	—
Forfeited	(751)	6.95		(12)	3.99		—	—
Unvested - September 30, 2025	15,717	$	8.05	1,716	$	6.13	7,358	$12.07

Schedule of Unrecognized Compensation Cost And Weighted Average Period For Recognition

As of September 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	$	102,911	2.1 years
PSUs	55,310		2.5 years
MSUs	3,332		1.2 years
Total	$	161,553

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

Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024, is included in the Company’s condensed consolidated statements of operations as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	1,251	$	2,338	$	3,574	$	5,496
Selling, general and administrative	28,695		17,950		66,727		22,226
Stock-based compensation expense, net of amounts capitalized1	29,946		20,288		70,301		27,722
Capitalized stock-based compensation2	227		235		623		235
Total stock-based compensation cost	$	30,173	$	20,523	$	70,924	$	27,957

1 The nine months ended September 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.