Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of the basic and diluted loss per share of Class A Common Stock (in thousands, except share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator
Net loss	$	(9,960)	$	(80,411)	$	(47,191)	$	(181,787)
Less: Net loss attributable to redeemable noncontrolling interest	(3,445)		(25,679)		(4,944)		(50,001)
Less: Net income attributable to noncontrolling interest	327		668		1,172		2,429
Net loss attributable to the Company	(6,842)		(55,400)		(43,419)		(134,215)
Less: Cumulative preferred dividends	(158)		(143)		(456)		(751)
Net loss attributable to Class A common shareholders	$	(7,000)	$	(55,543)	$	(43,875)	$	(134,966)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	117,815,856		67,072,014		114,150,168		52,971,882
Net loss per share of Class A common stock - basic and diluted	$	(0.06)	$	(0.83)	$	(0.38)	$	(2.55)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities, as of the end of the periods, excluded from the computation of diluted net loss per share of Class A Common Stock as their effect would be anti-dilutive, their exercise price was out-of-the-money, or because of unsatisfied contingent issuance conditions.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
RSUs(1)	2,963,588	3,251,206	2,963,588	3,251,206
Options(1)(4)	765,042	1,027,451	765,042	1,027,451
Series A Preferred Stock(2)	2,117,362	1,916,965	2,065,532	1,869,956
Warrants(1)(4)	4,857,302	30,638,374	4,857,302	30,638,374
Earn Out Units(3)	—	7,500,000	—	7,500,000
Convertible Notes(2)	12,297,425	—	4,099,142	—

(1)    Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. The number of RSUs outstanding at the three and nine months ended September 30, 2025 consists of 2,774,276 unvested RSUs and 189,312 vested RSUs with elected deferrals of the issuance of Class A common stock.

(2)    Represents number of instruments outstanding as converted at the end of the period that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive. For the three and nine months ended September 30, 2025, the Convertible Notes (if-converted) included in the table above that were out-of-the-money totaled 12,297,425 and 4,099,142, respectively.

(3)    Represents number of Earn Out Units outstanding at the end of the period that were excluded due to unsatisfied contingent issuance conditions.

(4)    Options and warrants with exercise prices greater than the average market price of our Class A Common Stock would be excluded from the computation of diluted net income per share because they are out-of-the-money. The out-of-the-money instruments included in the table above were warrants of 706,522 for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, the out-of-the-money instruments included in the table above were options of 250,308 and warrants of 22,636,814.