Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table sets forth the computations of basic and diluted loss per share of common stock and Series A Preferred Stock using the two-class method and the if-converted method, respectively, for the year ended December 31, 2025 and the period July 30 through December 31, 2024.

	Successor
	Year Ended December 31, 2025		July 30 through December 31, 2024
Basic Shares:
Numerator:
Net loss	$	(87,116)	$	(105,452)
Accrued Series A Preferred Stock dividend	(6,757)		—
Undistributed loss allocated to Series A Preferred Stock	596		861
Net loss available to holders of Common Stock	$	(93,277)	$	(104,591)
Denominator:
Weighted average common stock outstanding – basic	156,600,421		121,454,845
Weighted average Series A Preferred Stock outstanding – basic	1,000,000		1,000,000
Basic loss per common stock	$	(0.60)	$	(0.86)
Basic income (loss) per Series A Preferred Stock	$	6.16	$	(0.86)
Dilutive Shares:
Numerator:
Undistributed loss allocated to common stock	$	(93,277)	$	(104,591)
Accrued Series A Preferred Stock dividend (anti-dilutive)	—		—
Undistributed loss allocated to Series A Preferred Stock	(596)		(861)
Total undistributed loss	$	(93,873)	$	(105,452)
Denominator:
Weighted average Common Stock outstanding – basic	156,600,421		121,454,845
Add: dilutive securities
Share Options	—		—
Warrants	—		—
Restricted Stock Units	—		—
Series A Preferred Stock	1,000,000		1,000,000
Weighted average common stock outstanding – diluted	157,600,421		122,454,845
Weighted average Series A Preferred Stock outstanding – diluted	1,000,000		1,000,000
Diluted loss per common stock	$	(0.60)	$	(0.86)
Diluted income (loss) per Series A Preferred Stock	$	6.16	$	(0.86)

Basic and diluted loss per common share for the periods presented below were calculated as follows:

	Predecessor
	January 1 through July 29, 2024		Year Ended December 31, 2023
Basic and dilutive shares:
Numerator:
Net loss	$	(15,703)	$	(6,289)
Net loss available to holders of common stock	$	(15,703)	$	(6,289)
Denominator:
Weighted average common stock outstanding – basic	5,024,802		5,024,802
Dilutive shares from stock options	—		—
Weighted average common stock outstanding – diluted	5,024,802		5,024,802
Basic loss per common stock	$	(3.13)	$	(1.25)
Diluted loss per common stock	$	(3.13)	$	(1.25)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the year ended December 31, 2025, the accrued Series A Preferred Stock dividend was excluded from the numerator of diluted earnings per share as the impact would have been anti-dilutive. For the year ended December 31, 2025 and the period July 30 through December 31, 2024, the Company excluded the following potentially dilutive shares from the computation of diluted loss per common stock as the impact would have been anti-dilutive:

	Successor
Potentially dilutive securities	Year Ended December 31, 2025	July 30 through December 31, 2024
Stock options	1,457	125,000
Warrants	53,225	18,264,876
Restricted stock awards	1,562,849	—
Restricted stock units	1,917,111	1,605,000

For the Predecessor period ended July 29, 2024 and the year ended December 31, 2023, the contingently issuable potential shares were excluded from the computation of basic and diluted earnings per share as the contingency was not met as of the end of the reporting periods. These excluded shares were as follows:

	Outstanding as of
	July 29, 2024	December 31, 2023
Tranche B Options	180,828	186,933
Tranche C Options	55,872	55,872