Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Pre-Tax Income (Loss)

The Company had pre-tax income (loss) as follows:

	Successor				Predecessor
	Year Ended December 31, 2025		July 30 through December 31, 2024		January 1 through July 29, 2024		Year Ended December 31, 2023
Domestic	$	(138,276)	$	(128,633)	$	(30,305)	$	(38,505)
Foreign	40,104		17,925		17,845		34,225
Total pre-tax income (loss)	$	(98,172)	$	(110,708)	$	(12,460)	$	(4,280)

Schedule of Provision For Income Taxes

The provision for income taxes consists of the following:

	Successor				Predecessor
	Year Ended December 31, 2025		July 30 through December 31, 2024		January 1 through July 29, 2024		Year Ended December 31, 2023
Current
Federal	$	(222)	$	(248)	$	—	$	8,058
State	(263)		908		879		2,564
Foreign	22,219		8,099		11,397		15,130
Total current tax provision	$	21,734	$	8,759	$	12,276	$	25,752
Deferred
Federal	$	(24,964)	$	(9,634)	$	(5,868)	$	(14,912)
State	570		(1,246)		(1,506)		(2,215)
Foreign	(8,396)		(3,135)		(1,659)		(6,616)
Total deferred tax provision	$	(32,790)	$	(14,015)	$	(9,033)	$	(23,743)
Net deferred tax provision	$	(32,790)	$	(14,015)	$	(9,033)	$	(23,743)
Provision (benefit) for income taxes	$	(11,056)	$	(5,256)	$	3,243	$	2,009

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the United States statutory federal tax rate to the consolidated effective tax rate follows:

	Year Ended December 31, 2025
	Amount		Percentage
U.S. Federal Statutory Tax Rate	$	(20,616)	21.00	%
State and local income taxes, net of federal income tax effect (1)	495		(0.50)	%
Foreign tax effects
Canada
Non-deductible expenses	1,181		(1.20)	%
Withholding tax	5,694		(5.80)	%
Foreign rate differential	1,128		(1.15)	%
Other	(2,131)		2.17	%
Other jurisdictions	1,329		(1.35)	%
Effect of cross-border tax laws	59		(0.06)	%
Nontaxable or nondeductible items
Meals and entertainment	2,153		(2.19)	%
Transaction costs	1,331		(1.36)	%
Other	(422)		0.43	%
Tax credits
R&D tax credits	(2,213)		2.25	%
Changes in unrecognized tax benefits	(121)		0.12	%
Other adjustments	1,077		(1.10)	%
Total	$	(11,056)	11.26	%

(1) State taxes in California, Florida, Illinois, Louisiana, Massachusetts, Missouri, Minnesota, Pennsylvania, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.

The income tax benefit of $11.1 million for the year is less than the statutory rate primarily drive by non-deductible expenses, impacts of foreign tax rates and withholding taxes. These are partially offset by R&D tax credits generated during the year.

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income as follows:

	Successor				Predecessor
	July 30 through December 31, 2024				January 1 through July 29, 2024				Year Ended December 31, 2023
	Amount		Percent		Amount		Percent		Amount		Percent
Federal income tax provision at statutory tax rate	(23,249)		21	%	(2,617)		21	%	(898)		21	%
State income taxes, net of federal benefit	(260)		—	%	(1,436)		12	%	283		(7	%)
Foreign tax rate differential	842		(1	%)	1,522		(12	%)	1,097		(26	%)
Permanent differences	—		—	%	(315)		2	%	504		(12	%)
Meals and entertainment	673		(1	%)	877		(7	%)	1,496		(35	%)
Goodwill	—		—	%	—		—	%	(576)		14	%
Transaction costs	2,730		(2	%)	(5,154)		41	%	—		—	%
Stock compensation	14,705		(13	%)	172		(1	%)	309		(7	%)
Bonus	—		—	%	(2,185)		17	%	—		—	%
State rate deferred benefit	—		—	%	—		—	%	(557)		13	%
Foreign deferred rate change	—		—	%	—		—	%	40		(1	%)
Foreign WHT	—		—	%	—		—	%	—		—	%
Change in valuation allowance	—		—	%	12,596		(101	%)	—		—	%
Other	(697)		1	%	(217)		1	%	311		(7	%)
Provision (benefit) for income taxes	$	(5,256)	5	%	$	3,243	(27	%)	$	2,009	(47	%)

Schedule of Reconciliation of Cash Paid ForIncome Taxes

A reconciliation of cash paid for taxes is as follows:

	Year Ended December 31, 2025
	Amount
Federal	$	419
State
Louisiana	1,347
Other	1,933
Foreign
Canada	18,561
Alberta	4,106
Other	1,402
Total	$	27,768

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax attributes resulting from differences between financial accounting and income tax bases of assets and liabilities are as follows:

	Successor
	December 31, 2025		December 31, 2024
Deferred income tax assets
Net operating loss carryforward	$	38,394	$	16,183
Allowance for doubtful accounts	2,674		1,030
Accrued expenses	3,791		1,852
IRC Sec 163(j) interest carryforward	45,863		29,839
Deferred share based compensation	10,012		398
Pension and workers compensation	1,084		1,087
Accrued compensation	3,936		1,875
Tax credits	3,082		1,082
Lease liabilities	15,251		7,555
IRC Sec 174 capitalized costs	26,173		1,250
Other	4,095		1,356
Gross deferred income tax assets	$	154,355	$	63,507
Deferred income tax liabilities
Right-of-use assets	(15,256)		(7,808)
Property and equipment	(33,990)		(27,520)
Goodwill and other intangibles	(322,132)		(178,086)
Other	(4,414)		—
Total deferred income tax liabilities	(375,792)		(213,414)
Valuation allowance	(80)		—
Net deferred income taxes	$	(221,517)	$	(149,907)

Schedule of Unrecognized Tax Benefits

The following table summarizes the change in the Company’s unrecognized tax benefits, excluding interest and penalties:

	Successor				Predecessor
	Year Ended December 31, 2025		July 30 through December 31, 2024		January 1 through July 29, 2024
Balance, beginning of period	$	4,828	$	13,976	$	15,667
Additions for tax positions related to the current year	480		—		—
Additions for tax positions from prior years	3,694		—		—
Statutes of limitations expirations	(563)		(9,148)		(1,691)
Balance, end of period	$	8,439	$	4,828	$	13,976