\u00a01. NATURE OF OPERATIONS |
\u00a02. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Cash and cash equivalents | $ | 24,047\u00a0 | $ | 19,521\u00a0 | |||||||
| Restricted cash included in Prepaid expenses and other current assets | 444\u00a0 | \u2014\u00a0 | |||||||||
Restricted cash - non-current | 2,125\u00a0 | 1,825\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 26,616\u00a0 | $ | 21,346\u00a0 |
| Buildings and building components | 7 - 30 years | ||||
| Leasehold improvements | The lesser of the term of the lease or the estimated useful life of the asset: 1 - 28 years | ||||
| Machinery and equipment | 1 - 10 years | ||||
Furniture, fixtures and office equipment (including computers) | 2 - 7 years | ||||
| Finance lease ROU assets - buildings | 10 - 28 years | ||||
| Finance lease ROU assets - machinery and equipment | 3 - 5 years |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Cash and cash equivalents | $ | 24,047\u00a0 | $ | 19,521\u00a0 | |||||||
| Restricted cash included in Prepaid expenses and other current assets | 444\u00a0 | \u2014\u00a0 | |||||||||
Restricted cash - non-current | 2,125\u00a0 | 1,825\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 26,616\u00a0 | $ | 21,346\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Cash and cash equivalents | $ | 24,047\u00a0 | $ | 19,521\u00a0 | |||||||
| Restricted cash included in Prepaid expenses and other current assets | 444\u00a0 | \u2014\u00a0 | |||||||||
Restricted cash - non-current | 2,125\u00a0 | 1,825\u00a0 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 26,616\u00a0 | $ | 21,346\u00a0 |
| Buildings and building components | 7 - 30 years | ||||
| Leasehold improvements | The lesser of the term of the lease or the estimated useful life of the asset: 1 - 28 years | ||||
| Machinery and equipment | 1 - 10 years | ||||
Furniture, fixtures and office equipment (including computers) | 2 - 7 years | ||||
| Finance lease ROU assets - buildings | 10 - 28 years | ||||
| Finance lease ROU assets - machinery and equipment | 3 - 5 years |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Buildings and building components | $ | 91,225\u00a0 | $ | 89,124\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 55,775\u00a0 | 47,514\u00a0 | |||||||||
| Machinery and equipment | 24,946\u00a0 | 23,959\u00a0 | |||||||||
Furniture, fixtures and office equipment (including computers) | 23,769\u00a0 | 22,597\u00a0 | |||||||||
| Construction-in-process | 4,808\u00a0 | 2,533\u00a0 | |||||||||
| Total property, plant and equipment - gross | 213,479\u00a0 | 198,683\u00a0 | |||||||||
| Less: Accumulated depreciation | (70,158) | (54,620) | |||||||||
| Total property, plant and equipment - net | $ | 143,321\u00a0 | $ | 144,063\u00a0 |
\u00a03. INVENTORIES, NET |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cannabis plants | $ | 2,653\u00a0 | $ | 3,621\u00a0 | |||||||
| Harvested cannabis and packaging | 7,659\u00a0 | 11,290\u00a0 | |||||||||
| Total raw materials | 10,312\u00a0 | 14,911\u00a0 | |||||||||
| Work in process | 6,855\u00a0 | 4,493\u00a0 | |||||||||
| Finished goods | 17,440\u00a0 | 16,734\u00a0 | |||||||||
| Total inventories, net | $ | 34,607\u00a0 | $ | 36,138\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cannabis plants | $ | 2,653\u00a0 | $ | 3,621\u00a0 | |||||||
| Harvested cannabis and packaging | 7,659\u00a0 | 11,290\u00a0 | |||||||||
| Total raw materials | 10,312\u00a0 | 14,911\u00a0 | |||||||||
| Work in process | 6,855\u00a0 | 4,493\u00a0 | |||||||||
| Finished goods | 17,440\u00a0 | 16,734\u00a0 | |||||||||
| Total inventories, net | $ | 34,607\u00a0 | $ | 36,138\u00a0 |
\u00a04. PREPAID EXPENSES AND OTHER CURRENT ASSETS |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Prepaid expenses and deposits | $ | 3,676\u00a0 | $ | 3,452\u00a0 | |||||||
Employee retention credit receivable | 688\u00a0 | 9,181\u00a0 | |||||||||
Assets held for sale | 382\u00a0 | 611\u00a0 | |||||||||
| Other current assets | 2,112\u00a0 | 1,786\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 6,858\u00a0 | $ | 15,030\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Prepaid expenses and deposits | $ | 3,676\u00a0 | $ | 3,452\u00a0 | |||||||
Employee retention credit receivable | 688\u00a0 | 9,181\u00a0 | |||||||||
Assets held for sale | 382\u00a0 | 611\u00a0 | |||||||||
| Other current assets | 2,112\u00a0 | 1,786\u00a0 | |||||||||
| Total prepaid expenses and other current assets | $ | 6,858\u00a0 | $ | 15,030\u00a0 |
\u00a05. PROPERTY, PLANT AND EQUIPMENT |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Buildings and building components | $ | 91,225\u00a0 | $ | 89,124\u00a0 | |||||||
| Land | 12,956\u00a0 | 12,956\u00a0 | |||||||||
| Leasehold improvements | 55,775\u00a0 | 47,514\u00a0 | |||||||||
| Machinery and equipment | 24,946\u00a0 | 23,959\u00a0 | |||||||||
Furniture, fixtures and office equipment (including computers) | 23,769\u00a0 | 22,597\u00a0 | |||||||||
| Construction-in-process | 4,808\u00a0 | 2,533\u00a0 | |||||||||
| Total property, plant and equipment - gross | 213,479\u00a0 | 198,683\u00a0 | |||||||||
| Less: Accumulated depreciation | (70,158) | (54,620) | |||||||||
| Total property, plant and equipment - net | $ | 143,321\u00a0 | $ | 144,063\u00a0 |
\u00a06. ACQUISITIONS |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
\u00a06. ACQUISITIONS |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
Statewide (1) | RJK (1) | Total | ||||||||||||||||||
| Assets Acquired: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 24\u00a0 | $ | 194\u00a0 | $ | 218\u00a0 | ||||||||||||||
Other assets | \u2014\u00a0 | 20\u00a0 | 20\u00a0 | |||||||||||||||||
| Inventory | 24\u00a0 | 251\u00a0 | 275\u00a0 | |||||||||||||||||
| Property, plant and equipment | 18\u00a0 | 50\u00a0 | 68\u00a0 | |||||||||||||||||
Intangible assets (2) | 3,787\u00a0 | 7,008\u00a0 | 10,795\u00a0 | |||||||||||||||||
| Total assets acquired | $ | 3,853\u00a0 | $ | 7,523\u00a0 | $ | 11,376\u00a0 | ||||||||||||||
| Liabilities Assumed: | ||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Total liabilities assumed | $ | 24\u00a0 | $ | 323\u00a0 | $ | 347\u00a0 | ||||||||||||||
| Net assets acquired | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 | ||||||||||||||
| Consideration: | ||||||||||||||||||||
| Consideration paid in cash, net of working capital adjustments | $ | 1,838\u00a0 | $ | 3,413\u00a0 | $ | 5,251\u00a0 | ||||||||||||||
| Consideration to be paid in promissory notes (fair value) | 1,991\u00a0 | 3,787\u00a0 | 5,778\u00a0 | |||||||||||||||||
| Fair value of consideration | $ | 3,829\u00a0 | $ | 7,200\u00a0 | $ | 11,029\u00a0 |
\u00a07. GOODWILL AND OTHER INTANGIBLE ASSETS |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
Licenses (1)(2) | $ | 93,944\u00a0 | $ | 93,196\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,169\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 2,925\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | \u2014\u00a0 | 115\u00a0 | 3 years | ||||||||||||||
| Website development | 176\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,844\u00a0 | 118,096\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (26,639) | (17,624) | |||||||||||||||
| Other Intangible Assets, net | $ | 92,205\u00a0 | $ | 100,472\u00a0 |
| 2026 | $ | 8,946\u00a0 | |||
| 2027 | 8,142\u00a0 | ||||
| 2028 | 8,077\u00a0 | ||||
| 2029 | 7,233\u00a0 | ||||
| 2030 | 6,513\u00a0 | ||||
| Thereafter | 53,244\u00a0 | ||||
| \u00a0\u00a0\u00a0Total estimated future amortization expense | $ | 92,155\u00a0 |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
Licenses (1)(2) | $ | 93,944\u00a0 | $ | 93,196\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,169\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 2,925\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | \u2014\u00a0 | 115\u00a0 | 3 years | ||||||||||||||
| Website development | 176\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,844\u00a0 | 118,096\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (26,639) | (17,624) | |||||||||||||||
| Other Intangible Assets, net | $ | 92,205\u00a0 | $ | 100,472\u00a0 |
| As of December 31, | Estimated Useful Life | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
Licenses (1)(2) | $ | 93,944\u00a0 | $ | 93,196\u00a0 | 15 years | ||||||||||||
| Intellectual Property | 9,580\u00a0 | 9,580\u00a0 | 10 years | ||||||||||||||
| Tradenames | 12,169\u00a0 | 12,169\u00a0 | 5 - 10 years | ||||||||||||||
| Patient/Customer database | 2,925\u00a0 | 2,925\u00a0 | 5 - 10 years | ||||||||||||||
| Non-compete | \u2014\u00a0 | 115\u00a0 | 3 years | ||||||||||||||
| Website development | 176\u00a0 | 61\u00a0 | 3 years | ||||||||||||||
| Formulations | 50\u00a0 | 50\u00a0 | Indefinite | ||||||||||||||
| Total gross amount | 118,844\u00a0 | 118,096\u00a0 | |||||||||||||||
| Less: Accumulated Amortization | (26,639) | (17,624) | |||||||||||||||
| Other Intangible Assets, net | $ | 92,205\u00a0 | $ | 100,472\u00a0 |
| 2026 | $ | 8,946\u00a0 | |||
| 2027 | 8,142\u00a0 | ||||
| 2028 | 8,077\u00a0 | ||||
| 2029 | 7,233\u00a0 | ||||
| 2030 | 6,513\u00a0 | ||||
| Thereafter | 53,244\u00a0 | ||||
| \u00a0\u00a0\u00a0Total estimated future amortization expense | $ | 92,155\u00a0 |
\u00a08. OTHER NON-CURRENT ASSETS |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| $ | 19,724\u00a0 | $ | 18,114\u00a0 | ||||||||
Indemnification assets | 499\u00a0 | 4,808\u00a0 | |||||||||
Net deferred tax assets | 5,145\u00a0 | 5,048\u00a0 | |||||||||
| Deposits and escrows - properties | 1,699\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 386\u00a0 | 422\u00a0 | |||||||||
| Other | 348\u00a0 | 158\u00a0 | |||||||||
| Total other non-current assets | $ | 27,801\u00a0 | $ | 30,273\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| $ | 19,724\u00a0 | $ | 18,114\u00a0 | ||||||||
Indemnification assets | 499\u00a0 | 4,808\u00a0 | |||||||||
Net deferred tax assets | 5,145\u00a0 | 5,048\u00a0 | |||||||||
| Deposits and escrows - properties | 1,699\u00a0 | 1,723\u00a0 | |||||||||
| Deposits - equipment | 386\u00a0 | 422\u00a0 | |||||||||
| Other | 348\u00a0 | 158\u00a0 | |||||||||
| Total other non-current assets | $ | 27,801\u00a0 | $ | 30,273\u00a0 |
\u00a09. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Deferred income - ERC (1) | $ | 688\u00a0 | $ | 9,181\u00a0 | |||||||
| Goods received not invoiced | 2,961\u00a0 | 4,366\u00a0 | |||||||||
Operating lease obligations | 6,035\u00a0 | 4,966\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,955\u00a0 | 4,095\u00a0 | |||||||||
| Accrued interest | 1,945\u00a0 | 1,531\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,749\u00a0 | 1,928\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,596\u00a0 | 1,321\u00a0 | |||||||||
| Accrued professional and management fees | 564\u00a0 | 470\u00a0 | |||||||||
| Accrued capital expenditures | 210\u00a0 | 461\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 3,828\u00a0 | 4,467\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 25,531\u00a0 | $ | 32,786\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Deferred income - ERC (1) | $ | 688\u00a0 | $ | 9,181\u00a0 | |||||||
| Goods received not invoiced | 2,961\u00a0 | 4,366\u00a0 | |||||||||
Operating lease obligations | 6,035\u00a0 | 4,966\u00a0 | |||||||||
| Accrued employee related expenses and liabilities | 5,955\u00a0 | 4,095\u00a0 | |||||||||
| Accrued interest | 1,945\u00a0 | 1,531\u00a0 | |||||||||
| Accrued sales and excise taxes | 1,749\u00a0 | 1,928\u00a0 | |||||||||
| Deferred revenue (loyalty program) | 1,596\u00a0 | 1,321\u00a0 | |||||||||
| Accrued professional and management fees | 564\u00a0 | 470\u00a0 | |||||||||
| Accrued capital expenditures | 210\u00a0 | 461\u00a0 | |||||||||
| Other accrued expenses and current liabilities | 3,828\u00a0 | 4,467\u00a0 | |||||||||
Total accrued expenses and other current liabilities | $ | 25,531\u00a0 | $ | 32,786\u00a0 |
\u00a010. DEBT |
| Effective Interest Rate | Contractual Maturity Date | As of December 31, | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Principal amounts: | ||||||||||||||||||||
Second Lien Notes (1) | 17% | December 2026 | $ | 86,194\u00a0 | $ | 80,131\u00a0 | ||||||||||||||
2024 Term Loan (1) | 26% | September 2026 | 46,075\u00a0 | 48,500\u00a0 | ||||||||||||||||
| Acquisition-related promissory notes payable | 8% - 13% | June 2026 - April 2027 | 28,337\u00a0 | 22,289\u00a0 | ||||||||||||||||
| Mortgage loans | 6% - 10% | January 2027 - September 2030 | 32,470\u00a0 | 29,054\u00a0 | ||||||||||||||||
Total debt subject to scheduled repayments | 193,076\u00a0 | 179,974\u00a0 | ||||||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | ||||||||||||||||
Total debt | 214,576\u00a0 | 201,474\u00a0 | ||||||||||||||||||
| Less: debt issuance costs and original issue discounts | (8,742) | (15,267) | ||||||||||||||||||
Total debt, net | $ | 205,834\u00a0 | $ | 186,207\u00a0 | ||||||||||||||||
| Debt, net - current portion | $ | 6,639\u00a0 | $ | 2,758\u00a0 | ||||||||||||||||
| Debt, net - non-current portion | $ | 199,195\u00a0 | $ | 183,449\u00a0 |
| 2026 | 2027 | 2028 | 2029 | 2030 | Total | |||||||||||||||
Second Lien Notes(1) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 86,194\u00a0 | $ | \u2014\u00a0 | $ | 86,194\u00a0 | ||||||||
| Acquisition-related promissory notes payable | 6,223\u00a0 | 22,114\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 28,337\u00a0 | ||||||||||||||
Mortgage loans | 593\u00a0 | 9,413\u00a0 | 495\u00a0 | 539\u00a0 | 21,430\u00a0 | 32,470\u00a0 | ||||||||||||||
2024 Term loan(1) | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 46,075\u00a0 | \u2014\u00a0 | 46,075\u00a0 | ||||||||||||||
Total debt subject to scheduled repayments | $ | 6,816\u00a0 | $ | 31,527\u00a0 | $ | 495\u00a0 | $ | 132,808\u00a0 | $ | 21,430\u00a0 | $ | 193,076\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Interest and accretion - Second Lien Notes | $ | 13,368\u00a0 | $ | 11,423\u00a0 | $ | 10,106\u00a0 | |||||||||||
| Interest and accretion - 2024 Term Loan | 12,077\u00a0 | 4,653\u00a0 | \u2014\u00a0 | ||||||||||||||
Interest and accretion - Finance lease liabilities | 10,224\u00a0 | 10,045\u00a0 | 9,784\u00a0 | ||||||||||||||
| Interest and accretion - Acquisition Facility | \u2014\u00a0 | 4,844\u00a0 | 9,466\u00a0 | ||||||||||||||
Interest and accretion - Promissory notes | 3,554\u00a0 | 4,421\u00a0 | 6,173\u00a0 | ||||||||||||||
Interest and accretion - Mortgage loans and other financing activities | 2,478\u00a0 | 2,671\u00a0 | 2,051\u00a0 | ||||||||||||||
| Capitalized interest | (400) | (75) | (523) | ||||||||||||||
| Total interest expense | 41,301\u00a0 | 37,982\u00a0 | 37,057\u00a0 | ||||||||||||||
| Interest income | (456) | (557) | (91) | ||||||||||||||
| Total interest expense, net | $ | 40,845\u00a0 | $ | 37,425\u00a0 | $ | 36,966\u00a0 |
| Effective Interest Rate | Contractual Maturity Date | As of December 31, | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Principal amounts: | ||||||||||||||||||||
Second Lien Notes (1) | 17% | December 2026 | $ | 86,194\u00a0 | $ | 80,131\u00a0 | ||||||||||||||
2024 Term Loan (1) | 26% | September 2026 | 46,075\u00a0 | 48,500\u00a0 | ||||||||||||||||
| Acquisition-related promissory notes payable | 8% - 13% | June 2026 - April 2027 | 28,337\u00a0 | 22,289\u00a0 | ||||||||||||||||
| Mortgage loans | 6% - 10% | January 2027 - September 2030 | 32,470\u00a0 | 29,054\u00a0 | ||||||||||||||||
Total debt subject to scheduled repayments | 193,076\u00a0 | 179,974\u00a0 | ||||||||||||||||||
Promissory notes payable to Sammartino (2) | 10% | September 2024 - September 2026 | 21,500\u00a0 | 21,500\u00a0 | ||||||||||||||||
Total debt | 214,576\u00a0 | 201,474\u00a0 | ||||||||||||||||||
| Less: debt issuance costs and original issue discounts | (8,742) | (15,267) | ||||||||||||||||||
Total debt, net | $ | 205,834\u00a0 | $ | 186,207\u00a0 | ||||||||||||||||
| Debt, net - current portion | $ | 6,639\u00a0 | $ | 2,758\u00a0 | ||||||||||||||||
| Debt, net - non-current portion | $ | 199,195\u00a0 | $ | 183,449\u00a0 |
| 2026 | 2027 | 2028 | 2029 | 2030 | Total | |||||||||||||||
Second Lien Notes(1) | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | $ | 86,194\u00a0 | $ | \u2014\u00a0 | $ | 86,194\u00a0 | ||||||||
| Acquisition-related promissory notes payable | 6,223\u00a0 | 22,114\u00a0 | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 28,337\u00a0 | ||||||||||||||
Mortgage loans | 593\u00a0 | 9,413\u00a0 | 495\u00a0 | 539\u00a0 | 21,430\u00a0 | 32,470\u00a0 | ||||||||||||||
2024 Term loan(1) | \u2014\u00a0 | \u2014\u00a0 | \u2014\u00a0 | 46,075\u00a0 | \u2014\u00a0 | 46,075\u00a0 | ||||||||||||||
Total debt subject to scheduled repayments | $ | 6,816\u00a0 | $ | 31,527\u00a0 | $ | 495\u00a0 | $ | 132,808\u00a0 | $ | 21,430\u00a0 | $ | 193,076\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Interest and accretion - Second Lien Notes | $ | 13,368\u00a0 | $ | 11,423\u00a0 | $ | 10,106\u00a0 | |||||||||||
| Interest and accretion - 2024 Term Loan | 12,077\u00a0 | 4,653\u00a0 | \u2014\u00a0 | ||||||||||||||
Interest and accretion - Finance lease liabilities | 10,224\u00a0 | 10,045\u00a0 | 9,784\u00a0 | ||||||||||||||
| Interest and accretion - Acquisition Facility | \u2014\u00a0 | 4,844\u00a0 | 9,466\u00a0 | ||||||||||||||
Interest and accretion - Promissory notes | 3,554\u00a0 | 4,421\u00a0 | 6,173\u00a0 | ||||||||||||||
Interest and accretion - Mortgage loans and other financing activities | 2,478\u00a0 | 2,671\u00a0 | 2,051\u00a0 | ||||||||||||||
| Capitalized interest | (400) | (75) | (523) | ||||||||||||||
| Total interest expense | 41,301\u00a0 | 37,982\u00a0 | 37,057\u00a0 | ||||||||||||||
| Interest income | (456) | (557) | (91) | ||||||||||||||
| Total interest expense, net | $ | 40,845\u00a0 | $ | 37,425\u00a0 | $ | 36,966\u00a0 |
| \u00a011. LEASES |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Finance lease cost: | |||||||||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 5,244\u00a0 | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,224\u00a0 | 10,045\u00a0 | 9,784\u00a0 | ||||||||||||||
| \u00a0Total finance lease cost | 15,468\u00a0 | 14,803\u00a0 | 15,142\u00a0 | ||||||||||||||
| Operating lease cost | 6,226\u00a0 | 5,112\u00a0 | 4,819\u00a0 | ||||||||||||||
| Variable lease cost | 46\u00a0 | 86\u00a0 | 155\u00a0 | ||||||||||||||
| Total lease cost | $ | 21,740\u00a0 | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2025 | As of December\u00a031, 2024 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.29\u00a0 | % | 15.95\u00a0 | % | 16.17\u00a0 | % | 15.28\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 14.6 | 7.8 | 15.6 | 8.0 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,622 | $ | 6,435 | $ | 11,054 | $ | 5,780 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2026 | $ | 12,087\u00a0 | $ | 6,336\u00a0 | |||||||
| 2027 | 11,521\u00a0 | 5,727\u00a0 | |||||||||
| 2028 | 11,562\u00a0 | 5,023\u00a0 | |||||||||
| 2029 | 11,033\u00a0 | 4,332\u00a0 | |||||||||
| 2030 | 11,012\u00a0 | 3,900\u00a0 | |||||||||
| Thereafter | 128,345\u00a0 | 15,577\u00a0 | |||||||||
| Total undiscounted lease liabilities | 185,560\u00a0 | 40,895\u00a0 | |||||||||
| Interest on lease liabilities | (120,888) | (18,000) | |||||||||
| Total present value of minimum lease payments | $ | 64,672\u00a0 | $ | 22,895\u00a0 | |||||||
| Lease liabilities - current portion | $ | 11,125\u00a0 | $ | 6,035\u00a0 | |||||||
| Lease liabilities - non-current | $ | 53,547\u00a0 | $ | 16,860\u00a0 |
| \u00a011. LEASES |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Finance lease cost: | |||||||||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 5,244\u00a0 | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,224\u00a0 | 10,045\u00a0 | 9,784\u00a0 | ||||||||||||||
| \u00a0Total finance lease cost | 15,468\u00a0 | 14,803\u00a0 | 15,142\u00a0 | ||||||||||||||
| Operating lease cost | 6,226\u00a0 | 5,112\u00a0 | 4,819\u00a0 | ||||||||||||||
| Variable lease cost | 46\u00a0 | 86\u00a0 | 155\u00a0 | ||||||||||||||
| Total lease cost | $ | 21,740\u00a0 | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2025 | As of December\u00a031, 2024 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.29\u00a0 | % | 15.95\u00a0 | % | 16.17\u00a0 | % | 15.28\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 14.6 | 7.8 | 15.6 | 8.0 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,622 | $ | 6,435 | $ | 11,054 | $ | 5,780 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2026 | $ | 12,087\u00a0 | $ | 6,336\u00a0 | |||||||
| 2027 | 11,521\u00a0 | 5,727\u00a0 | |||||||||
| 2028 | 11,562\u00a0 | 5,023\u00a0 | |||||||||
| 2029 | 11,033\u00a0 | 4,332\u00a0 | |||||||||
| 2030 | 11,012\u00a0 | 3,900\u00a0 | |||||||||
| Thereafter | 128,345\u00a0 | 15,577\u00a0 | |||||||||
| Total undiscounted lease liabilities | 185,560\u00a0 | 40,895\u00a0 | |||||||||
| Interest on lease liabilities | (120,888) | (18,000) | |||||||||
| Total present value of minimum lease payments | $ | 64,672\u00a0 | $ | 22,895\u00a0 | |||||||
| Lease liabilities - current portion | $ | 11,125\u00a0 | $ | 6,035\u00a0 | |||||||
| Lease liabilities - non-current | $ | 53,547\u00a0 | $ | 16,860\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Finance lease cost: | |||||||||||||||||
| \u00a0\u00a0\u00a0Amortization of lease assets | $ | 5,244\u00a0 | $ | 4,758\u00a0 | $ | 5,358\u00a0 | |||||||||||
| \u00a0\u00a0\u00a0Interest on lease liabilities | 10,224\u00a0 | 10,045\u00a0 | 9,784\u00a0 | ||||||||||||||
| \u00a0Total finance lease cost | 15,468\u00a0 | 14,803\u00a0 | 15,142\u00a0 | ||||||||||||||
| Operating lease cost | 6,226\u00a0 | 5,112\u00a0 | 4,819\u00a0 | ||||||||||||||
| Variable lease cost | 46\u00a0 | 86\u00a0 | 155\u00a0 | ||||||||||||||
| Total lease cost | $ | 21,740\u00a0 | $ | 20,001\u00a0 | $ | 20,116\u00a0 |
As of December\u00a031, 2025 | As of December\u00a031, 2024 | ||||||||||||||||||||||
| Finance Leases | Operating Leases | Finance Leases | Operating Leases | ||||||||||||||||||||
| Weighted average discount rate | 16.29\u00a0 | % | 15.95\u00a0 | % | 16.17\u00a0 | % | 15.28\u00a0 | % | |||||||||||||||
| Weighted average remaining lease term (in years) | 14.6 | 7.8 | 15.6 | 8.0 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 11,622 | $ | 6,435 | $ | 11,054 | $ | 5,780 | |||||||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2026 | $ | 12,087\u00a0 | $ | 6,336\u00a0 | |||||||
| 2027 | 11,521\u00a0 | 5,727\u00a0 | |||||||||
| 2028 | 11,562\u00a0 | 5,023\u00a0 | |||||||||
| 2029 | 11,033\u00a0 | 4,332\u00a0 | |||||||||
| 2030 | 11,012\u00a0 | 3,900\u00a0 | |||||||||
| Thereafter | 128,345\u00a0 | 15,577\u00a0 | |||||||||
| Total undiscounted lease liabilities | 185,560\u00a0 | 40,895\u00a0 | |||||||||
| Interest on lease liabilities | (120,888) | (18,000) | |||||||||
| Total present value of minimum lease payments | $ | 64,672\u00a0 | $ | 22,895\u00a0 | |||||||
| Lease liabilities - current portion | $ | 11,125\u00a0 | $ | 6,035\u00a0 | |||||||
| Lease liabilities - non-current | $ | 53,547\u00a0 | $ | 16,860\u00a0 |
| Finance Leases | Operating Leases | ||||||||||
| 2026 | $ | 12,087\u00a0 | $ | 6,336\u00a0 | |||||||
| 2027 | 11,521\u00a0 | 5,727\u00a0 | |||||||||
| 2028 | 11,562\u00a0 | 5,023\u00a0 | |||||||||
| 2029 | 11,033\u00a0 | 4,332\u00a0 | |||||||||
| 2030 | 11,012\u00a0 | 3,900\u00a0 | |||||||||
| Thereafter | 128,345\u00a0 | 15,577\u00a0 | |||||||||
| Total undiscounted lease liabilities | 185,560\u00a0 | 40,895\u00a0 | |||||||||
| Interest on lease liabilities | (120,888) | (18,000) | |||||||||
| Total present value of minimum lease payments | $ | 64,672\u00a0 | $ | 22,895\u00a0 | |||||||
| Lease liabilities - current portion | $ | 11,125\u00a0 | $ | 6,035\u00a0 | |||||||
| Lease liabilities - non-current | $ | 53,547\u00a0 | $ | 16,860\u00a0 |
| \u00a012. OTHER NON-CURRENT LIABILITIES |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating lease liabilities | $ | 16,860\u00a0 | $ | 17,623\u00a0 | |||||||
Acquisition-related milestone accrual (1) | 5,000\u00a0 | 5,000\u00a0 | |||||||||
Accrued interest (1) | 3,530\u00a0 | 3,130\u00a0 | |||||||||
Deferred tax liabilities | 2,291\u00a0 | 1,626\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Other non-current liabilities | 5,524\u00a0 | 5,362\u00a0 | |||||||||
Total other non-current liabilities | $ | 33,205\u00a0 | $ | 38,653\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating lease liabilities | $ | 16,860\u00a0 | $ | 17,623\u00a0 | |||||||
Acquisition-related milestone accrual (1) | 5,000\u00a0 | 5,000\u00a0 | |||||||||
Accrued interest (1) | 3,530\u00a0 | 3,130\u00a0 | |||||||||
Deferred tax liabilities | 2,291\u00a0 | 1,626\u00a0 | |||||||||
Contingent consideration liabilities (2) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Other non-current liabilities | 5,524\u00a0 | 5,362\u00a0 | |||||||||
Total other non-current liabilities | $ | 33,205\u00a0 | $ | 38,653\u00a0 |
\u00a013. DERIVATIVE LIABILITIES |
Total Derivative Liabilities (1) | |||||
| Balance as of January 1, 2024 | $ | 2,638\u00a0 | |||
Fair value changes | (6,119) | ||||
Derivative Warrants issued (2) | 6,765\u00a0 | ||||
| Expiration of derivative warrants | (156) | ||||
Balance as of December\u00a031, 2024 | 3,128\u00a0 | ||||
Derivative Warrants issued (3) | 1,769\u00a0 | ||||
Fair value changes | 5,087\u00a0 | ||||
Reclassification to equity (3) | (1,377) | ||||
| Balance as of December 31, 2025 | $ | 8,607\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Stock price per share | $0.63 | $0.31 | |||||||||
| Risk-free annual interest rate | 3.48% - 3.60% | 4.24% - 4.35% | |||||||||
| Exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 118% | 93% | |||||||||
| Remaining life | 0.9 - 3.6 years | 2 - 4.6 years | |||||||||
| Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of December 31, 2025 | As of December\u00a031, 2024 | ||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price per share | $ | 0.63 | $ | 1,075\u00a0 | $ | (1,057) | $ | 0.31 | $ | 440\u00a0 | $ | (427) | |||||||||||||||||||||||
| Volatility | 118\u00a0 | % | $ | 713\u00a0 | $ | (792) | 93\u00a0 | % | $ | 438\u00a0 | $ | (465) |
Total Derivative Liabilities (1) | |||||
| Balance as of January 1, 2024 | $ | 2,638\u00a0 | |||
Fair value changes | (6,119) | ||||
Derivative Warrants issued (2) | 6,765\u00a0 | ||||
| Expiration of derivative warrants | (156) | ||||
Balance as of December\u00a031, 2024 | 3,128\u00a0 | ||||
Derivative Warrants issued (3) | 1,769\u00a0 | ||||
Fair value changes | 5,087\u00a0 | ||||
Reclassification to equity (3) | (1,377) | ||||
| Balance as of December 31, 2025 | $ | 8,607\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Stock price per share | $0.63 | $0.31 | |||||||||
| Risk-free annual interest rate | 3.48% - 3.60% | 4.24% - 4.35% | |||||||||
| Exercise price | $1.00 - $2.086 | $1.00 - $2.086 | |||||||||
| Weighted average volatility | 118% | 93% | |||||||||
| Remaining life | 0.9 - 3.6 years | 2 - 4.6 years | |||||||||
| Forfeiture rate | 0% | 0% | |||||||||
| Expected annual dividend yield | 0% | 0% |
| As of December 31, 2025 | As of December\u00a031, 2024 | ||||||||||||||||||||||||||||||||||
| Input | Effect of 10% Increase | Effect of 10% Decrease | Input | Effect of 10% Increase | Effect of 10% Decrease | ||||||||||||||||||||||||||||||
| Stock price per share | $ | 0.63 | $ | 1,075\u00a0 | $ | (1,057) | $ | 0.31 | $ | 440\u00a0 | $ | (427) | |||||||||||||||||||||||
| Volatility | 118\u00a0 | % | $ | 713\u00a0 | $ | (792) | 93\u00a0 | % | $ | 438\u00a0 | $ | (465) |
\u00a014. EQUITY |
| Non-Derivative Warrants | Derivative Warrants | Total Number of Warrants | Weighted - Average Exercise Price Per Warrant | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in Years) | ||||||||||||||||||||||||||||||
Balance, January\u00a01, 2024 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | $ | \u2014\u00a0 | 3.0 | |||||||||||||||||||||||||||
Granted (1) | 2,500,000\u00a0 | 19,400,000\u00a0 | 21,900,000\u00a0 | $ | 0.99\u00a0 | ||||||||||||||||||||||||||||||
Cancelled/forfeited/expired (2) | (1,050,100) | (35,862,922) | (36,913,022) | $ | 1.21\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2024 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | $ | \u2014\u00a0 | 3.6 | |||||||||||||||||||||||||||
Granted (3) | 8,710,626\u00a0 | \u2014\u00a0 | 8,710,626\u00a0 | $ | 0.48\u00a0 | ||||||||||||||||||||||||||||||
| Cancelled/forfeited/expired | (1,235,075) | \u2014\u00a0 | (1,235,075) | $ | 2.55\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2025 | 57,994,087 | 21,400,000 | 79,394,087 | $ | 0.95\u00a0 | $ | 2,019\u00a0 | 2.8 | |||||||||||||||||||||||||||
Exercisable, December\u00a031, 2025 | 56,574,087 | 21,400,000 | 77,974,087 | $ | 0.96\u00a0 | $ | 1,892\u00a0 | 2.8 |
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Weighted average stock price | $0.34 | $0.60 | ||||||||||||
| Weighted average expected stock price volatility | 92% | 87% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life of warrants | 5.0 years | 4.8 years | ||||||||||||
| Weighted average risk-free annual interest rate | 4.09% | 3.97% | ||||||||||||
| Weighted average grant date fair value | $0.23 | $0.36 |
| Stock Options | Weighted Average Exercise Price per Stock Options | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in\u00a0Years) | ||||||||||||||||||||
Balance, January\u00a01, 2024 | 27,653,184\u00a0 | $ | 1.40\u00a0 | $ | \u2014\u00a0 | 8.2 | |||||||||||||||||
| Granted | 12,954,490\u00a0 | $ | 0.57\u00a0 | ||||||||||||||||||||
| Exercised | (64,999) | $ | 0.60\u00a0 | $ | \u2014\u00a0 | ||||||||||||||||||
Cancelled/forfeited/expired | (13,773,256) | $ | 1.81\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2024 | 26,769,419\u00a0 | $ | 0.79\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
| Granted | 3,330,000\u00a0 | $ | 0.47\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (3,501,501) | $ | 0.82\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2025 | 26,597,918\u00a0 | $ | 0.75\u00a0 | $ | 2,129\u00a0 | 7.9 | |||||||||||||||||
Exercisable, December\u00a031, 2025 | 19,232,055 | $ | 0.83\u00a0 | $ | 1,248\u00a0 | 7.5 |
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted average stock price | $0.47 | $0.56 | |||||||||
| Weighted average expected stock price volatility | 95.3% | 86.9% | |||||||||
| Expected annual dividend yield | \u2014% | \u2014% | |||||||||
| Weighted average expected life | 5.2 years | 5.0 years | |||||||||
| Weighted average risk-free annual interest rate | 3.81% | 3.56% | |||||||||
| Weighted average grant date fair value | $0.35 | $0.21 |
| Unvested Restricted Stock | Weighted-Average Grant-date Fair Value Price per Restricted Stock | Average Intrinsic Value | Weighted Average Remaining Vesting Term (in Years) | ||||||||||||||||||||
Issued and Outstanding as of January\u00a01, 2024 | 1,861 | $ | 4.05\u00a0 | $ | 1\u00a0 | 0.7 | |||||||||||||||||
| Vested and Released | (1,861) | $ | 4.05\u00a0 | $ | 1\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2024 | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | 0 | |||||||||||||||||
Granted (1) | 3,000,000 | $ | 0.50\u00a0 | ||||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2025 | 3,000,000 | $ | 0.50\u00a0 | $ | 1,500\u00a0 | 0.0 |
| 2026 | $ | 1,192\u00a0 | |||
| 2027 | 442\u00a0 | ||||
| 2028 | 146\u00a0 | ||||
| 2029 | 8\u00a0 | ||||
Thereafter | \u2014\u00a0 | ||||
| $ | 1,788\u00a0 |
| Non-Derivative Warrants | Derivative Warrants | Total Number of Warrants | Weighted - Average Exercise Price Per Warrant | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in Years) | ||||||||||||||||||||||||||||||
Balance, January\u00a01, 2024 | 49,068,636 | 37,862,922 | 86,931,558 | $ | 1.12\u00a0 | $ | \u2014\u00a0 | 3.0 | |||||||||||||||||||||||||||
Granted (1) | 2,500,000\u00a0 | 19,400,000\u00a0 | 21,900,000\u00a0 | $ | 0.99\u00a0 | ||||||||||||||||||||||||||||||
Cancelled/forfeited/expired (2) | (1,050,100) | (35,862,922) | (36,913,022) | $ | 1.21\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2024 | 50,518,536 | 21,400,000 | 71,918,536 | $ | 1.03\u00a0 | $ | \u2014\u00a0 | 3.6 | |||||||||||||||||||||||||||
Granted (3) | 8,710,626\u00a0 | \u2014\u00a0 | 8,710,626\u00a0 | $ | 0.48\u00a0 | ||||||||||||||||||||||||||||||
| Cancelled/forfeited/expired | (1,235,075) | \u2014\u00a0 | (1,235,075) | $ | 2.55\u00a0 | ||||||||||||||||||||||||||||||
Balance, December\u00a031, 2025 | 57,994,087 | 21,400,000 | 79,394,087 | $ | 0.95\u00a0 | $ | 2,019\u00a0 | 2.8 | |||||||||||||||||||||||||||
Exercisable, December\u00a031, 2025 | 56,574,087 | 21,400,000 | 77,974,087 | $ | 0.96\u00a0 | $ | 1,892\u00a0 | 2.8 |
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Weighted average stock price | $0.34 | $0.60 | ||||||||||||
| Weighted average expected stock price volatility | 92% | 87% | ||||||||||||
| Expected annual dividend yield | \u2014% | \u2014% | ||||||||||||
| Weighted average expected life of warrants | 5.0 years | 4.8 years | ||||||||||||
| Weighted average risk-free annual interest rate | 4.09% | 3.97% | ||||||||||||
| Weighted average grant date fair value | $0.23 | $0.36 |
| Stock Options | Weighted Average Exercise Price per Stock Options | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Life (in\u00a0Years) | ||||||||||||||||||||
Balance, January\u00a01, 2024 | 27,653,184\u00a0 | $ | 1.40\u00a0 | $ | \u2014\u00a0 | 8.2 | |||||||||||||||||
| Granted | 12,954,490\u00a0 | $ | 0.57\u00a0 | ||||||||||||||||||||
| Exercised | (64,999) | $ | 0.60\u00a0 | $ | \u2014\u00a0 | ||||||||||||||||||
Cancelled/forfeited/expired | (13,773,256) | $ | 1.81\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2024 | 26,769,419\u00a0 | $ | 0.79\u00a0 | $ | \u2014\u00a0 | 8.5 | |||||||||||||||||
| Granted | 3,330,000\u00a0 | $ | 0.47\u00a0 | ||||||||||||||||||||
Cancelled/forfeited/expired | (3,501,501) | $ | 0.82\u00a0 | ||||||||||||||||||||
Balance, December\u00a031, 2025 | 26,597,918\u00a0 | $ | 0.75\u00a0 | $ | 2,129\u00a0 | 7.9 | |||||||||||||||||
Exercisable, December\u00a031, 2025 | 19,232,055 | $ | 0.83\u00a0 | $ | 1,248\u00a0 | 7.5 |
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Weighted average stock price | $0.47 | $0.56 | |||||||||
| Weighted average expected stock price volatility | 95.3% | 86.9% | |||||||||
| Expected annual dividend yield | \u2014% | \u2014% | |||||||||
| Weighted average expected life | 5.2 years | 5.0 years | |||||||||
| Weighted average risk-free annual interest rate | 3.81% | 3.56% | |||||||||
| Weighted average grant date fair value | $0.35 | $0.21 |
| Unvested Restricted Stock | Weighted-Average Grant-date Fair Value Price per Restricted Stock | Average Intrinsic Value | Weighted Average Remaining Vesting Term (in Years) | ||||||||||||||||||||
Issued and Outstanding as of January\u00a01, 2024 | 1,861 | $ | 4.05\u00a0 | $ | 1\u00a0 | 0.7 | |||||||||||||||||
| Vested and Released | (1,861) | $ | 4.05\u00a0 | $ | 1\u00a0 | ||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2024 | \u2014\u00a0 | $ | \u2014\u00a0 | $ | \u2014\u00a0 | 0 | |||||||||||||||||
Granted (1) | 3,000,000 | $ | 0.50\u00a0 | ||||||||||||||||||||
Issued and Outstanding as of December\u00a031, 2025 | 3,000,000 | $ | 0.50\u00a0 | $ | 1,500\u00a0 | 0.0 |
| 2026 | $ | 1,192\u00a0 | |||
| 2027 | 442\u00a0 | ||||
| 2028 | 146\u00a0 | ||||
| 2029 | 8\u00a0 | ||||
Thereafter | \u2014\u00a0 | ||||
| $ | 1,788\u00a0 |
| \u00a015. NON-CONTROLLING INTEREST |
\u00a016. LOSS PER SHARE |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
Net loss | $ | (68,591) | $ | (48,777) | $ | (65,102) | |||||||||||
| Denominator: | |||||||||||||||||
Weighted-average shares of common stock - basic and diluted | 195,196,597\u00a0 | 195,158,282\u00a0 | 194,770,212\u00a0 | ||||||||||||||
Loss per share - basic and diluted | $ | (0.35) | $ | (0.25) | $ | (0.33) | |||||||||||
| As of December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options | 24,845,499\u00a0 | 27,321,342\u00a0 | 28,783,139\u00a0 | ||||||||||||||
Warrants (derivative liabilities and equity) | 78,582,635\u00a0 | 95,802,822\u00a0 | 85,575,031\u00a0 | ||||||||||||||
| Unvested restricted stock awards | 172,603\u00a0 | 1,347\u00a0 | 368,711\u00a0 | ||||||||||||||
| 103,600,737\u00a0 | 123,125,511\u00a0 | 114,726,881\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
Net loss | $ | (68,591) | $ | (48,777) | $ | (65,102) | |||||||||||
| Denominator: | |||||||||||||||||
Weighted-average shares of common stock - basic and diluted | 195,196,597\u00a0 | 195,158,282\u00a0 | 194,770,212\u00a0 | ||||||||||||||
Loss per share - basic and diluted | $ | (0.35) | $ | (0.25) | $ | (0.33) | |||||||||||
| As of December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options | 24,845,499\u00a0 | 27,321,342\u00a0 | 28,783,139\u00a0 | ||||||||||||||
Warrants (derivative liabilities and equity) | 78,582,635\u00a0 | 95,802,822\u00a0 | 85,575,031\u00a0 | ||||||||||||||
| Unvested restricted stock awards | 172,603\u00a0 | 1,347\u00a0 | 368,711\u00a0 | ||||||||||||||
| 103,600,737\u00a0 | 123,125,511\u00a0 | 114,726,881\u00a0 |
\u00a017. REVENUE, NET |
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Retail cannabis | $ | 235,472\u00a0 | $ | 227,930\u00a0 | $ | 239,351\u00a0 | ||||||||||||||
| Wholesale cannabis | 27,437\u00a0 | 29,595\u00a0 | 30,094\u00a0 | |||||||||||||||||
| Total revenue, net | $ | 262,909\u00a0 | $ | 257,525\u00a0 | $ | 269,445\u00a0 |
Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Retail cannabis | $ | 235,472\u00a0 | $ | 227,930\u00a0 | $ | 239,351\u00a0 | ||||||||||||||
| Wholesale cannabis | 27,437\u00a0 | 29,595\u00a0 | 30,094\u00a0 | |||||||||||||||||
| Total revenue, net | $ | 262,909\u00a0 | $ | 257,525\u00a0 | $ | 269,445\u00a0 |
\u00a018. OPERATING EXPENSES |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Salaries, wages and employee related expenses | $ | 56,778\u00a0 | $ | 56,443\u00a0 | $ | 56,483\u00a0 | |||||||||||
| Depreciation and amortization expense | 17,250\u00a0 | 15,459\u00a0 | 10,656\u00a0 | ||||||||||||||
| Rent and related expenses | 12,560\u00a0 | 11,673\u00a0 | 11,789\u00a0 | ||||||||||||||
| Professional fees and legal expenses | 6,821 | 6,744\u00a0 | 7,732\u00a0 | ||||||||||||||
Software and technology expenses | 4,299\u00a0 | 4,120\u00a0 | 5,270\u00a0 | ||||||||||||||
| Share-based compensation expense | 2,105\u00a0 | 4,222\u00a0 | 8,092\u00a0 | ||||||||||||||
| Goodwill impairment | \u2014\u00a0 | \u2014\u00a0 | 7,329\u00a0 | ||||||||||||||
| Indefinite-lived intangible asset impairment | \u2014\u00a0 | \u2014\u00a0 | 845\u00a0 | ||||||||||||||
| Tangible long-lived asset impairment | \u2014\u00a0 | 432\u00a0 | 400\u00a0 | ||||||||||||||
Gain on asset disposals and lease terminations | (2,675) | (2,400) | (1,627) | ||||||||||||||
Other expenses (1) | 11,988\u00a0 | 10,747\u00a0 | 12,077\u00a0 | ||||||||||||||
| Total operating expenses | $ | 109,126\u00a0 | $ | 107,440\u00a0 | $ | 119,046\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Salaries, wages and employee related expenses | $ | 56,778\u00a0 | $ | 56,443\u00a0 | $ | 56,483\u00a0 | |||||||||||
| Depreciation and amortization expense | 17,250\u00a0 | 15,459\u00a0 | 10,656\u00a0 | ||||||||||||||
| Rent and related expenses | 12,560\u00a0 | 11,673\u00a0 | 11,789\u00a0 | ||||||||||||||
| Professional fees and legal expenses | 6,821 | 6,744\u00a0 | 7,732\u00a0 | ||||||||||||||
Software and technology expenses | 4,299\u00a0 | 4,120\u00a0 | 5,270\u00a0 | ||||||||||||||
| Share-based compensation expense | 2,105\u00a0 | 4,222\u00a0 | 8,092\u00a0 | ||||||||||||||
| Goodwill impairment | \u2014\u00a0 | \u2014\u00a0 | 7,329\u00a0 | ||||||||||||||
| Indefinite-lived intangible asset impairment | \u2014\u00a0 | \u2014\u00a0 | 845\u00a0 | ||||||||||||||
| Tangible long-lived asset impairment | \u2014\u00a0 | 432\u00a0 | 400\u00a0 | ||||||||||||||
Gain on asset disposals and lease terminations | (2,675) | (2,400) | (1,627) | ||||||||||||||
Other expenses (1) | 11,988\u00a0 | 10,747\u00a0 | 12,077\u00a0 | ||||||||||||||
| Total operating expenses | $ | 109,126\u00a0 | $ | 107,440\u00a0 | $ | 119,046\u00a0 |
| \u00a019. OTHER INCOME (EXPENSE), NET |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Employee retention credit claims | $ | 10,617\u00a0 | $ | 77\u00a0 | $ | \u2014\u00a0 | |||||||||||
Deconsolidation of Jushi Europe | \u2014\u00a0 | 1,896\u00a0 | \u2014\u00a0 | ||||||||||||||
Loss on investments and financial assets | \u2014\u00a0 | (200) | (777) | ||||||||||||||
Losses on debt extinguishments | \u2014\u00a0 | (362) | \u2014\u00a0 | ||||||||||||||
Gains (losses) on foreign currency adjustments | (885) | 1,529\u00a0 | (545) | ||||||||||||||
Gains (losses) on legal settlements | 714\u00a0 | 400\u00a0 | (400) | ||||||||||||||
Losses on indemnification assets | (4,308) | (2,098) | (1,292) | ||||||||||||||
| Other gains (losses) | 1,340\u00a0 | 1,898\u00a0 | (87) | ||||||||||||||
Total other income (expense), net | $ | 7,478\u00a0 | $ | 3,140\u00a0 | $ | (3,101) |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Employee retention credit claims | $ | 10,617\u00a0 | $ | 77\u00a0 | $ | \u2014\u00a0 | |||||||||||
Deconsolidation of Jushi Europe | \u2014\u00a0 | 1,896\u00a0 | \u2014\u00a0 | ||||||||||||||
Loss on investments and financial assets | \u2014\u00a0 | (200) | (777) | ||||||||||||||
Losses on debt extinguishments | \u2014\u00a0 | (362) | \u2014\u00a0 | ||||||||||||||
Gains (losses) on foreign currency adjustments | (885) | 1,529\u00a0 | (545) | ||||||||||||||
Gains (losses) on legal settlements | 714\u00a0 | 400\u00a0 | (400) | ||||||||||||||
Losses on indemnification assets | (4,308) | (2,098) | (1,292) | ||||||||||||||
| Other gains (losses) | 1,340\u00a0 | 1,898\u00a0 | (87) | ||||||||||||||
Total other income (expense), net | $ | 7,478\u00a0 | $ | 3,140\u00a0 | $ | (3,101) |
\u00a020. INCOME TAXES |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Current tax expense: | |||||||||||||||||
| \u00a0\u00a0\u00a0Federal | $ | 31,362\u00a0 | $ | 32,454\u00a0 | $ | 27,303\u00a0 | |||||||||||
| \u00a0\u00a0\u00a0State | 3,058\u00a0 | 3,294\u00a0 | 3,608\u00a0 | ||||||||||||||
| 34,420\u00a0 | 35,748\u00a0 | 30,911\u00a0 | |||||||||||||||
| Deferred tax benefit: | |||||||||||||||||
| \u00a0\u00a0\u00a0Federal | 503\u00a0 | (1,873) | 2,281\u00a0 | ||||||||||||||
| \u00a0\u00a0\u00a0State | (131) | (2,634) | (1,386) | ||||||||||||||
| \u00a0\u00a0\u00a0Foreign | (6,426) | (3,241) | (5,554) | ||||||||||||||
| (6,054) | (7,748) | (4,659) | |||||||||||||||
| Change in valuation allowance | 6,622\u00a0 | 3,630\u00a0 | 5,554\u00a0 | ||||||||||||||
| Total income tax expense | $ | 34,988\u00a0 | $ | 31,630\u00a0 | $ | 31,806\u00a0 |
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (33,603) | $ | (17,147) | $ | (33,296) | |||||||||||||||||||||||||||||
| U.S. federal statutory tax rate | (7,057) | 21.0\u00a0 | % | (3,601) | 21.0\u00a0 | % | (6,992) | 21.0\u00a0 | % | ||||||||||||||||||||||||||
State and local income taxes, net of federal income tax effect (1) | 1,161\u00a0 | (3.5) | % | (711) | 4.1\u00a0 | % | (600) | 1.8\u00a0 | % | ||||||||||||||||||||||||||
| Foreign tax effects | |||||||||||||||||||||||||||||||||||
| Canada | |||||||||||||||||||||||||||||||||||
| Statutory tax rate difference between Canada and U.S. | (9,349) | 27.8\u00a0 | % | (5,088) | 29.7\u00a0 | % | (4,576) | 13.7\u00a0 | % | ||||||||||||||||||||||||||
| Changes in valuation allowances | 6,426\u00a0 | (19.1) | % | 4,560\u00a0 | (26.6) | % | 5,554\u00a0 | (16.7) | % | ||||||||||||||||||||||||||
| Deemed interest income | 869\u00a0 | (2.6) | % | 1,641\u00a0 | (9.6) | % | 842\u00a0 | (2.5) | % | ||||||||||||||||||||||||||
| Gain on fair value derivative | 1,374\u00a0 | (4.1) | % | (1,694) | 9.9\u00a0 | % | (2,550) | 7.7\u00a0 | % | ||||||||||||||||||||||||||
| Other | 680\u00a0 | (2.0) | % | 581\u00a0 | (3.4) | % | 730\u00a0 | (2.2) | % | ||||||||||||||||||||||||||
| Switzerland | |||||||||||||||||||||||||||||||||||
| Changes in valuation allowances | \u2014\u00a0 | 0.0\u00a0 | % | (1,050) | 6.1\u00a0 | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Write-off foreign NOL | \u2014\u00a0 | 0.0\u00a0 | % | 1,050\u00a0 | (6.1) | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Other | \u2014\u00a0 | 0.0\u00a0 | % | (930) | 5.4\u00a0 | % | 114\u00a0 | (0.3) | % | ||||||||||||||||||||||||||
| Other foreign jurisdictions | \u2014\u00a0 | 0.0\u00a0 | % | 509\u00a0 | (3.0) | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Nontaxable or nondeductible items | |||||||||||||||||||||||||||||||||||
| Gain on fair value of derivative | 1,068\u00a0 | (3.2) | % | (1,318) | 7.7\u00a0 | % | (2,014) | 6.0\u00a0 | % | ||||||||||||||||||||||||||
| IRC Section 280E disallowed expenses | \u2014\u00a0 | 0.0\u00a0 | % | \u2014\u00a0 | 0.0\u00a0 | % | 10,862\u00a0 | (32.6) | % | ||||||||||||||||||||||||||
| Other | (82) | 0.2\u00a0 | % | 929\u00a0 | (5.4) | % | 2,608\u00a0 | (7.8) | % | ||||||||||||||||||||||||||
| Changes in unrecognized tax benefits | 39,495\u00a0 | (117.5) | % | 35,452\u00a0 | (206.8) | % | 24,888\u00a0 | (74.7) | % | ||||||||||||||||||||||||||
| Return to provision | 403\u00a0 | (1.2) | % | 1,300\u00a0 | (7.6) | % | 2,940\u00a0 | (8.8) | % | ||||||||||||||||||||||||||
| Total income tax expense | $ | 34,988\u00a0 | (104.1) | % | $ | 31,630\u00a0 | (184.5) | % | $ | 31,806\u00a0 | (95.5) | % |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| U.S. federal | $ | 1,679\u00a0 | $ | (173) | $ | 60\u00a0 | |||||||||||
| U.S. state and local | |||||||||||||||||
Philadelphia | \u2014\u00a0 | (720) | 87\u00a0 | ||||||||||||||
| Pennsylvania | 243\u00a0 | (1,874) | 912\u00a0 | ||||||||||||||
| Florida | (26) | (426) | 80\u00a0 | ||||||||||||||
| Virginia | 831\u00a0 | 425\u00a0 | 360\u00a0 | ||||||||||||||
| Illinois | (397) | (1,696) | 1,276\u00a0 | ||||||||||||||
Other state and local | 123\u00a0 | 75\u00a0 | 5\u00a0 | ||||||||||||||
| Total income taxes paid/(received), net | $ | 2,453\u00a0 | $ | (4,389) | $ | 2,780\u00a0 |
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Deferred tax assets: | |||||||||||
| \u00a0\u00a0\u00a0Lease liability | $ | 19,207\u00a0 | $ | 19,300\u00a0 | |||||||
| \u00a0\u00a0\u00a0Net operating losses | 20,717\u00a0 | 20,329\u00a0 | |||||||||
Interest carryforward | 13,242\u00a0 | 7,726\u00a0 | |||||||||
| Property and equipment | 1,245\u00a0 | 2,260\u00a0 | |||||||||
| Other deferred tax assets | 3,597\u00a0 | 2,998\u00a0 | |||||||||
| Valuation allowance | (33,202) | (26,580) | |||||||||
| $ | 24,806\u00a0 | $ | 26,033\u00a0 | ||||||||
| Deferred tax liabilities: | |||||||||||
| Right-of-use assets | $ | (17,218) | $ | (17,528) | |||||||
| Intangible assets | (4,491) | (4,705) | |||||||||
| Other deferred tax liabilities | (243) | (378) | |||||||||
| $ | (21,952) | $ | (22,611) | ||||||||
Net deferred tax asset (liabilities) (1) | $ | 2,854\u00a0 | $ | 3,422\u00a0 |
Balance at January\u00a01, 2024 | $ | 104,625\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,692) | ||||
| Additions based on tax positions related to the current year | 25,041\u00a0 | ||||
Additions based on tax positions related to the prior year | 11,631\u00a0 | ||||
Balance at December\u00a031, 2024 | $ | 139,605\u00a0 | |||
| Reductions based on lapse of statute of limitations | (4,350) | ||||
| Additions based on tax positions related to the current year | 30,300\u00a0 | ||||
Additions based on tax positions related to the prior year | 1,869\u00a0 | ||||
| Balance at December 31, 2025 | $ | 167,424\u00a0 |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Current tax expense: | |||||||||||||||||
| \u00a0\u00a0\u00a0Federal | $ | 31,362\u00a0 | $ | 32,454\u00a0 | $ | 27,303\u00a0 | |||||||||||
| \u00a0\u00a0\u00a0State | 3,058\u00a0 | 3,294\u00a0 | 3,608\u00a0 | ||||||||||||||
| 34,420\u00a0 | 35,748\u00a0 | 30,911\u00a0 | |||||||||||||||
| Deferred tax benefit: | |||||||||||||||||
| \u00a0\u00a0\u00a0Federal | 503\u00a0 | (1,873) | 2,281\u00a0 | ||||||||||||||
| \u00a0\u00a0\u00a0State | (131) | (2,634) | (1,386) | ||||||||||||||
| \u00a0\u00a0\u00a0Foreign | (6,426) | (3,241) | (5,554) | ||||||||||||||
| (6,054) | (7,748) | (4,659) | |||||||||||||||
| Change in valuation allowance | 6,622\u00a0 | 3,630\u00a0 | 5,554\u00a0 | ||||||||||||||
| Total income tax expense | $ | 34,988\u00a0 | $ | 31,630\u00a0 | $ | 31,806\u00a0 |
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
Loss before income taxes | $ | (33,603) | $ | (17,147) | $ | (33,296) | |||||||||||||||||||||||||||||
| U.S. federal statutory tax rate | (7,057) | 21.0\u00a0 | % | (3,601) | 21.0\u00a0 | % | (6,992) | 21.0\u00a0 | % | ||||||||||||||||||||||||||
State and local income taxes, net of federal income tax effect (1) | 1,161\u00a0 | (3.5) | % | (711) | 4.1\u00a0 | % | (600) | 1.8\u00a0 | % | ||||||||||||||||||||||||||
| Foreign tax effects | |||||||||||||||||||||||||||||||||||
| Canada | |||||||||||||||||||||||||||||||||||
| Statutory tax rate difference between Canada and U.S. | (9,349) | 27.8\u00a0 | % | (5,088) | 29.7\u00a0 | % | (4,576) | 13.7\u00a0 | % | ||||||||||||||||||||||||||
| Changes in valuation allowances | 6,426\u00a0 | (19.1) | % | 4,560\u00a0 | (26.6) | % | 5,554\u00a0 | (16.7) | % | ||||||||||||||||||||||||||
| Deemed interest income | 869\u00a0 | (2.6) | % | 1,641\u00a0 | (9.6) | % | 842\u00a0 | (2.5) | % | ||||||||||||||||||||||||||
| Gain on fair value derivative | 1,374\u00a0 | (4.1) | % | (1,694) | 9.9\u00a0 | % | (2,550) | 7.7\u00a0 | % | ||||||||||||||||||||||||||
| Other | 680\u00a0 | (2.0) | % | 581\u00a0 | (3.4) | % | 730\u00a0 | (2.2) | % | ||||||||||||||||||||||||||
| Switzerland | |||||||||||||||||||||||||||||||||||
| Changes in valuation allowances | \u2014\u00a0 | 0.0\u00a0 | % | (1,050) | 6.1\u00a0 | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Write-off foreign NOL | \u2014\u00a0 | 0.0\u00a0 | % | 1,050\u00a0 | (6.1) | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Other | \u2014\u00a0 | 0.0\u00a0 | % | (930) | 5.4\u00a0 | % | 114\u00a0 | (0.3) | % | ||||||||||||||||||||||||||
| Other foreign jurisdictions | \u2014\u00a0 | 0.0\u00a0 | % | 509\u00a0 | (3.0) | % | \u2014\u00a0 | 0.0\u00a0 | % | ||||||||||||||||||||||||||
| Nontaxable or nondeductible items | |||||||||||||||||||||||||||||||||||
| Gain on fair value of derivative | 1,068\u00a0 | (3.2) | % | (1,318) | 7.7\u00a0 | % | (2,014) | 6.0\u00a0 | % | ||||||||||||||||||||||||||
| IRC Section 280E disallowed expenses | \u2014\u00a0 | 0.0\u00a0 | % | \u2014\u00a0 | 0.0\u00a0 | % | 10,862\u00a0 | (32.6) | % | ||||||||||||||||||||||||||
| Other | (82) | 0.2\u00a0 | % | 929\u00a0 | (5.4) | % | 2,608\u00a0 | (7.8) | % | ||||||||||||||||||||||||||
| Changes in unrecognized tax benefits | 39,495\u00a0 | (117.5) | % | 35,452\u00a0 | (206.8) | % | 24,888\u00a0 | (74.7) | % | ||||||||||||||||||||||||||
| Return to provision | 403\u00a0 | (1.2) | % | 1,300\u00a0 | (7.6) | % | 2,940\u00a0 | (8.8) | % | ||||||||||||||||||||||||||
| Total income tax expense | $ | 34,988\u00a0 | (104.1) | % | $ | 31,630\u00a0 | (184.5) | % | $ | 31,806\u00a0 | (95.5) | % |
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| U.S. federal | $ | 1,679\u00a0 | $ | (173) | $ | 60\u00a0 | |||||||||||
| U.S. state and local | |||||||||||||||||
Philadelphia | \u2014\u00a0 | (720) | 87\u00a0 | ||||||||||||||
| Pennsylvania | 243\u00a0 | (1,874) | 912\u00a0 | ||||||||||||||
| Florida | (26) | (426) | 80\u00a0 | ||||||||||||||
| Virginia | 831\u00a0 | 425\u00a0 | 360\u00a0 | ||||||||||||||
| Illinois | (397) | (1,696) | 1,276\u00a0 | ||||||||||||||
Other state and local | 123\u00a0 | 75\u00a0 | 5\u00a0 | ||||||||||||||
| Total income taxes paid/(received), net | $ | 2,453\u00a0 | $ | (4,389) | $ | 2,780\u00a0 |
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Deferred tax assets: | |||||||||||
| \u00a0\u00a0\u00a0Lease liability | $ | 19,207\u00a0 | $ | 19,300\u00a0 | |||||||
| \u00a0\u00a0\u00a0Net operating losses | 20,717\u00a0 | 20,329\u00a0 | |||||||||
Interest carryforward | 13,242\u00a0 | 7,726\u00a0 | |||||||||
| Property and equipment | 1,245\u00a0 | 2,260\u00a0 | |||||||||
| Other deferred tax assets | 3,597\u00a0 | 2,998\u00a0 | |||||||||
| Valuation allowance | (33,202) | (26,580) | |||||||||
| $ | 24,806\u00a0 | $ | 26,033\u00a0 | ||||||||
| Deferred tax liabilities: | |||||||||||
| Right-of-use assets | $ | (17,218) | $ | (17,528) | |||||||
| Intangible assets | (4,491) | (4,705) | |||||||||
| Other deferred tax liabilities | (243) | (378) | |||||||||
| $ | (21,952) | $ | (22,611) | ||||||||
Net deferred tax asset (liabilities) (1) | $ | 2,854\u00a0 | $ | 3,422\u00a0 |
Balance at January\u00a01, 2024 | $ | 104,625\u00a0 | |||
| Reductions based on lapse of statute of limitations | (1,692) | ||||
| Additions based on tax positions related to the current year | 25,041\u00a0 | ||||
Additions based on tax positions related to the prior year | 11,631\u00a0 | ||||
Balance at December\u00a031, 2024 | $ | 139,605\u00a0 | |||
| Reductions based on lapse of statute of limitations | (4,350) | ||||
| Additions based on tax positions related to the current year | 30,300\u00a0 | ||||
Additions based on tax positions related to the prior year | 1,869\u00a0 | ||||
| Balance at December 31, 2025 | $ | 167,424\u00a0 |
\u00a021. RELATED PARTY TRANSACTIONS |
| Year Ended December 31, | As of December 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Nature of transaction | Related Party Income (Expense) | Related Party Receivable (Payable) | ||||||||||||||||||||||||||||||
Second Lien Notes - interest expense and principal amount (1) | $ | (2,990) | $ | (2,360) | $ | (2,223) | $ | (25,909) | $ | (20,096) | ||||||||||||||||||||||
2024 Term Loan - interest expense and principal amount (2) | $ | (1,927) | $ | (822) | $ | \u2014\u00a0 | $ | (15,200) | $ | (16,000) | ||||||||||||||||||||||
| Year Ended December 31, | As of December 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Nature of transaction | Related Party Income (Expense) | Related Party Receivable (Payable) | ||||||||||||||||||||||||||||||
Second Lien Notes - interest expense and principal amount (1) | $ | (2,990) | $ | (2,360) | $ | (2,223) | $ | (25,909) | $ | (20,096) | ||||||||||||||||||||||
2024 Term Loan - interest expense and principal amount (2) | $ | (1,927) | $ | (822) | $ | \u2014\u00a0 | $ | (15,200) | $ | (16,000) | ||||||||||||||||||||||
\u00a022. COMMITMENTS AND CONTINGENCIES |
\u00a023. FINANCIAL INSTRUMENTS |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Financial liabilities: (1) | |||||||||||
| $ | 8,607\u00a0 | $ | 3,128\u00a0 | ||||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Total financial liabilities | $ | 8,607\u00a0 | $ | 9,040\u00a0 |
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Financial liabilities: (1) | |||||||||||
| $ | 8,607\u00a0 | $ | 3,128\u00a0 | ||||||||
Contingent consideration liabilities (3) | \u2014\u00a0 | 5,912\u00a0 | |||||||||
| Total financial liabilities | $ | 8,607\u00a0 | $ | 9,040\u00a0 |
| \u00a024. BUSINESS CONCENTRATION |
\u00a025. SUBSEQUENT EVENTS |