0001628280-26-055698 | 10-Q | XBRL Viewer

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Instruments Measured on a Recurring Basis

The fair value measurements of financial instruments that are measured at fair value on a recurring basis consisted of the following (in thousands):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivative asset	$	—	$	3,740	$	—	$	3,740	$	—	$	—	$	—	$	—
Liabilities
Derivative liability	$	—	$	44	$	—	$	44	$	—	$	—	$	—	$	—
2021 Notes	—		—		—		—		—		—		660,324		660,324
Total liabilities	$	—	$	44	$	—	$	44	$	—	$	—	$	660,324	$	660,324

Summary of Net Changes in Fair Value

A summary of the net changes in the fair value of the 2021 Notes was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance, beginning of period	$	682,934	$	568,121	$	660,324	$	544,106
Fair value loss recognized in other expense, net	240		30,754		25,239		57,554
Fair value gain recognized in other comprehensive loss	—		(12,940)		(2,389)		(15,725)
Reclassification to equity	(683,174)		—		(683,174)		—
Balance, end of period	$	—	$	585,935	$	—	$	585,935

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 234,093	$ (35,459)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	60,357	56,854
Stock-based compensation	40,721	6,121
Amortization of debt discount and debt issuance costs	878	873
Non-cash interest expense on convertible notes	3,416	3,400
Unrealized foreign currency (gains) losses, net	(1,474)	(26,823)
Deferred income taxes	(294,878)	(1,335)
Cumulative loss of instrument-specific credit risk related to settlement of the 2021 Notes	19,868	0
Loss on vehicle asset disposals	542	415
Loss on change in fair value of the 2021 Notes	25,239	57,554
Other, net	1,011	1,815
Changes in operating assets and liabilities:
Accounts receivable, net	(18,292)	(12,339)
Prepaid expenses and other assets	(47,306)	2,384
Accounts payable	985	(1,031)
Accrued and other liabilities	24,131	14,223
Net cash provided by operating activities	49,291	66,652
Cash flows from investing activities
Purchases of vehicle assets	(122,562)	(80,180)
Tariff refund for vehicle assets	535	0
Purchases of non-vehicle assets	(10,589)	(6,355)
Net cash used in investing activities	(132,616)	(86,535)
Cash flows from financing activities
Proceeds from exercises of stock options and other common stock issuances	3,989	2,741
Settlement of promissory notes issued in exchange for the early exercise of stock options	9,100	0
Deferred offering costs paid	(5,585)	0
Net cash provided by financing activities	7,895	2,796
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(678)	11,050
Net decrease in cash and cash equivalents, and restricted cash	(76,108)	(6,037)
Cash and cash equivalents, and restricted cash, beginning of period	415,301	300,332
Cash and cash equivalents, and restricted cash, end of period	339,193	294,295
Reconciliation of cash, cash equivalents, and restricted cash to the unaudited condensed consolidated balance sheets
Cash and cash equivalents	278,065	251,421
Restricted cash	61,128	42,874
Total cash, cash equivalents, and restricted cash	339,193	294,295
Supplemental disclosures of cash flow information
Income taxes, net of refunds	2,417	4,349
Interest	5,703	5,703
Non-cash investing and financing activities:
Property and equipment financed by accounts payable and accrued expenses	16,206	10,526
Deferred offering costs not yet paid	3,058	0
Consideration for promissory note settlement in the form of common stock	890	0
Conversion of 2020 Notes to common stock
Non-cash investing and financing activities:
Conversion of Notes to common stock	211,423	0
Conversion of 2021 Notes to common stock
Non-cash investing and financing activities:
Conversion of Notes to common stock	683,174	0
Preferred Stock Warrants
Cash flows from financing activities
Proceeds from exercises of stock warrants	0	55
Common Stock Warrants
Cash flows from financing activities
Proceeds from exercises of stock warrants	$ 391	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Conversion of 2020 Notes to common stock	Conversion of 2021 Notes to common stock	Convertible Preferred Stock	Series 1-C Convertible Preferred Stock Warrants	Common Stock	Common Stock Conversion of 2020 Notes to common stock	Common Stock Conversion of 2021 Notes to common stock	Additional Paid-In Capital	Additional Paid-In Capital Conversion of 2020 Notes to common stock	Additional Paid-In Capital Conversion of 2021 Notes to common stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024				6,096,910
Beginning balance at Dec. 31, 2024				$ 99,652	$ 14,320
Ending balance (in shares) at Mar. 31, 2025				6,096,910
Ending balance at Mar. 31, 2025				$ 99,652	14,320
Beginning balance (in shares) at Dec. 31, 2024						10,145,962
Beginning balance at Dec. 31, 2024	$ (493,091)					$ 1			$ 215,139			$ (22,364)	$ (685,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(55,964)												(55,964)
Issuance of common stock for options exercised (in shares)						218,340
Issuance of common stock for options exercised	1,912								1,912
Stock-based compensation	3,493								3,493
Other comprehensive income	2,109											2,109
Ending balance (in shares) at Mar. 31, 2025						10,364,302
Ending balance at Mar. 31, 2025	(541,541)					$ 1			220,544			(20,255)	(741,831)
Beginning balance (in shares) at Dec. 31, 2024				6,096,910
Beginning balance at Dec. 31, 2024				$ 99,652	14,320
Ending balance (in shares) at Jun. 30, 2025				6,916,489
Ending balance at Jun. 30, 2025				$ 114,027	0
Beginning balance (in shares) at Dec. 31, 2024						10,145,962
Beginning balance at Dec. 31, 2024	(493,091)					$ 1			215,139			(22,364)	(685,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(35,459)
Other comprehensive income	17,623
Ending balance (in shares) at Jun. 30, 2025						10,465,908
Ending balance at Jun. 30, 2025	(501,440)					$ 1			224,626			(4,741)	(721,326)
Beginning balance (in shares) at Mar. 31, 2025				6,096,910
Beginning balance at Mar. 31, 2025				$ 99,652	14,320
Convertible Preferred Stock
Issuance of preferred stock for warrant exercised (in shares)				819,579
Issuance of preferred stock for warrants exercised				$ 14,375	(14,320)
Ending balance (in shares) at Jun. 30, 2025				6,916,489
Ending balance at Jun. 30, 2025				$ 114,027	$ 0
Beginning balance (in shares) at Mar. 31, 2025						10,364,302
Beginning balance at Mar. 31, 2025	(541,541)					$ 1			220,544			(20,255)	(741,831)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	20,505												20,505
Issuance of common stock for options exercised (in shares)						101,606
Issuance of common stock for options exercised	829								829
Stock-based compensation	3,253								3,253
Other comprehensive income	15,514											15,514
Ending balance (in shares) at Jun. 30, 2025						10,465,908
Ending balance at Jun. 30, 2025	$ (501,440)					$ 1			224,626			(4,741)	(721,326)
Beginning balance (in shares) at Dec. 31, 2025	6,916,489
Beginning balance at Dec. 31, 2025	$ 114,027
Ending balance (in shares) at Mar. 31, 2026	6,916,489
Ending balance at Mar. 31, 2026	$ 114,027
Beginning balance (in shares) at Dec. 31, 2025	10,847,267					10,847,267
Beginning balance at Dec. 31, 2025	$ (521,380)					$ 1			233,705			(9,910)	(745,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(61,286)												(61,286)
Issuance of common stock for options exercised (in shares)						210,729
Issuance of common stock for options exercised	3,061								3,061
Issuance of common stock for exercise or conversion (in shares)						31,008
Issuance of common stock for exercise or conversion	208								208
Issuance of common stock for settlement of RSUs, net of shares withheld for taxes (in shares)						11,362
Issuance of common stock for settlement of RSUs, net of shares withheld for taxes	(161)								(161)
Settlement of promissory notes issued in exchange for the early exercise of stock options (in shares)						(410,593)
Settlement of promissory notes issued in exchange for the early exercise of stock options (see Note 1)	9,072								9,072
Stock-based compensation	2,784								2,784
Other comprehensive income	1,989											1,989
Ending balance (in shares) at Mar. 31, 2026						10,689,773
Ending balance at Mar. 31, 2026	$ (565,713)					$ 1			248,669			(7,921)	(806,462)
Beginning balance (in shares) at Dec. 31, 2025	6,916,489
Beginning balance at Dec. 31, 2025	$ 114,027
Ending balance (in shares) at Jun. 30, 2026	6,916,489
Ending balance at Jun. 30, 2026	$ 114,027
Beginning balance (in shares) at Dec. 31, 2025	10,847,267					10,847,267
Beginning balance at Dec. 31, 2025	$ (521,380)					$ 1			233,705			(9,910)	(745,176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 234,093
Issuance of common stock for options exercised (in shares)	338,258
Other comprehensive income	$ 20,435
Ending balance (in shares) at Jun. 30, 2026	50,819,969					50,819,969
Ending balance at Jun. 30, 2026	$ 682,177					$ 5			1,182,730			10,525	(511,083)
Beginning balance (in shares) at Mar. 31, 2026	6,916,489
Beginning balance at Mar. 31, 2026	$ 114,027
Ending balance (in shares) at Jun. 30, 2026	6,916,489
Ending balance at Jun. 30, 2026	$ 114,027
Beginning balance (in shares) at Mar. 31, 2026						10,689,773
Beginning balance at Mar. 31, 2026	(565,713)					$ 1			248,669			(7,921)	(806,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	295,379												295,379
Issuance of common stock for options exercised (in shares)						127,529
Issuance of common stock for options exercised	928								928
Issuance of common stock for exercise or conversion (in shares)						27,131	12,648,586	27,326,950
Issuance of common stock for exercise or conversion	183	$ 211,423	$ 683,174				$ 1	$ 3	183	$ 211,422	$ 683,171
Stock-based compensation	38,357								38,357
Other comprehensive income	$ 18,446											18,446
Ending balance (in shares) at Jun. 30, 2026	50,819,969					50,819,969
Ending balance at Jun. 30, 2026	$ 682,177					$ 5			$ 1,182,730			$ 10,525	$ (511,083)

WARRANTS - Narrative (Details) - 2020 Investor Notes $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) shares
Class of Warrant or Right [Line Items]
Issuance of common stock for exercise or conversion (in shares) \| shares	58,139
Aggregate exercise price \| $	$ 0.4

- Definition

Number of shares issued during the period as a result of the conversion of convertible securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Spare parts, net	$ 52,516	$ 20,870
Prepaid expenses	27,410	27,292
Value-added taxes receivable	12,378	8,953
Other current assets	21,586	12,060
Total	$ 113,890	$ 69,175

ACCRUED LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued operations related expenses	$	44,778	$	29,546
Accrued purchases	25,289		9,625
Accrued insurance	16,121		9,631
Short-term claims reserve	14,264		14,212
Accrued legal settlements	1,430		4,590
Accrued escheatment	753		12,350
Other	4,235		2,107
Total accrued liabilities	$	106,870	$	82,061

WARRANTS (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Warrants Outstanding

As of June 30, 2026 and December 31, 2025, the following warrants were outstanding:


Issued in connection with	Warrant Shares	Exercise Price Per Share		Number of Warrant Shares Outstanding as of 6/30/2026	Number of Warrant Shares Outstanding as of 12/31/2025	Expiration date
Common Stock Warrants:
Atel Loan Agreement	20,805	$	14.18	20,805	20,805	January 2028
SVB Loan Agreement	3,008	14.18		3,008	3,008	January 2028
BMO Credit Agreement	7,618	78.76		7,618	7,618	March 2030
2020 Investor Notes	289,737	6.72		203,496	261,635	May - June 2027
Preferred Stock Warrants:
TriplePoint Loan Agreement (Series B)	11,674	44.97		11,674	11,674	March 2028

ACCRUED LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued operations related expenses	$	44,778	$	29,546
Accrued purchases	25,289		9,625
Accrued insurance	16,121		9,631
Short-term claims reserve	14,264		14,212
Accrued legal settlements	1,430		4,590
Accrued escheatment	753		12,350
Other	4,235		2,107
Total accrued liabilities	$	106,870	$	82,061

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Option Activity

Stock option activity was as follows:


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	6,735,077	$	9.36	6.9	$	140,335
Exercised	(338,258)	$	9.83
Forfeited	(178,772)	$	10.80
Outstanding as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373
Vested and exercisable as of June 30, 2026	5,172,833	$	8.82	5.7	$	83,876
Vested and expected to vest as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373

Schedule of RSU Activity

The following table summarizes the activity related to RSUs for the six months ended June 30, 2026:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested and Outstanding as of December 31, 2025	1,762,366	$	19.18
Granted	1,459,200	39.68
Vested and not settled	(662,039)	21.21
Settled	(16,289)	13.90
Forfeited	(192,806)	23.25
Unvested and Outstanding as of June 30, 2026	2,350,432	31.04

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	85	$	9	$	90	$	18
Selling, general and administrative	19,032		1,457		20,738		3,045
Operations and support	3,134		342		3,328		714
Research and development	15,828		1,161		16,565		2,344
Total stock-based compensation expense	$	38,079	$	2,969	$	40,721	$	6,121

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 02, 2026 USD ($) $ / shares shares	Jun. 18, 2026	May 12, 2026	Mar. 31, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares	Jun. 30, 2026 USD ($) vendor shares	Jun. 30, 2025 USD ($) vendor	Jun. 30, 2026 USD ($) vendor pricing_model shares	Jun. 30, 2025 USD ($) vendor	Dec. 31, 2025 USD ($) shares	Dec. 31, 2020 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split (in shares)		0.5	0.0029762
Cash and cash equivalents						$ 278,065	$ 251,421	$ 278,065	$ 251,421	$ 339,825
Offering expenses								$ 5,585	$ 0
Cash payments received				$ 19,900
Issuance of common stock for options exercised (in shares) \| shares								338,258
Principal amount						7,100		$ 7,100		34,500
Stock repurchased (in shares) \| shares				387,327
Interest receivable						$ 400		$ 400		$ 2,600
Shares issued and pledged for repayment of notes (in shares) \| shares						130,012		130,012		850,156
Number of significant vendors \| vendor						1	0	1	0
Number of pricing models \| pricing_model								2
Deferred offering costs						$ 13,500		$ 13,500		$ 7,700
Certain executives and key employees
Subsidiary, Sale of Stock [Line Items]
Promissory notes											$ 38,600
RSUs
Subsidiary, Sale of Stock [Line Items]
Modified stock-based compensation expense				$ 600				$ 35,800
Minimum
Subsidiary, Sale of Stock [Line Items]
Original stated interest rate											0.41%
Maximum
Subsidiary, Sale of Stock [Line Items]
Original stated interest rate											0.45%
Maturity date											10 years
Conversion of 2020 Notes to common stock
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock for exercise or conversion (in shares) \| shares						12,648,586
Conversion of 2021 Notes to common stock
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock for exercise or conversion (in shares) \| shares						27,326,950
Early Exercise Of Promissory Notes \| Certain executives and key employees
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock for exercise or conversion (in shares) \| shares											932,001
Accounts receivable \| Customer \| Third-party PSP
Subsidiary, Sale of Stock [Line Items]
Concentration percent								71.70%		83.90%
Accounts receivable \| Customer \| Uber
Subsidiary, Sale of Stock [Line Items]
Concentration percent								5.30%		6.70%
Revenue \| Customer \| Uber
Subsidiary, Sale of Stock [Line Items]
Concentration percent						13.00%	14.90%	13.40%	14.80%
Certain promissory note holders
Subsidiary, Sale of Stock [Line Items]
Cash payments received					$ 9,100
Issuance of common stock for options exercised (in shares) \| shares					166,125
A promissory note holder
Subsidiary, Sale of Stock [Line Items]
Cash payments received				$ 900
Issuance of common stock for options exercised (in shares) \| shares				166,686
Stock repurchased (in shares) \| shares				23,266
IPO \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares	6,679,791
Sale of stock price per share (in dollars per shares) \| $ / shares	$ 25.00
Net proceeds	$ 141,700
Underwriting discounts and commissions	11,700
Offering expenses	$ 13,600
IPO \| Selling Stockholders \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares	276,731

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit The Company maintains various stand-by letters of credit and guarantees from third-party financial institutions in the ordinary course of business to guarantee performance obligations related to certain vehicle and battery manufacturing, real estate leases, insurance policies, and other contractual arrangements. The letters of credit are collateralized by restricted cash. As of June 30, 2026 and December 31, 2025, the Company had outstanding balances of $61.1 million and $75.5 million, respectively. Indemnification The Company has entered into indemnification provisions under agreements with other parties in the ordinary course of business, including governmental entities and other business partners. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party arising from actual or threatened third-party claims related to the Company’s activities. It is not possible to determine the potential loss resulting from the contractual indemnification obligations because of the distinctive facts involved in any potential action arising from each indemnification provision. As of June 30, 2026, some contractual indemnification obligations were accrued with personal injury matters. See the “Personal Injury Matters” section below for more information. The Company’s Bylaws provide that it will indemnify directors and officers against certain costs and liabilities that may arise by reason of their status or service to the Company. In addition, the Company has entered into indemnification agreements with its directors and officers to provide its directors and officers with additional indemnification and related rights. Legal Proceedings The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, regulatory inquiries, and governmental investigations in the ordinary course of business, which may include litigation by riders and third parties (individually or as class actions) alleging, but not limited to, various wage and expense claims, violations of state or federal laws, product liability and personal injury claims. The Company has determined that, except as disclosed below, no disclosure of estimated loss is required for these matters because: (1) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such matters (2) a reasonably possible loss or range of loss cannot be estimated, or (3) such estimate is immaterial. Due to the inherent nature of litigation, the outcomes of the Company’s current and potential future legal proceedings are not possible to predict with any certainty. For certain matters for which a material loss is probable and reasonably estimable, an estimate of the amount of loss is recorded in the unaudited condensed consolidated financial statements. Until there is finality to the resolution of the legal matters, the exposure to a loss individually, or in the aggregate, may differ from the amount recorded. Legal fees are expensed as incurred. Personal Injury Matters The Company is currently named as a defendant in a number of matters related to accidents or other incidents involving the use of its vehicles brought by riders and third parties. The Company disputes the allegations and continues to defend itself vigorously against such claims. The Company does not believe that these existing or threatened claims are individually likely to have a material impact on its business, financial condition or results of operations. Notwithstanding such, litigation and claims are inherently unpredictable, and legal proceedings arising from such incidents, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. Additionally, despite the outcome, litigation may have an adverse impact to the Company because of defense and settlement costs individually and in the aggregate, including the diversion of management resources to defend such claims, and other factors. As of June 30, 2026 and December 31, 2025, the Company had claims reserves of $60.7 million and $52.4 million, respectively, to cover the estimated costs for personal injury claims incurred but not paid and personal injury claims that have been incurred but not yet reported, as well as certain contractual indemnification obligations as described in the “Indemnification” section above. Additionally, as of June 30, 2026 and December 31, 2025, the Company had a reserve of $1.4 million and $4.6 million, respectively, to cover settled but unpaid claims. Non-Income Tax Matters The Company is under audit by various domestic and foreign tax authorities with regard to non-income tax matters. The Company accrues non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from the Company’s expectations.

STOCK-BASED COMPENSATION - Schedule of RSU Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	1,762,366
Granted (in shares) \| shares	1,459,200
Vested (in shares) \| shares	(662,039)
Settled (in shares) \| shares	(16,289)
Forfeited (in shares) \| shares	(192,806)
Outstanding at end of period (in shares) \| shares	2,350,432
Weighted-Average Grant-Date Fair Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 19.18
Granted (in dollars per share) \| $ / shares	39.68
Vested (in dollars per share) \| $ / shares	21.21
Settled (in dollars per share) \| $ / shares	13.90
Forfeited (in dollars per share) \| $ / shares	23.25
Outstanding at end of period (in dollars per share) \| $ / shares	$ 31.04

OTHER EXPENSE, NET (Tables)

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net

The components of other expense, net were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Loss on change in fair value of the 2021 Notes	$	(240)	$	(30,754)	$	(25,239)	$	(57,554)
Cumulative loss of instrument-specific credit risk related to settlement of the 2021 Notes	(19,868)		—		(19,868)		—
Foreign currency exchange gains, net	5,120		16,418		1,877		23,989
Interest income	2,552		1,788		5,443		3,925
Other gains, net	533		18		645		28
Total other expense, net	$	(11,903)	$	(12,530)	$	(37,142)	$	(29,612)

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Consolidation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of these unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis and makes adjustments when facts and circumstances dictate. The most significant estimates include the selection of useful lives of vehicle assets, the determination of the claims reserve, the determination of fair value of the Company’s common stock, fair value of financial instruments, the excess and obsolescence reserve on capitalized spare parts, and the tax valuation allowance. The Company’s operations and financial performance mean that these estimates may change in future periods, as new events occur, and additional information is obtained. These estimates are based on information available as of the date of these unaudited condensed consolidated financial statements; therefore, actual results could differ from estimates.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and supplier purchases. Significant customers are those which represent more than 10% of the Company’s total revenue or gross accounts receivable balance at each balance sheet date.
Lease Revenue	Lease Revenue Pay-As-You-Go allows riders to pay for usage based on the duration per session. The single-use rental of the Company’s vehicles by riders is considered an operating lease pursuant to ASC 842, under which the Company is the lessor. The Company has fixed lease payments, in the form of unlock fees that are fixed charges to access the vehicles, and variable lease payments, in the form of per minute usage fees. The Company treats any credit, coupon, or rider incentives as a reduction to the revenue for the ride in the period to which it relates. As the lease term is less than one day, the Company recognizes fixed lease payments (i.e., the unlock fees) and variable lease payments (i.e., usage minus lease incentives), at the time the ride is complete, on the same day the lease commenced.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company also recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers. This primarily relates to LimePass which consists of minute bundles and LimePrime. Minute bundles allow for the purchase of discounted ride minutes, offered at different increments, which can be used across multiple rides for a period of time ranging from 1 to 30 days. LimePrime is a recurring monthly subscription that provides riders with benefits such as free unlocks and extended vehicle reservations. In addition, starting in the first quarter of 2026, the Company rolled out a new LimePrime option for unlimited flat-rate rides, up to 20 minutes each. The services provided by the Company that are based on usage, such as minute bundles, are recognized using an output method, generally as the minutes are used, as this reflects the pattern of transfer for these services. The services provided by the Company for fixed monthly subscriptions, such as LimePrime, are considered stand-ready performance obligations where riders benefit from the services evenly throughout the service period. Revenue is recognized on a ratable basis over the contractual period of the arrangement beginning when or as control of the promised services is transferred to the customer as this reflects the pattern of transfer for these services. The Company also estimates the portion of customer rights that will never be redeemed (“breakage”) and for which there is no legal obligation to remit the value of the unredeemed balance to the relevant jurisdiction as unclaimed or abandoned property. To the extent the Company has a basis for estimating breakage, the Company will recognize the breakage amounts as revenue, proportionate to the pattern of rights exercised by the customer. However, as the Company does not have a basis for estimating breakage, the Company will recognize breakage revenue when the likelihood of customer redemption, based on historical experience or long periods of inactivity, is remote. The Company’s revenue contracts do not result in significant obligations associated with returns, refunds or warranties. The Company’s payment terms are generally fixed and do not include variable revenues or consideration. LimePass arrangements are paid in advance resulting in a contract liability. For both lease revenue and revenue from contracts with customers, the Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction and collected by the Company from a customer and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is measured and recorded based on the grant-date fair value of the stock-based awards. The fair value of the shares of common stock underlying the stock options and restricted stock units (“RSUs”) on the grant date has been determined by the board of directors, as there was no public market for the underlying common stock at the time of issuance. The Company recognizes stock-based compensation expense for service-based awards on a straight-line basis over the requisite service period of the individual grant, generally equal to the vesting period. The Company records forfeitures as they occur. The Company uses the Black-Scholes-Merton option-pricing model (“Black-Scholes model”) to determine the fair value of stock option awards. The Black-Scholes model requires the use of objective and subjective assumptions, including the fair value of common stock, expected volatility, risk free interest rate, expected dividend and option’s expected term of the underlying stock. The Company estimates the fair value of RSUs based on the fair market value of the Company’s common stock on the date of grant. The RSUs granted by the Company include both a service-based and performance-based liquidity event vesting condition. Compensation cost related to these RSUs must be recognized over the requisite service period using the accelerated attribution method, if it is probable that the performance-based liquidity event vesting condition will be satisfied. The performance-based condition was satisfied as of June 30, 2026.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, accounting, consulting and other fees relating to an initial public offering, are capitalized. The deferred offering costs will be offset against initial public offering proceeds upon the consummation of the initial public offering in July 2026.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This new standard is effective for the Company’s annual period beginning January 1, 2026. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of the guidance on the consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions within the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date. The amendments in this update may be applied either prospectively or retrospectively, and are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact that this guidance will have on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for costs related to internal-use software in ASC 350-40 to reflect the software development approaches currently used. Specifically, the FASB observed that software is not always developed in a linear manner, which is an underlying tenet of the existing internal-use software capitalization framework. To clarify how the guidance applies to both linear and nonlinear software development, the ASU removes all references to “development stages” from ASC 350-40 and changes the criteria to determine when development cost capitalization should begin. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Entities are permitted to apply the ASU on a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements and related disclosures.
Derivative Financial Instruments	Derivative Financial Instruments During the three months ended June 30, 2026, the Company began entering into derivatives not designated as hedging instruments to manage foreign exchange risk related to the remeasurement of monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these foreign exchange derivatives are recorded within the "foreign currency exchange (losses) gains, net" component of other expense, net on the condensed consolidated statements of operations. The derivative instruments are recognized at gross fair value within prepaid expenses and other current assets and accrued liabilities on the condensed consolidated balance sheets.
Convertible Preferred Stock Warrants	Convertible Preferred Stock Warrants The Company issued warrants to purchase shares of the Company’s Series B convertible preferred stock which are recognized in other long-term liabilities on the unaudited condensed consolidated balance sheets, as the convertible preferred shares underlying the warrants are contingently redeemable for cash. The convertible preferred stock warrants are remeasured to fair value each reporting period based on unobservable Level 3 inputs. The fair value of the warrants and changes in fair value of the warrants for the three and six months ended June 30, 2026 and 2025 were not material. Certain assets and liabilities are measured at fair value on a nonrecurring basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment or when a new liability is being established that requires fair value measurement. The Company had no nonrecurring fair value measurements during the three and six months ended June 30, 2026 and 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued operations related expenses	$ 44,778	$ 29,546
Accrued purchases	25,289	9,625
Accrued insurance	16,121	9,631
Short-term claims reserve	14,264	14,212
Accrued legal settlements	1,430	4,590
Accrued escheatment	753	12,350
Other	4,235	2,107
Total accrued liabilities	$ 106,870	$ 82,061

CONVERTIBLE NOTES AND TERM LOAN - Schedule of Aggregate Debt Maturities and Expenses (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Instrument [Line Items]
2026 (remainder)	$ 115,000
Total future principal payments	115,000
Convertible Notes
Debt Instrument [Line Items]
2026 (remainder)	0
Total future principal payments	0
Term Loan
Debt Instrument [Line Items]
2026 (remainder)	115,000
Total future principal payments	$ 115,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

NET INCOME (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders	$	295,379	$	20,505	$	234,093	$	(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net Income (loss) per share attributable to common stockholders, basic	11,062,716		9,557,137		10,599,919		9,486,896
Basic net income (loss) per share attributable to common shareholders	$	26.70	$	2.15	$	22.08	$	(3.74)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Diluted net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders, basic	$	295,379	$	20,505	$	234,093	$	(35,459)
Add: interest expense recognized for 2020 Notes	1,716		1,759		3,416		—
Add: fair value adjustment recognized for 2021 Notes	240		—		25,239		—
Net income (loss) attributable to common stockholders, diluted	$	297,335	$	22,264	$	262,748	$	(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, basic	11,062,716		9,557,137		10,599,919		9,486,896
Weighted-average effect of potentially dilutive securities:
Stock Options	4,178,546		2,334,001		4,375,578		—
Early Exercised Stock Options	—		114,922		79,382		—
RSUs	999,686		—		499,843		—
Warrants for Common Stock	187,837		158,990		204,490		—
Convertible Preferred Stock	6,916,489		6,916,489		6,916,489		—
2020 Notes	12,509,591		12,267,157		11,867,403		—
2021 Notes	27,026,654		—		13,513,327		—
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, diluted	62,881,519		31,348,696		48,056,431		9,486,896
Diluted net income (loss) per share attributable to common shareholders	$	4.73	$	0.71	$	5.47	$	(3.74)

The 2021 Notes are only convertible upon the occurrence of certain events such as an IPO, change of control, or equity financing. The conversion price depends on the price of the equity securities issued in such events and the Company’s capitalization at the time. As such, the conversion price and number of underlying shares for the 2021 Notes cannot be determined until a conversion-triggering event occurs and were not

included within the fiscal year 2025 periods. See Note 8 – Convertible Notes and Term Loan for additional information.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share as the effect would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	154,675	1,849,430	154,675	7,553,732
Early exercised stock options	130,012	624,939	130,012	850,156
RSUs	1,362,997	1,187,637	1,362,997	1,187,637
Warrants for common stock	7,618	7,618	7,618	291,610
Warrants convertible for preferred stock (TriplePoint Loan Agreement)	11,674	11,674	11,674	11,674
2020 Notes	—	—	—	12,267,157
Convertible preferred stock	—	—	—	6,916,489
Total	1,666,976	3,681,298	1,666,976	29,078,455

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Revenue	$ 71,030	$ 63,505	$ 117,628	$ 98,461
Principal owner \| Uber
Related Party Transaction [Line Items]
Ownership (greater than)	10.00%		10.00%
Revenue	$ 39,641	36,733	$ 63,391	55,428
Service fees paid	$ 4,944	$ 4,248	$ 7,583	$ 6,395
Principal owner \| Andreessen Horowitz
Related Party Transaction [Line Items]
Ownership (greater than)	10.00%		10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Vehicle assets:
Deployed vehicle assets	$	568,836	$	491,361
Undeployed vehicle assets	40,839		21,196
Non-vehicle assets:
Capitalized internal-use software	88,329		82,856
Leasehold improvements	12,216		7,488
Furniture and fixtures	1,449		941
Equipment	1,974		1,746
Total property and equipment	713,643		605,587
Accumulated vehicle asset depreciation	(297,724)		(275,452)
Accumulated non-vehicle asset depreciation & amortization	(83,420)		(75,618)
Total property and equipment, net	$	332,499	$	254,517

The following table presents amounts recognized in the unaudited condensed consolidated statements of operations related to property & equipment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Vehicle asset depreciation expense	$	26,168	$	24,033	$	52,552	$	48,004
Non-vehicle asset depreciation and amortization expense	3,849		4,468		7,805		8,850
Loss on vehicle asset disposals	361		310		542		415

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2026

RELATED PARTY TRANSACTIONS

Uber

The Company entered into an Integration Agreement with Uber, an investor who owns greater than 10% of the Company, dated August 10, 2018, as amended from time to time and most recently amended and restated as of September 15, 2025. The Integration Agreement allows riders to access the Company’s vehicles through mobile applications distributed by Uber and/or its subsidiaries. The Integration Agreement is currently effective through December 31, 2028. The Company receives revenue for these bookings and pays Uber a service fee in exchange. The revenue recognized through the Integration Agreement consists solely of lease revenue. Service fees are recorded in cost of revenue in the unaudited condensed consolidated statements of operations. As a result of the Integration Agreement, Uber also received common stock warrants in 2018.

The total revenue earned through and related service fees charged from the Integration Agreement were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue earned	$	39,641	$	36,733	$	63,391	$	55,428
Service fees paid	4,944		4,248		7,583		6,395

The Company received funding from Uber in the form of the 2020 Uber Note and as part of the 2021 Notes. On June 30, 2026, upon execution of the underwriting agreement in relation to the Company’s IPO, Uber’s portion of debt was converted into common stock. Refer to Note 8 – Convertible Notes and Term Loan for further details on Notes conversion.

The Company and Uber are also party to the Amended Warrant Agreement, as discussed in Note 10 – Warrants.

Other Related Parties

As discussed in Note 1 – Description of Business and Summary of Significant Accounting Policies, the Company issued promissory notes to certain current and former members of management in connection with the exercise of Company stock options.

The Company entered into a Note and Warrant Purchase Agreement with Andreessen Horowitz, an investor who owns greater than 10% of the Company, dated as of May 7, 2020, by and among the Company and the Lenders (as defined therein), and the convertible secured promissory note issued to funds affiliated with Andreessen Horowitz, thereunder. See Note 8 – Convertible Notes and Term Loan for additional information.

The Company entered into a Senior Secured Term Loan with Diameter, which was guaranteed by an affiliate company, dated as of October 5, 2023. See Note 8 – Convertible Notes and Term Loan for additional information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Total revenue	$ 304,224	$ 246,068	$ 474,374	$ 375,083
Cost of revenue	175,173	136,970	300,732	237,100
Gross profit	129,051	109,098	173,642	137,983
Operating expenses:
Selling, general and administrative	67,260	39,921	112,265	75,835
Operations and support	17,738	13,604	31,129	25,445
Research and development	31,243	14,031	46,470	26,583
Total operating expenses	116,241	67,556	189,864	127,863
Operating profit (loss)	12,810	41,542	(16,222)	10,120
Interest expense	(3,961)	(5,155)	(9,120)	(10,278)
Other expense, net	(11,903)	(12,530)	(37,142)	(29,612)
(Loss) income before income taxes	(3,054)	23,857	(62,484)	(29,770)
(Benefit from) provision for income taxes	(298,433)	3,352	(296,577)	5,689
Net income (loss)	$ 295,379	$ 20,505	$ 234,093	$ (35,459)
Net income (loss) per share attributable to common stockholders
Basic (in dollars per share)	$ 26.70	$ 2.15	$ 22.08	$ (3.74)
Diluted (in dollars per share)	$ 4.73	$ 0.71	$ 5.47	$ (3.74)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted
Basic (in shares)	11,062,716	9,557,137	10,599,919	9,486,896
Diluted (in shares)	62,881,519	31,348,696	48,056,431	9,486,896

SEGMENTS

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENTS

Operating Segments

The following table shows segment revenue, significant segment expenses, and the segment profit or loss measure for each financial statement period (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	304,224	$	246,068	$	474,374	$	375,083
Significant segment expenses:
Depreciation and amortization	30,017		28,501		60,357		56,854
Stock-based compensation	38,079		2,969		40,721		6,121
Cost of revenue(a)	146,053		109,376		242,176		182,017
Selling, general and administrative(a)	47,857		37,703		90,696		71,187
Operations and support(a)	14,227		13,182		27,139		24,630
Research and development(a)	15,181		12,795		29,507		24,154
Total segment expenses	291,414		204,526		490,596		364,963
Operating income (loss)	12,810		41,542		(16,222)		10,120
Interest expense	(3,961)		(5,155)		(9,120)		(10,278)
Other expense, net	(11,903)		(12,530)		(37,142)		(29,612)
(Loss) income before income taxes	(3,054)		23,857		(62,484)		(29,770)
Benefit (provision) for income taxes	(298,433)		3,352		(296,577)		5,689
Net income (loss)	$	295,379	$	20,505	$	234,093	$	(35,459)

__________________

(a)Exclusive of stock-based compensation and depreciation and amortization shown separately.

Geographic Region Information

The following tables set forth revenue and long-lived assets, net by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States of America	$	95,423	$	80,303	$	145,412	$	117,589
United Kingdom	64,766		52,911		104,065		84,495
Germany	31,169		23,276		46,507		34,850
Other	112,866		89,578		178,390		138,149
Total revenue	$	304,224	$	246,068	$	474,374	$	375,083


	June 30, 2026		December 31, 2025
United States of America	$	157,248	$	106,710
Germany	42,361		35,606
United Kingdom	35,680		35,941
Other	137,239		106,212
Total long-lived assets, net	$	372,528	$	284,469

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table sets forth a summary of our income tax and effective tax rate (in thousands, except for percentages):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(Loss) income before income taxes	$	(3,054)	$	23,857	$	(62,484)	$	(29,770)
(Benefit from) provision for income taxes	(298,433)		3,352		(296,577)		5,689

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period.

The Company recorded (benefit from) provision for income taxes of $(298.4) million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $(296.6) million and $5.7 million for the six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2026, the effective tax rate differs from the U.S. statutory tax rate primarily due to a $289.1 million discrete tax benefit resulting from the release of the valuation allowance on the Company's U.S. federal and state deferred tax assets.

The Company historically maintained a full valuation allowance for its U.S. deferred tax assets, including federal and state net operating loss carryforwards (“NOLs”). In evaluating the recoverability of these deferred tax assets as of June 30, 2026, the Company considered all available positive and negative evidence related to the likelihood of realization to determine whether it is more-likely-than-not that some or all of the deferred tax assets will be realized.

Following the effectiveness of the Company’s Form S-1 registration statement on June 30, 2026, and the concurrent automatic conversion of the outstanding convertible notes into common stock, the Company’s historical liquidity constraints were resolved, entirely alleviating the previous going concern qualification. Furthermore, as of June 30, 2026, the Company is in a 12-quarter cumulative income position based on its U.S. pre-tax book income adjusted for permanent book-to-tax differences. This 12-quarter cumulative income position, combined with the resolution of the Company’s going concern qualification, is considered significant positive evidence that is both objective and verifiable. The historical income position provides evidence to place greater reliance on projections of future profit as a source of income. Furthermore, current-year profitability and corresponding positive taxable income in the U.S., along with projections of future profit, provide strong positive evidence for the realization of the Company’s deferred tax assets in the United States.

Based on the weight of all available evidence, the Company concluded that the positive evidence outweighed the negative evidence, and it is more-likely-than-not that the majority of its domestic tax attributes are realizable. Accordingly, the Company released $289.1 million of its U.S. valuation allowance during the

three months ended June 30, 2026, resulting in the recognition of a material discrete income tax benefit for the period.

The Company continues to maintain a valuation allowance against certain definite-lived federal credits that are forecasted to expire unutilized due to estimated annual utilization caps under Internal Revenue Code Sections 382 and 383 resulting from the ownership change triggered by the IPO. The Company will continue to monitor the need for a valuation allowance against its deferred tax assets on a quarterly basis.

- Definition

The entire disclosure for income tax.

+ References

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FAIR VALUE MEASUREMENTS - Fair Value of Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 29, 2026	Dec. 31, 2025
Assets
Derivative asset	$ 3,740		$ 0
Liabilities
Derivative liability	44		0
2021 Notes	0	$ 683,200	660,324
Total liabilities	44		660,324
Level 1
Assets
Derivative asset	0		0
Liabilities
Derivative liability	0		0
2021 Notes	0		0
Total liabilities	0		0
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2021 Notes	0		0
Total liabilities	44		0
Level 3
Assets
Derivative asset	0		0
Liabilities
Derivative liability	0		0
2021 Notes	0		660,324
Total liabilities	$ 0		$ 660,324

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+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Options

Stock option activity was as follows:


	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	6,735,077	$	9.36	6.9	$	140,335
Exercised	(338,258)	$	9.83
Forfeited	(178,772)	$	10.80
Outstanding as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373
Vested and exercisable as of June 30, 2026	5,172,833	$	8.82	5.7	$	83,876
Vested and expected to vest as of June 30, 2026	6,218,047	$	9.33	6.1	$	97,373

The total fair value of shares vested during the six months ended June 30, 2026 and 2025, was $8.4 million and $3.3 million, respectively.

The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2026 and 2025, was $9.1 million and $2.1 million, respectively.

As of June 30, 2026 and December 31, 2025, the Company had zero unvested early exercised shares. As of June 30, 2026 and December 31, 2025, the Company also had 130,012 and 850,156 shares issued that remain subject to repayment of nonrecourse notes.

As of June 30, 2026, total compensation cost not yet recognized related to unvested stock options was $7.1 million, which is expected to be recognized over a weighted-average period of 0.7 years.

As of June 30, 2026, the Company had limited options outstanding subject to performance and market conditions. Stock-based compensation expense for these awards was immaterial as of June 30, 2026.

RSUs

The Company grants RSUs that generally vest upon the satisfaction of both a time-based service requirement and a performance-based liquidity event requirement. The service-based condition is satisfied equally over 12 quarters, provided the grantee remains in continuous service. The performance-based condition was satisfied upon the effectiveness of the IPO, June 30, 2026, which triggered stock-based compensation of $35.8 million to be recognized for RSUs that have met their time-based service condition using the accelerated attribution method.

In March 2026, the Board of Directors approved the accelerated vesting of 16,289 RSUs as of the approval date. The modification resulted in a stock-based compensation expense of approximately $0.6 million within selling, general and administrative expense on the unaudited condensed consolidated statement of operations. The Company issued 11,362 shares of its common stock (after withholding 4,927 shares of common stock for satisfaction of related tax withholding obligations).

The following table summarizes the activity related to RSUs for the six months ended June 30, 2026:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested and Outstanding as of December 31, 2025	1,762,366	$	19.18
Granted	1,459,200	39.68
Vested and not settled	(662,039)	21.21
Settled	(16,289)	13.90
Forfeited	(192,806)	23.25
Unvested and Outstanding as of June 30, 2026	2,350,432	31.04

The Company determines the grant-date fair value of these RSUs based on the market price of its common stock on the date of grant.

As of June 30, 2026, there was $50.8 million of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.3 years.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	85	$	9	$	90	$	18
Selling, general and administrative	19,032		1,457		20,738		3,045
Operations and support	3,134		342		3,328		714
Research and development	15,828		1,161		16,565		2,344
Total stock-based compensation expense	$	38,079	$	2,969	$	40,721	$	6,121

The Company capitalized $0.4 million and $0.6 million of stock-based compensation expense in software development costs for the six months ended June 30, 2026 and 2025, respectively.

Equity Incentive Plans

During the three and six months ended June 30, 2026, the Company maintained two equity incentive plans: the 2017 Stock Incentive Plan (the “2017 Plan”) and the 2026 Incentive Award Plan (the “2026 Plan”).

The 2017 Plan allowed the Company to grant stock options, restricted stock and RSUs to employees, consultants, and directors of the Company. Under the 2017 Plan, the RSUs granted have a service-based and a liquidity-based vesting condition. The service-based vesting period for these awards is typically 3 years, provided the grantee remains in continuous service. Upon satisfaction of the liquidity-based vesting condition, RSUs for which the service-based vesting condition has also been satisfied will vest immediately, and any remaining unvested RSUs will vest ratably over the remaining service period. The liquidity-based condition is satisfied upon the consummation of the qualifying liquidity event, and was satisfied by the Company’s IPO.

The 2026 Plan became effective on June 29, 2026 in connection with the IPO. The 2026 Plan allows the Company to grant stock options, restricted stock, RSUs, performance shares, other incentive awards, stock appreciation rights, and cash awards. Upon the effectiveness of the 2026 Plan, the 2017 Plan was terminated and no further awards will be granted under the 2017 Plan. However, all outstanding awards under the 2017 Plan will continue to be governed by their existing terms. A total of 6,500,032 shares of common stock are initially available for issuance under the 2026 Plan. The number of shares available for issuance under the 2026 Plan will be increased by (i) the number of shares represented by awards outstanding under our 2017 Plan that expire, lapse or are terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been issued in full or forfeited following the effective date of the 2026 Plan and (ii) an annual increase on the first day of each calendar year beginning January 1, 2027 and ending on and including January 1, 2036, equal to the lesser of (A) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of shares as is determined by our board of directors. No more than 19,500,096 shares of Common Stock may be issued pursuant to the exercise of incentive stock options under the 2026 Plan.

2026 Employee Stock Purchase Plan

The 2026 Employee Stock Purchase Plan (the “2026 ESPP”), became effective on June 29, 2026 in connection with the IPO. A total of 650,004 shares of Common Stock have initially been reserved for issuance under the 2026 ESPP. The number of shares reserved for issuance and sale under the 2026 ESPP will increase on the first day of each fiscal year beginning in fiscal year 2027 and ending in fiscal year 2036, equal to the lesser of (i) 1% of the shares of our common stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares of common stock as determined by our board of directors. No more than 1,950,012 shares of Common Stock may be issued under the 2026 ESPP.

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Unaudited Pro forma Condensed Consolidated Balance Sheet

The unaudited pro forma condensed consolidated balance sheet data is presented as if the IPO was completed on June 30, 2026, by applying adjustments to the Company’s historical condensed consolidated balance sheet as shown in the below table. The historical condensed consolidated balance sheet as of June 30, 2026 reflects the recognition of $35.8 million of stock-based compensation expense for restricted stock units as the satisfaction of the IPO performance condition was deemed probable of achievement when the Company’s registration statement became effective and the conversion of the 2020 Notes and 2021 Notes into 12,648,586 and 27,326,950 shares of common stock, respectively, and as such they are not reflected as pro forma adjustments. (Refer to Note 8 – Convertible Notes and Term Loan for more information).


	As of June 30, 2026
	Actual		Pro Forma Adjustments			Pro Forma
	(in thousands)
Assets
Total current assets	$	476,811	$	17,442	(1-4)	$	494,253
Total noncurrent assets	698,923		—			698,923
Total assets	$	1,175,734	$	17,442		$	1,193,176
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities	$	298,733	$	(123,897)	(2-4)	$	174,836
Total noncurrent liabilities	80,797		(27)		(5)	80,770
Total liabilities	379,530		(123,924)			255,606
Convertible preferred stock	114,027		(114,027)		(6)	—
Stockholders’ equity
Common stock	5		1		(1,6,7,8)	6
Additional paid-in capital	1,182,730		255,770		(1,3,5,6,7)	1,438,500
Accumulated other comprehensive income	10,525		—			10,525
Accumulated deficit	(511,083)		(378)		(2)	(511,461)
Total stockholders’ equity	682,177		255,393			937,570
Total liabilities, convertible preferred stock and stockholders’ equity	$	1,175,734	$	17,442		$	1,193,176

(1)Receipt of aggregate net IPO proceeds of $141.7 million for the issuance of 6,679,791 shares of common stock

(2)Payment of outstanding debt with a principal balance of $115.0 million, consisting of $114.6 million of outstanding term loan, current and $0.4 million of debt issuance costs

(3)Payment of $3.3 million of unpaid offering expenses

(4)Payment of $6.1 million of tax withholding obligations related to restricted stock units

(5)Conversion of 11,674 preferred stock warrants into common stock warrants and the related reclassification of the noncurrent liability to additional paid-in capital

(6)Conversion and reclassification of all convertible preferred stock into an aggregate of 6,916,489 shares of common stock

(7)Conversion of 203,496 warrants into 148,748 shares of common stock, net of 54,748 shares of common stock withheld

(8)Issuance of 417,618 shares of common stock upon the vesting of the restricted stock units upon satisfaction of the IPO performance condition, net of 244,421 shares of common stock withheld for taxes

Disaggregation of Revenue

Total revenues disaggregated between lease revenue and revenue from contracts with customers are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease revenue	$	233,194	$	182,563	$	356,746	$	276,622
Revenue from contracts with customers	71,030		63,505		117,628		98,461
Total revenue	$	304,224	$	246,068	$	474,374	$	375,083

CONVERTIBLE NOTES AND TERM LOAN (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Aggregate Debt Maturities and Expenses

As of June 30, 2026, future principal payments for the Company’s term loan were as follows (in thousands):


	Convertible Notes		Term Loan		Total
2026 (remainder)	—		115,000		115,000
Total future principal payments	$	—	$	115,000	$	115,000

Schedule of Interest Expense

The following table presents interest expense recognized related to the term loan and 2020 Notes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest on term loan	$	2,867	$	2,867	$	5,703	$	5,703
Contractual interest on 2020 Notes	1,716		1,700		3,416		3,400
Amortization of debt discount and issuance costs	439		437		878		873
Total	$	5,022	$	5,004	$	9,997	$	9,976

CONVERTIBLE NOTES AND TERM LOAN - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended		6 Months Ended	37 Months Ended
	Oct. 31, 2023	Nov. 30, 2021	Jun. 30, 2020	Jun. 30, 2026	Apr. 30, 2026
Debt Instrument [Line Items]
Carrying value				$ 115,000
Convertible Notes
Debt Instrument [Line Items]
Carrying value				0
Term Loan
Debt Instrument [Line Items]
Carrying value				$ 115,000
2021 Notes \| Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 417,600
Accrued interest rate		4.00%		8.00%
Interest Rate increase				1.00%	0.50%
Premium		25.00%
Debt converted				$ 546,500
Conversion price (in dollars per share)				$ 20.00
Shares issued on conversion (in shares)				27,326,950
2021 Notes \| Convertible Notes \| Minimum
Debt Instrument [Line Items]
Common stock price percent trigger		75.00%
2021 Notes \| Convertible Notes \| Maximum
Debt Instrument [Line Items]
Common stock price percent trigger		80.00%
2020 Notes \| Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 170,000
Accrued interest rate			4.00%
Debt converted				$ 211,600
Conversion price (in dollars per share)				$ 16.73
Shares issued on conversion (in shares)				12,648,586
Warrant Shares (in shares)			289,737
Exercise price (in dollars per share)			$ 6.72
Warrants term			7 years
Warrant fair value			$ 800
Proceeds allocated to notes			$ 84,200
Effective rate			4.05%
Carrying value				$ 211,400
Net unamortized debt issuance costs				$ 200
2020 Notes \| Convertible Notes \| Uber
Debt Instrument [Line Items]
Aggregate principal amount			$ 85,000
Debt discount			400
2020 Notes \| Convertible Notes \| Other investors
Debt Instrument [Line Items]
Aggregate principal amount			85,000
Debt discount			$ 1,200
Senior Secured Term Loan \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount	$ 115,000
Accrued interest rate	10.00%
Debt issuance costs	$ 2,200
Closing fees paid	$ 2,300

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Related Party Transactions

The total revenue earned through and related service fees charged from the Integration Agreement were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue earned	$	39,641	$	36,733	$	63,391	$	55,428
Service fees paid	4,944		4,248		7,583		6,395

The

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 278,065	$ 339,825
Short-term restricted cash	55,671	69,470
Accounts receivable, net	27,900	8,145
Deposits	1,285	225
Prepaid expenses and other current assets	113,890	69,175
Total current assets	476,811	486,840
Property and equipment, net	332,499	254,517
Long-term restricted cash	5,457	6,006
Operating lease right-of-use assets	40,029	29,952
Deferred Income Tax Assets, Net	303,289	8,623
Other long-term assets	17,649	8,349
Total assets	1,175,734	794,287
Current liabilities:
Accounts payable	9,304	8,211
Accrued liabilities	106,870	82,061
Accrued compensation	14,565	21,245
Accrued taxes	36,203	25,559
Operating lease liabilities, current	11,508	10,783
Contract liabilities	5,661	6,301
Term loan, current	114,622	113,866
2021 Notes, current	0	660,324
Total current liabilities	298,733	928,350
2020 Notes	0	207,885
Operating lease liabilities, non-current	30,138	20,033
Other long-term liabilities	50,659	45,372
Total liabilities	379,530	1,201,640
Convertible preferred stock, $0.0001 par value, 20,846,055 shares authorized, 6,916,489 shares issued and outstanding as of June 30, 2026 and December 31, 2025, aggregate liquidation preference of $260,970 as of June 30, 2026	114,027	114,027
Stockholders’ equity (deficit)
Common stock, $0.0001 par value, 80,357,143 shares authorized, 50,819,969 and 10,847,267 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5	1
Additional paid-in capital	1,182,730	233,705
Accumulated other comprehensive income (loss)	10,525	(9,910)
Accumulated deficit	(511,083)	(745,176)
Total stockholders’ equity (deficit)	682,177	(521,380)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 1,175,734	$ 794,287

OTHER EXPENSE, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER EXPENSE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Income and Expenses [Abstract]
Loss on change in fair value of the 2021 Notes	$ (240)	$ (30,754)	$ (25,239)	$ (57,554)
Cumulative loss of instrument-specific credit risk related to settlement of the 2021 Notes	(19,868)	0	(19,868)	0
Foreign currency exchange gains, net	5,120	16,418	1,877	3,925
Interest income	2,552	1,788	5,443	23,989
Other gains, net	533	18	645	28
Total other expense, net	$ (11,903)	$ (12,530)	$ (37,142)	$ (29,612)

OTHER LONG-TERM LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Other Long-term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Long-term claims reserve	$	46,456	$	38,227
Non-income tax reserves	1,812		2,984
Other	2,391		4,161
Total other long-term liabilities	$	50,659	$	45,372

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 713,643		$ 713,643		$ 605,587
Total property and equipment, net	332,499		332,499		254,517
Depreciation and amortization			60,357	$ 56,854
Loss on vehicle asset disposals	361	$ 310	542	415
Vehicles
Property, Plant, and Equipment [Line Items]
Accumulated depreciation	(297,724)		(297,724)		(275,452)
Depreciation and amortization	26,168	24,033	52,552	48,004
Deployed vehicle assets
Property, Plant, and Equipment [Line Items]
Total property and equipment	568,836		568,836		491,361
Undeployed vehicle assets
Property, Plant, and Equipment [Line Items]
Total property and equipment	40,839		40,839		21,196
Non-vehicle assets
Property, Plant, and Equipment [Line Items]
Accumulated depreciation	(83,420)		(83,420)		(75,618)
Depreciation and amortization	3,849	$ 4,468	7,805	$ 8,850
Capitalized internal-use software
Property, Plant, and Equipment [Line Items]
Total property and equipment	88,329		88,329		82,856
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property and equipment	12,216		12,216		7,488
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total property and equipment	1,449		1,449		941
Equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 1,974		$ 1,974		$ 1,746

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Spare parts, net	$	52,516	$	20,870
Prepaid expenses	27,410		27,292
Value-added taxes receivable	12,378		8,953
Other current assets	21,586		12,060
Total	$	113,890	$	69,175

OTHER LONG-TERM LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

OTHER LONG-TERM LIABILITIES

Other long-term liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Long-term claims reserve	$	46,456	$	38,227
Non-income tax reserves	1,812		2,984
Other	2,391		4,161
Total other long-term liabilities	$	50,659	$	45,372

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-43374
Registrant Name	Neutron Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4870517
Entity Address, Address Line One	444 Townsend Street,
Entity Address, Address Line Two	First Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	415
Local Phone Number	449-4139
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LIME
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,984,190
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Central Index Key	0001699963

STOCK-BASED COMPENSATION - Schedule of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	6,735,077
Exercised (in shares) \| shares	(338,258)
Forfeited (in shares) \| shares	(178,772)
Outstanding at end of period (in shares) \| shares	6,218,047	6,735,077
Vested and exercisable (in shares) \| shares	5,172,833
Vested and expected to vest (in shares) \| shares	6,218,047
Weighted-Average Exercise Price Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 9.36
Exercised (in dollars per share) \| $ / shares	9.83
Forfeited (in dollars per share) \| $ / shares	10.80
Outstanding at end of period (in dollars per share) \| $ / shares	9.33	$ 9.36
Vested and exercisable (in dollars per share) \| $ / shares	8.82
Vested and expected to vest (in dollars per share) \| $ / shares	$ 9.33
Stock Options Additional Disclosures
Outstanding, Weighted average remaining life (in years)	6 years 1 month 6 days	6 years 10 months 24 days
Vested and exercisable, Weighted average remaining life (in years)	5 years 8 months 12 days
Vested and expected to vest, Weighted average remaining life (in years)	6 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value (in thousands) \| $	$ 97,373	$ 140,335
Vested and exercisable, Aggregate Intrinsic Value (in thousands) \| $	83,876
Vested and expected to vest, Aggregate Intrinsic Value (in thousands) \| $	$ 97,373

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table shows segment revenue, significant segment expenses, and the segment profit or loss measure for each financial statement period (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue	$	304,224	$	246,068	$	474,374	$	375,083
Significant segment expenses:
Depreciation and amortization	30,017		28,501		60,357		56,854
Stock-based compensation	38,079		2,969		40,721		6,121
Cost of revenue(a)	146,053		109,376		242,176		182,017
Selling, general and administrative(a)	47,857		37,703		90,696		71,187
Operations and support(a)	14,227		13,182		27,139		24,630
Research and development(a)	15,181		12,795		29,507		24,154
Total segment expenses	291,414		204,526		490,596		364,963
Operating income (loss)	12,810		41,542		(16,222)		10,120
Interest expense	(3,961)		(5,155)		(9,120)		(10,278)
Other expense, net	(11,903)		(12,530)		(37,142)		(29,612)
(Loss) income before income taxes	(3,054)		23,857		(62,484)		(29,770)
Benefit (provision) for income taxes	(298,433)		3,352		(296,577)		5,689
Net income (loss)	$	295,379	$	20,505	$	234,093	$	(35,459)

__________________

(a)Exclusive of stock-based compensation and depreciation and amortization shown separately.

Schedule of Segment Revenue and Long-lived Assets

The following tables set forth revenue and long-lived assets, net by geographic area (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
United States of America	$	95,423	$	80,303	$	145,412	$	117,589
United Kingdom	64,766		52,911		104,065		84,495
Germany	31,169		23,276		46,507		34,850
Other	112,866		89,578		178,390		138,149
Total revenue	$	304,224	$	246,068	$	474,374	$	375,083


	June 30, 2026		December 31, 2025
United States of America	$	157,248	$	106,710
Germany	42,361		35,606
United Kingdom	35,680		35,941
Other	137,239		106,212
Total long-lived assets, net	$	372,528	$	284,469

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

FAIR VALUE MEASUREMENTS - Summary of Net Changes in Fair Value (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 29, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		$ 682,934	$ 568,121	$ 660,324	$ 544,106
Fair value loss recognized in other expense, net	$ 200	240	30,754	25,239	57,554
Fair value gain recognized in other comprehensive loss		0	(12,940)	(2,389)	(15,725)
Reclassification to equity		(683,174)	0	(683,174)	0
Balance, end of period		$ 0	$ 585,935	$ 0	$ 585,935

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Spare parts, net	$	52,516	$	20,870
Prepaid expenses	27,410		27,292
Value-added taxes receivable	12,378		8,953
Other current assets	21,586		12,060
Total	$	113,890	$	69,175

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Long-term claims reserve	$ 46,456	$ 38,227
Non-income tax reserves	1,812	2,984
Other	2,391	4,161
Total other long-term liabilities	$ 50,659	$ 45,372

CONVERTIBLE NOTES AND TERM LOAN

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

CONVERTIBLE NOTES AND TERM LOAN

2021 Notes

Between October and November 2021, the Company issued convertible secured promissory notes (the “2021 Notes”) with an initial aggregate principal amount of $417.6 million and a maturity date of October 29, 2025. In October 2023, the maturity date was amended to October 29, 2026. The 2021 Notes initially accrued interest at a rate of 4.0% per annum, which increased by 0.5% in April 2023, by another 1.0% in October 2023, and by 1.0% semi-annually thereafter up to a maximum of 8.0%. At the election of the Company, interest is to be paid in cash or by increasing the principal amount of the 2021 Notes by payment in kind (“PIK interest”). The Company has elected to pay PIK interest.

The 2021 Notes contain various conversion options upon the occurrence of certain events such as an IPO, change of control, or equity financing. In the event of an IPO or change of control, the 2021 Notes will convert into common stock at a price per share limited to the lesser of (i) a range of 75% to 80% of the applicable transaction price per share of common stock, upon execution of the underwriting agreement, and (ii) a cap price per share as defined in the note purchase agreement. In the event of an equity financing, the 2021 Notes will convert into the equity securities issued based on such equity securities’ price per share in such financing. If the

2021 Notes have not been converted or otherwise settled at maturity, the principal plus a premium of 25% becomes due and payable at maturity. The 2021 Notes are secured by substantially all of the Company’s assets.

On June 30, 2026, upon execution of the underwriting agreement in relation to the Company’s IPO, the aggregate outstanding principal and accrued PIK interest for the 2021 Notes of $546.5 million was converted into 27,326,950 shares of common stock at a conversion price of $20.00 per share.

2020 Notes

Between May and June 2020, the Company issued convertible secured promissory notes (the “2020 Notes”) in the aggregate principal amount of $170.0 million. Of the aggregate principal amount, $85.0 million was issued to Uber (the “2020 Uber Note”) and the remaining $85.0 million was issued to other investors (the “2020 Investor Notes”). The 2020 Notes accrue non-compounding interest at a fixed rate of 4.0% per annum and mature on May 7, 2027. Accrued interest either converts into common shares or becomes payable in accordance with the conversion and settlement options described below. If not earlier converted, the principal and accrued interest of the 2020 Notes becomes due and payable at the maturity date.

The holders of the 2020 Investor Notes also received warrants to acquire a total of 289,737 shares of common stock at an exercise price of $6.72 per share. The warrants have a term of seven years and may be exercised on a cashless basis at any time based on their fair market value at the time of conversion, in which event the Company will not receive any proceeds. The warrants were recorded as equity at their relative fair value of $0.8 million. The remaining $84.2 million of the proceeds received were allocated to the 2020 Investor Notes. See Note 10 – Warrants for more information.

At issuance, the total debt discount related to the 2020 Uber Note and 2020 Investor Notes was $0.4 million and $1.2 million, respectively. This amount is being amortized as additional interest expense over the term of the 2020 Notes using the effective interest rate method at an effective interest rate of 4.05%.

The 2020 Notes contain various conversion and settlement options: (i) conversion of the principal amount to Series 3 preferred stock (in the case of the 2020 Uber Note) or Series 2 preferred stock (in the case of the 2020 Investor Notes), with the accrued interest settled in cash or common stock at the Company’s election; or (ii) in the event of a change of control of the Company or IPO, the principal amount and accrued interest will, at the election of the holder, either become due and payable or convert into common stock. In May 2026, the 2020 Notes agreement was amended to automatically convert into common stock upon execution of the underwriting agreement related to the upcoming IPO. The conversion price of the 2020 Notes is $16.73 per share of common stock. The 2020 Notes are secured by substantially all of the Company’s assets.

On June 30, 2026, upon execution of the underwriting agreement in relation to the Company’s IPO, the aggregate outstanding principal and accrued interest for the 2020 Notes of $211.6 million, was converted into 12,648,586 shares of common stock at a conversion price of $16.73 per share. Under conversion accounting, the Company increases its equity at conversion by an amount equal to the carrying value of the convertible instrument, which was $211.4 million, net of unamortized debt issuance costs of $0.2 million.

Several of the holders of the 2021 Notes and 2020 Notes are related parties of the Company. See Note 13 – Related Party Transactions for more information.

Senior Secured Term Loan

In October 2023, the Company entered into a senior secured term loan with certain lenders (the “Senior Secured Term Loan”) with a principal amount of $115.0 million, an interest rate of 10.0% per annum and a maturity date of September 30, 2026, upon which the principal balance is due in full. The Company incurred debt issuance costs related to legal and underwriting fees of $2.2 million and was required to pay a closing fee of $2.3 million, all of which are being amortized to interest expense over the term of the loan.

The Company’s obligations under the Senior Secured Term Loan are backed by a guaranty from Uber, a related party of the Company. The Senior Secured Term Loan is secured by substantially all of the Company’s assets.

In July 2026, following the IPO, the Company repaid in full all amounts outstanding under the Senior Secured Term Loan.

The Senior Secured Term Loan agreement and the note purchase agreements for the 2021 Notes and 2020 Notes contain customary covenants restricting the Company and its subsidiaries’ ability to incur debt, incur liens, make investments, transfer assets and undergo certain fundamental changes, as well as certain financial covenants specified in the contractual agreement. As of June 30, 2026, the Company was in compliance with all covenants.

Aggregate debt maturities and expenses

As of June 30, 2026, future principal payments for the Company’s term loan were as follows (in thousands):


	Convertible Notes		Term Loan		Total
2026 (remainder)	—		115,000		115,000
Total future principal payments	$	—	$	115,000	$	115,000

The following table presents interest expense recognized related to the term loan and 2020 Notes (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contractual interest on term loan	$	2,867	$	2,867	$	5,703	$	5,703
Contractual interest on 2020 Notes	1,716		1,700		3,416		3,400
Amortization of debt discount and issuance costs	439		437		878		873
Total	$	5,022	$	5,004	$	9,997	$	9,976

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Neutron Holdings, Inc. (the “Company” or “Lime”) was incorporated in Delaware on January 3, 2017, and is headquartered in San Francisco, California. Lime is a micromobility company that provides rentals of shared electric scooters (“e-scooters”) and electric bicycles (“e-bikes”) through its platform (the “Rider App”) to be used for short distances in various cities and municipalities around the world.

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reverse Stock Splits

In May 2026, the Company’s board of directors and the stockholders of the Company approved a 336-for-one reverse stock split of the Company’s common stock and convertible preferred stock (collectively, the “Capital Stock”), which became effective on May 12, 2026.

In June 2026, the Company’s board of directors and the stockholders of the Company approved a two-for-one reverse stock split of the Capital Stock, which became effective on June 18, 2026.

The authorized number of each class and series of Capital Stock was proportionally adjusted in accordance with the 336-for-one reverse stock split. Further, the authorized number of the Company’s convertible preferred stock was proportionally adjusted in accordance with the two-for-one reverse stock split. The par value of each class of Capital Stock was not adjusted as a result of the reverse stock splits. All common stock, convertible preferred stock, stock options, RSUs, warrants, and per share information presented within these unaudited interim consolidated financial statements have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented. No fractional shares were issued as a result of the reverse stock splits. Any fractional shares that would otherwise have resulted from the reverse stock splits were rounded down to the next whole share.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis. Historically, the Company had substantial debt maturities coming due within the succeeding twelve months that raised substantial doubt about its ability to continue as a going concern. As described in Note 8 – Convertible Notes and Term Loan, the 2020 Notes and 2021 Notes were converted to common shares as of June 30, 2026, and subsequent to period end, the Company repaid in full all amounts outstanding under the Senior Secured Term Loan. Additionally, as described in the “Initial Public Offering” section below, the Company completed its IPO on July 2, 2026, receiving aggregate net proceeds of approximately $141.7 million. Based on these transactions and its cash balance of $278.1 million as of June 30, 2026, management believes the Company has sufficient liquidity to fund its operations for at least twelve months from the date that the unaudited condensed consolidated financial statements are issued. Accordingly, management concluded the substantial doubt regarding the Company's ability to continue as a going concern has been alleviated.

Unaudited Condensed Consolidated Financial Statements

The condensed consolidated balance sheet as of June 30, 2026, and the condensed consolidated statements of operations, comprehensive loss, convertible preferred stock and stockholders’ deficit and cash flows for the three and six months ended June 30, 2026 and 2025 are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of June 30, 2026 and its results of operations, comprehensive loss, convertible preferred stock and stockholders’ deficit and cash flows for the three and six months ended June 30, 2026 and 2025. The financial data and the other financial information

disclosed in these notes to the unaudited condensed consolidated financial statements related to the three and six month periods are also unaudited. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period, due to seasonality and other factors. The balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company's prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 2, 2026 (the “Final Prospectus”).

Initial Public Offering

The Company’s registration statement on Form S-1 (the “IPO Registration Statement”) related to its IPO was declared effective on June 30, 2026, and the Company’s common stock began trading on the Nasdaq Global Select Market on July 1, 2026. On July 2, 2026, after the quarter end, the Company completed its IPO, in which the Company sold 6,679,791 shares of common stock and selling stockholders sold an aggregate of 276,731 shares of common stock. The Company did not receive any proceeds from the sale of shares of common stock by any of the selling stockholders. The initial public offering price was $25.00 per share of common stock. The Company received aggregate net proceeds of $141.7 million after deducting underwriting discounts and commissions of $11.7 million and offering expenses of $13.6 million.


	As of June 30, 2026
	Actual		Pro Forma Adjustments			Pro Forma
	(in thousands)
Assets
Total current assets	$	476,811	$	17,442	(1-4)	$	494,253
Total noncurrent assets	698,923		—			698,923
Total assets	$	1,175,734	$	17,442		$	1,193,176
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities	$	298,733	$	(123,897)	(2-4)	$	174,836
Total noncurrent liabilities	80,797		(27)		(5)	80,770
Total liabilities	379,530		(123,924)			255,606
Convertible preferred stock	114,027		(114,027)		(6)	—
Stockholders’ equity
Common stock	5		1		(1,6,7,8)	6
Additional paid-in capital	1,182,730		255,770		(1,3,5,6,7)	1,438,500
Accumulated other comprehensive income	10,525		—			10,525
Accumulated deficit	(511,083)		(378)		(2)	(511,461)
Total stockholders’ equity	682,177		255,393			937,570
Total liabilities, convertible preferred stock and stockholders’ equity	$	1,175,734	$	17,442		$	1,193,176

(1)Receipt of aggregate net IPO proceeds of $141.7 million for the issuance of 6,679,791 shares of common stock

(2)Payment of outstanding debt with a principal balance of $115.0 million, consisting of $114.6 million of outstanding term loan, current and $0.4 million of debt issuance costs

(3)Payment of $3.3 million of unpaid offering expenses

(4)Payment of $6.1 million of tax withholding obligations related to restricted stock units

(5)Conversion of 11,674 preferred stock warrants into common stock warrants and the related reclassification of the noncurrent liability to additional paid-in capital

(6)Conversion and reclassification of all convertible preferred stock into an aggregate of 6,916,489 shares of common stock

(7)Conversion of 203,496 warrants into 148,748 shares of common stock, net of 54,748 shares of common stock withheld

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis and makes adjustments when facts and circumstances dictate. The most significant estimates include the selection of useful lives of vehicle assets, the determination of the claims reserve, the determination of fair value of the Company’s common stock, fair value of financial instruments, the excess and obsolescence reserve on capitalized spare parts, and the tax valuation allowance. The Company’s operations and financial performance mean that these estimates may change in future periods, as new events occur, and additional information is obtained. These estimates are based on information available as of the date of these unaudited condensed consolidated financial statements; therefore, actual results could differ from estimates.

Partial Recourse Notes and Early Exercises

During the year ended December 31, 2020 and prior, the Company issued promissory notes to certain executives and key employees in the aggregate principal amount of $38.6 million, in exchange for the early exercise of 932,001 stock options. The promissory notes represent the aggregate exercise price of the early exercised stock options and carry original stated interest rates ranging from 0.41% to 0.45% per annum. The principal amounts and accrued interest are generally due upon the earlier of: (i) maturity dates ranging from the 7th to 10th anniversary of the note’s issuance, (ii) any transfer of the shares securing the promissory note or (iii) the completion of an IPO. All promissory notes issued were partially collateralized by the shares issued in exchange for the note on a non-pro rata basis and were considered nonrecourse notes in their entirety. As such, the shares issued are not considered “exercised” for accounting purposes until the notes are repaid and the underlying stock options have vested. The nonrecourse notes are not recorded on the condensed consolidated balance sheets since the arrangement is, in substance, a stock option. The shares are included in the legally issued and outstanding shares of common stock on the condensed consolidated balance sheets and in the condensed consolidated statements of convertible preferred stock and stockholders’ deficit.

In February and March 2026, certain promissory note holders made cash payments of $9.1 million, in the aggregate, to the Company, to settle outstanding principal and accrued interest, of the same amount, on their promissory notes. Since the promissory note arrangements are, in substance, stock options, the cash payments to settle the promissory notes are considered an exercise of the stock options for 166,125 shares of common stock with a corresponding offset to additional paid-in capital.

In March 2026, a promissory note holder surrendered to the Company 23,266 shares of common stock of the Company to settle the remaining $0.9 million of outstanding principal and accrued interest on their promissory note related to the exercise of stock options for 166,686 shares of common stock.

In March 2026, the Company repurchased 387,327 shares of common stock, originally pledged as security subject to repayment of certain promissory notes. The repurchase settled $19.9 million of outstanding principal and accrued interest on certain promissory notes at maturity. Since the promissory note arrangements are, in substance, stock options, the repurchase of common stock to settle the promissory notes at maturity is considered an expiration of the stock options. In connection with the transaction, the Company elected to pay $1.6 million in tax withholding obligations on behalf of select note holders, which is reflected as selling, general

and administrative expense on the unaudited condensed consolidated statement of operations in the respective period.

As of June 30, 2026 and December 31, 2025, the principal amount of $7.1 million and $34.5 million, respectively, and related accrued interest of $0.4 million and $2.6 million, respectively, remained outstanding on promissory notes. As of June 30, 2026 and December 31, 2025, there were 130,012 and 850,156 shares issued that are pledged as security subject to repayment of the notes.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, trade accounts receivable, and supplier purchases.

Significant customers are those which represent more than 10% of the Company’s total revenue or gross accounts receivable balance at each balance sheet date. During the three and six months ended June 30, 2026 and 2025, no customers accounted for 10% or more of total revenue. As of June 30, 2026 and December 31, 2025, the Company had a third-party PSP that accounted for 71.7% and 83.9% of accounts receivable, respectively.

As discussed in Note 13 – Related Party Transactions, the Company has an agreement with Uber which allows riders to access the Company’s vehicles through mobile applications distributed by Uber and/or its subsidiaries. Revenue earned through this agreement was 13.0% and 14.9% of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 13.4% and 14.8% of total revenue for the six months ended June 30, 2026 and 2025, respectively. Accounts receivable from Uber was 5.3% and 6.7% of accounts receivable as of June 30, 2026 and December 31, 2025, respectively.

Significant vendors are those which represent more than 10% of the Company’s total purchases. The Company had 1 and 0 significant vendors during the three months ended June 30, 2026 and 2025, respectively, and 1 and 0 significant vendors during the six months ended June 30, 2026 and 2025, respectively.

Revenue Recognition

The Company generates revenue from providing seamless, on-demand access to its network of e-scooters and e-bikes through two pricing models: either “Pay-As-You-Go” or LimePass.

Lease Revenue

Pay-As-You-Go allows riders to pay for usage based on the duration per session. The single-use rental of the Company’s vehicles by riders is considered an operating lease pursuant to ASC 842, under which the Company is the lessor. The Company has fixed lease payments, in the form of unlock fees that are fixed charges to access the vehicles, and variable lease payments, in the form of per minute usage fees. The Company treats any credit, coupon, or rider incentives as a reduction to the revenue for the ride in the period to which it relates. As the lease term is less than one day, the Company recognizes fixed lease payments (i.e., the unlock fees) and variable lease payments (i.e., usage minus lease incentives), at the time the ride is complete, on the same day the lease commenced.

Revenue from Contracts with Customers

The Company also recognizes revenue pursuant to ASC 606, Revenue from Contracts with Customers. This primarily relates to LimePass which consists of minute bundles and LimePrime. Minute bundles allow for the purchase of discounted ride minutes, offered at different increments, which can be used across multiple rides for a period of time ranging from 1 to 30 days. LimePrime is a recurring monthly subscription that provides riders with benefits such as free unlocks and extended vehicle reservations. In addition, starting in the first quarter of 2026, the Company rolled out a new LimePrime option for unlimited flat-rate rides, up to 20 minutes each.

The services provided by the Company that are based on usage, such as minute bundles, are recognized using an output method, generally as the minutes are used, as this reflects the pattern of transfer for these services.

The services provided by the Company for fixed monthly subscriptions, such as LimePrime, are considered stand-ready performance obligations where riders benefit from the services evenly throughout the service period. Revenue is recognized on a ratable basis over the contractual period of the arrangement beginning when or as control of the promised services is transferred to the customer as this reflects the pattern of transfer for these services.

The Company also estimates the portion of customer rights that will never be redeemed (“breakage”) and for which there is no legal obligation to remit the value of the unredeemed balance to the relevant jurisdiction as unclaimed or abandoned property. To the extent the Company has a basis for estimating breakage, the Company will recognize the breakage amounts as revenue, proportionate to the pattern of rights exercised by the customer. However, as the Company does not have a basis for estimating breakage, the Company will recognize breakage revenue when the likelihood of customer redemption, based on historical experience or long periods of inactivity, is remote.

The Company’s revenue contracts do not result in significant obligations associated with returns, refunds or warranties. The Company’s payment terms are generally fixed and do not include variable revenues or consideration. LimePass arrangements are paid in advance resulting in a contract liability.

Disaggregated Revenue

Total revenues disaggregated between lease revenue and revenue from contracts with customers are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease revenue	$	233,194	$	182,563	$	356,746	$	276,622
Revenue from contracts with customers	71,030		63,505		117,628		98,461
Total revenue	$	304,224	$	246,068	$	474,374	$	375,083

For both lease revenue and revenue from contracts with customers, the Company excludes all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue producing transaction and collected by the Company from a customer and remitted to governmental authorities. Accordingly, such amounts are not included as a component of revenue or cost of revenue.

Stock-Based Compensation

Stock-based compensation expense is measured and recorded based on the grant-date fair value of the stock-based awards. The fair value of the shares of common stock underlying the stock options and restricted stock units (“RSUs”) on the grant date has been determined by the board of directors, as there was no public market for the underlying common stock at the time of issuance. The Company recognizes stock-based compensation expense for service-based awards on a straight-line basis over the requisite service period of the individual grant, generally equal to the vesting period. The Company records forfeitures as they occur.

The Company uses the Black-Scholes-Merton option-pricing model (“Black-Scholes model”) to determine the fair value of stock option awards. The Black-Scholes model requires the use of objective and subjective assumptions, including the fair value of common stock, expected volatility, risk free interest rate, expected dividend and option’s expected term of the underlying stock.

The Company estimates the fair value of RSUs based on the fair market value of the Company’s common stock on the date of grant. The RSUs granted by the Company include both a service-based and performance-based liquidity event vesting condition. Compensation cost related to these RSUs must be recognized over the requisite service period using the accelerated attribution method, if it is probable that the performance-based liquidity event vesting condition will be satisfied. The performance-based condition was satisfied as of June 30, 2026. Refer to Note 9 – Stock-Based Compensation for further details on the stock-based compensation recognized.

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, accounting, consulting and other fees relating to an initial public offering, are capitalized. The deferred offering costs will be offset against initial public offering proceeds upon the consummation of the initial public offering in July 2026. As of June 30, 2026 and December 31, 2025, there were $13.5 million and $7.7 million, respectively, of deferred offering costs recorded within prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet.

Derivative Financial Instruments

Refer to Note 2 – Fair Value Measurements for the accounting policy pertaining to derivative financial instruments.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This new standard is effective for the Company’s annual period beginning January 1, 2026. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of the guidance on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions within the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date. The amendments in this update may be applied either prospectively or retrospectively, and are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact that this guidance will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for costs related to internal-use software in ASC 350-40 to reflect the software development approaches currently used. Specifically, the FASB observed that software is not always developed in a linear manner, which is an underlying tenet of the existing internal-use software capitalization framework. To clarify how the guidance applies to both linear and nonlinear software development, the ASU removes all references to “development stages” from ASC 350-40 and changes the criteria to determine when development cost capitalization should begin. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Entities are permitted to apply the ASU on a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting this new accounting guidance on its consolidated financial statements and related disclosures.

Subsequent Events (Details) - Subsequent Event		1 Months Ended
Subsequent Events (Details) - Subsequent Event	Jul. 02, 2026 USD ($)	Jul. 31, 2026 USD ($)
Canadian micromobility operator
Subsequent Event [Line Items]
Consideration		$ 8,500,000
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement
Subsequent Event [Line Items]
Borrowing capacity	$ 200,000,000.0
Net leverage ratio	3.25
Minimum fixed charge coverage ratio	1.25
Fixed fronting fee	0.125%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Federal Reserve Bank of New York overnight rate
Subsequent Event [Line Items]
Variable rate	0.50%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| SOFR
Subsequent Event [Line Items]
Variable rate	1.00%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Minimum
Subsequent Event [Line Items]
Commitment fee	0.25%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Minimum \| Federal Reserve Bank of New York overnight rate
Subsequent Event [Line Items]
Variable rate	0.50%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Minimum \| SOFR
Subsequent Event [Line Items]
Variable rate	1.50%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Maximum
Subsequent Event [Line Items]
Commitment fee	0.40%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Maximum \| Federal Reserve Bank of New York overnight rate
Subsequent Event [Line Items]
Variable rate	1.25%
Senior Secured Revolving Credit Facility \| Revolving credit facility \| Credit Agreement \| Maximum \| SOFR
Subsequent Event [Line Items]
Variable rate	2.25%

NET INCOME (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

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

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders	$	295,379	$	20,505	$	234,093	$	(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net Income (loss) per share attributable to common stockholders, basic	11,062,716		9,557,137		10,599,919		9,486,896
Basic net income (loss) per share attributable to common shareholders	$	26.70	$	2.15	$	22.08	$	(3.74)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Diluted net income (loss) per share
Numerator
Net Income (loss) attributable to common stockholders, basic	$	295,379	$	20,505	$	234,093	$	(35,459)
Add: interest expense recognized for 2020 Notes	1,716		1,759		3,416		—
Add: fair value adjustment recognized for 2021 Notes	240		—		25,239		—
Net income (loss) attributable to common stockholders, diluted	$	297,335	$	22,264	$	262,748	$	(35,459)
Denominator
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, basic	11,062,716		9,557,137		10,599,919		9,486,896
Weighted-average effect of potentially dilutive securities:
Stock Options	4,178,546		2,334,001		4,375,578		—
Early Exercised Stock Options	—		114,922		79,382		—
RSUs	999,686		—		499,843		—
Warrants for Common Stock	187,837		158,990		204,490		—
Convertible Preferred Stock	6,916,489		6,916,489		6,916,489		—
2020 Notes	12,509,591		12,267,157		11,867,403		—
2021 Notes	27,026,654		—		13,513,327		—
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders, diluted	62,881,519		31,348,696		48,056,431		9,486,896
Diluted net income (loss) per share attributable to common shareholders	$	4.73	$	0.71	$	5.47	$	(3.74)

included within the fiscal year 2025 periods. See Note 8 – Convertible Notes and Term Loan for additional information.

Schedule of Potentially Dilutive Securities Excluded from Net Loss Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share as the effect would have been antidilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Stock options	154,675	1,849,430	154,675	7,553,732
Early exercised stock options	130,012	624,939	130,012	850,156
RSUs	1,362,997	1,187,637	1,362,997	1,187,637
Warrants for common stock	7,618	7,618	7,618	291,610
Warrants convertible for preferred stock (TriplePoint Loan Agreement)	11,674	11,674	11,674	11,674
2020 Notes	—	—	—	12,267,157
Convertible preferred stock	—	—	—	6,916,489
Total	1,666,976	3,681,298	1,666,976	29,078,455

SEGMENTS - Schedule of Segment Revenue and Long-lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	$ 304,224	$ 246,068	$ 474,374	$ 375,083
Total long-lived assets, net	372,528		372,528		$ 284,469
United States of America
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	95,423	80,303	145,412	117,589
Total long-lived assets, net	157,248		157,248		106,710
United Kingdom
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	64,766	52,911	104,065	84,495
Total long-lived assets, net	35,680		35,680		35,941
Germany
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	31,169	23,276	46,507	34,850
Total long-lived assets, net	42,361		42,361		35,606
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total revenue	112,866	$ 89,578	178,390	$ 138,149
Total long-lived assets, net	$ 137,239		$ 137,239		$ 106,212

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
(Benefit from) provision for income taxes	$ (298,433)	$ 3,352	$ (296,577)	$ 5,689
Discrete tax benefit from release of valuation allowance	$ 289,100		$ 289,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 45
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	20,846,055	20,846,055
Convertible preferred stock, issued (in shares)	6,916,489	6,916,489
Convertible preferred stock, shares outstanding (in shares)	6,916,489	6,916,489
Convertible preferred stock, aggregate liquidation preference	$ 260,970
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	80,357,143	80,357,143
Common stock, issued (in shares)	50,819,969	10,847,267
Common stock, outstanding (in shares)	50,819,969	10,847,267

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events from June 30, 2026, the date of these condensed consolidated financial statements, through August 11, 2026, which represents the date the financial statements were available for issuance. Initial Public Offering Refer to Note 1 – Description of Business and Summary of Significant Accounting Policies for details of subsequent event transactions occurring in connection with the IPO. Credit Facility Upon completion of the IPO, the Company entered into a new $200.0 million senior secured revolving credit facility (the “Credit Facility”) pursuant to a credit agreement (“Credit Agreement”). The Credit Agreement contains certain affirmative and negative covenants, including, among other things, restrictions on indebtedness, liens on assets, issuance of preferred equity interests, fundamental changes and asset sales, investments, negative pledges, repurchase of stock, dividends and other distributions, sale and leaseback transactions, and transactions with affiliates. In addition, the Credit Agreement also contains financial covenants that require us to not exceed a maximum total net leverage ratio for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, commencing with the fiscal quarter ending September 30, 2026, of 3.25 to 1.00 and to maintain a minimum fixed charge coverage ratio for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, commencing with the fiscal quarter ending September 30, 2026, of no less than 1.25 to 1.00. Borrowings under the Credit Facility are available as Term SOFR or base rate loans. Base rate loans under the Credit Facility accrue interest at an alternate base rate plus an applicable margin, and Term SOFR loans accrue interest at a forward-looking rate based on SOFR plus an applicable margin. The alternate base rate represents the greater of (i) the prime rate, (ii) the Federal Reserve Bank of New York overnight rate plus 0.5% and (iii) the one-month Term SOFR rate plus 1.0%. The applicable rate for base rate and Term SOFR loans is tied to a pricing grid based on the Company’s total net leverage ratio. The applicable rate spread for base rate and Term SOFR loans ranges from 0.50% to 1.25% and 1.50% to 2.25%, respectively. The Credit Facility also has a variable commitment fee, which is based on the Company’s total net leverage ratio. The commitment fee ranges from 0.25% to 0.40% per annum. The Company is obligated to pay a fixed fronting fee for letters of credit not to exceed 0.125% per annum. Amounts borrowed under the Credit Facility may be repaid and re-borrowed through its maturity in July 2031. Acquisition In July 2026, the Company acquired all outstanding equity interests of a micromobility operator in Canada, pursuant to a share purchase agreement. The preliminary consideration is estimated to be approximately $8.5 million consisting of cash, subject to customary purchase price adjustments.

SEGMENTS - Schedule of Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Abstract]
Number Of Reportable Segments Not Disclosed Flag					Operating Segments
Segment Reporting [Line Items]
Total revenue	$ 304,224		$ 246,068		$ 474,374	$ 375,083
Depreciation and amortization					60,357	56,854
Stock-based compensation	38,079		2,969		40,721	6,121
Cost of revenue	175,173		136,970		300,732	237,100
Selling, general and administrative	67,260		39,921		112,265	75,835
Operations and support	17,738		13,604		31,129	25,445
Research and development	31,243		14,031		46,470	26,583
Operating profit (loss)	12,810		41,542		(16,222)	10,120
Interest expense	(3,961)		(5,155)		(9,120)	(10,278)
Other expense, net	(11,903)		(12,530)		(37,142)	(29,612)
(Loss) income before income taxes	(3,054)		23,857		(62,484)	(29,770)
(Benefit from) provision for income taxes	(298,433)		3,352		(296,577)	5,689
Net income (loss)	295,379	$ (61,286)	20,505	$ (55,964)	234,093	(35,459)
Operating Segments
Segment Reporting [Line Items]
Total revenue	304,224		246,068		474,374	375,083
Depreciation and amortization	30,017		28,501		60,357	56,854
Stock-based compensation	38,079		2,969		40,721	6,121
Cost of revenue	146,053		109,376		242,176	182,017
Selling, general and administrative	47,857		37,703		90,696	71,187
Operations and support	14,227		13,182		27,139	24,630
Research and development	15,181		12,795		29,507	24,154
Total operating expenses	291,414		204,526		490,596	364,963
Operating profit (loss)	12,810		41,542		(16,222)	10,120
Interest expense	(3,961)		(5,155)		(9,120)	(10,278)
Other expense, net	(11,903)		(12,530)		(37,142)	(29,612)
(Loss) income before income taxes	(3,054)		23,857		(62,484)	(29,770)
(Benefit from) provision for income taxes	(298,433)		3,352		(296,577)	5,689
Net income (loss)	$ 295,379		$ 20,505		$ 234,093	$ (35,459)

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 61.1	$ 75.5
Claims reserves for claims incurred but not paid	60.7	52.4
Reserve for settled but unpaid claims	$ 1.4	$ 4.6

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 29, 2026 shares	Mar. 31, 2026 USD ($) shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) plan shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested \| $					$ 8,400	$ 3,300
Aggregate intrinsic value of stock options exercised \| $					$ 9,100	2,100
Shares issued remaining subject to repayment of nonrecourse notes			6,218,047		6,218,047		6,735,077
Total compensation cost not yet recognized \| $			$ 7,100		$ 7,100
Total stock-based compensation expense \| $			$ 38,079	$ 2,969	40,721	6,121
Shares issued (in shares)		11,362
Capitalized stock-based compensation expense \| $					$ 400	$ 600
Number of equity incentive plans \| plan					2
2026 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock initially available for issuance (in shares)	6,500,032
Increase in available shares	5.00%
Maximum issuance (in shares)	19,500,096
Early exercised stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested early exercised shares (in shares)			0		0		0
Shares issued remaining subject to repayment of nonrecourse notes			130,012		130,012		850,156
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition					2 years 3 months 18 days
Service period					3 years
Total stock-based compensation expense \| $					$ 35,800
Accelerated vesting (in shares)		16,289
Modified stock-based compensation expense \| $		$ 600			35,800
Withholding shares (in shares)		4,927
Unrecognized stock-based compensation expense \| $			$ 50,800		$ 50,800
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock initially available for issuance (in shares)	650,004
Maximum issuance (in shares)	1,950,012
Maximum percent increase in additional shares authorized					1.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition					8 months 12 days

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 38,079	$ 2,969	$ 40,721	$ 6,121
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	85	9	90	18
Location, Statement of Income, Balance [Axis]: us-gaap:OperatingCostsAndExpenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,134	342	3,328	714
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	15,828	1,161	16,565	2,344
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 19,032	$ 1,457	$ 20,738	$ 3,045

OTHER EXPENSE, NET

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

OTHER EXPENSE, NET

The components of other expense, net were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Loss on change in fair value of the 2021 Notes	$	(240)	$	(30,754)	$	(25,239)	$	(57,554)
Cumulative loss of instrument-specific credit risk related to settlement of the 2021 Notes	(19,868)		—		(19,868)		—
Foreign currency exchange gains, net	5,120		16,418		1,877		23,989
Interest income	2,552		1,788		5,443		3,925
Other gains, net	533		18		645		28
Total other expense, net	$	(11,903)	$	(12,530)	$	(37,142)	$	(29,612)

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, approximate their fair values due to their short-term maturities.

The fair value measurements of financial instruments that are measured at fair value on a recurring basis consisted of the following (in thousands):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Derivative asset	$	—	$	3,740	$	—	$	3,740	$	—	$	—	$	—	$	—
Liabilities
Derivative liability	$	—	$	44	$	—	$	44	$	—	$	—	$	—	$	—
2021 Notes	—		—		—		—		—		—		660,324		660,324
Total liabilities	$	—	$	44	$	—	$	44	$	—	$	—	$	660,324	$	660,324

The Company did not make any transfers between the levels of the fair value hierarchy during the periods presented.

As of December 31, 2025, the 2021 Notes total contractual principal and accrued in kind interest amounted to $525.5 million, resulting in a difference between the aggregate fair value and the aggregate unpaid balance of $134.9 million.

2021 Notes

On June 30, 2026, upon execution of the underwriting agreement in relation to the Company’s IPO, all of our outstanding convertible notes and related accrued interest were reclassified from liability to equity. See Note 8 – Convertible Notes and Term Loan for more information. Immediately prior to conversion, the fair value of the 2021 Notes was marked to its current fair value of $683.2 million, resulting in a loss of $0.2 million. Upon derecognition of the 2021 Notes, the cumulative amount of losses resulting from the instrument-specific credit of $19.9 million was recognized within earnings.

A summary of the net changes in the fair value of the 2021 Notes was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Balance, beginning of period	$	682,934	$	568,121	$	660,324	$	544,106
Fair value loss recognized in other expense, net	240		30,754		25,239		57,554
Fair value gain recognized in other comprehensive loss	—		(12,940)		(2,389)		(15,725)
Reclassification to equity	(683,174)		—		(683,174)		—
Balance, end of period	$	—	$	585,935	$	—	$	585,935

Derivative Financial Instruments

During the three months ended June 30, 2026, the Company began entering into derivatives not designated as hedging instruments to manage foreign exchange risk related to the remeasurement of monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these foreign exchange derivatives are recorded within the "foreign currency exchange (losses) gains, net" component of other expense, net on the condensed consolidated statements of operations. The derivative instruments are recognized at gross fair value within prepaid expenses and other current assets and accrued liabilities on the condensed consolidated balance sheets. The Company recognized fair value gains on foreign exchange derivatives of $3.2 million for the three and six months ended June 30, 2026. As of June 30, 2026, the gross notional amount of outstanding foreign exchange derivatives was $197.7 million.

Convertible Preferred Stock Warrants

The Company issued warrants to purchase shares of the Company’s Series B convertible preferred stock which are recognized in other long-term liabilities on the unaudited condensed consolidated balance sheets, as

the convertible preferred shares underlying the warrants are contingently redeemable for cash. The convertible preferred stock warrants are remeasured to fair value each reporting period based on unobservable Level 3 inputs. The fair value of the warrants and changes in fair value of the warrants for the three and six months ended June 30, 2026 and 2025 were not material.

Certain assets and liabilities are measured at fair value on a nonrecurring basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment or when a new liability is being established that requires fair value measurement. The Company had no nonrecurring fair value measurements during the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET INCOME (LOSS) PER SHARE - Schedule of Potentially Dilutive Securities Excluded from Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,666,976	3,681,298	1,666,976	29,078,455
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	154,675	1,849,430	154,675	7,553,732
Early exercised stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	130,012	624,939	130,012	850,156
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,362,997	1,187,637	1,362,997	1,187,637
Warrants for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,618	7,618	7,618	291,610
Warrants convertible for preferred stock (TriplePoint Loan Agreement)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	11,674	11,674	11,674	11,674
2020 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0	0	12,267,157
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0	0	6,916,489

CONVERTIBLE NOTES AND TERM LOAN - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 439	$ 437	$ 878	$ 873
Total	5,022	5,004	9,997	9,976
Senior Secured Term Loan \| Term Loan
Debt Instrument [Line Items]
Contractual interest	2,867	2,867	5,703	5,703
2020 Notes \| Convertible Notes
Debt Instrument [Line Items]
Contractual interest	$ 1,716	$ 1,700	$ 3,416	$ 3,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

NET INCOME (LOSS) PER SHARE - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net Income (loss) attributable to common stockholders, basic	$ 295,379	$ 20,505	$ 234,093	$ (35,459)
Denominator
Weighted-average number of shares outstanding used to compute net Income (loss) per share attributable to common stockholders, basic (in shares)	11,062,716	9,557,137	10,599,919	9,486,896
Basic net income (loss) per share attributable to common shareholders, basic (in dollars per share)	$ 26.70	$ 2.15	$ 22.08	$ (3.74)
Diluted net income (loss) per share
Add: interest expense recognized for 2020 Notes	$ 1,716	$ 1,759	$ 3,416
Add: fair value adjustment recognized for 2021 Notes	240	0	25,239	$ 0
Net income (loss) attributable to common stockholders, diluted	$ 297,335	$ 22,264	$ 262,748	$ (35,459)
Weighted-average effect of potentially dilutive securities:
Stock Options (in shares)	4,178,546	2,334,001	4,375,578	0
Early Exercised Stock Options (in shares)	0	114,922	79,382	0
RSUs (in shares)	999,686	0	499,843	0
Warrants for Common Stock (in shares)	187,837	158,990	204,490	0
Convertible Preferred Stock (in shares)	6,916,489	6,916,489	6,916,489	0
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	62,881,519	31,348,696	48,056,431	9,486,896
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ 4.73	$ 0.71	$ 5.47	$ (3.74)
2020 Notes
Weighted-average effect of potentially dilutive securities:
Notes (in shares)	12,509,591	12,267,157	11,867,403	0
2021 Notes
Weighted-average effect of potentially dilutive securities:
Notes (in shares)	27,026,654	0	13,513,327	0

INCOME TAXES - Summary of Income Tax and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (3,054)	$ 23,857	$ (62,484)	$ (29,770)
(Benefit from) provision for income taxes	$ (298,433)	$ 3,352	$ (296,577)	$ 5,689

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Summary of Income Tax and Effective Tax Rate

The following table sets forth a summary of our income tax and effective tax rate (in thousands, except for percentages):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
(Loss) income before income taxes	$	(3,054)	$	23,857	$	(62,484)	$	(29,770)
(Benefit from) provision for income taxes	(298,433)		3,352		(296,577)		5,689

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 29, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Principal and accrued in kind interest							$ 525,500
Difference between aggregate fair value and aggregate unpaid balance							134,900
2021 Notes	$ 0	$ 683,200	$ 0		$ 0		$ 660,324
Fair value loss recognized in other expense, net		$ 200	240	$ 30,754	25,239	$ 57,554
Cumulative losses recognized	19,900
Recognized fair value gains on foreign exchange derivatives			3,200		3,200
Gross notional amount	$ 197,700		$ 197,700		$ 197,700

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Unaudited Pro forma Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Assets
Total current assets	$ 476,811		$ 476,811		$ 486,840
Total noncurrent assets	698,923		698,923
Total assets	1,175,734		1,175,734		794,287
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities	298,733		298,733		928,350
Total noncurrent liabilities	80,797		80,797
Total liabilities	379,530		379,530		1,201,640
Convertible preferred stock	114,027	$ 114,027	114,027	$ 114,027	114,027
Common stock	5		5		1
Additional paid-in capital	1,182,730		1,182,730		233,705
Accumulated other comprehensive income (loss)	10,525		10,525		(9,910)
Accumulated deficit	(511,083)		(511,083)		(745,176)
Total stockholders’ equity (deficit)	682,177	(565,713)	682,177	(565,713)	(521,380)	$ (501,440)	$ (541,541)	$ (493,091)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 1,175,734		1,175,734		794,287
Tax withholding obligations		1,600
IPO
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Issuance of common stock for settlement of RSUs, net of shares withheld for taxes (in shares)	417,618
Withholding shares (in shares)	(244,421)
Common Stock
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total stockholders’ equity (deficit)	$ 5	$ 1	$ 5	$ 1	$ 1	$ 1	$ 1	$ 1
Issuance of common stock for exercise or conversion (in shares)			27,131	31,008
Issuance of common stock for settlement of RSUs, net of shares withheld for taxes (in shares)				11,362
Pro Forma Adjustments
Assets
Total current assets	17,442		$ 17,442
Total noncurrent assets	0		0
Total assets	17,442		17,442
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities	(123,897)		(123,897)
Total noncurrent liabilities	(27)		(27)
Total liabilities	(123,924)		(123,924)
Convertible preferred stock	(114,027)		(114,027)
Common stock	1		1
Additional paid-in capital	255,770		255,770
Accumulated other comprehensive income (loss)	0		0
Accumulated deficit	(378)		(378)
Total stockholders’ equity (deficit)	255,393		255,393
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	17,442		$ 17,442
Payment of outstanding principal balance	115,000
Payment of outstanding loan	(114,600)
Debt issuance cost	(400)
Unpaid offering expenses	3,300
Tax withholding obligations	$ 6,100
Issuance of common stock for exercise or conversion (in shares)	11,674
Warrants outstanding (in shares)	203,496		203,496
Pro Forma Adjustments \| Warrant Conversion To Shares Of Common Stock, Net
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Issuance of common stock for exercise or conversion (in shares)	148,748
Pro Forma Adjustments \| Warrant Conversion To Shares Of Common Stock, Withheld
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Issuance of common stock for exercise or conversion (in shares)	54,748
Pro Forma
Assets
Total current assets	$ 494,253		$ 494,253
Total noncurrent assets	698,923		698,923
Total assets	1,193,176		1,193,176
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Total current liabilities	174,836		174,836
Total noncurrent liabilities	80,770		80,770
Total liabilities	255,606		255,606
Convertible preferred stock	0		0
Common stock	6		6
Additional paid-in capital	1,438,500		1,438,500
Accumulated other comprehensive income (loss)	10,525		10,525
Accumulated deficit	(511,461)		(511,461)
Total stockholders’ equity (deficit)	937,570		937,570
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 1,193,176		$ 1,193,176
Pro Forma \| Conversion Of Convertible Preferred Stock \| Common Stock
Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Issuance of common stock for exercise or conversion (in shares)	6,916,489

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Vehicle assets:
Deployed vehicle assets	$	568,836	$	491,361
Undeployed vehicle assets	40,839		21,196
Non-vehicle assets:
Capitalized internal-use software	88,329		82,856
Leasehold improvements	12,216		7,488
Furniture and fixtures	1,449		941
Equipment	1,974		1,746
Total property and equipment	713,643		605,587
Accumulated vehicle asset depreciation	(297,724)		(275,452)
Accumulated non-vehicle asset depreciation & amortization	(83,420)		(75,618)
Total property and equipment, net	$	332,499	$	254,517

The following table presents amounts recognized in the unaudited condensed consolidated statements of operations related to property & equipment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Vehicle asset depreciation expense	$	26,168	$	24,033	$	52,552	$	48,004
Non-vehicle asset depreciation and amortization expense	3,849		4,468		7,805		8,850
Loss on vehicle asset disposals	361		310		542		415

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 295,379	$ 20,505	$ 234,093	$ (35,459)
Other comprehensive income:
Foreign currency translation adjustments	(1,422)	2,574	(1,822)	1,898
Change in fair value of instrument-specific credit risk	0	12,940	2,389	15,725
Cumulative loss of instrument-specific credit risk related to settlement of the 2021 Notes	19,868	0	19,868	0
Total other comprehensive income	18,446	15,514	20,435	17,623
Comprehensive income (loss)	$ 313,825	$ 36,019	$ 254,528	$ (17,836)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease revenue	$ 233,194	$ 182,563	$ 356,746	$ 276,622
Revenue	71,030	63,505	117,628	98,461
Total revenue	$ 304,224	$ 246,068	$ 474,374	$ 375,083

WARRANTS - Schedule of Warrants Outstanding (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Atel Loan Agreement
Class of Warrant or Right [Line Items]
Warrant Shares (in shares)	20,805
Exercise price (in dollars per share)	$ 14.18
Warrants outstanding (in shares)	20,805	20,805
SVB Loan Agreement
Class of Warrant or Right [Line Items]
Warrant Shares (in shares)	3,008
Exercise price (in dollars per share)	$ 14.18
Warrants outstanding (in shares)	3,008	3,008
BMO Credit Agreement
Class of Warrant or Right [Line Items]
Warrant Shares (in shares)	7,618
Exercise price (in dollars per share)	$ 78.76
Warrants outstanding (in shares)	7,618	7,618
2020 Investor Notes
Class of Warrant or Right [Line Items]
Warrant Shares (in shares)	289,737
Exercise price (in dollars per share)	$ 6.72
Warrants outstanding (in shares)	203,496	261,635
TriplePoint Loan Agreement (Series B)
Class of Warrant or Right [Line Items]
Warrant Shares (in shares)	11,674
Exercise price (in dollars per share)	$ 44.97
Warrants outstanding (in shares)	11,674	11,674

WARRANTS

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

WARRANTS

As of June 30, 2026 and December 31, 2025, the following warrants were outstanding:


Issued in connection with	Warrant Shares	Exercise Price Per Share		Number of Warrant Shares Outstanding as of 6/30/2026	Number of Warrant Shares Outstanding as of 12/31/2025	Expiration date
Common Stock Warrants:
Atel Loan Agreement	20,805	$	14.18	20,805	20,805	January 2028
SVB Loan Agreement	3,008	14.18		3,008	3,008	January 2028
BMO Credit Agreement	7,618	78.76		7,618	7,618	March 2030
2020 Investor Notes	289,737	6.72		203,496	261,635	May - June 2027
Preferred Stock Warrants:
TriplePoint Loan Agreement (Series B)	11,674	44.97		11,674	11,674	March 2028

During the six months ended June 30, 2026, the Company issued 58,139 shares of common stock upon the exercise of common stock warrants, issued in connection with the 2020 Investor Notes, for an aggregate exercise price of $0.4 million.

- Definition

The entire disclosure for equity.

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+ Details