0001628280-26-035076 | 10-Q | XBRL Viewer | Public Policy Holding Company INC

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2026

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE

The Company presents both basic and diluted earnings per share on the face of the consolidated statements of operations and other comprehensive loss. Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three months ended March 31, 2026 and the year ended December 31, 2025, does not include the common stock equivalent shares and nonvested shares. The Company’s weighted average shares utilized for its calculation of earnings (loss) per share include only the common shares outstanding.

The following table includes the number of shares outstanding and potentially dilutive stock options and Restricted Stock Units ("RSU's") as of March 31, 2026, and December 31, 2025, respectively:


	March 31, 2026	December 31, 2025

Common shares outstanding	24,706,309	20,821,959
Nonvested shares outstanding	4,222,468	4,352,533
Legally outstanding shares	28,928,777	25,174,492
Stock options and RSUs outstanding (1)	1,675,716	1,693,734
Total fully diluted shares	30,604,493	26,868,226

(1) The holders of Restricted Stock Units and Stock Options are not entitled to dividends or to vote

The following tables includes the weighted average shares outstanding and potentially dilutive stock options and RSUs for three months ended March 31, 2026 and 2025, respectively:


	March 31, 2026	March 31, 2025
Common shares, weighted average	23,301,135	16,903,655
Nonvested shares, weighted average	4,309,055	7,074,521
Legally outstanding shares, weighted average	27,610,190	23,978,176
Stock options and RSUs outstanding, weighted average	1,684,464	1,522,847
Total securities on a fully diluted basis, weighted average	29,294,654	25,501,023

The following table shows the computation of basic and diluted loss per share for the three months ended March 31, 2026 and 2025, respectively:


	March 31, 2026		March 31, 2025
Numerator
Net loss	$	(11,497)	$	(10,614)
Less unvested common stock dividends under the two - class method	—		—
Net loss attributable to common shareholders	(11,497)		(10,614)

Denominator
Weighted average basic and diluted shares outstanding	23,301,135		16,903,655
Basic and diluted loss per share	$	(0.49)	$	(0.63)

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Company’s Liabilities Measured on Recurring Basis

The following table presents a summary of the Company’s liabilities that are measured at fair value on a recurring basis by their respective fair value hierarchy level as of March 31, 2026:


	Level 1		Level 2		Level 3
Other liabilities	$	—	$	—	$	12,595
Contingent consideration	—		—		19,284
Total liabilities	$	—	$	—	$	31,879

The following table presents a summary of the Company’s liabilities that are measured at fair value on a recurring basis by their respective fair value hierarchy level as of December 31, 2025:


	Level 1		Level 2		Level 3
Other liabilities	$	—	$	—	$	12,030
Contingent consideration	—		—		12,998
Total liabilities	$	—	$	—	$	25,028

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the change in fair value, as determined by Level 3 inputs, for the contingent consideration using the unobservable Level 3 inputs for the three months ended March 31, 2026 as follows:


Balance as of December 31, 2025	$	12,998


Change in fair value	6,303
Effect of currency translation adjustment	(17)


Balance as of March 31, 2026	$	19,284


Balance as of December 31, 2024	$	10,896

Cash and stock payout of contingent consideration	(725)
Change in fair value	983
Effect of currency translation adjustment	46
Balance as of March 31, 2025	$	11,200

The following table summarizes the change in fair value, as determined by Level 3 inputs, for the other liabilities using the Level 3 inputs for the three months ended March 31, 2026 as follows:


Balance as of December 31, 2025	$	12,030
Accretion of liability	565




Balance as of March 31, 2026	$	12,595

The following table summarizes the change in fair value, as determined by Level 3 inputs, for the other liabilities using the Level 3 inputs for the three months ended March 31, 2025 as follows:


Balance as of December 31, 2024	$	4,880
Accretion of other liability	1,195
Other liabilities	(996)
Effect of currency translation adjustment	3
Balance as of March 31, 2025	$	5,081

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Monte Carlo assumptions and inputs (which are Level 3 inputs) are as follows for the years ended March 31, 2026 and 2025 are as follows:


March 31, 2026
Significant Input	Weighted Average Input(1)	Input Range
Discount rate for credit risk and time value	4.7%	4.4% to 4.9%
Discount rate for future profit after tax	15.1%	9.0% to 19.5%
Expected volatility of future annual profit after tax	32.1%	11.0% to 35.0%
Discount Rate Applicable to Future Annual EBITDA	15.0%	14.6% to 15.5%
Expected Volatility of Future Annual EBITDA	31.5%	31.0% to 32.0%
Forecasted growth rate	8.4%	0.8% to 28.0%


March 31, 2025
Significant Input	Weighted Average Input(1)	Input Range
Discount rate for credit risk and time value	5.1%	5.0% to 5.7%
Discount rate for future profit after tax	15.4%	11.0% to 20.7%
Expected volatility of future annual profit after tax	30.1%	30.0% to 31.0%
Forecasted growth rate	8.1%	4.9% to 55.1%

(1) The weighted average is calculated using the estimated fair values

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE - Schedule of Weighted Average Shares Outstanding and Potentially Dilutive Stock Options and RSUs (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Common shares, weighted average (in shares)	23,301,135	16,903,655
Nonvested shares, weighted average (in shares)	4,309,055	7,074,521
Common shares, weighted average (in shares)	27,610,190	23,978,176
Stock options and RSUs outstanding, weighted average (in shares)	1,684,464	1,522,847
Shares used to compute basic and diluted net loss per share (in shares)	29,294,654	25,501,023

NOTES PAYABLE - Schedule of Future Principal Maturities of the Terms Loans (Details) - Secured Debt - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	$ 7,088
2027	8,983
2028	16,725
2029	11,909
Total	44,705	$ 47,115
2023 Facility 2
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	1,575
2027	1,633
2028	0
2029	0
Total	3,208	4,083
2024 Term Loan A
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	675
2027	900
2028	3,150
2029	0
Total	4,725	4,950
2024 Term Loan B
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	2,138
2027	2,850
2028	9,975
2029	0
Total	14,963	15,675
2025 Term Loan C
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	2,700
2027	3,600
2028	3,600
2029	11,909
Total	$ 21,809	$ 22,407

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE - Schedule of Outstanding Number of Shares and Potentially Dilutive Stock Options and RSUs (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Earnings Per Share [Abstract]
Common shares outstanding (in shares)	24,706,309	20,821,959
Nonvested shares outstanding (in shares)	4,222,468	4,352,533
Legally outstanding shares (in shares)	28,928,777	25,174,492
Stock options and RSUs outstanding (in shares)	1,675,716	1,693,734
Total fully diluted shares (in shares)	30,604,493	26,868,226

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-43077
Entity Registrant Name	Public Policy Holding Company, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-3557229
Entity Address, Address Line One	800 North Capitol Street NW
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20002
City Area Code	202
Local Phone Number	688-0020
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	PPHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,350,077
Entity Central Index Key	0001903508
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31

LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) lease_renewal	Dec. 31, 2025 USD ($)
Leases [Abstract]
Options to renew lease \| lease_renewal	1
Operating lease liability, current portion	$ 4,839	$ 5,070
Operating lease liability, long term	$ 23,642	$ 16,469

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. The measurement of a deferred tax asset is reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of March 31, 2026, and March 31, 2025, no material valuation allowance has been recorded against the Company’s deferred tax assets. The Company applies a recognition threshold and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For a tax benefit to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company has not identified any uncertain income tax positions that could have a material impact on the condensed consolidated financial statements. The Company recognizes interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense; the Company did not have any such amounts accrued as of March 31, 2026, and December 31, 2025. Tax years from 2022 to 2024 remain subject to examination; 2025 has not yet been filed. For interim periods, the Company recognizes an income tax expense or benefit based on an estimated annual effective tax rate ("EAETR"), calculated on a worldwide consolidated basis and expected for the full fiscal year. The EAETR is based on the statutory tax rates then in effect and adjusted for estimated permanent differences. Discrete items, when material, are excluded from the EAETR and are recognized in the interim period in which they occur. For the three months ended March 31, 2026, the Company recognized an income tax expense of approximately $2.7 million on a net loss before income taxes of $8.8 million. Income tax expense for the period included a discrete tax benefit of approximately $1.7 million related to a one‑time transaction that resulted in the recognition of a deferred tax asset. This discrete benefit was recognized in the period incurred and was excluded from the Company’s estimated annual effective tax rate. The Company’s effective tax rate for the three months ended March 31, 2026, was (31.3)%, which was significantly impacted by the discrete item described above. For the three months ended March 31, 2025, the Company recognized an income tax expense of approximately $4.1 million on a net loss before income taxes of $6.5 million. The effective tax rate for the period was (63.2)%. The effective tax rates for the periods differed from the federal statutory rate of 21% primarily due to state taxes, GAAP compensation incurred that is not deductible for tax purposes, as well as other items related to prior periods’ business combinations that generate permanent book/tax differences. The Company does not expect that any law changes enacted during the period will have a material impact on the provision for income taxes.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 42,852	$ 20,436
Contract receivables, net	34,238	21,851
Notes receivable - related parties, current portion	750	750
Income taxes receivable	0	2,068
Prepaid post-combination compensation, current portion	2,862	3,585
Prepaid expenses and other current assets	7,696	9,598
Amounts due from related parties	142	266
Total current assets	88,540	58,554
Property and equipment at cost, less accumulated depreciation	1,077	598
Notes receivable - related parties, long term	900	900
Operating lease right of use asset	26,346	18,829
Goodwill	56,776	56,990
Other intangible assets, net of accumulated amortization	35,502	37,113
Deferred income tax asset	28,787	24,600
Prepaid post-combination compensation, long term	4,326	4,692
Other long-term assets	266	276
TOTAL ASSETS	242,520	202,552
Current liabilities:
Accounts payable and accrued expenses	17,751	30,819
Income taxes payable	4,861	0
Deferred revenue	6,075	3,310
Operating lease liability, current portion	4,839	5,070
Contingent consideration, current portion	4,385	3,134
Other liability, current portion	3,513	1,441
Notes payable, current portion, net	10,508	9,082
Total current liabilities	51,932	52,856
Notes payable, long term, net	34,114	37,906
Contingent consideration, long term	14,899	9,864
Other liability, long term	9,046	10,553
Operating lease liability, long term	23,642	16,469
Total liabilities	133,633	127,648
Shareholders' equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 28,928,777 and 25,174,492 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	28	24
Additional paid-in capital	282,874	237,075
Accumulated deficit	(174,878)	(163,381)
Accumulated other comprehensive income (loss)	863	1,186
Total shareholders’ equity	108,887	74,904
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 242,520	$ 202,552

NOTES PAYABLE - Schedule of Company's Total Debt Consists (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ 748
Original loan amount, net of debt issuance costs	62,252
Less: unamortized debt issuance costs	200	$ 251
Total debt, net of unamortized issuance costs	44,622	46,988
Less: current portion	(10,508)	(9,082)
Total debt, long-term	34,114	37,906
Secured Debt
Debt Instrument [Line Items]
Original Loan Amount	63,000
Long-term debt, gross	44,705	47,115
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	117	124
2023 Facility 2 \| Secured Debt
Debt Instrument [Line Items]
Original Loan Amount	14,000
Long-term debt, gross	3,208	4,083
2024 Term Loan A \| Secured Debt
Debt Instrument [Line Items]
Original Loan Amount	6,000
Long-term debt, gross	4,725	4,950
2024 Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Original Loan Amount	19,000
Long-term debt, gross	14,963	15,675
2025 Term Loan C \| Secured Debt
Debt Instrument [Line Items]
Original Loan Amount	24,000
Long-term debt, gross	$ 21,809	$ 22,407

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared by Public Policy Holding Company, Inc. ("PPHC-Inc.", "the Company", "we", "us", and "our") in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures have been condensed or omitted. All intercompany balances and transactions have been eliminated. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation, in all material respects, of the information contained herein. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). Results for the interim periods are not necessarily indicative of results that may be expected for the year.
Omnibus Incentive Plan	Omnibus Incentive Plan On September 29, 2025, our board of directors approved an amendment (the "2025 Amendment") to the Public Policy Holding Company, Inc. 2021 Omnibus Incentive Plan (the "Omnibus Incentive Plan"), which became effective on January 26, 2026. The 2025 Amendment provides that no more than 2,600,000 shares of common stock may be available from the effective date of the amendment, for the grant of awards under the Omnibus Incentive Plan, subject to adjustment in accordance with the plan's provisions. The maximum aggregate number of shares of common stock that may be issued in the form of incentive stock options shall not exceed 2,164,801.
Use of Estimates	The preparation of the condensed consolidated financial statements in accordance with GAAP requires the Company’s management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but not limited to, the allowance for credit losses, useful lives of intangible assets, recoverability of the carrying amounts of intangible assets, shared-based compensation, business acquisitions, valuation of contingent considerations, post-combination liabilities and income tax provisions. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. Unless otherwise noted, dollars in tables are in thousands, except per share amounts. Certain monetary amounts, percentages, and other figures included elsewhere in this Form 10-Q have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
New Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the United States (federal, state and local) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. The Company has adopted ASU 2023-09 for the year ended December 31, 2025, and has applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 8. Income Taxes, in the accompanying notes to the consolidated financial statements for further details. In June 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), which provides guidance on the scope application of profits interest and similar awards. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2024, and interim reporting periods beginning after December 15, 2025. The Company has determined that there is no impact of this guidance on its consolidated financial statement disclosures, as the Company's stock compensation does not allow for profits interest and similar awards. Recently Issued Accounting Pronouncements Not Yet Adopted 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. This guidance requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt this guidance in its fiscal year beginning January 1, 2027, and is evaluating the potential impact of this guidance on its consolidated financial statement disclosures.
Revenue recognition and Contract receivables	Revenue recognition: The Company generates the majority of its revenue by providing consulting services through fixed-fee arrangements related to Government Relations Consulting, Corporate Communications & Public Affairs Consulting and Compliance and Insights Services. Types of Contract Arrangements: Most of the consulting service contracts are based on one of the following types of contract arrangements: 1) Fixed-fee arrangements (“Retainer Revenue” and “Subscription Services Revenue”): these require the client to pay a fixed fee in exchange for a predetermined set of professional services. Retainer contracts generally comprise of a single stand-ready performance obligation for consulting services. The Company recognizes retainer revenue over time by measuring the progress toward complete satisfaction of the performance obligation. Subscription services generally comprise of a single performance obligation recognized over time with a straight-line pattern. The Company’s standard practice for retainer revenue is to enter into agreements with clients that stipulate a fixed monthly fee, payable at the beginning of each month, for the services to be rendered. These agreements may also include provisions for the reimbursement of pre-approved, reasonable expenses incurred in fulfilling the performance obligations. Member companies typically invoice clients in advance, and the amounts billed are initially recorded as deferred revenue. Revenue is then recognized from deferred revenue as performance obligations are achieved. A significant portion of the Company’s contracts with customers have termination clauses that give the customer the right to terminate the contract without cause with one month's notice without any substantial penalty. As such, the Company believes such contracts should be treated as a month-to-month contract as this reflects the non-cancelable period of performance. The parties do not have enforceable rights and obligations beyond the month (or months) of services already performed. The Company's contracts generally do not contain a material right. 2) Project Revenue includes additional services such as 1) advertisement placement and management, 2) video production, 3) website development and 4) research services, in which third-party companies may be engaged to achieve specific business objectives. These services are either in a separate contract or within the fixed-fee consulting contract, in which the Company usually receives a markup on the cost incurred. Generally, these contracts are less than 12 months in length. The Company recognizes revenue earned to date in an amount that is probable and not likely to reverse. The Company utilizes an output method to measure progress toward complete satisfaction of the performance obligation, recognizing revenue based on the services delivered to the customer to date as a proportion of the total services promised in the contract. This approach reflects the transfer of control to the customer, as the customer receives and consumes the benefits of each service as it is performed. Any out-of-pocket administrative expenses incurred are billed at cost. Revenue is recognized when control of services provided is transferred to customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services, using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when the Company satisfies the performance obligations. In determining the method and amount of revenue to recognize, the Company must make judgments and estimates. Specifically, complex arrangements with nonstandard terms and conditions may require management's judgment in interpreting the contract to determine the appropriate accounting, including whether the promised services specified in an arrangement are distinct performance obligations and should be accounted for separately, and how to allocate the transaction price, including any variable consideration, to the separate performance obligations. When a contract contains multiple performance obligations, the Company allocates the transaction price to each performance obligation based on its estimate of the stand-alone selling price. Other judgments include determining whether performance obligations are satisfied over time or at a point in time, and the selection of the method to measure progress towards completion. The Company has considered the guidance of combining contracts in accordance with ASC 606-10-25-9, Combining Contracts. The Company has noted that its customers occasionally execute multiple orders for services, add-ons and professional services within a short period of time. The Company evaluates multiple orders to determine if the services across multiple orders relate directly to the same retainer service or project and will combine contracts if deemed to be related, as they are packaged within a single commercial objective. For any contracts that meet one or more of the requirements of ASC 606-10-25-9, the Company will account for the contracts as a single contract. The majority of contracts entered into with customers are entered into with multiple commercial objectives, and the consideration of one contract is determined independently from the price or performance of other contracts. Certain services provided by the Company include the utilization of a third party in the delivery of those services. These services are primarily related to the production of an advertising campaign or media buying services. The Company has determined that it acts as an agent and is solely arranging for the third parties to provide services to the customer. Specifically, the Company does not control the specified services before transferring those services to the customer, is not primarily responsible for the performance of the third-party services, nor can the Company redirect those services to fulfill any other contracts. The Company does not have discretion in establishing the third-party pricing in its contracts with customers. For these performance obligations for which the Company acts as an agent, the Company records revenue as the net amount of the gross billings less amounts remitted to the third party.
Basic and diluted earnings (loss) per share	The Company presents both basic and diluted earnings per share on the face of the consolidated statements of operations and other comprehensive loss. Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Due to their anti-dilutive effect, the calculation of diluted net loss per share for the three months ended March 31, 2026 and the year ended December 31, 2025, does not include the common stock equivalent shares and nonvested shares. The Company’s weighted average shares utilized for its calculation of earnings (loss) per share include only the common shares outstanding.
Fair value measurement	The estimated fair value of contingent consideration is calculated using Monte Carlo simulations with inputs such as expected volatility of future operating results, discount rates applicable to future results, and expected growth rates. Other Liabilities The fair value of other liabilities, comprising of post-combination compensation obligations of the Company, relates to various acquisitions. The estimated fair value of other liabilities is calculated by Monte Carlo simulations utilize estimates including expected volatility of future operating results, discount rates applicable to future results, and expected growth rates. Financial Instruments Not Measured at Fair Value on a Recurring Basis The Company's Notes Payable are subject to a variable interest rate. As a result, the carrying amount of these instruments closely approximates their fair value. Non-financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain non-financial assets are measured at fair value on a nonrecurring basis, primarily goodwill and intangible assets, which are classified as Level 3 fair value measurements, and right-of-use lease assets, which are classified as Level 2 fair value measurements. These assets are not measured and adjusted to fair value on an ongoing basis but are subject to periodic evaluations for potential impairment.
Leases	The Company leases office space and equipment under non-cancelable operating leases, which may include renewal or termination options that are reasonably certain of exercise. Most leases include one or more options to renew, and the exercise of lease renewal options is at the Company’s sole discretion. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company also subleases office space to third parties under separate sublease agreements, which are generally month-to-month leases. ASC 842 - Leases, requires use of the interest rate that a lessee would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. When the Company cannot readily determine the discount rate implicit in the lease agreement, the Company will utilize the incremental borrowing rate. The Company uses its incremental borrowing rate on the commencement date to determine the present value of its lease payments. The discount rate used to measure the lease asset, and the liability is determined at the beginning of the lease term, using the rate implicit in the lease if readily determinable, or otherwise using the Company's collateralized credit-adjusted borrowing rate.

CONTRACT BALANCES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES - Schedule of Information about the Activity in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,492	$ 1,102
Provision for expected credit losses	683	279
Provision for expected credit losses		2,353
(Write-off)/Recoveries	(789)	$ (963)
Ending balance	$ 2,386

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On March 20, 2026, the Company entered into a binding agreement to acquire all of the outstanding shares of Westminster Policy Partners Limited, a leading UK public affairs and economics consultancy. The acquisition was completed on April 1, 2026, for a combination of cash and shares. On May 1, 2026, the Company acquired the assets of the management companies Cowen Consulting, LLC and Putnam Strategies, LLC, specialists in federal, state, and local government relations. The acquisition was completed for a combination of cash and shares.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 50,123	$ 39,311
Operating expenses:
Salaries and other personnel costs	39,203	33,881
Office and other direct costs	1,759	1,473
Cost of services	40,962	35,354
Salaries, general and administrative	9,286	7,488
Mergers and acquisitions expense	252	195
Depreciation and amortization expense	1,505	1,191
Change in fair value of contingent consideration	6,303	983
Total operating expenses	58,308	45,211
Loss from operations	(8,185)	(5,900)
Gain on bargain purchase	52	0
Interest income	11	33
Interest expense	(801)	(635)
Other income, net	166	0
Net loss before income taxes	(8,757)	(6,502)
Income tax expense	(2,740)	(4,112)
Net loss	$ (11,497)	$ (10,614)
Net loss per share attributable to common shareholders, Basic (usd per share)	$ (0.49)	$ (0.63)
Net loss per share attributable to common shareholders, Diluted (in usd per share)	$ (0.49)	$ (0.63)
Weighted average, basic shares outstanding (in shares)	23,301,135	16,903,655
Weighted average, diluted shares outstanding (in shares)	23,301,135	16,903,655
Net loss	$ (11,497)	$ (10,614)
Foreign currency translation gain (loss)	(323)	721
Total comprehensive loss	$ (11,820)	$ (9,893)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Statement of Cash Flows [Abstract]
Underwriting fees	$ 3.0

SEGMENT REPORTING - Narrative (Details) - segment	3 Months Ended
SEGMENT REPORTING - Narrative (Details) - segment	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Number of reportable segments	3	3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Book Value	$ 47,793	$ 47,809
Accumulated Amortization	(24,757)	(23,186)
Net Book Value	23,036	24,623
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Book Value	60,259	60,299
Accumulated Amortization	(24,757)	(23,186)
Net Book Value	$ 35,502	$ 37,113
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Useful Life (in Years)	7 years 1 month 6 days	7 years 1 month 6 days
Gross Book Value	$ 40,741	$ 40,760
Accumulated Amortization	(21,553)	(20,283)
Net Book Value	19,188	20,477
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Accumulated Amortization	$ (21,553)	$ (20,283)
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Useful Life (in Years)	7 years	7 years
Gross Book Value	$ 3,938	$ 3,938
Accumulated Amortization	(1,735)	(1,594)
Net Book Value	2,203	2,344
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Accumulated Amortization	$ (1,735)	$ (1,594)
Noncompete agreements
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Useful Life (in Years)	4 years 8 months 12 days	4 years 8 months 12 days
Gross Book Value	$ 3,114	$ 3,111
Accumulated Amortization	(1,469)	(1,309)
Net Book Value	1,645	1,802
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Accumulated Amortization	(1,469)	(1,309)
Tradename
Intangible Asset, Finite-Lived [Line Items]
Trade names	$ 12,466	$ 12,490

CONTRACT BALANCES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES - Schedule of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 35,098	$ 23,831
Unbilled receivables	1,526	512
Allowance for expected credit losses	(2,386)	(2,492)	$ (1,102)
Total contract receivables, net	34,238	21,851
Contract Liabilities / (Deferred revenue)	$ (6,075)	$ (3,310)

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 02, 2026	Jan. 26, 2026	Mar. 31, 2026	Mar. 31, 2025
Property, Plant, and Equipment [Line Items]
Proceeds from issuance initial public offering		$ 36,000	$ 42,866	$ 0
IPO
Property, Plant, and Equipment [Line Items]
Number of shares issued in transaction (in shares)		4,150,000
Sale of stock (in usd per share)		$ 12.25
IPO - Newly Issued
Property, Plant, and Equipment [Line Items]
Number of shares issued in transaction (in shares)		3,400,000
IPO - Existing
Property, Plant, and Equipment [Line Items]
Number of shares issued in transaction (in shares)		750,000
Over-Allotment Option
Property, Plant, and Equipment [Line Items]
Number of shares issued in transaction (in shares)	342,500
Omnibus Incentive Plan
Property, Plant, and Equipment [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		2,600,000
Omnibus Incentive Plan \| Options
Property, Plant, and Equipment [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		2,164,801

NOTES PAYABLE - Narrative (Details) - Secured Debt $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Jun. 30, 2024 USD ($) loan	Jan. 31, 2025 USD ($)	Apr. 30, 2024 USD ($)	Feb. 28, 2023 USD ($)
Debt Instrument [Line Items]
Original Loan Amount	$ 63,000
Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity					$ 17,000
Number of loans \| loan		2
Debt instrument, basis spread on variable rate	2.25%
2023 Facility 1
Debt Instrument [Line Items]
Borrowing capacity					3,000
2023 Facility 2
Debt Instrument [Line Items]
Borrowing capacity					$ 14,000
Original Loan Amount	$ 14,000
2024 Term Loan A
Debt Instrument [Line Items]
Borrowing capacity				$ 6,000
Original Loan Amount	$ 6,000
Debt instrument, basis spread on variable rate	2.60%
2024 Term Loan B
Debt Instrument [Line Items]
Borrowing capacity		$ 19,000
Original Loan Amount	$ 19,000
Debt instrument, basis spread on variable rate	2.60%
2025 Term Loan C
Debt Instrument [Line Items]
Borrowing capacity			$ 24,000
Original Loan Amount	$ 24,000
Debt instrument, basis spread on variable rate	2.60%
2025 Term Loan C \| Through March 1, 2026
Debt Instrument [Line Items]
Monthly principal payments	$ 200
2025 Term Loan C \| March 2, 2026 Through March 31, 2029
Debt Instrument [Line Items]
Monthly principal payments	300
2023 Facility 2 Loan
Debt Instrument [Line Items]
Monthly principal payments	200
2024 Term Loans
Debt Instrument [Line Items]
Monthly principal payments	$ 300

SEGMENT REPORTING - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Line Items]
Revenue	$ 50,123	$ 39,311
Staff costs by segment	25,356	20,243
Non-staff costs by segment	5,335	3,661
Segment Adjusted Pre-Bonus EBITDA	19,432	15,407
Reconciliation to net loss before income taxes:
Unallocated bonuses	(3,889)	(3,138)
Unallocated corporate level expenses	(4,690)	(3,846)
Depreciation	(42)	(40)
Change in contingent consideration	(6,303)	(983)
Amortization of intangibles	(1,603)	(1,292)
Loss from operations	(8,185)	(5,900)
Gain on bargain purchase	52	0
Interest, net	(790)	(602)
Other income, net	166	0
Net loss before income taxes	(8,757)	(6,502)
Income tax expense	2,740	4,112
Net loss	(11,497)	(10,614)
Post-Combination Awards
Reconciliation to net loss before income taxes:
Share-based compensation expense	(2,846)	(3,441)
Omnibus Incentive Plan
Reconciliation to net loss before income taxes:
Share-based compensation expense	(962)	(1,123)
Retained Pre-UK IPO
Reconciliation to net loss before income taxes:
Share-based compensation expense	(7,282)	(7,444)
Government Relations Consulting
Segment Reporting [Line Items]
Revenue	28,358	26,164
Staff costs by segment	12,903	12,601
Non-staff costs by segment	2,560	2,066
Segment Adjusted Pre-Bonus EBITDA	12,895	11,497
Corporate Communications & Public Affairs Consulting
Segment Reporting [Line Items]
Revenue	18,293	10,013
Staff costs by segment	10,979	6,320
Non-staff costs by segment	2,521	1,455
Segment Adjusted Pre-Bonus EBITDA	4,793	2,238
Compliance and Insights Services
Segment Reporting [Line Items]
Revenue	3,472	3,134
Staff costs by segment	1,474	1,322
Non-staff costs by segment	254	140
Segment Adjusted Pre-Bonus EBITDA	$ 1,744	$ 1,672

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net loss	$ (11,497)	$ (10,614)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	42	40
Amortization expense - intangibles	1,603	1,292
Amortization of right of use assets	1,196	1,060
Amortization of prepaid post-combination compensation	1,239	1,641
Accretion of other liability	565	1,194
Amortization of debt discount	51	51
Provision for deferred income taxes	(4,172)	(1,420)
Share-based accounting charge	7,282	7,444
Change in fair value of contingent consideration	6,303	983
Gain on bargain purchase	(52)	0
Credit losses on accounts receivable	683	279
(Increase) decrease in:
Accounts receivable	(13,112)	(5,936)
Prepaid post-combination expense	(1,910)	(10,090)
Prepaid expenses and other assets	(484)	(1,088)
Increase (decrease) in:
Accounts payable and accrued expenses	(9,982)	(4,577)
Income taxes payable and receivable	6,915	5,529
Deferred revenue	2,770	4,208
Operating lease liability	(1,227)	(1,188)
Other liabilities	0	(1,720)
Transactions with members and related parties	123	2,560
Net Cash Used in Operating Activities	(11,660)	(8,624)
Cash Flows from Investing Activities:
Purchases of property and equipment	(521)	0
Prepayment on business acquisition	(1,910)	(18,522)
Net Cash Used in Investing Activities	(2,431)	(18,522)
Cash Flows from Financing Activities:
Proceeds from initial public offering, net of underwriting fees of $3.0 million	42,866	0
Proceeds from notes payable	0	24,000
Payment of debt issuance costs	0	(96)
Payment of deferred equity offering costs	(3,876)	0
Principal payment of note payable	(2,418)	(1,820)
Net Cash Provided by Financing Activities	36,572	22,084
Effect of foreign exchange rate changes on cash and cash equivalents	(65)	65
Net Change in Cash and Cash Equivalents	22,416	(4,997)
Cash and Cash Equivalents as of Beginning of Period	20,436	14,536
Cash and Cash Equivalents at the End of Period	42,852	9,539
Supplemental disclosure of cash flow information:
Cash paid for interest	750	584
Cash paid for income taxes	2	0
Common stock received for repayment of note receivable with Alpine Group	0	532
Right of use assets obtained with lease liabilities	8,714	0
Accrued deferred equity offering costs	(2,479)	0
Omnibus Incentive Plan
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	962	1,123
Post-Combination Awards
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	$ 1,042	$ 605

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net loss	$ (11,497)	$ (10,614)
Less unvested common stock dividends under the two - class method	0	0
Net loss attributable to common shareholders	$ (11,497)	$ (10,614)
Denominator
Weighted average basic shares outstanding (in shares)	23,301,135	16,903,655
Weighted average diluted shares outstanding (in shares)	23,301,135	16,903,655
Net loss per share - basic (usd per share)	$ (0.49)	$ (0.63)
Net loss per share - diluted (usd per share)	$ (0.49)	$ (0.63)

REVENUE - Summary of Revenue by Geographic Region - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 50,123	$ 39,311
United States
Disaggregation of Revenue [Line Items]
Revenue	47,352	37,704
International
Disaggregation of Revenue [Line Items]
Revenue	$ 2,771	$ 1,607

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Company’s Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	$ 0	$ 0
Contingent consideration	0	0
Total liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	0	0
Contingent consideration	0	0
Total liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities	12,595	12,030
Contingent consideration	19,284	12,998
Total liabilities	$ 31,879	$ 25,028

FAIR VALUE MEASUREMENT - Schedule of Fair Value Inputs (Details) - Level 3	Mar. 31, 2026	Mar. 31, 2025
Weighted Average \| Discount rate for credit risk and time value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.047	0.051
Weighted Average \| Discount rate for future profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.151	0.154
Weighted Average \| Expected volatility of future annual profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.321	0.301
Weighted Average \| Discount Rate Applicable to Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.150
Weighted Average \| Expected Volatility of Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.315
Weighted Average \| Forecasted growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.084	0.081
Minimum \| Discount rate for credit risk and time value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.044	0.050
Minimum \| Discount rate for future profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.090	0.110
Minimum \| Expected volatility of future annual profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.110	0.300
Minimum \| Discount Rate Applicable to Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.146
Minimum \| Expected Volatility of Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.310
Minimum \| Forecasted growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.008	0.049
Maximum \| Discount rate for credit risk and time value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.049	0.057
Maximum \| Discount rate for future profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.195	0.207
Maximum \| Expected volatility of future annual profit after tax
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.350	0.310
Maximum \| Discount Rate Applicable to Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.155
Maximum \| Expected Volatility of Future Annual EBITDA
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.320
Maximum \| Forecasted growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Significant Input	0.280	0.551

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0		$ 0
Accrued interest and penalties	0		$ 0
Income tax expense	2,740	$ 4,112
Net loss before income taxes	8,757	$ 6,502
Discrete tax benefit	$ 1,700
Effective income tax rate	(31.30%)	(63.20%)

LEASES - Schedule of Future Payments of Operating Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (Excluding the Three months ended March 31, 2026)	$ 4,330
2027	5,960
2028	6,610
2029	5,199
2030	3,655
Thereafter	9,145
Total future minimum lease payments	34,899
Amount representing interest	(6,418)
Present value of net future minimum lease payments	$ 28,481

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	28,928,777	25,174,492
Common stock, shares outstanding (in shares)	28,928,777	25,174,492

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024		24,017,599
Beginning balance at Dec. 31, 2024	$ 81,255	$ 23	$ 197,489	$ (115,721)	$ (536)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Long term incentive program charges	1,179		1,179
Vesting of stock issued from acquisitions	0		1	(1)
Repayment of note receivable by related party (in shares)		(63,356)
Repayment of note receivable by related party	(532)		(532)
Post-combination compensation charge-shares	605		605
Share-Based Accounting Charge	7,444		7,444
Foreign currency translation gain (loss)	721				721
Net loss	(10,614)			(10,614)
Ending balance (in shares) at Mar. 31, 2025		23,954,243
Ending balance at Mar. 31, 2025	$ 80,058	$ 23	206,186	(126,336)	185
Beginning balance (in shares) at Dec. 31, 2025	25,174,492	25,174,492
Beginning balance at Dec. 31, 2025	$ 74,904	$ 24	237,075	(163,381)	1,186
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Long term incentive program charges	1,530		1,530
Issuance of unvested legally outstanding shares (in shares)		16,579
2026 U.S. IPO Issuance, net of underwriting discounts and offering expenses (in shares)		3,742,500
2026 U.S. IPO Issuance, net of underwriting discounts and offering expenses	35,949	$ 4	35,945
Post-combination compensation charge-shares	1,042		1,042
Forfeiture, Retained Pre-UK IPO shares (in shares)		(4,794)
Share-Based Accounting Charge	7,282		7,282
Foreign currency translation gain (loss)	(323)				(323)
Net loss	$ (11,497)			(11,497)
Ending balance (in shares) at Mar. 31, 2026	28,928,777	28,928,777
Ending balance at Mar. 31, 2026	$ 108,887	$ 28	$ 282,874	$ (174,878)	$ 863

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

CONTRACT BALANCES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 6,075	$ 3,310
Accounts receivable, allowance for credit loss	$ 2,386	$ 2,492	$ 1,102

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Goodwill, beginning Balance	$ 56,990	$ 64,308
Impairment	0	(6,219)
Other adjustment		(2,527)
Foreign currency translation	(214)	1,428
Goodwill, ending Balance	$ 56,776	$ 56,990