v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer and President. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment.
The Company designs, develops, manufactures, and markets innovative zinc-based energy storage solutions for utility-scale, microgrid and commercial & industrial (C&I) applications. The Company operates and holds long-lived assets in a single geographical region, with nearly all of its revenue coming from customers in the United States.
The CODM reviews financial information on a consolidated basis and uses Gross profit (loss) and Net income (loss) to assess financial performance considering budget-to-actual variances when making key decisions on how to allocate company resources.
The Company’s segment information is summarized as follows:

For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025202420252024
Product revenue
$14,055 $597 $23,982 $7,097 
Service revenue
1,181 301 1,711 402 
Total revenue
15,236 898 25,693 7,499 
Less:
Cost of goods sold
46,189 14,121 81,185 42,350 
Gross profit (loss)(30,953)(13,223)(55,492)(34,851)
Less:
Research and development
7,201 4,250 14,038 9,450 
General and administrative
25,488 11,293 46,483 25,535 
Other segment items(a)
159,295 (594)91,788 5,044 
Net income (loss)
$(222,937)$(28,172)$(207,801)$(74,880)
(a) Other segment items include loss from write-down of property, plant and equipment, interest expense, net, change in fair value of debt, change in fair value of warrants, change in fair value of derivatives, (Loss) gain on debt extinguishment and costs related to the credit and securities purchase transaction.

Additional segment financial information is summarized as follows:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2025202420252024
Segment assets$360,995 $248,776 $360,995 $248,776 
Depreciation and amortization$2,935 $1,371 $5,615 $2,568 
Interest income$851 $131 $1,665 $271 
Interest expense$7,490 $8,558 $14,249 $17,816 
Capital expenditures$7,041 $6,249 $11,959 $10,291