v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue ($1,768, $1,798, $3,391 and $3,314 related party for the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, respectively) $ 2,549 $ 1,798 $ 4,257 $ 3,314
Operating expenses:        
Project design and build expense 431 0 537 0
Selling, general and administrative expense ($21, $0, $45 and $0 related party for the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, respectively) 6,644 5,308 12,940 12,101
Transaction (credit) expenses (3,299) 0 (1,778) 7
Credit loss expense ($0, $0, $0 and $12 related party for the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, respectively) 0 0 0 12
Research and development expense ($57, $10, $175 and $26 related party for the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, respectively) 83 10 201 26
Depreciation and amortization expense 40 2 44 3
Total operating expenses 3,899 5,320 11,944 12,149
Loss from operations (1,350) (3,522) (7,687) (8,835)
Share of gain from equity method investments 25,846 1,720 21,783 2,874
Interest expense ($(572), $(235), $(1,141) and $(426) related party for the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, respectively) (841) (438) (2,174) (707)
Interest income 2 3 5 6
Change in fair value of warrant liabilities 0 (2,599) 2,886 (2,391)
Change in fair value of earnout liabilities 0 13,006 0 131,621
Foreign exchange transaction gain (loss) 1,455 (142) 2,207 (517)
Net income before taxes 25,112 8,028 17,020 122,051
Income tax benefit 0 0 0 1
Net income 25,112 8,028 17,020 122,052
Net income attributable to noncontrolling interest 13,886 6,794 9,409 103,648
Net income attributable to common stockholders $ 11,226 $ 1,234 $ 7,611 $ 18,404
Net income per share        
Net income per share, basic (in Dollars per share) $ 0.3 $ 0.1 $ 0.21 $ 1.61
Net income per share, diluted (in Dollars per share) $ 0.3 $ 0 $ 0.17 $ 1.14
Weighted average shares outstanding, basic (in Shares) 37,523,324 12,010,729 37,423,300 11,418,276
Weighted average shares outstanding, diluted (in Shares) 37,525,894 12,079,960 37,521,109 11,677,891
Other Comprehensive income:        
Net income $ 25,112 $ 8,028 $ 17,020 $ 122,052
Foreign currency translation income (loss) 1,262 (8) 1,347 (4)
Total comprehensive income 26,374 8,020 18,367 122,048
Comprehensive income attributable to noncontrolling interest 14,585 6,787 10,155 103,645
Total Comprehensive income attributable to common stockholders $ 11,789 $ 1,233 $ 8,212 $ 18,403