v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in a single reportable operating segment; that segment being the vertically integrated, domestic rare earth element magnet production supply chain. The Company’s chief operating decision maker (“CODM”) is its chief executive officer. Because the Company operates in a single segment and the CODM uses the consolidated net loss and the total assets as the primary measures, no reconciliation is required between segment measures and the consolidated financial statement amounts.

Performance is reviewed on a consolidated basis and the measure of segment assets is reported on the Consolidated Balance Sheets as total assets and segment assets are consistent with total assets presented on the face of the accompanying Consolidated Balance Sheet. Capital expenditures and equipment deposits of $37.4 million and $3.1 million for the years ended December 31, 2025 and 2024, respectively, are included in the consolidated assets.
The CODM assesses performance for the single segment and decides how to allocate resources based on the Company’s net loss, which is reported on the Consolidated Statements of Operations and Comprehensive Loss. Net loss is used to monitor budget versus actual results. The following table sets forth information about the Company’s single reportable segment and the expenses reviewed by the CODM, including a reconciliation to the consolidated net loss:
Year Ended December 31,
20252024
(In thousands)
Revenue$1,643 $— 
Cost of revenue1,448 — 
Selling, general and administrative costs
Employee and benefits7,567 2,385 
Share-based compensation6,839 — 
Consulting and professional services21,764 5,812 
Legal settlements2,254 — 
Other selling, general and administrative4,711 1,047 
Research and development costs
Employee and benefits7,569 3,122 
Consulting and professional services2,628 1,167 
Research and development2,554 324 
Facility and insurance1,839 1,334 
Other research and development1,295 394 
Other segment items (1)
239,699 807 
Net loss$(298,524)$(16,392)
(1)Other segment items primarily consists of loss on fair market value of financial instruments, net, interest and dividend income, and interest expense and other income (loss), net.