v3.26.1
Other Financial Information (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventories
Inventories are stated at the lower of weighted average cost or net realizable value.
December 31,
20252024
(In thousands)
Raw materials$16,532 $— 
Work-in-process772 — 
Finished goods1,231 — 
Total Inventories$18,535 $— 
Schedule of Prepaids and Other Assets
Prepaids and Other Current Assets
December 31,
20252024
(In thousands)
Prepaid insurance$728 $— 
Engineering and consulting costs2,137 — 
Other286 378 
Total prepaids and other current assets$3,151 $378 
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Schedule of Property, Plant and Equipment, Net
December 31,
20252024
(In thousands)
Land$707 $707 
Land improvements403 403 
Buildings7,038 — 
Building improvements2,566 — 
Manufacturing equipment12,404 — 
Lab equipment3,724 500 
Leasehold improvements795 346 
Furniture & fixtures46 — 
Computer equipment13 — 
Construction in progress (1)
59,350 25,775 
Property, plant and equipment, gross87,046 27,731 
Less: Accumulated depreciation(1,640)(1,202)
Property, plant and equipment, net$85,406 $26,529 
Finance lease right-of-use assets$1,233 $— 
Less: Accumulated amortization(190)— 
Finance lease-right-of-use assets, net$1,043 $— 
Total property, plant and equipment, net$86,449 $26,529 
(1)Construction in progress includes building construction costs for the Company’s magnet processing plant of $30.3 million and equipment costs of $29.1 million at December 31, 2025. Construction in progress includes building construction costs for the Company’s magnet processing plant of $15.7 million and equipment costs of $10.0 million at December 31, 2024. Construction in progress assets are placed in service and depreciated upon completion of construction, installation, and certification.
The following table presents the depreciation expense related to the Company’s property, plant and equipment, and the amortization expense related to the Company’s finance lease right-of-use assets.
Year Ended December 31,
20252024
(In thousands)
Depreciation expense$573 $235 
Amortization expense190 — 
Total$763 $235 
Schedule of Goodwill
Goodwill
Year Ended December 31,
20252024
(In thousands)
Balance, beginning of year$— $— 
IORM Acquisition
134,848 — 
Balance, end of year$134,848 $— 
Schedule of Finite-Lived Intangible Assets
Other Intangible Assets
December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In thousands)
Trade name$7,245 $(60)$7,185 
Customer relationships11,856 (74)11,782 
Supplier relationships33,986 (425)33,561 
Know-how16,203 (119)16,084 
Total other intangible assets$69,290 $(678)$68,612 

There were no other intangible assets at December 31, 2024.
Schedule of Amortization Expense
The following table presents the amortization expense related to the Company’s other intangible assets.
Year Ended December 31, 2025
(In thousands)
Trade name$60 
Customer relationships74 
Supplier relationships425 
Know-how119 
Total amortization of other intangible assets$678 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The annual expected amortization expense of finite-lived intangible assets subject to amortization as of December 31, 2025 were as follows.
Fiscal YearFinite-lived Intangible Assets
(In thousands)
2026$5,428 
20275,428 
20285,428 
20295,428 
20305,428 
2031 and thereafter41,472 
Total future other intangible asset amortization$68,612 
Schedule of Accrued Liabilities
December 31,
20252024
(In thousands)
Payroll and related employee taxes$2,659 $1,908 
Construction in progress
6,302 323 
Legal
1,668 99 
Asset retirement obligation (1)
700 — 
Other (2)
2,744 741 
Total accrued liabilities$14,073 $3,071 
(1)The Company recorded certain Asset Retirement Obligations (“ARO”), in connection with the Company’s obligation to return its Cheshire, U.K. building to its “original condition,” as defined in the lease agreements. The building lease will expire in November 2026 and the estimated cost is expected to be paid at lease expiration.
(2)See Note 6, “Commitments and Contingencies – Kelley Complaint,” for additional information regarding.
Schedule of Asset Retirement Obligations
The following table presents the ARO activities.
December 31,
20252024
(In thousands)
Beginning balance$— $— 
Obligations arising from the IORM Acquisition605 — 
Accretion82 — 
Foreign currency translation13 — 
Ending balance$700 $— 
Schedule of Contract With Customer, Contract Liability, Activity The following table presents the change in contract liability balances during the reported period.
December 31,
20252024
(In thousands)
Contract liabilities, beginning of year$— $— 
Customer deposits10,341 — 
Revenue recognized(21)— 
Cash received, excluding amounts recognized as revenue during the year23 — 
Translation adjustments157 — 
Contract liabilities, end of year$10,500 $— 
Schedule of Notes Payable
Notes Payable
December 31,
20252024
(In thousands)
Hatch Note$— $831 
Barclays Trade Loan1,849 — 
Total notes payable$1,849 $831 
Schedule of Extinguishment of Debt For 2025, the amount of interest expense was recognized through the extinguishment of the Hatch Note.
December 31,
20252024
(In thousands)
Amortization of the Hatch Note discount$54 $211