v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (298,524) $ (16,392)
Adjustments to reconcile net loss to cash used in operating activities    
Equity-based compensation expense 8,760 1,738
Depreciation 573 235
Amortization of intangible assets 678 0
Amortization of right of use assets 335 154
Amortization of discount on note payable 0 211
Settlement of litigation through the issuance of common shares 1,674 0
Loss on fair market value of financial instruments 244,625 379
Impairment of equity investment 0 405
Non-cash interest expense (192) 100
Other non-cash adjustments 1,425 39
Changes in operating assets and liabilities:    
Accounts receivable (599) 0
Inventories (3,206) 0
Prepaid and other assets (2,013) 69
Accounts payable (5,487) 1,090
Accrued and other liabilities 3,931 (874)
Deferred tax liability (161) 0
Contract liabilities (476) 0
Lease liability (662) (145)
Notes payable 334 0
Net cash used in operating activities (48,985) (12,991)
Cash flows from investing activities:    
IORM acquisition, net of cash received (102,207) 0
Capital expenditures and equipment deposits (37,359) (3,107)
Other 0 (178)
Net cash used in investing activities (139,566) (3,285)
Cash flows from financing activities:    
IPXX contribution of capital through merger 22,867 0
Prepayment of Forward Purchase Agreements (20,790) 0
Proceeds from termination of Forward Purchase Agreements 20,790 0
Payment of securities issuance costs (8,281) (5,062)
Proceeds from issuance of common stock and warrants under PIPE financing, net 190,077 0
Proceeds from exercise of warrants 303,845 0
Financed leases 357 0
Net cash provided by financing activities 531,715 19,838
Net change in cash and cash equivalents 343,164 3,562
Cash and cash equivalents, beginning of year 16,761 13,199
Cash and cash equivalents, end of year 359,925 16,761
Supplemental disclosure of cash flow information:    
Cash paid for interest 17 0
Purchases of property and equipment in accounts payable and other accrued liabilities 10,270 0
Fair value of shares transfer on IORM acquisition 94,557 0
Accretion of asset retirement obligations 82 0
Finance right of use assets obtained in exchange for finance lease liabilities 1,233 0
Non-cash lease liabilities arising from obtaining right of use assets 427 0
Series A-1 & A-2 Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of preferred stock and warrants 15,250 25,500
Series A Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of preferred stock and warrants 8,000 0
Payments of stock issuance costs (400) 0
Convertible Preferred Units Class C-1    
Cash flows from financing activities:    
Payments of stock issuance costs 0 (600)
Class C & C-1 Preferred Stock    
Supplemental disclosure of cash flow information:    
Convertible preferred stock dividends 1,960 7,365
Class A & A-1 Preferred Stock    
Supplemental disclosure of cash flow information:    
Convertible preferred stock dividends $ 1,082 $ 706