v3.26.1
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 20,795 $ 17,469
Contract assets 7,449 7,655
Inventory 28,155 29,085
Prepaid expenses and other current assets 1,803 1,921
Total current assets 77,639 82,292
Property, plant and equipment, net 125,513 127,304
Goodwill 13,881 13,881
Other assets 8,466 8,700
Total assets 225,499 232,177
Current liabilities:    
Accounts payable 7,014 6,211
Accrued expenses and other current liabilities 13,483 17,362
Total current liabilities 20,497 23,573
Debt derivative liability, related party 29,719 26,564
Other liabilities 6,726 6,698
Total liabilities 204,721 198,117
Commitments and contingencies, see note 8
Series A Redeemable Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 48,356 and 47,466 shares issued and outstanding, redemption value $49,263 and $48,356 49,216 48,262
Stockholders’ (deficit) equity:    
Common Stock, $0.001 par value; 75,000,000 shares authorized; 37,477,386 shares issued and outstanding 37 37
Additional paid-in capital 209,706 208,962
Accumulated deficit (238,181) (223,201)
Total stockholders’ deficit (28,438) (14,202)
Total liabilities, convertible preferred stock and stockholders’ deficit 225,499 232,177
Nonrelated party    
Current assets:    
Accounts receivable, net 10,674 13,233
Current liabilities:    
Debt, net of current portion 5,642 5,694
Related party    
Current assets:    
Accounts receivable, net 8,763 12,929
Current liabilities:    
Debt, net of current portion $ 142,137 $ 135,588