v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer and President. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment.
The Company designs, develops, manufactures, and markets innovative zinc-based energy storage solutions for utility-scale, microgrid and C&I applications. The Company operates and holds long-lived assets in a single geographical region, with nearly all of its revenue coming from customers in the United States.
The CODM reviews financial information on a consolidated basis and uses Gross profit (loss) and Net income (loss) to assess financial performance considering budget-to-actual variances when making key decisions on how to allocate company resources.
The Company’s segment information is summarized as follows:

Three Months Ended March 31,
20262025
Product revenue
$56,734 $9,927 
Service revenue
229 530 
Total revenue
56,963 10,457 
Less:
Cost of goods sold
101,390 34,996 
Gross profit (loss)(44,427)(24,539)
Less:
Research and development
10,719 6,837 
Selling, general and administrative24,095 20,995 
Other segment items(a)
(588,124)(67,507)
Net income (loss)
$508,883 $15,136 
(a) Other segment items include loss from write-down of property, plant and equipment, interest expense, net, change in fair value of debt, change in fair value of warrants, change in fair value of derivatives, costs related to the Company’s debt transactions and other miscellaneous items.
Additional segment financial information is summarized as follows:
Three Months Ended March 31,
20262025
Segment assets$799,324 $263,283 
Depreciation and amortization$5,394 $2,680 
Interest income$2,787 $814 
Interest expense$12,242 $6,759 
Capital expenditures(b)
$35,138 $4,918 
(b) Includes Intangible assets.

The following geographic area data includes nets sales based on product shipment destination.

Three Months Ended March 31,
20262025
United States$28,076 $10,457 
United Kingdom28,887 — 
Total$56,963 $10,457