v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt obligations consist of the following:
March 31, 2026
December 31, 2025
Maturity DateEffective Interest Rate  Principal OutstandingCarrying Value*Principal OutstandingCarrying Value*
Delayed Draw Term Loan
June 2034(1)
N/A$197,851 $113,120 $194,419 $150,427 
Notes payable - related party
197,851 113,120 194,419 150,427 
Equipment financing facilityApril 202616.2 %— — 372 372 
May 2025 Convertible NotesJune 20307.8 %50,000 48,125 50,000 48,044 
November 2025 Convertible NotesDecember 203114.2 %600,000 372,215 600,000 530,096 
DOE Loan Facility
June 2034(1)
7.7%(2)
95,787 86,059 94,685 84,327 
    Total borrowings943,638 619,519 939,476 813,266 
Current portion— — 372 372 
Total borrowings, non-current$943,638 $619,519 $939,104 $812,894 
*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.
(1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt due March 14, 2030.
(2) This represents a weighted average of both draws under the DOE Loan facility The first draw has a effective interest rate of 7.6% and the second draw has an effective interest rate of 8.0%.
Three Months Ended March 31,
2026
2025
Loss on change in fair value(a)
$(4,232)$(5,933)
Gain attributable to changes in instrument-specific credit risk(b)
$41,539 $— 
(a) This is included in Change in fair value of debt - related party on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive (loss) income.
The Company has drawn a portion of the facility as follows:
Date of Draw
Gross Amount of Initial Draw
Coupon Interest RateDebt Issuance Costs
September 2021$7,000 14.3%$175 
September 20224,216 16.2%96 
    Total Equipment Financing loans$11,216 $271 
Schedule of Interest Expense
Interest expense recognized on the 2021 Convertible Note is as follows:
Three Months Ended March 31,
2026
2025
Contractual interest expense$— $1,843 
Amortization of debt discount— 1,915 
Amortization of debt issuance costs— 184 
    Total$— $3,942 
Interest expense recognized on the AFG Convertible Notes is as follows:
Three Months Ended March 31,
2026
2025
Contractual interest expense$— $1,481 
Amortization of debt discount— 279 
Amortization of issuance costs
— 79 
    Total$— $1,839 
Interest expense recognized on the May 2025 Convertible Notes is as follows:
Three months ended March 31, 2026
Contractual interest expense$844 
Amortization of debt discount
74 
Amortization of debt issuance costs6 
    Total$924 
Interest expense recognized on the November 2025 Convertible Notes is as follows:
Three months ended March 31, 2026
Contractual interest expense$2,625 
Amortization of debt discount
8,045 
Amortization of debt issuance costs9 
    Total$10,679 
Interest expense recognized on the DOE Loan Facility is as follows:
Three Months Ended March 31,
2026
2025
Contractual interest expense$1,092 $808 
Amortization of debt issuance costs141 91 
Amortization of debt discount
381 — 
    Total$1,614 $899 
Schedule of Balances Recognized upon Issuance of Convertible Notes
The carrying value for the May 2025 Convertible Notes is as follows:
March 31, 2026
December 31, 2025
Principal
$50,000 $50,000 
Unamortized debt discount
(1,724)(1,799)
Unamortized debt issuance costs(151)(157)
     Aggregate carrying value$48,125 $48,044 
The carrying value for the November 2025 Convertible Notes is as follows:
March 31, 2026
December 31, 2025
Principal
$600,000 $600,000 
Unamortized debt discount
(290,252)(298,297)
Unamortized debt issuance costs(317)(326)
Embedded conversion feature
62,784 228,719 
     Aggregate carrying value$372,215 $530,096 
The carrying value for the DOE Loan Facility is as follows:
March 31, 2026
December 31, 2025
Principal (life to date draw-downs)
$90,945 $90,945 
Capitalized PIK Interest
4,842 3,740 
Unamortized debt issuance costs(2,609)(2,749)
Unamortized debt discount(7,119)(7,609)
     Aggregate carrying value$86,059 $84,327 
Schedule of Line of Credit Facilities
The DOE Loan Facility draw-downs were as follows:
Date of DrawGross Amount of Initial Draw
Interest Rate
Beginning Balance Tranche 1$90,945 
   Draw-downs received November 2024(68,279)4.791 %
   Draw-downs received July 2025(22,666)4.286 %
Remaining Balance available on Tranche 1$—