v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Balance Receivable Related to Services Revenue and Government Grants

The Company’s receivable balances related to services revenue and government grants with the United States Department of Energy (“DOE”) and United States Department of War are as follows (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Accounts Receivable

 

 

 

 

 

 

DOE

 

$

20,010

 

 

$

23,628

 

Unbilled Receivables and Contract Assets

 

 

 

 

 

 

DOE

 

$

51,129

 

 

$

39,644

 

Department of War

 

 

1,442

 

 

 

1,091

 
Schedule of Cash and Cash Equivalents and Restricted Cash

The components of cash, cash equivalents, and restricted cash are as follows (in thousands):

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Cash and cash equivalents

 

$

224,076

 

 

$

458,932

 

Restricted cash

 

 

4,210

 

 

 

3,698

 

Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows

 

$

228,286

 

 

$

462,630

 
Schedule of Other Income and Expense

Other income (expense), net consists of the following (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Foreign currency transaction gain (loss)

 

$

(119

)

 

$

161

 

Mark-to-market loss on C-2 Notes(1)

 

 

—

 

 

 

(387

)

Mark-to-market gain (loss) on warrant liabilities(2)

 

 

(108,899

)

 

 

10,968

 

Other expense

 

 

(20

)

 

 

(5

)

Total other income (expense), net

 

$

(109,038

)

 

$

10,737

 

__________

(1)
Refer to Note 7 — Debt
(2)
Refer to Note 13 — Fair Value Measurements
Schedule of Accumulated Other Comprehensive Income Loss

The components of accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

 

 

 

Changes in fair value
of liabilities under
fair value option
attributable to
changes in
instrument specific
credit risk

 

 

Foreign
currency
translation
adjustment

 

 

Total

 

Accumulated other comprehensive income (loss), balance at January 1, 2025

 

$

(765

)

 

$

771

 

 

$

6

 

Other comprehensive income (loss)

 

 

153

 

 

 

(210

)

 

 

(57

)

Accumulated other comprehensive income (loss), balance at March 31, 2025

 

$

(612

)

 

$

561

 

 

$

(51

)

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss), balance at January 1, 2026

 

$

—

 

 

$

(117

)

 

$

(117

)

Other comprehensive income (loss)

 

 

—

 

 

 

143

 

 

 

143

 

Accumulated other comprehensive income (loss), balance at March 31, 2026

 

$

—

 

 

$

26

 

 

$

26