v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income (Loss) $ (166,217) $ (10,212)
Adjustments to reconcile net loss to net cash used in operating activities:    
Other Depreciation and Amortization 451 226
Unit-based compensation 4,265 65
Mark-to-market loss (gain) on warrant liabilities 108,899 (10,968)
Mark-to-market loss on C-2 Notes 0 387
Accretion and amortization on investments (1,122) 0
Changes in operating assets and liabilities:    
Accounts receivable and unbilled receivables 5,293 (22,071)
Prepaid and other current assets (7,118) (1,622)
Due from related parties 399 8,213
Operating lease right-of use assets 2,694 291
Accounts payable and accrued liabilities 13,621 (6,053)
Long-term deferred revenue 2,892 0
Accrued interest receivable (653) 0
Other long-term assets (31,201) 0
Due to related parties 72 367
Operating lease liabilities 473 (483)
Net cash used in operating activities (67,252) (41,860)
Cash flows from investing activities:    
Capital expenditures (42,967) (11,225)
Reimbursement of capital expenditures under government grant 28,766 9,514
Purchase of investments (189,906) 0
Proceeds from maturities on investments 38,100 0
Net cash used in investing activities (166,007) (1,711)
Cash flows from financing activities:    
Payments of mezzanine equity issuance costs 0 (2,525)
Payment of debt issuance costs 0 (16)
Payment of deferred transaction costs (1,550) 0
Proceeds from issuance of Preferred Units 500 53,424
Net cash provided by (used in) financing activities (1,050) 50,883
Net effect of exchange rate (35) 30
Net increase (decrease) in cash, cash equivalents, and restricted cash (234,344) 7,342
Cash, cash equivalents and restricted cash at beginning of period 462,630 514,600
Cash, cash equivalents, and restricted cash at end of period $ 228,286 $ 521,942