v3.26.1
Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment, Net

Note 7 — Property, Plant and Equipment, Net

Details of property, plant and equipment, net as of March 31, 2026, consisted of the following:

in thousands

  

Useful
Lives

  

March 31,
2026

Land

  

n/a

  

$

2,942

 

Buildings, structures and related equipment

  

20 to 40

  

 

2,192

 

Machinery and equipment

  

5 to 11

  

 

1,564

 

Vehicles

  

5 to 7

  

 

135

 

Furniture and fixtures

  

5 to 11

  

 

268

 

Construction in progress

  

n/a

  

 

151

 

Tools and office equipment

  

5 to 11

  

 

305

 

Property, plant, and equipment, gross

      

 

7,557

 

Less: accumulated depreciation

      

 

(114

)

Property, plant, and equipment, net

      

$

7,443

 

Total depreciation for the three months ended March 31, 2026 was $0.1 million. There was no property, plant and equipment, net at December 31, 2025, prior to the Business Combination.

As of March 31, 2026, the details of property, plant and equipment, net pledged as collateral is as follows:

in thousands

  

Net
Carrying
Value

  

Pledged
Amount

  

Creditor

Land, buildings, machinery and equipment

  

$

5,830

  

$

4,206

  

Industrial Bank of Korea

Land and buildings

  

 

417

  

 

228

  

Hana Bank