v3.26.1
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property and Equipment  
Property and Equipment

6. Property and Equipment

Property and equipment as of December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

Useful Lives
(Years)

 

December 31,

 

 

 

 

2025

 

 

2024

 

Construction in progress

 

—

 

$

4,950

 

 

$

13,970

 

Tools, machinery and equipment

 

3 - 10

 

 

7,869

 

 

 

5,899

 

Plant

 

10

 

 

21,291

 

 

 

2,269

 

Computer equipment

 

3 - 4

 

 

332

 

 

 

145

 

Vehicles

 

5

 

 

828

 

 

 

292

 

Software

 

5

 

 

613

 

 

 

2

 

Office furniture

 

7 - 10

 

 

248

 

 

 

147

 

Leasehold improvements

 

Lesser of estimated useful life or the remaining lease term

 

 

114

 

 

 

116

 

Property and equipment, at cost

 

 

 

 

36,245

 

 

 

22,840

 

Less accumulated depreciation

 

 

 

 

(2,954

)

 

 

(486

)

Property and equipment, net

 

 

 

$

33,291

 

 

$

22,354

 

The Company has three plants in Pretoria, South Africa: a C-14 plant, a multi-isotope plant and a laser isotope separation plant using QE technology. The multi-isotope plant and the laser isotope separation plant were completed in March 2025 and depreciation began in April 2025. The C-14 plant was completed in June 2024 and depreciation began in July 2024. As of December 31, 2024, costs incurred for the multi-isotope plant and the laser isotope separation plant were considered construction in progress because the work was not complete. Depreciation expense was $1.7 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. Depreciation expense included as part of inventory costs was $0.6 million for the year ended December 31, 2025. Depreciation expense included as part of discontinued operations was $45,000 for the year ended December 31, 2025.