v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment.
The Company designs, develops, manufactures, and markets innovative zinc-based energy storage solutions for utility-scale, microgrid and C&I applications. The Company operates and holds long-lived assets in a single geographical region, with the majority of its revenue coming from customers in the United States.
The CODM reviews financial information on a consolidated basis and uses Gross profit (loss) and Net income (loss) to assess financial performance considering budget-to-actual variances when making key decisions on how to allocate company resources.
The Company’s segment information is summarized as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product revenue
$12,714 $14,055 $69,448 $23,982 
Product revenue - related parties55,034 — 55,034 — 
Service revenue
1,027 1,181 1,256 1,711 
Total revenue
68,775 15,236 125,738 25,693 
Less:
Cost of goods sold
117,576 46,189 218,966 81,185 
Gross profit (loss)(48,801)(30,953)(93,228)(55,492)
Less:
Research and development
10,505 7,201 21,224 14,038 
Selling, general and administrative24,500 25,488 48,595 46,483 
Other segment items(a)
191,904 159,295 (396,220)91,788 
Net income (loss)
$(275,710)$(222,937)$233,173 $(207,801)
(a) Other segment items include loss from write-down of property, plant and equipment, interest expense, net, change in fair value of debt, change in fair value of warrants, change in fair value of derivatives, costs related to the Company’s debt transactions and other miscellaneous items.

Additional segment financial information is summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment assets$906,779 $360,995 $906,779 $360,995 
Depreciation and amortization$6,067 $2,935 $11,461 $5,615 
Interest income$3,654 $851 $6,441 $1,665 
Interest expense$11,972 $7,490 $24,214 $14,249 
Capital expenditures(b)
$35,413 $7,041 $70,551 $11,959 
(b) Includes Intangible assets.

The following geographic area data includes nets sales based on product shipment destination.

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$68,473 $15,236 $96,549 $25,693 
United Kingdom— — 28,887 — 
Other302 — 302 — 
Total$68,775 $15,236 $125,738 $25,693