v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue        
Revenue $ 68,775 $ 15,236 $ 125,738 $ 25,693
Cost of goods sold 117,576 46,189 218,966 81,185
Gross profit (loss) (48,801) (30,953) (93,228) (55,492)
Operating expenses        
Research and development expenses 10,505 7,201 21,224 14,038
Selling, general and administrative expenses 24,500 25,488 48,595 46,483
Loss from write-down of property, plant and equipment 5 205 76 766
Total operating expenses 35,010 32,894 69,895 61,287
Operating income (loss) (83,811) (63,847) (163,123) (116,779)
Other income (expense)        
Interest expense (11,972) (7,490) (24,214) (14,249)
Interest income 3,654 851 6,441 1,665
Change in fair value of debt - related party (4,534) 31,615 (8,766) 25,682
Change in fair value of warrants (22,585) (57,936) 146,140 (12,011)
Loss on debt extinguishment 0 (49,063) 0 (49,063)
Loss on contingently issuable securities (35,662) 0 (35,662) 0
Other income (expense) 206 (606) 203 (1,166)
(Loss) income before income taxes (275,697) (222,931) 233,191 (207,790)
Income tax expense 13 6 18 11
Net (loss) income attributable to shareholders (275,710) (222,937) 233,173 (207,801)
Remeasurement of Preferred Stock - related party (130,558) (21,385) 648,320 58,612
Down round deemed dividend 0 (4,456) 0 (4,456)
Net (loss) income applicable to common stock (406,268) (248,778) 881,493 (153,645)
Other comprehensive (loss) income        
Change in fair value of debt - credit risk - related party (45,629) (6,224) (4,090) (6,224)
Foreign currency translation adjustment (3) 14 (13) 21
Comprehensive (loss) income attributable to common shareholders (451,900) (254,988) 877,390 (159,848)
Net (loss) income available to common shareholders $ (406,268) $ (248,778) $ 566,165 $ (153,645)
Basic and diluted (loss) income per share attributable to common shareholders        
Basic (in dollars per share) $ (1.20) $ (1.05) $ 1.67 $ (0.66)
Diluted (in dollars per share) $ (1.20) $ (1.05) $ (0.26) $ (0.66)
Weighted average shares of common stock        
Basic (in shares) 339,799,132 237,741,328 339,920,441 231,616,540
Diluted (in shares) 339,799,132 237,741,328 531,673,873 231,616,540
Related Party        
Revenue        
Revenue $ 55,034 $ 0 $ 55,034 $ 0
Other income (expense)        
Interest expense 0 (4,510) 0 (10,291)
Change in fair value of derivatives (50,546) (76,455) 216,684 (41,869)
Nonrelated Party        
Revenue        
Revenue 13,741 15,236 70,704 25,693
Other income (expense)        
Interest expense (11,972) (2,980) (24,214) (3,958)
Change in fair value of derivatives $ (70,447) $ 0 $ 95,488 $ 0