WARRANTS (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Warrants Outstanding

The Company had the following series of warrants outstanding (in thousands, except per-share values) as of June 30, 2026 and December 31, 2025, all of which are exercisable:


Warrant Series		June 30, 2026				December 31, 2025				Exercise Price				Expiration Date
Public Warrants			5,694				5,715			$	11.50			March 17, 2027
Private Warrants			199				199			$	11.50			March 17, 2027
Series A Warrants			17,757				17,757			$	11.50			March 17, 2027
Series B Warrants			3,064				3,064			$	11.50			December 1, 2030
Series C Warrants			5,000				5,000			$	11.50			December 1, 2030
Total warrants, issued and outstanding			31,714				31,735

Summary of Warrant (Benefit)/Expense

Warrant expense/(benefit) recognized during the three and six months ended June 30, 2026 and 2025 is presented in the following table:


		Three Months Ended June 30,								Six Months Ended June 30,
(in thousands)		2026				2025				2026				2025
Private Warrants		$	32			$	331			$	33			$	75
Series A Warrants			37,468				50,005				37,113				16,350
Series B Warrants			4,842				10,909				(3,401	)			2,942
Series C Warrants			10,150				21,050				(4,250	)			7,550
RTI Warrants (1)			—				—				—				(1,291	)
Change in fair value of warrants		$	52,492			$	82,295			$	29,495			$	25,626

__________

(1) On January 16, 2025, RTI exercised their outstanding warrants. The Company received $5.4 million in cash and issued 1.5 million shares of Common Stock to RTI Global.