
	For the three months ended June 30, 2026
(in thousands)	Materials		Magnetics		Total
Revenue from external customers	$	91,966	$	16,524	$	108,490
Intersegment revenues(1)	3,663		—		3,663
	95,629		16,524		112,153
Elimination of intersegment revenues(1)					(3,663)
Total consolidated revenues					$	108,490
Price protection agreement income	17,580		—
Significant segment expenses:
Cost of sales (excluding depreciation, depletion and amortization and stock-based compensation expense)(2)	69,325		4,349
Selling, general and administrative (excluding stock-based compensation expense)(3)	10,522		4,048
Other segment items(4)	857		595
Segment Adjusted EBITDA	$	32,505	$	7,532	40,037

Reconciling items to consolidated loss before income taxes
Corporate expenses and other(5)					(10,983)
Elimination of intersegment Adjusted EBITDA(1)					(561)
Depreciation, depletion and amortization					(35,379)
Interest expense, net					(9,703)
Stock-based compensation expense					(11,287)
Initial start-up costs					(13,588)
Transaction-related and other costs					285
Accretion of asset retirement and environmental obligations					(385)

Loss on disposals of long-lived assets, net					(168)

Other income, net					12,397
Loss before income taxes					$	(29,335)

Segment capital expenditures	$	85,773	$	144,257	$	230,030
Other capital expenditures(6)					305
Total capital expenditures for the three months ended June 30, 2026					$	230,335

(2)The primary difference between this significant segment expense and “Cost of sales (excluding depreciation, depletion and amortization) (including related party)” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation, which as disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” was $1.8 million for the three months ended June 30, 2026. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(3)The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses and other” in the table above. As disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” the total stock-based compensation expense included in “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations for the three months ended June 30, 2026, was $9.0 million. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(5)Corporate expenses and other represents costs incurred at the corporate level that are not allocated to the operating segments, specifically relating to executive compensation, investor relations, other corporate costs, and unallocated shared service functions such as legal, information technology, human resources, finance and accounting and supply chain. “Corporate expenses and other” is included in the table above to reconcile the total of Segment Adjusted EBITDA to the Company’s consolidated loss before income taxes.


	For the three months ended June 30, 2025
(in thousands)	Materials		Magnetics		Total
Revenue from external customers	$	37,532	$	19,861	$	57,393
Total consolidated revenues					$	57,393
Significant segment expenses:
Cost of sales (excluding depreciation, depletion and amortization and stock-based compensation expense)(1)	40,264		8,918
Selling, general and administrative (excluding stock-based compensation expense)(2)	9,542		2,686
Other segment items(3)	404		168
Segment Adjusted EBITDA	$	(12,678)	$	8,089	(4,589)

Reconciling items to consolidated loss before income taxes
Corporate expenses and other(4)					(7,946)
Depreciation, depletion and amortization					(20,777)
Interest expense, net					(5,414)
Stock-based compensation expense					(5,427)
Initial start-up costs					(634)
Transaction-related and other costs					(5,128)
Accretion of asset retirement and environmental obligations					(372)
Gain on disposals of long-lived assets, net					991

Other income, net					6,572
Loss before income taxes					$	(42,724)

Segment capital expenditures	$	12,581	$	16,417	$	28,998
Other capital expenditures(5)					8
Total capital expenditures for the three months ended June 30, 2025					$	29,006

(1)The primary difference between this significant segment expense and “Cost of sales (excluding depreciation, depletion and amortization) (including related party)” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation, which as disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” was $0.7 million for the three months ended June 30, 2025. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(2)The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses and other” in the table above. As disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” the total stock-based compensation expense included in “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations for the three months ended June 30, 2025, was $4.6 million. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(4)Corporate expenses and other represents costs incurred at the corporate level that are not allocated to the operating segments, specifically relating to executive compensation, investor relations, other corporate costs, and unallocated shared service functions such as legal, information technology, human resources, finance and accounting and supply chain. “Corporate expenses and other” is included in the table above to reconcile the total of Segment Adjusted EBITDA to the Company’s consolidated loss before income taxes.


	For the six months ended June 30, 2026
(in thousands)	Materials		Magnetics		Total
Revenue from external customers	$	161,537	$	37,602	$	199,139
Intersegment revenues(1)	6,269		—		6,269
	167,806		37,602		205,408
Elimination of intersegment revenues(1)					(6,269)
Total consolidated revenues					$	199,139
Price protection agreement income	59,853		—
Significant segment expenses:
Cost of sales (excluding depreciation, depletion and amortization and stock-based compensation expense)(2)	136,105		11,877
Selling, general and administrative (excluding stock-based compensation expense)(3)	20,624		7,521
Other segment items(4)	1,693		1,080
Segment Adjusted EBITDA	$	69,237	$	17,124	86,361

Reconciling items to consolidated loss before income taxes
Corporate expenses and other(5)					(20,570)
Elimination of intersegment Adjusted EBITDA					(688)
Depreciation, depletion and amortization					(67,516)
Interest expense, net					(19,549)
Stock-based compensation expense					(24,154)
Initial start-up costs					(18,441)
Transaction-related and other costs(6)					(10,204)
Accretion of asset retirement and environmental obligations					(771)

Loss on disposals of long-lived assets, net					(168)

Other income, net					32,723
Loss before income taxes					$	(42,977)

Segment capital expenditures	$	116,319	$	190,868	$	307,187
Other capital expenditures(7)					524
Total capital expenditures for the six months ended June 30, 2026					$	307,711

(2)The primary difference between this significant segment expense and “Cost of sales (excluding depreciation, depletion and amortization) (including related party)” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation, which as disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” was $4.4 million for the six months ended June 30, 2026. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(3)The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses and other” in the table above. As disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” the total stock-based compensation expense included in “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2026, was $18.6 million. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(6)Pertains to legal, consulting, and advisory services, and other costs associated with specific matters or transactions, including $8.8 million related to the settlement of a construction-related litigation matter. See Note 11, “Commitments and Contingencies,” for additional details.


	For the six months ended June 30, 2025
(in thousands)	Materials		Magnetics		Total
Revenue from external customers	$	93,151	$	25,052	$	118,203
Total consolidated revenues					$	118,203
Significant segment expenses:
Cost of sales (excluding depreciation, depletion and amortization and stock-based compensation expense)(1)	84,741		11,294
Selling, general and administrative (excluding stock-based compensation expense)(2)	16,551		4,971
Other segment items(3)	779		205
Segment Adjusted EBITDA	$	(8,920)	$	8,582	(338)

Reconciling items to consolidated loss before income taxes
Corporate expenses and other(4)					(14,893)
Depreciation, depletion and amortization					(42,161)
Interest expense, net					(13,029)
Stock-based compensation expense					(12,780)
Initial start-up costs					(1,406)
Transaction-related and other costs					(7,944)
Accretion of asset retirement and environmental obligations					(745)
Gain on disposals of long-lived assets, net					1,607

Other income, net					21,790
Loss before income taxes					$	(69,899)

Segment capital expenditures	$	27,924	$	31,541	$	59,465
Other capital expenditures(5)					8
Total capital expenditures for the six months ended June 30, 2025					$	59,473

(1)The primary difference between this significant segment expense and “Cost of sales (excluding depreciation, depletion and amortization) (including related party)” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation, which as disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” was $2.7 million for the six months ended June 30, 2025. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.

(2)The primary differences between this significant segment expense and “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations relates to stock-based compensation and unallocated corporate costs, which are included in “Corporate expenses and other” in the table above. As disclosed in Note 16, “Stockholders’ Equity and Stock-Based Compensation,” the total stock-based compensation expense included in “Selling, general and administrative” within the Company’s unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2025, was $9.7 million. Other differences are the result of excluding certain other costs because they are non-recurring, non-cash or are not related to the segments’ underlying business performance.