v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 1,530,147 $ 359,925
Accounts receivable 6,270 3,764
Inventories 50,138 18,535
Prepaid expenses 12,347 2,865
Other assets, current 73,687 286
Total current assets 1,672,589 385,375
Property, plant and equipment, net 146,751 86,449
Mineral interests 17,339 17,339
Goodwill 134,848 134,848
Other intangible assets, net 65,899 68,612
Equipment deposits 46,904 1,879
Operating lease right-of-use assets 2,151 321
Deferred arrangement costs 912,091 0
Other assets, non-current 255 176
Total assets 2,998,827 694,999
Current liabilities    
Accounts payable 17,367 11,069
Accrued liabilities 31,679 14,073
Contract liabilities, current 1,328 10,500
Note payable 0 1,849
Finance leases, current 290 283
Operating leases, current 350 137
Total current liabilities 51,014 37,911
Deferred grant income 8,482 8,200
Finance leases, non-current 445 592
Operating leases, non-current 2,111 185
Earnout liability 0 108,671
Warrant liability 364,189 19,534
Deferred tax liability 15,665 16,715
Contract liabilities, non-current 9,602 0
Total liabilities 451,508 191,808
Commitments and contingencies (Note 5)
Mezzanine equity    
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption 10,347 8,905
Total mezzanine equity 10,347 8,905
Stockholders' equity    
Common stock 24 15
Accumulated other comprehensive (loss) income (927) 130
Additional paid-in capital 3,003,612 879,848
Accumulated deficit (464,681) (387,360)
Non-controlling interest (1,056) 1,653
Total stockholders' equity 2,536,972 494,286
Total liabilities, mezzanine equity, and stockholders' equity $ 2,998,827 $ 694,999