v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash, cash equivalents and restricted cash $ 257,385 $ 12,576
Accounts receivable from customers, net of allowances 548 32
Inventories 8 152
Prepaid expenses 1,300 642
Other current assets 1,410 2,274
Total Current Assets 260,651 15,676
Non-Current Assets    
Plant and equipment, net 5,620 5,261
Operating lease right-of-use assets, net 2,630 1,995
Intangible assets, net 97 65
Other assets [1] 3,509 0
Total Non-Current Assets 11,856 7,321
TOTAL ASSETS 272,507 22,997
Current Liabilities    
Accounts payable 5,099 11,094
Accrued and other liabilities 12,233 9,697
Current portion of operating lease liabilities 624 566
Current portion of debt obligations 404 16
Total Current Liabilities 18,360 21,373
Non-Current Liabilities    
Long-term operating lease liabilities 2,247 1,678
Long-term debt obligations 47 22
Other liabilities 183 177
Total Non-Current Liabilities 2,477 1,877
TOTAL LIABILITIES 20,837 23,250
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Common stock, $0.0001 par value, 400,000,000 shares authorized, 97,410,906 and 41,579,881 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 10 4
Preferred stock, $0.0001 par value, 40,000,000 shares authorized, no shares outstanding 0 0
Additional paid in capital 684,173 380,711
Accumulated other comprehensive loss (10,146) (10,276)
Accumulated deficit (422,650) (370,532)
TOTAL STOCKHOLDERS’ EQUITY 251,387 (93)
Non-controlling interests 283 (160)
TOTAL EQUITY (DEFICIT) 251,670 (253)
TOTAL LIABILITIES AND EQUITY $ 272,507 $ 22,997
[1] Non-current restricted cash includes $3.5 million classified as a non-current asset as of June 30, 2026, relating to cash collateral held in a restricted deposit account supporting a standby letter of credit associated with a property lease.