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PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
As of June 30, 2026 and December 31, 2025, property and equipment, net consisted of the following (amounts in thousands):
June 30,
2026		December 31,
2025
Land$330 $302 
Buildings774 774 
Energy storage systems
50,354 50,354 
Commercial demonstration unit (“Snyder CDU”) 32,075 32,075 
Machinery and equipment1,752 12,086 
Finance lease right-of-use assets – vehicles196 200 
Furniture and IT equipment1,636 1,477 
Leasehold improvements136 127 
Construction in progress19,673 8,187 
Total property and equipment106,926 105,582 
Less: accumulated depreciation and amortization(10,793)(9,518)
Property and equipment, net$96,133 $96,064 
Depreciation and amortization expense related to property and equipment was $2.9 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, of which $1.0 million and $0, respectively was included in cost of revenue and $1.9 million and $0.2 million, respectively, was included in depreciation, amortization, and accretion in the condensed consolidated statements of operations and comprehensive loss.
Depreciation and amortization expense related to property and equipment was $6.1 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively, of which $2.0 million and $0, respectively, was included in cost of revenue and $4.1 million and $0.4 million, respectively, was included in depreciation, amortization, and accretion in the condensed consolidated statements of operations and comprehensive loss.
The increase in depreciation and amortization expense related to property and equipment primarily reflects depreciation recognized after the Company placed its owned energy storage systems and the Snyder CDU into service in the second half of 2025.
BayWa Project Acquisition
On May 22, 2026, the Company completed an asset acquisition from BayWa r.e. Japan K.K. (“BayWa”) involving a portfolio of development-stage battery energy storage system projects in Japan. The acquired assets primarily included project development rights, grid and interconnection applications and related technical work product, land, and land deposits, and other site-control rights. The total acquisition-date cost was approximately $0.6 million, of which approximately $0.4 million was recognized within property and equipment, primarily as construction in progress and land, and approximately $0.2 million was recognized within prepaid expenses and other current assets for land deposits. The acquisition-date cost was allocated to the acquired assets based on their relative fair values.
The agreement provides for additional payments upon the achievement of specified project development milestones, including ready-to-build status and the earliest occurrence of final investment decision, financial close or a project sale. The aggregate milestone payments are capped at approximately $4.9 million, excluding applicable consumption tax. As of June 30, 2026, no milestone payments had been recognized.
Property and Equipment Held for Sale
In April 2026, the Company entered into an agreement with a third-party for the sale, supply, and delivery of machinery and equipment for approximately $10.3 million.
As of June 30, 2026, the sale had not yet been completed because the equipment must be delivered to the buyer. The Company is contracted to deliver the equipment within the 12 months. Accordingly, the net carrying value of the related property and equipment was reclassified from property and equipment, net to property and equipment held for sale on the condensed consolidated balance sheet as of June 30, 2026. The Company will recognize the sale when the applicable criteria for derecognition are met, which is expected to occur upon transfer of control of the equipment to the buyer. The carrying amount of property and equipment held for sale was $6.2 million as of June 30, 2026.