REDEEMABLE NON-CONTROLLING INTEREST (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Consolidated Assets and Liabilities

The following table presents, on an aggregated basis, the carrying amounts and classification of the consolidated assets and liabilities of Asset Vault included in the Company’s condensed consolidated balance sheets. The table excludes

intercompany balances between Asset Vault and other consolidated subsidiaries of the Company, which are eliminated in consolidation (amounts in thousands):


	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	8,562	$	8,512
Restricted cash, current portion	8,781		—
Accounts receivable, net	1,024		234
Contract assets	2,111		820
Advances to suppliers	577		577
Prepaid expenses and other current assets	1,567		1,462
Property and equipment, net	73,761		64,786
Intangible assets, net	192		1,626
Operating lease right-of-use assets, net	644		703
Restricted cash, long-term portion	14,593		22,377
Deferred income taxes, net	15,135		27,176
Total assets of Asset Vault	$	126,947	$	128,273
Liabilities
Accounts payable	$	2,953	$	2,050
Accrued expenses	8,652		5,861
Debt, current portion	7,530		3,490

Other current liabilities	46		50
Long-term debt	16,848		21,543
Other long-term liabilities	3,411		3,145
Total liabilities of Asset Vault	$	39,440	$	36,139

Schedule of Redeemable Non-Controlling Interest

The following table presents a roll-forward of the redeemable non-controlling interest for the three and six months ended June 30, 2026 (amounts in thousands):


	Three Months Ended		Six Months Ended
	June 30, 2026
Redeemable non-controlling interest, balance at beginning of period	$	23,318	$	21,156

Net income (loss) attributable to redeemable non-controlling interest (1)	—		—
PIK distributions to redeemable non-controlling interest holder	1,096		2,172
Accretion to redemption value (2)	1,337		2,423
Redeemable non-controlling interest, balance at end of period	$	25,751	$	25,751

__________________

(1) Net income (loss) attributable to redeemable non-controlling interest is determined using the hypothetical liquidation at book value (“HLBV”) methodology based on each party’s contractual rights. Under the HLBV method, income is allocated based on the change in each party's claim on the net assets of Asset Vault under a hypothetical liquidation scenario at the beginning and end of each reporting period. This allocation may differ significantly from the non-controlling interest's nominal percentage of total units outstanding.

(2) Accretion represents the increase in the carrying amount of the redeemable non-controlling interest toward its estimated redemption value, calculated using the effective interest method over the period to the earliest probable redemption date. Accretion is recorded as an adjustment to additional paid-

in-capital. Although accretion does not affect total net loss, it is treated as a deemed dividend and therefore as an adjustment to net loss attributable to common stockholders for purposes of computing net loss per share.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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