SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Accounting Policies [Abstract] |
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| Schedule of Balance Receivable Related to Services Revenue and Government Grants |
The Company’s receivable balances related to services revenue and government grants with the U.S. Department of Energy (“DOE”) and U.S. Department of War are as follows (in thousands):
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June 30, 2026 |
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December 31, 2025 |
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Accounts Receivable |
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DOE |
|
$ |
40,333 |
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|
$ |
23,628 |
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Unbilled Receivables and Contract Assets |
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|
|
|
|
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DOE |
|
$ |
69,998 |
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|
$ |
39,644 |
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Department of War |
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|
2,190 |
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|
|
1,091 |
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| Schedule of Cash and Cash Equivalents and Restricted Cash |
The components of cash, cash equivalents, and restricted cash are as follows (in thousands):
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June 30, 2026 |
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December 31, 2025 |
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Cash and cash equivalents |
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$ |
1,145,424 |
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|
$ |
458,932 |
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Restricted cash |
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|
4,200 |
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|
|
3,698 |
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Cash, cash equivalents, and restricted cash as presented in the Statement of Cash Flows |
|
$ |
1,149,624 |
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|
$ |
462,630 |
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| Schedule of Other Income and Expense |
Other income (expense), net consists of the following (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Foreign currency transaction gain (loss) |
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$ |
(733 |
) |
|
$ |
895 |
|
|
$ |
(852 |
) |
|
$ |
1,056 |
|
Mark-to-market loss on C-2 Notes(1) |
|
|
— |
|
|
|
(976 |
) |
|
|
— |
|
|
|
(1,363 |
) |
Mark-to-market loss on warrant liabilities(2) |
|
|
(5,574 |
) |
|
|
(50,508 |
) |
|
|
(114,473 |
) |
|
|
(39,540 |
) |
Other expense |
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|
(5 |
) |
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|
(99 |
) |
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|
(25 |
) |
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|
(104 |
) |
Total other income (expense), net |
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$ |
(6,312 |
) |
|
$ |
(50,688 |
) |
|
$ |
(115,350 |
) |
|
$ |
(39,951 |
) |
__________ (1)Refer to Note 7 — Debt (2)Refer to Note 13 — Fair Value Measurements
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| Schedule of Accumulated Other Comprehensive Income Loss |
The components of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):
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Changes in fair value
of liabilities under
fair value option
attributable to
changes in
instrument specific
credit risk |
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Foreign
currency
translation
adjustment |
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Accumulated other comprehensive loss attributable to non-controlling interest |
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Total |
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Accumulated other comprehensive income (loss), balance at January 1, 2025 |
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$ |
(765 |
) |
|
$ |
771 |
|
|
$ |
— |
|
|
$ |
6 |
|
Other comprehensive income (loss) |
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|
153 |
|
|
|
(210 |
) |
|
|
— |
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|
|
(57 |
) |
Accumulated other comprehensive income (loss), balance at March 31, 2025 |
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$ |
(612 |
) |
|
$ |
561 |
|
|
$ |
— |
|
|
$ |
(51 |
) |
Other comprehensive income (loss) |
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|
291 |
|
|
|
(766 |
) |
|
|
— |
|
|
|
(475 |
) |
Accumulated other comprehensive income (loss), balance at June 30, 2025 |
|
$ |
(321 |
) |
|
$ |
(205 |
) |
|
$ |
— |
|
|
$ |
(526 |
) |
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|
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Accumulated other comprehensive income (loss), balance at January 1, 2026 |
|
$ |
— |
|
|
$ |
(117 |
) |
|
$ |
— |
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|
$ |
(117 |
) |
Other comprehensive income |
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|
— |
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|
|
143 |
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|
— |
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|
143 |
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Accumulated other comprehensive income (loss), balance at March 31, 2026 |
|
$ |
— |
|
|
$ |
26 |
|
|
$ |
— |
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|
$ |
26 |
|
Effect of the Reorganization Transactions |
|
|
— |
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|
|
17 |
|
|
|
(17 |
) |
|
|
— |
|
Other comprehensive income |
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|
— |
|
|
|
263 |
|
|
|
147 |
|
|
|
410 |
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Accumulated other comprehensive income (loss), balance at June 30, 2026 |
|
$ |
— |
|
|
$ |
306 |
|
|
$ |
130 |
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$ |
436 |
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