REVENUE AND GRANT INCOME RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues and Grant Income by Customer Type

A summary of revenues and grant income by customer type is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer type:
DOE	$	47,677	$	15,757	$	86,685	$	30,958
Services revenue		43,195		11,172		78,686		22,660
Grant income		4,482		4,585		7,999		8,298
Department of War		1,642		1,541		2,421		3,491
Commercial		5,282		4,206		8,918		7,859
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

A summary of revenues and grant income by contract type is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contract type:
Cost-based	$	50,072	$	18,614	$	91,003	$	35,979
Services revenue		45,590		14,029		83,004		27,681
Grant income		4,482		4,585		7,999		8,298
Fixed fee		839		1,048		1,174		1,988
Cost-plus fixed fee		804		1,442		1,247		3,550
Time & materials		2,886		400		4,600		791
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

Schedule of Revenues and Grant Income by Geographic Location

Revenues and Grant Income by Geographic Location

The Company has revenues and grant income in the following geographic locations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customer Location:
United States	$	54,600	$	21,449	$	98,024	$	41,889
International		1		55		—		419
Total revenues and grant income	$	54,601	$	21,504	$	98,024	$	42,308

Schedule of balances recorded within deferred revenue

Contract liabilities as of June 30, 2026 and December 31, 2025 include deferred revenue. The following balances were recorded within deferred revenue (in thousands):


	June 30, 2026		December 31, 2025
Deferred revenues - recorded in accrued liabilities	$	443	$	132
Deferred revenues - recorded in due to related parties		2,770		—
Deferred revenues - long-term		12,800		12,800
Deferred revenues - long-term with related parties		17,527		2,353
Deferred revenues - total (1)	$	33,540	$	15,285

__________

(1)

During the three and six months ended June 30, 2026, no revenue was recognized that had previously been deferred. During the three and six months ended June 30, 2025, zero and $1.1 million, respectively, of revenue was recognized that had previously been deferred.

Summary of Unbilled Receivables and Contract Assets

The following balances were recorded within unbilled receivables and contract assets (in thousands):


	June 30, 2026		December 31, 2025
Contract assets - recorded in unbilled receivables and contract assets	$	3,584	$	7,535
Contract assets - total (1)	$	3,584	$	7,535

__________

(1)

As of June 30, 2026, and December 31, 2025, the contract assets were not associated with related parties.