Earnout Shares |
6 Months Ended |
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Jun. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Earnout Shares | Note 9. Earnout Shares As further discussed in our Form 10-K, 5,000,000 “Company Earnout Shares” were contingently issuable and 344,828 “Sponsor Earnout Shares” were issued subject to clawback provisions. The Company Earnout Shares and the Sponsor Earnout Shares are collectively referred to as the “Earnout Shares” and are subject to certain vesting provisions. On January 7, 2025, a total of 344,828 Sponsor Earnout Shares fully vested and were no longer subject to contingencies as the Company’s public stock price had surpassed $11.50 for twenty consecutive days, thereby fulfilling the vesting provision for the Sponsor Earnout Shares. These vesting conditions were not effective on the Company Earnout Shares until 6 months following the Business Combination (as defined and further described in our Form 10-K). On January 8, 2025, the Company’s Board of Directors formally recognized the creation of the Refinity subsidiary, thereby meeting the milestone two conditions for the Company Earnout Shares. As such, 2,000,000 shares of Common Stock were issued on February 4, 2025 as a result of the satisfaction of the milestone. On April 2, 2026, the Company’s Board of Directors formally recognized Accelsius entering into a binding contract providing for revenue to the Company and certain affiliates in excess of $15.0 million, thereby meeting the milestone one condition for the Company Earnout Shares. Accordingly, 1,999,854 shares of Common Stock were issued on April 17, 2026 as a result of the satisfaction of the milestone. The Earnout Shares related to milestone three are liability classified and were fair valued at $4.8 million and $3.9 million as of June 30, 2026 and December 31, 2025, respectively. The Company recognized losses of $1.3 million and $0.9 million in Change in fair value of financial liabilities on the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026, respectively. The Change in fair value of financial liabilities for the three and six months ended June 30, 2025 were gains of $3.1 million and $9.5 million, respectively.
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