Department of Energy Loan Facility and Warrant Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary of Initial Recognition of Loan

The following table represents a reconciliation from the initial recognition of advances under the DOE Loan to June 30, 2026.


		Principal			Debt Issuance Costs			Net Outstanding
Initial recognition on October 20, 2025 1		$	435,000		$	(88,362	)	$	346,638
Deferred interest costs			3,761			-			3,761
Amortization of debt issuance costs			-			588			588
Balance, December 31, 2025		$	438,761		$	(87,774	)	$	350,987
Additional advances 2			774,000			(157,224	)		616,776
Deferred interest costs			17,390			-			17,390
Amortization of debt issuance costs			-			2,865			2,865
Balance, June 30, 2026		$	1,230,151		$	(242,133	)	$	988,018

1 First advance in the amount of $435.0 million bearing fixed contractual interest of 4.38%, with repayment beginning in January 2029.

2 Includes second advance on February 24, 2026 in the amount of $432.0 million bearing fixed contractual interest of 4.41% and third advance on June 3, 2026 of $342.0 million bearing fixed contractual interest of 4.76%, with repayment beginning in January 2029.

Summary of Fair Value of the Warrant Obligations

The following table represents a reconciliation from the initial recognition of the obligations pursuant to the LAC Warrant and the JV Warrant to the fair value of the warrant obligations at June 30, 2026.


		LAC Warrant Obligation			JV Warrant Obligation			Total Warrant Obligation
Initial recognition on October 7, 2025		$	143,391		$	250,725		$	394,116
Gain on change in fair value			(59,595	)		(100,430	)		(160,025	)
Balance, December 31, 2025		$	83,796		$	150,295		$	234,091
Loss/(gain) on change in fair value			4,990			(9,876	)		(4,886	)
LAC Warrant issued			(88,786	)		-			(88,786	)
Balance, June 30, 2026		$	-		$	140,419		$	140,419