v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property and Equipment  
Property and Equipment

6. Property and Equipment

Property and equipment as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):

 

 

Useful Lives
(Years)

 

 

June 30,
2026

 

 

December 31,
2025

 

Construction in progress

 

 

—

 

 

$

5,106

 

 

$

4,950

 

Plant and office buildings

 

10

 

 

 

29,639

 

 

 

21,291

 

Land

 

 

—

 

 

 

213

 

 

 

—

 

Tools, machinery and equipment

 

3 - 10

 

 

 

9,266

 

 

 

7,869

 

Computer equipment

 

3

 

 

 

725

 

 

 

332

 

Vehicles

 

5

 

 

 

1,348

 

 

 

828

 

Software

 

5

 

 

 

626

 

 

 

613

 

Office furniture

 

5 - 10

 

 

 

517

 

 

 

248

 

Leasehold improvements

 

Lesser of estimated useful life or the remaining lease term

 

 

 

437

 

 

 

114

 

Property and equipment, at cost

 

 

 

 

 

47,877

 

 

 

36,245

 

Less accumulated depreciation

 

 

 

 

 

(5,746

)

 

 

(2,954

)

Property and equipment, net

 

 

 

 

$

42,131

 

 

$

33,291

 

The Company has three isotope enrichment plants in Pretoria, South Africa: a C-14 plant, a multi-isotope plant and a laser isotope separation plant using QE technology. As of June 30, 2026 and December 31, 2025, costs incurred for the multi-isotope plant and the laser isotope separation plant were considered construction in progress because the work was not complete.

Depreciation expense was $1.3 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $2.7 million and $0.7 million for the six months ended June 30, 2026 and 2025, respectively. Depreciation expense included as part of inventory costs was $44,000 for each of the three and six months ended June 30, 2026.

Natural gas properties at cost as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):

 

 

June 30,
2026

 

 

December 31,
2025

 

Proved reserves

 

$

35,578

 

 

$

—

 

Unproved reserves

 

 

72,471

 

 

 

—

 

Wells in process

 

 

3,327

 

 

 

—

 

Developed Assets

 

 

24,039

 

 

 

—

 

Gas processing and liquefaction equipment (Virginia Gas Project)

 

 

19,444

 

 

 

—

 

Construction in progress

 

 

35,483

 

 

 

—

 

Rehabilitation Asset

 

 

3,607

 

 

 

—

 

Natural gas properties, at cost

 

 

193,949

 

 

 

—

 

Less accumulated depreciation, depletion and amortization

 

 

(987

)

 

 

—

 

Net capitalized costs

 

$

192,962

 

 

$

—

 

 

Natural gas properties are depleted using the unit-of-production method. Acquisition costs (proved reserves) are depleted over total proved reserves; development costs (developed assets) are depleted over proved developed reserves. Gas processing and liquefaction equipment, including the plant, is depreciated using the straight-line method based on a useful life of 20 years. Construction in progress is not depleted or depreciated until the related assets are placed in service. The useful life of the rehabilitation asset is consistent with the units-of-production depletion of the underlying developed assets. Depletion expense attributable to natural gas properties was $1.5 million for the period from January 6, 2026 through June 30, 2026 and $0.7 million for the three months ended June 30, 2026 and is included within the cost of revenue line in the condensed consolidated statements of operations and comprehensive loss.