Derivative Financial Instruments (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Derivative Financial Instruments |
|
|
| Schedule of quantitative information regarding market assumptions used in the Level 3 valuation of the PIPE subscription |
| | | | | | | | | | April 20, 2026 | | June 30, 2026 | | Expected term to De-SPAC (Years) | | | 0.4 | | | 0.3 | | Warrant term | | | 5.0 | | | 5.0 | | Probability of De-SPAC and Market Adjustment | | | 64.0 | % | | 73.0 | % | Forward Risk-Free Rate (Continuous | | | 3.88 | % | | 4.18 | % | Volatility | | | 19.5 | % | | 40.0 | % | Redemption trigger price | | $ | 35.00 | | $ | 35.00 | | Floor price | | $ | 7.28 | | $ | 7.28 | |
|
|
| Forge Nano, Inc. |
|
|
| Derivative Financial Instruments |
|
|
| Summary of warrants |
| | | | | | | | | | | | Warrant Shares | | | June 30, | | December 31, | | | 2026 | | 2025 | Beginning balance | | 313,127 | | 339,299 | Granted | | — | | — | Exercised | | — | | (26,172) | Expired | | — | | — | Ending balance | | 313,127 | | 313,127 |
|
| | | | | | | | | | | | Warrant Shares | | | 2025 | | 2024 | Beginning balance | | 339,299 | | 404,729 | Granted | | — | | — | Exercised | | (26,172) | | (65,430) | Expired | | — | | — | Ending balance | | 313,127 | | 339,299 |
|
| Summary of fair value of derivatives |
| | | | | | | | | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Derivatives not designated as hedging instruments: | | | | | | | Warrants issued in conjunction with the 2023 issuances of Series C preferred stock and long-term debt | | | 14,965 | | | 5,624 | Total derivatives not designated as hedging instruments | | $ | 14,965 | | $ | 5,624 |
|
| | | | | | | | | | | | | | | | 2025 | | 2024 | Derivatives not designated as hedging instruments: | | | | | | | Conversion feature embedded in convertible debt (Note 16) | | $ | — | | $ | 393 | Warrants issued in conjunction with the 2023 issuances of Series C preferred stock and long-term debt | | | 5,624 | | | 6,264 | Total derivatives not designated as hedging instruments | | $ | 5,624 | | $ | 6,657 |
|
| Schedule of quantitative information regarding market assumptions used in the Level 3 valuation of the PIPE subscription |
The following inputs and assumptions were used to value the warrants during as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | Warrants | | | | June 30, | | December 31, | | | | 2026 | | 2025 | | Expected volatility | | 50.00 | % | 50.00 | % | Risk-free rate | | 4.47 | % | 4.17 | % | Event date | | September 30, 2026 | | June 4, 2026 | | Term (in years) | | 0.17 | | 0.68 | |
|
The following inputs and assumptions were used to value the warrants during as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | Warrants | | | | 2025 | | 2024 | | Expected volatility | | | 50.00 | % | | 50.00 | % | Risk-free rate | | | 4.17 | % | | 4.58 | % | Event date | | | June 4, 2026 | | | December 5, 2024 | | Term (in years) | | | 0.68 | | | 0.93 | |
| | | | | | | | | | | | | | | | | | Conversion Feature | | | | 2025 | | 2024 | | Expected volatility | | | — | | | 50.00 | % | Risk-free rate | | | — | | | 3.80 | % | Event date | | | — | | | July 5, 2024 | | Term (in years) | | | — | | | 2.53 | |
|
| Summary of gain or loss recognized in the statement of operations attributable to derivative instruments |
|
| | | | | | | | | | | | | | | | | | | | Amount of Loss Recognized in Earnings | | Reported in Statement | | | 2025 | | 2024 | | of Operations | Derivative - conversion feature embedded in convertible debt (Note 16) | | $ | — | | $ | — | | Interest expense | Change in fair market value | | | 536 | | | 366 | | Interest expense |
|