v3.26.1
Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment, Net

Note 7 — Property, Plant and Equipment, Net

Details of property, plant and equipment, net as of June 30, 2026, consisted of the following:

in thousands

  

Useful
Lives

  

June 30,
2026

Land

  

n/a

  

$

2,889

 

Buildings, structures and related equipment

  

20 to 40

  

 

2,152

 

Machinery and equipment

  

5 to 11

  

 

1,580

 

Vehicles

  

5 to 7

  

 

234

 

Furniture and fixtures

  

5 to 11

  

 

279

 

Construction in progress

  

n/a

  

 

148

 

Tools and office equipment

  

5 to 11

  

 

300

 

Property, plant, and equipment, gross

      

 

7,582

 

Less: accumulated depreciation

      

 

(249

)

Property, plant, and equipment, net

      

$

7,333

 

Total depreciation for the three and six months ended June 30, 2026 was $0.2 million and $0.3 million, respectively. There was no property, plant and equipment, net at December 31, 2025, prior to the Business Combination.

As of June 30, 2026, the details of property, plant and equipment, net pledged as collateral is as follows:

in thousands

  

Net Carrying
Value

  

Pledged
Amount

  

Creditor

Land, buildings, machinery and equipment

  

$

3,030

  

$

3,974

  

Industrial Bank of Korea

Land and buildings

  

 

1,168

  

 

224

  

Hana Bank