Property, Plant and Equipment |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Property, Plant and Equipment | |
| Property, Plant and Equipment | 4. Property, Plant, and Equipment The carrying amount of the Company’s property, plant, and equipment, net was $191.7 million and $281.0 million as of September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30, 2026, the decrease in the Company’s property, plant and equipment, net balance was primarily due to impairment charges of $20.8 million, reclassifying $20.9 million of its property, plant, and equipment, net as “assets held for sale”, in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment (“ASC 360”), which was recorded to assets held for sale in the unaudited interim condensed consolidated balance sheets as the sale is expected to occur within one year, and the bifurcation of the Section 48 Investment Tax Credit (“ITC”) which was recognized as a reduction to the Louisiana hydrogen production plant’s cost-basis in the amount of $39.2 million and was reclassified to prepaid expenses, tax credits, and other current assets in the unaudited interim condensed consolidated balance sheets. Refer to Note 20, “Government Tax Credits,” for further information. In addition, during the three months ended September 30, 2026, the Company completed the closing of the sale of certain high-voltage electrical infrastructure assets pursuant to a purchase and sale agreement. The assets had a net carrying amount of $14.2 million. The Company received net cash proceeds of $40.0 million and recognized a gain of $25.8 million, which was included in gain on sale of property, plant, and equipment in the unaudited interim condensed consolidated statements of operations. These assets are separate from the $20.9 million of property, plant and equipment, net that was reclassified as “assets held for sale” disclosed above. |