v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' DEFICIT AND STOCKHOLDERS' EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Private Placement
Initial Public Offering
Greenfield Agreement
Common Stock
Common Stock
Private Placement
Common Stock
Initial Public Offering
Common Stock
Greenfield Agreement
Members' Equity
Additional Paid-in Capital
Additional Paid-in Capital
Private Placement
Additional Paid-in Capital
Initial Public Offering
Additional Paid-in Capital
Greenfield Agreement
Accumulated Other Comprehensive Loss
Accumulated Deficit
Noncontrolling Interest
Beginning Balance at Dec. 31, 2024 $ (260)               $ 9,982         $ (334) $ (9,908)  
Equity contribution from parent 32               32              
Change in foreign currency translation (15)                         (15)    
Net loss (301)                           (301)  
Ending Balance at Mar. 31, 2025 (544)               10,014         (349) (10,209)  
Beginning Balance at Dec. 31, 2024 (260)               9,982         (334) (9,908)  
Change in foreign currency translation (203)                              
Net loss (5,414)                              
Ending Balance at Sep. 30, 2025 31,864       $ 1         $ 45,447       (537) (15,322) $ 2,275
Ending Balance, Shares at Sep. 30, 2025         14,935,267                      
Beginning Balance at Mar. 31, 2025 (544)               10,014         (349) (10,209)  
Equity contribution from parent 31               31              
Change in foreign currency translation (28)                         (28)    
Net loss (601)                           (601)  
Ending Balance at Jun. 30, 2025 (1,142)               10,045         (377) (10,810)  
Distribution to Parent (524)               (524)              
Equity contribution from parent 11               11              
Issuances of Common Stock, Shares         9,375,000 2,500,000                    
Issuances of Common Stock   $ 15,877     $ 1       $ (9,532) 9,531 $ 15,877          
Issuance of common stock in connection with acquisition of Foothills Rare Earths Limited, Shares         2,805,267                      
Issuance of common stock in connection with acquisition of Foothills Rare Earths Limited 20,637                 18,362           2,275
Grant of restricted stock awards, Shares         255,000                      
Stock-based compensation expense 1,677                 1,677            
Change in foreign currency translation (160)                         (160)    
Net loss (4,512)                           (4,512)  
Ending Balance at Sep. 30, 2025 31,864       $ 1         45,447       (537) (15,322) 2,275
Ending Balance, Shares at Sep. 30, 2025         14,935,267                      
Beginning Balance, Shares at Dec. 31, 2025         14,965,987                      
Beginning Balance at Dec. 31, 2025 28,463       $ 1         46,292       (267) (19,838) 2,275
Stock-based compensation expense 205                 205            
Change in foreign currency translation (75)                         (75)    
Net loss (16,781)                           (16,781)  
Ending Balance at Mar. 31, 2026 11,812       $ 1         46,497       (342) (36,619) 2,275
Ending Balance, Shares at Mar. 31, 2026         14,965,987                      
Beginning Balance, Shares at Dec. 31, 2025         14,965,987                      
Beginning Balance at Dec. 31, 2025 28,463       $ 1         46,292       (267) (19,838) 2,275
Change in foreign currency translation (310)                              
Net loss (40,411)                              
Ending Balance at Sep. 30, 2026 83,344       $ 2         144,168       (577) (60,249)  
Ending Balance, Shares at Sep. 30, 2026         20,512,381                      
Beginning Balance, Shares at Mar. 31, 2026         14,965,987                      
Beginning Balance at Mar. 31, 2026 11,812       $ 1         46,497       (342) (36,619) 2,275
Conversion of SAFE into common stock, Shares         1,037,100                      
Conversion of SAFE into common stock 19,705                 19,705            
Conversion of related party convertible loan into common stock, Shares         201,807                      
Conversion of related party convertible loan into common stock 1,322                 1,322            
Issuances of Common Stock, Shares             3,633,120 19,052                
Issuances of Common Stock     $ 59,955 $ 362     $ 1         $ 59,954 $ 362      
Exercise of warrants and reclassification of warrant liability, Shares         46,610                      
Exercise of warrants and reclassification of warrant liability 891                 891            
Vesting and settlement of restricted stock units, Shares         57,370                      
Vesting and settlement of restricted stock units 438                 438            
Shares withheld to satisfy tax withholding obligations, Shares         (7,154)                      
Shares withheld to satisfy tax withholding obligations (162)                 (162)            
Stock-based compensation expense 5,903                 5,903            
Change in foreign currency translation (150)                         (150)    
Net loss (12,790)                           (12,790)  
Ending Balance at Jun. 30, 2026 87,286       $ 2         134,910       (492) (49,409) 2,275
Ending Balance, Shares at Jun. 30, 2026         19,953,892                      
SEM option exercise, Shares         165,153                      
SEM option exercise (275)                 2,000           $ (2,275)
Issuance of common stock in connection with the GMC option exercise, Shares         262,086                      
Issuance of common stock in connection with the GMC option exercise 4,979                 4,979            
Vesting and settlement of restricted stock units, Shares         131,250                      
Vesting and settlement of restricted stock units 843                 843            
Stock-based compensation expense 1,436                 1,436            
Change in foreign currency translation (85)                         (85)    
Net loss (10,840)                           (10,840)  
Ending Balance at Sep. 30, 2026 $ 83,344       $ 2         $ 144,168       $ (577) $ (60,249)  
Ending Balance, Shares at Sep. 30, 2026         20,512,381