v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 4,233 $ 937
Restricted cash 6,486 6,529
Accounts receivable, net 2,203 2,282
Inventory, net 7,419 6,814
Prepaid expenses and other current assets 1,686 2,261
Total current assets 22,027 18,823
Property and equipment, net 357,427 370,978
Finance lease right-of-use assets, net 214 277
Operating lease right-of-use assets, net 47 73
Intangible assets, net 30,778 37,783
Other assets 0 101
Total assets 410,493 428,035
Current liabilities    
Accounts payable 11,782 16,987
Accrued liabilities 3,653 18,082
Short-term debt 0 20,205
Financing obligation 762 51
Operating lease liabilities 32 30
Finance lease liabilities 81 81
Total current liabilities 16,310 55,436
Long-term debt    
Principal amount 312,250 447,718
Plus: Debt premium, net of amortization 172,368 0
Less: Debt discount, net of amortization (1,498) 0
Unamortized deferred financing costs 0 (31,141)
Long-term debt, net 483,120 416,577
Accrued interest, noncurrent 14,515 0
Financing obligation, noncurrent 51,342 49,856
Operating lease liabilities, noncurrent 25 57
Finance lease liabilities, noncurrent 155 206
Warrant liabilities 11,262 6,403
Total liabilities 576,729 528,535
Commitments and contingencies (Note 16)
Stockholders' deficit    
Common stock, $0.0001 par value, 400,000,000 shares authorized; 22,223,800 and 8,656,122 issued and outstanding as of December 31, 2025 and 2024, respectively 2 1
Additional paid-in capital 351,371 322,729
Accumulated deficit (517,609) (423,230)
Total stockholders' deficit (166,236) (100,500)
Total liabilities and stockholders' deficit $ 410,493 $ 428,035

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