Quarterly report [Sections 13 or 15(d)]

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 12,254 $ 4,233
Restricted cash 6,517 6,486
Accounts receivable, net 2,865 2,203
Inventory, net 7,193 7,419
Prepaid expenses and other current assets 1,363 1,686
Total current assets 30,192 22,027
Property and equipment, net 353,436 357,427
Finance lease right-of-use assets, net 351 214
Operating lease right-of-use assets, net 39 47
Intangible assets, net 30,150 30,778
Total assets 414,168 410,493
Current liabilities    
Accounts payable 14,378 11,782
Accrued liabilities 3,596 3,653
Financing obligation 556 762
Operating lease liabilities 32 32
Finance lease liabilities 103 81
Total current liabilities 18,665 16,310
Long-term debt    
Principal amount 328,000 312,250
Plus: Debt premium, net of amortization 170,309 172,368
Less: Debt discount, net of amortization (7,501) (1,498)
Long-term debt, net 490,808 483,120
Accrued interest, noncurrent 19,010 14,515
Financing obligation, noncurrent 51,381 51,342
Operating lease liabilities, noncurrent 17 25
Finance lease liabilities, noncurrent 271 155
Warrant liabilities 12,037 11,262
Total liabilities 592,189 576,729
Commitments and contingencies (Note 12)
Stockholders' deficit    
Common stock, $0.0001 par value, 400,000,000 shares authorized, 22,751,295 and 22,223,800 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2 2
Additional paid-in capital 352,304 351,371
Accumulated deficit (530,327) (517,609)
Total stockholders' deficit (178,021) (166,236)
Total liabilities and stockholders' deficit $ 414,168 $ 410,493