XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.25.4

PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
--- | ---
Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7 – PROPERTY, PLANT AND EQUIPMENT Presented in the table below are the major classes of property, plant and equipment by category as of the below dates:
|  | Year Ended December 31, 2025 |
(in thousands) |  | Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |
Buildings |  | $ | 84,757 |  |  | $ | 7,046 |  |  | $ | 77,711 |
Machinery and equipment |  |  | 386,572 |  |  |  | 73,401 |  |  |  | 313,171 |
Leasehold improvements |  |  | 4,829 |  |  |  | 2,959 |  |  |  | 1,870 |
Fixtures and furnishings |  |  | 764 |  |  |  | 383 |  |  |  | 381 |
Land improvements |  |  | 150 |  |  |  | 52 |  |  |  | 98 |
Land |  |  | 1,150 |  |  |  | — |  |  |  | 1,150 |
Construction in progress |  |  | 263,371 |  |  |  | — |  |  |  | 263,371 |
Total property, plant and equipment |  | $ | 741,593 |  |  | $ | 83,841 |  |  | $ | 657,752 |
|  | Year Ended December 31, 2024 |
(in thousands) |  | Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |
Buildings |  | $ | 82,026 |  |  | $ | 4,843 |  |  | $ | 77,183 |
Machinery and equipment |  |  | 374,639 |  |  |  | 48,452 |  |  |  | 326,187 |
Leasehold improvements |  |  | 4,829 |  |  |  | 2,150 |  |  |  | 2,679 |
Fixtures and furnishings |  |  | 800 |  |  |  | 286 |  |  |  | 514 |
Land improvements |  |  | 150 |  |  |  | 42 |  |  |  | 108 |
Land |  |  | 1,150 |  |  |  | — |  |  |  | 1,150 |
Construction in progress |  |  | 266,258 |  |  |  | — |  |  |  | 266,258 |
Total property, plant and equipment |  | $ | 729,852 |  |  | $ | 55,773 |  |  | $ | 674,079 |
Depreciation expense is recorded in the Consolidated Statements of Comprehensive Loss as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Operating costs |  | $ | 25,876 |  |  | $ | 27,691 |  |  | $ | 12,289 |
Research and development costs |  |  | 3,095 |  |  |  | 3,058 |  |  |  | 3,001 |
Selling, general, and administrative costs |  |  | 149 |  |  |  | 571 |  |  |  | 645 |
Total depreciation expense |  | $ | 29,120 |  |  | $ | 31,320 |  |  | $ | 15,935 |
In connection with our intent to construct new polypropylene recycling facilities in Thailand and Belgium, and a recent redesign of the planned Purification facility at our Augusta, Georgia location, management has evaluated certain equipment that was previously purchased for the Augusta Facility (and recorded as construction in progress) for future usefulness in any of these aforementioned facilities. This evaluation resulted in the Company recording a non-cash write-down charge on these assets of $15.1 million during the year ended December 31, 2025, which is reco rded in write-down of long-lead equipment in the Consolidated Statements of Comprehensive Loss. As the Company continues to develop the design plans for our Planned Facilities, there potentially could be additional write-downs as final evaluations are made as to what purchased equipment will or will not be used in construction of these facilities.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration