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NET LOSS PER SHARE | 12 Months Ended
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Dec. 31, 2025
Earnings Per Share [Abstract] |
NET LOSS PER SHARE | NOTE 18 – NET LOSS PER SHARE The computation for the basic and diluted loss per share for the years ended December 31, 2025, 2024 and 2023 are as follows:
|  | Year Ended December 31, |
(in thousands, except per share data) |  | 2025 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (182,565 | ) |  | $ | (289,136 | ) |  | $ | (101,715 | )
Less: Dividends accumulated on Series B Convertible Perpetual Preferred Stock |  |  | 11,324 |  |  |  | — |  |  |  | — |
Basic net loss attributable to common stockholders |  |  | (193,889 | ) |  |  | (289,136 | ) |  |  | (101,715 | )
Less: Dilutive impact of - |  |  |  |  |  |  |  |  |
RTI Warrants |  |  | — |  |  |  | — |  |  |  | 2,233 |
Private Warrants |  |  | 69 |  |  |  | — |  |  |  | — |
Series A Warrants |  |  | 17,224 |  |  |  | — |  |  |  | — |
Series B Warrants |  |  | 2,451 |  |  |  | — |  |  |  | — |
Series C Warrants |  |  | 4,100 |  |  |  | — |  |  |  | — |
Diluted net loss attributable to common stockholders |  | $ | (217,733 | ) |  | $ | (289,136 | ) |  | $ | (103,948 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding, basic |  |  | 179,327 |  |  |  | 165,377 |  |  |  | 163,865 |
Dilutive shares: |  |  |  |  |  |  |  |  |
RTI Warrants |  |  | — |  |  |  | — |  |  |  | 148 |
Private Warrants |  |  | 9 |  |  |  | — |  |  |  | — |
Series A Warrants |  |  | 765 |  |  |  | — |  |  |  | — |
Series B Warrants |  |  | 132 |  |  |  | — |  |  |  | — |
Series C Warrants |  |  | 215 |  |  |  | — |  |  |  | — |
Weighted average common shares outstanding, dilutive |  |  | 180,448 |  |  |  | 165,377 |  |  |  | 164,013 |
Net loss per share attributable to common stockholders, basic |  | $ | (1.08 | ) |  | $ | (1.75 | ) |  | $ | (0.62 | )
Net loss per share attributable to common stockholders, diluted |  | $ | (1.21 | ) |  | $ | (1.75 | ) |  | $ | (0.63 | )
Certain outstanding Common Stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented as including them would have been anti-dilutive. A summary of those outstanding Common Stock equivalents is presented in the following table:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Anti-dilutive shares |  |  |  |  |  |  |  |  |
Warrants |  |  | 5,715 |  |  |  | 33,352 |  |  |  | 23,776 |
Stock options |  |  | 1,487 |  |  |  | 1,290 |  |  |  | 983 |
RSUs |  |  | 2,929 |  |  |  | 3,438 |  |  |  | 2,788 |
PSUs |  |  | 797 |  |  |  | 1,341 |  |  |  | 1,246 |
Contingently - issuable shares to Legacy PCT unitholders (1) |  |  | 2,000 |  |  |  | 2,000 |  |  |  | 4,000 |
Shares issuable upon conversion of Green Convertible Notes |  |  | 16,869 |  |  |  | 16,869 |  |  |  | 16,869 |
Shares issuable upon conversion of Series B Convertible Perpetual Preferred Stock |  |  | 22,206 |  |  |  | — |  |  |  | — |
Total anti-dilutive shares |  |  | 52,003 |  |  |  | 58,290 |  |  |  | 49,662 |
__________ (1) In connection with the initial business combination and merger agreement as described in Note 1 - Organization, legacy PCT unitholders will be entitled to 2.0 million shares upon the Ironton Facility becoming operational, as certified by Leidos Engineering, LLC, an independent engineering firm, in accordance with criteria established in agreements in connection with construction of the plant.

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