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INCOME TAXES | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 12 - INCOME TAXES Loss from continuing operations before income taxes, classified by source of income, were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | (177,668 | ) |  | $ | (287,596 | ) |  | $ | (100,432 | )
Foreign |  |  | (3,927 | ) |  |  | (1,619 | ) |  |  | (633 | )
Total |  | $ | (181,595 | ) |  | $ | (289,215 | ) |  | $ | (101,065 | )
The components of the provision/(benefit) for income taxes were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total current provision/(benefit) |  |  | — |  |  |  | — |  |  |  | — |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 970 |  |  |  | (79 | ) |  |  | 650 |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total deferred provision/(benefit) |  |  | 970 |  |  |  | (79 | ) |  |  | 650 |
Total provision/(benefit) for income taxes |  | $ | 970 |  |  | $ | (79 | ) |  | $ | 650 |
The effective tax rate differs from the statutory tax rates as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Tax at statutory federal rate |  | $ | (38,135 | ) |  |  | 21.0 | % |  | $ | (60,735 | ) |  |  | 21.0 | % |  | $ | (21,224 | ) |  |  | 21.0 | %
Change in valuation allowance |  |  | 50,902 |  |  |  | (28.0 | )% |  |  | 57,600 |  |  |  | (19.9 | )% |  |  | 48,679 |  |  |  | (48.1 | )%
Effect of foreign tax laws |  |  | 840 |  |  |  | (0.5 | )% |  |  | 340 |  |  |  | (0.1 | )% |  |  | 133 |  |  |  | (0.1 | )%
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant expense |  |  | (12,966 | ) |  |  | 7.1 | % |  |  | 15,038 |  |  |  | (5.2 | )% |  |  | (6,920 | ) |  |  | 6.8 | %
Other nontaxable or nondeductible items |  |  | 1,294 |  |  |  | (0.7 | )% |  |  | (4,456 | ) |  |  | 1.5 | % |  |  | 1,228 |  |  |  | (1.2 | )%
Tax credits |  |  | — |  |  |  | — | % |  |  | (7,865 | ) |  |  | 2.7 | % |  |  | (22,329 | ) |  |  | 22.1 | %
Other |  |  | (965 | ) |  |  | 0.6 | % |  |  | (1 | ) |  |  | — | % |  |  | 1,083 |  |  |  | (1.1 | )%
Provision/(benefit) for income taxes |  | $ | 970 |  |  |  | (0.5 | )% |  | $ | (79 | ) |  |  | (0.0 | )% |  | $ | 650 |  |  |  | (0.6 | )%
Deferred income tax assets and liabilities result primarily from temporary differences in the recognition of differences between the tax basis and financial statement basis of assets and liabilities, as well as from the recognition of the tax benefits of net operating loss carryforwards and other attributes. The components of the deferred income tax assets and liabilities were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses and tax credit carryforwards |  | $ | 221,638 |  |  | $ | 159,954 |
Equity-based compensation |  |  | 2,795 |  |  |  | 2,618 |
Start-up expenses |  |  | 8,522 |  |  |  | 9,275 |
Deferred revenue |  |  | 1,275 |  |  |  | 1,391 |
Lease liabilities |  |  | 14,126 |  |  |  | 10,318 |
Capital loss carryforward |  |  | 8,448 |  |  |  | 6,772 |
Debt transactions |  |  | 5,348 |  |  |  | 5,028 |
Other |  |  | 599 |  |  |  | 357 |
Gross deferred tax assets |  |  | 262,751 |  |  |  | 195,713 |
Less valuation allowance |  |  | (214,552 | ) |  |  | (155,519 | )
Total deferred tax assets (after valuation allowance) |  |  | 48,199 |  |  |  | 40,194 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant, and equipment |  |  | (34,868 | ) |  |  | (29,576 | )
Right-of-use assets |  |  | (13,567 | ) |  |  | (9,989 | )
Other accruals |  |  | (1,305 | ) |  |  | (1,200 | )
Total deferred tax liabilities |  |  | (49,740 | ) |  |  | (40,765 | )
Net deferred tax liabilities |  | $ | (1,541 | ) |  | $ | (571 | )
As of December 31, 2025, the Company has $800.8 million of U.S. federal net operating loss carryforwards, $24.2 million post-apportioned state net operating loss carryforwards, and $34.1 million of research and development tax credit carryforwards. As of December 31, 2024, the Company had $542.7 million of U.S. federal net operating loss carryforwards, $15.0 million post-apportioned gross state net operating loss carryforwards, and $34.1 million of research and development tax credit carryforwards. The attributes will be available to offset future income tax liabilities. The U.S. federal net operating losses can be carried forward indefinitely, the state net operating losses in certain jurisdictions can be carried forward indefinitely, while certain other jurisdictions expire at various dates, and the research and development tax credit can be carried forward for up to 20 years and will begin to expire in 2042. Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The valuation allowance on our deferred tax assets was $214.6 million and $155.5 million as of December 31, 2025 and 2024, respectively, resulting in a net change of $59.1 million year-over-year. The valuation allowance mainly relates to U.S. federal and state net operating loss carryforwards, credit carryforwards, and start-up expenses. As the Company has reported minimal revenue from inception, it has no historic basis for projecting future taxable income, and lacks other sources of taxable income, resulting in the continued need for a valuation allowance. As of December 31, 2025, the Company has continued to report foreign losses, which resulted in unbenefited accumulated losses for foreign operations. As a result, there is no potential deferred tax liability on the outside basis of foreign investments as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company has no t recorded an amount of gross unrecognized tax benefits for uncertain tax positions for the current or prior year planned tax filing positions. No unrecognized tax benefits are applicable for prior periods. The Company files income tax returns in the U.S. federal jurisdiction and in various state jurisdictions based on existing tax laws. The Company remains generally subject to potential examination in the U.S. and state jurisdictions for years beginning on or after March 2021 due to the creation of net operating losses that can be used in the future. Any potential reviews for years prior to March 2021 would not be expected to impact the Company while the Company operated as a flow-through entity. The Company is not currently under audit in any jurisdiction for income taxes. The Company actively monitors domestic and global tax law changes to account for the effects in the period the legislation is enacted, as applicable.

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