PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

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 recorded 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.