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WARRANTS (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Warrants Outstanding

The Company had the following series of warrants outstanding (in thousands, except per-share values) as of December 31, 2025, and 2024, all of which are exercisable:

		December 31,
Warrant Series		2025				2024				Exercise Price				Expiration Date
RTI Global ("RTI") Warrants			—				1,511			$	5.56			January 17, 2025
Public Warrants			5,715				5,720			$	11.50			March 17, 2026 (1)
Private Warrants			199				199			$	11.50			March 17, 2026 (1)
Series A Warrants			17,757				17,857			$	11.50			March 17, 2026 (1)
Series B Warrants			3,064				3,064			$	11.50			December 1, 2030
Series C Warrants			5,000				5,000			$	11.50			December 1, 2030
Total warrants, issued and   outstanding			31,735				33,351

__________

(1) During February 2026, the Company entered into amended warrant agreements, which, in part, extended the expiration dates related to the Public and Private Warrants and the Series A Warrants as described in Note 19 - Subsequent Events.

Summary of Warrant (Benefit)/Expense

Warrant (benefit)/expense recognized during the years ended December 31, 2025, 2024 and 2023 is presented in the following table:

		Year Ended December 31,
(in thousands)		2025				2024				2023
RTI Warrants		$	(1,291	)		$	8,672			$	(2,233	)
Private Warrants			(161	)			178				(519	)
Series A Warrants			(47,121	)			41,294				(31,072	)
Series B Warrants			(4,719	)			13,666				—
Series C Warrants			(8,450	)			7,800				—
Change in fair value of warrants		$	(61,742	)		$	71,610			$	(33,824	)

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- Definition

Summary of warrant expense (benefit).

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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