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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measurements on a Recurring Basis

As of December 31, 2025 and 2024, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows:

		December 31, 2025																December 31, 2024
(in thousands)		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets
Cash equivalents		$	140,694			$	—			$	—			$	140,694			$	10,409			$	—			$	—			$	10,409
Restricted cash   equivalents:
Restricted cash   equivalents -   current			1,984				—				—				1,984				16,656				—				—				16,656
Restricted cash   equivalents -   noncurrent			9,356				—				—				9,356				9,172				—				—				9,172
Investments:
Corporate Debt   Securities, available   for sale			—				13,631				—				13,631				—				—				—				—
Liabilities
Put Option liability		$	—			$	—			$	—			$	—			$	—			$	—			$	3,443			$	3,443
Warrant liability:
RTI Warrants			—				—				—				—				—				—				10,109				10,109
Private Warrants -   Liability classified			—				—				9				9				—				—				443				443
Series A Warrants			—				13,673				—				13,673				—				61,329				—				61,329
Series B Warrants			—				—				15,749				15,749				—				—				20,468				20,468
Series C Warrants			—				—				29,400				29,400				—				—				37,850				37,850
Total warrant   liability		$	—			$	13,673			$	45,158			$	58,831			$	—			$	61,329			$	68,870			$	130,199

Summary of Financial Liabilities for Instruments not Remeasured at Fair Value on a Recurring Basis

As of December 31, 2025 and 2024, the estimated fair value of the Company's financial instruments not remeasured at fair value on a recurring basis within the fair value hierarchy are as follows:

		December 31, 2025																December 31, 2024
(in thousands)		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Green Convertible Notes		$	—			$	—			$	244,560			$	244,560			$	—			$	—			$	233,125			$	233,125
Revenue bonds
Related party bonds			—				—				117,928				117,928				—				—				98,481				98,481
Third-party bonds			—				—				31,118				31,118				—				—				11,044				11,044
Total revenue bonds		$	—			$	—			$	149,046			$	149,046			$	—			$	—			$	109,525			$	109,525

Fair Value Measurement Inputs

The private warrants are classified as Level 3 and were valued using the following assumptions:

		December 31,
		2025				2024
Expected annual dividend yield			—	%			—	%
Expected volatility			101.5	%			93.1	%
Risk-free rate of return			3.7	%			4.1	%
Expected option term (years)			0.2				1.2

The Company determined the RTI Warrants were to be measured using a Level 3 fair value measurement and was remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions:

		December 31, 2024
Expected annual dividend yield			—	%
Expected volatility			77.1	%
Risk-free rate of return			4.4	%
Expected option term (years)			0.1

The Company has determined the Series B Warrants to be a Level 3 fair value measurement and has performed initial recognition and ongoing remeasurement using a Monte Carlo simulation to calculate its fair value using the following assumptions:

		December 31,
		2025				2024
Expected annual dividend yield			—	%			—	%
Expected volatility			101.5	%			93.1	%
Risk-free rate of return			3.7	%			4.4	%
Expected option term (years)			4.9				5.9

The Company has determined the Series C Warrants to be a Level 3 fair value measurement and has performed initial recognition and ongoing remeasurement using a Monte Carlo simulation to calculate its fair value using the following assumptions:

		December 31,
		2025				2024
Expected annual dividend yield			—	%			—	%
Expected volatility			101.5	%			93.1	%
Risk-free rate of return			3.7	%			4.4	%
Expected option term (years)			4.9				5.9

The Company has determined the Put Option liability to be a Level 3 fair value measurement and has performed initial recognition and ongoing remeasurement using a Monte Carlo simulation to calculate its fair value using the following assumptions:

		December 31,
		2025 (1)				2024
Risk-free rate of return			—	%			4.4	%
Credit spread			—	%			16.7	%

__________

(1) During June 2025, the Company announced its plans to construct the Thailand Facility, which has adjusted the timeline on construction of the Augusta Facility. Because the Put Option is contingent upon the Company incurring any indebtedness that is senior to the Series A Preferred Stock and/or secured by the assets of PureCycle Augusta, LLC, this adjusted timeline has resulted in the likelihood of the Put Option being exercised as remote. Accordingly, there has been no value ascribed to the Put Option as of December 31, 2025.

Level 3 Liabilities Measured at Fair Value

A summary of the private warrants activity from December 31, 2024 to December 31, 2025 is as follows:

(in thousands)		Fair Value (Level 3)
Balance, December 31, 2024		$	443
Warrants transferred from initial purchaser			(273	)
Change in fair value			(161	)
Balance, December 31, 2025		$	9

A summary of the RTI Warrants activity from December 31, 2024 to December 31, 2025 is as follows:

(in thousands)		Fair Value (Level 3)
Balance, December 31, 2024		$	10,109
Change in fair value			(1,291	)
Exercise of warrants			(8,818	)
Balance, December 31, 2025		$	—

A summary of the Series B Warrants activity from December 31, 2024 to December 31, 2025 is as follows:

(in thousands)		Fair Value (Level 3)
Balance, December 31, 2024		$	20,468
Change in fair value			(4,719	)
Balance, December 31, 2025		$	15,749

A summary of the Series C Warrants activity from December 31, 2024 to December 31, 2025 is as follows:

(in thousands)		Fair Value (Level 3)
Balance, December 31, 2024		$	37,850
Change in fair value			(8,450	)
Balance, December 31, 2025		$	29,400

A summary of the Put Option activity from December 31, 2024 to December 31, 2025 is as follows:

(in thousands)		Fair Value (Level 3)
Balance, December 31, 2024		$	3,443
Change in fair value			(3,443	)
Balance, December 31, 2025		$	—

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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