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NET LOSS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of 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

)

 
Summary of Outstanding Common Stock Equivalents 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.