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Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant, and Equipment

Property, Plant, and Equipment

Note 3 – Property, Plant, and Equipment

Property, plant, and equipment are summarized as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2025		​ ​ ​	2024
Production equipment	​	$	43,203	​	$	41,750
Laboratory equipment	​	​	15,287	​	​	12,611
Leasehold improvements	​		73,369	​		73,114
Furniture and computer equipment	​		4,711	​		4,298
Construction in progress	​		6,858	​		5,141
Total cost	​		143,428	​		136,914
Accumulated depreciation	​		(57,110)	​		(39,706)
Net property, plant and equipment	​	$	86,318	​	$	97,208

​

Depreciation expenses for dedicated laboratory equipment and production equipment are charged to research and development. Depreciation expense related to office equipment, leasehold improvements, software and computer equipment are allocated between research and development and selling, general and administrative expenses based on the nature of use.

Depreciation expenses related to property, plant, and equipment are summarized as follows:

​

​	​	​	​	​	​	​	​
​	​	December 31,
​	​	2025		​ ​ ​	2024		​ ​ ​
Depreciation expense	​	$	18,400	​	$	16,449	​

​

In 2025, the Company was designing a continuous electrolyte production pilot line. As of December 31, 2025, detailed design for the line was substantially complete, and the Company expects the line to be commissioned by the end of 2026. In 2025, the

Company also expanded the capabilities of the electrolyte innovation center (the “EIC”) and the cell safety abuse lab. Construction in progress related to property, plant and equipment is summarized as follows:

​

​	​	​	​	​	​	​
​	​ ​ ​	​	​	​	​	​
​	​	December 31,
Construction in progress		2025		​ ​ ​	2024
Continuous electrolyte pilot manufacturing line	​	$	5,214	​	$	1,194
Cell safety abuse lab	​	​	94	​	​	835
EIC	​	​	111	​	​	1,292
Other capital projects	​	​	1,439	​	​	1,820
Total construction in progress	​	$	6,858	​	$	5,141

​

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

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