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DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS In 2024, we determined that the assets for our European businesses and our Coweta County, Georgia, business met the criteria for classification as held for sale. Additionally, we concluded that the ultimate disposal will represent a strategic shift that will have a major effect on the Company’s operations and financial results. As of September 30, 2025, the remaining assets continue to meet the criteria for classification as held for sale. Therefore, the historical results of these businesses are classified as discontinued operations for all periods presented herein. On February 15, 2025, we completed the sale of our land in Coweta County, Georgia, for $50.0 million. Concurrently with the sale, we repaid a government grant of $20.0 million. As of September 30, 2025, $7.0 million of repayable government grants for the project are classified within current liabilities of discontinued operations on our condensed consolidated balance sheet. Details of net loss from discontinued operations, net of taxes, are as follows (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Costs and expenses |  |  |  |  |  |  |  |
General and administrative |  | $ | 367 |  |  | $ | 1,118 |  |  | $ | 8,771 |  |  | $ | 15,301 |
Research and development |  | — |  |  | 8,616 |  |  | — |  |  | 30,854 |
Restructuring charge |  | — |  |  | 4,507 |  |  | 1,092 |  |  | 4,644 |
Share of net loss of equity method investee |  | 1 |  |  | 150 |  |  | 426 |  |  | 484 |
Total costs and expenses |  | 368 |  |  | 14,391 |  |  | 10,289 |  |  | 51,283 |
Loss from discontinued operations |  | (368) |  |  | (14,391) |  |  | (10,289) |  |  | (51,283) |
Gain on disposal of property and equipment |  | — |  |  | — |  |  | 5,675 |  |  | — |
Change in held for sale valuation allowance |  | (2,585) |  |  | — |  |  | (3,793) |  |  | — |
Other income (loss), net |  | (13) |  |  | 1,014 |  |  | (5,206) |  |  | 3,707 |
Loss from discontinued operations before income taxes |  | (2,966) |  |  | (13,377) |  |  | (13,613) |  |  | (47,576) |
Income tax expense |  | — |  |  | — |  |  | (1,518) |  |  | — |
Net loss from discontinued operations, net of tax |  | $ | (2,966) |  |  | $ | (13,377) |  |  | $ | (15,131) |  |  | $ | (47,576) |
Allocated general corporate overhead costs do not meet the criteria to be presented within net income (loss) from discontinued operations, net of tax, and were excluded from all figures presented in the table above. Details of the assets and liabilities of discontinued operations classified as held for sale in the condensed consolidated balance sheets are as follows (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Other current assets |  | $ | 768 |  |  | $ | 8,926 |
Property and equipment, net |  | 46,787 |  |  | 52,765 |
Intangible assets, net |  | 161 |  |  | 1,625 |
Investments |  | — |  |  | 515 |
Right-of-use asset under operating leases |  | 3,858 |  |  | 1,078 |
Current assets of discontinued operations |  | $ | 51,574 |  |  | $ | 64,909 |
Accounts payable |  | $ | 3,507 |  |  | $ | 2,566 |
Accrued liabilities and other |  | 14,021 |  |  | 5,764 |
Operating lease liability |  | 15,713 |  |  | 15,136 |
Deferred revenue |  | 174 |  |  | — |
Other current liabilities |  | 7,000 |  |  | 27,543 |
Current liabilities of discontinued operations |  | $ | 40,415 |  |  | $ | 51,009 |
The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. Cash flow and non-cash information for the discontinued operations are as follows (in thousands):
|  | Nine months ended September 30,
|  | 2025 |  | 2024
Depreciation |  | $ | — |  |  | $ | 6,915 |
Amortization |  | — |  |  | 113 |
Capital expenditures |  | 2,674 |  |  | 34,683 |
Proceeds from the return of property and equipment deposits |  | 1,202 |  |  | 22,735 |
Write-down of held for sale assets |  | (3,793) |  |  | — |
Accrued purchases of property and equipment and intangible assets |  | — |  |  | 6,133 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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