XML 11 R2.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 229,315 $ 329,230
Short-term investments 0 100,000
Investments in securities, available-for-sale 136,078 78,344
Interest receivable 1,470 3,682
Prepaid expenses and other current assets 2,727 1,774
Total current assets 369,590 513,030
Long-term assets    
Restricted cash 2,482 2,446
Investments in securities, available-for-sale 56,144 22,628
Intangible assets, net 184,051 1,241,343
Goodwill 0 359,847
Property, plant, and equipment, net 16,345 151,470
Operating lease right-of-use assets 589 2,699
Other long-term assets 694 652
Total assets 629,895 2,294,115
Current liabilities    
Accounts payable 1,314 3,092
Accrued liabilities 11,460 7,407
Due to related parties 8,222 6,537
Operating lease liabilities, current portion 1,066 683
Finance lease liabilities, current portion 172 187
Earnout Shares liability 55 0
Total current liabilities 22,289 17,906
Earnout Shares liability 0 1,958
Warrant liability 16,929 81,283
Asset retirement obligation 3,511 3,265
Non-current operating lease liabilities 2,776 2,125
Non-current finance lease liabilities 0 110
Tax Receivable Agreement liability 0 20,974
Deferred taxes 1,902 4,306
Total liabilities 47,407 131,927
Commitments and contingencies (Note 15)
Mezzanine shareholders' equity    
Redeemable non-controlling interests in subsidiary 438,726 1,506,584
Shareholders' equity    
Preferred Stock, $.0001 par value; 1,000 shares authorized; no shares issued or outstanding as of September 30, 2025 and December 31, 2024 0 0
Additional paid-in capital 818,655 771,594
Accumulated other comprehensive loss 119 32
Accumulated deficit (675,034) (116,044)
Total shareholders' equity 143,762 655,604
Total liabilities, mezzanine shareholders' equity, and shareholders' equity 629,895 2,294,115
Class A Common Stock    
Shareholders' equity    
Common stock, value, issued 8 8
Class B Common Stock    
Shareholders' equity    
Common stock, value, issued $ 14 $ 14