Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory that is in excess of current and projected
use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete
are written down to net realizable value.
| (dollars in thousands) |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
| Raw material |
|
$ |
23,033 |
|
|
$ |
14,153 |
|
| Work in process |
|
|
6,774 |
|
|
|
1,470 |
|
| Finished goods |
|
|
5,470 |
|
|
|
7,992 |
|
| Less inventory reserves |
|
|
(991 |
) |
|
|
(1,652 |
) |
| Total inventory, net |
|
$ |
34,286 |
|
|
$ |
21,963 |
|
|
| Schedule of Reconciliation of Basic to Diluted Shares |
The reconciliation of basic
to diluted shares is as follows (in thousands except share data):
| |
|
Three Months Ended
March 31, |
|
| |
|
2026 |
|
|
2025 |
|
| Calculation of basic income (loss) per share attributable to stockholders |
|
|
|
|
|
|
| Net income (loss) attributable to stockholders |
|
$ |
361,659 |
|
|
$ |
(15,343 |
) |
| Net income attributable to participating securities |
|
|
(103,924 |
) |
|
|
- |
|
| Net income (loss) attributable to common stockholders - basic |
|
$ |
257,735 |
|
|
$ |
(15,343 |
) |
| Weighted-average common shares outstanding – basic |
|
|
445,088,835 |
|
|
|
105,004,818 |
|
| Earnings per share - basic |
|
$ |
0.58 |
|
|
$ |
(0.15 |
) |
| Calculation of diluted income (loss) per share attributable to stockholders |
|
|
|
|
|
|
|
|
| Net income (loss) attributable to stockholders |
|
$ |
361,959 |
|
|
$ |
(15,343 |
) |
| Net income attributable to participating securities |
|
|
(103,924 |
) |
|
|
- |
|
| Net income (loss) attributable to common stockholders - diluted |
|
$ |
257,735 |
|
|
$ |
(15,343 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted-average common shares outstanding – basic |
|
|
445,088,835 |
|
|
|
105,004,818 |
|
| Common stock warrants |
|
|
278,260 |
|
|
|
- |
|
| Common stock options |
|
|
10,012,986 |
|
|
|
- |
|
| Restricted stock units |
|
|
6,308,924 |
|
|
|
- |
|
| Other |
|
|
16,951 |
|
|
|
- |
|
| Weighted-average common shares outstanding – diluted |
|
|
461,705,956 |
|
|
|
105,004,818 |
|
| Net income (loss) per share - diluted |
|
$ |
0.56 |
|
|
$ |
(0.15 |
) |
|
| Schedule of Dilutive Securities Excluded from Diluted Net Loss Per Share |
The following potentially
dilutive securities for the three months ended March 31, 2026 and 2025, have been excluded from the computation of diluted net income
(loss) per share because the effect of their inclusion would have been anti-dilutive.
| |
|
Three Months Ended
March 31, |
|
| |
|
2026 |
|
|
2025 |
|
| Warrants to purchase common stock |
|
|
195,527,101 |
|
|
|
25,384,610 |
|
| Options to purchase common stock |
|
|
654,350 |
|
|
|
9,349,311 |
|
| Contingently issuable shares |
|
|
109,456,221 |
|
|
|
- |
|
| Potential shares issuable under 2022 Convertible Promissory Notes |
|
|
- |
|
|
|
19,502,416 |
|
| Potential shares issuable under 2023 Additional Notes |
|
|
- |
|
|
|
30,237,267 |
|
| Potential shares issuable under 2024 Additional Notes |
|
|
- |
|
|
|
42,348,142 |
|
| Restricted stock units |
|
|
- |
|
|
|
1,458,600 |
|
| Total potentially dilutive securities |
|
|
305,637,672 |
|
|
|
128,280,346 |
|
|