0001628280-26-034368 | 10-Q | XBRL Viewer | EOS Energy Enterprises INC

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Fair Value Measurement - Narratives (Details)	Mar. 31, 2026 $ / shares
SPA Warrant \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Exercise price of warrants (in dollars per share)	$ 0.01

Revenue Recognition - Information about Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 40,993	$ 15,488
Contract liabilities	$ 8,952	$ 17,481	$ 43,413	$ 26,349

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company primarily earns revenue from sales of its energy storage systems and services including installation, commissioning and extended warranty services. Product revenues, which are generally recognized at a point in time, and service revenues, which are generally recognized over time, are as follows:


	Three Months Ended March 31,
	2026		2025
Product revenue	$	56,734	$	9,927
Service revenue	229		530
Total revenues	$	56,963	$	10,457

For the three months ended March 31, 2026, the Company had three customers who individually accounted for greater than 10% of total revenue and collectively accounted for approximately 93.3% of the total revenue.

For the three months ended March 31, 2025, the Company had two customers who individually accounted for

greater than 10% of total revenue and collectively accounted for approximately 96.2% of the total revenue.

Contract assets and Contract liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers. Contract assets, current, Contract liabilities, current and Contract liabilities, long-term are included separately on the Unaudited Condensed Consolidated Balance Sheets and contract assets expected to be recognized in greater than twelve months are included under Other assets, net.


	March 31, 2026		December 31, 2025
Contract assets	$	40,993	$	15,488
Contract liabilities	$	8,952	$	17,481

Contract assets increased by $25,505, net, during the three months ended March 31, 2026, due to recognition of revenues for which invoicing has not yet occurred.

The following table provides information about changes in Contract liabilities:


	Three Months Ended March 31,
	2026		2025
Contract liabilities, beginning of the period	$	17,481	$	26,349
Amounts in beginning balance recognized in revenue	(10,241)		(2,512)
Revenue recognized in current period	(24,074)		(3,987)
Advance payments received from customers	25,786		23,563
Contract liabilities, end of the period	$	8,952	$	43,413

Contract liabilities of $6,718 as of March 31, 2026, are expected to be recognized within the next twelve months and long-term contract liabilities of $2,234 are expected to be recognized as revenue in greater than twelve months. Contract assets of $39,438 as of March 31, 2026, are expected to be reclassified to accounts receivable within the next twelve months and long-term contract assets of $1,555 are expected to be reclassified to accounts receivable in greater than twelve months.

Remaining Performance Obligations

Remaining performance obligations (“RPO”) represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations. The Company expects to recognize revenue related to the RPOs as the performance obligations are satisfied in accordance with the Company’s revenue recognition policy, which can be found in Note 2, Summary of Significant Accounting Policies, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. As of March 31, 2026, the Company's remaining performance obligations, excluding contracts satisfied in less than on year, were approximately $30,997. The Company expects to recognize revenue of approximately 82% of the remaining performance obligations over the next twelve months, with the remainder recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its 100% owned, direct and indirect subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany transactions and balances have been eliminated in the preparation of the Unaudited Condensed Consolidated Financial Statements. These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K. These interim results are not necessarily indicative of results for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The amendments in this update introduce a practical expedient aimed at simplifying the estimation of expected credit losses for current accounts receivable and current contract assets. The update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the ASU effective January 1, 2026 on a prospective basis and elected the practical expedient for the calculation of current expected credit losses. The adoption of this ASU did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. Entities should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the potential impact this amendment could have on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The amendments in this update clarify and refine the guidance for capitalizing costs related to internal-use software, including development phases and implementation activities. The update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted beginning in fiscal year 2026. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2028, for public business entities, Early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The amendment also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” As the Board stated in the proposed guidance and reiterates in the update, the amendments are not intended to “change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements”. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities, early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 17, 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures.

Earnings Per Share - Computation for Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income available	$ 1,287,761	$ 95,133
Less: Undistributed earnings allocated to participating securities	(461,204)	0
Net income applicable to common stock	$ 826,557	$ 95,133
Denominator
Weighted average shares outstanding - basic (in shares)	339,602,063	225,474,247
Earnings per share:
Basic (in dollars per share)	$ 2.43	$ 0.42

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument
Amortization of debt discount	$ 381	$ 0
2021 Convertible Note Payable \| Convertible Notes
Debt Instrument
Contractual interest expense	0	1,843
Amortization of debt discount	0	1,915
Amortization of debt issuance costs	0	184
Interest Expense, Debt, Total	0	3,942
AFG Convertible Notes \| Convertible Notes \| Related Party
Debt Instrument
Contractual interest expense	0	1,481
Amortization of debt discount	0	279
Amortization of debt issuance costs	0	79
Interest Expense, Debt, Total	0	1,839
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Contractual interest expense	844
Amortization of debt discount	74
Amortization of debt issuance costs	6
Interest Expense, Debt, Total	924
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Contractual interest expense	2,625
Amortization of debt discount	8,045
Amortization of debt issuance costs	9
Interest Expense, Debt, Total	10,679
DOE Loan Facility \| Line of Credit
Debt Instrument
Contractual interest expense	1,092	808
Amortization of debt issuance costs	141	91
Interest Expense, Debt, Total	$ 1,614	$ 899

Fair Value Measurement - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	$ 0	$ 0
Level 1 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	0	0
Level 1 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 1 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Total liabilities	0	0
Level 2 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	0	0
Level 2 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	0	0
Level 2 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Level 2 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	0	0
Total liabilities	0	0
Level 3 \| Embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Embedded derivatives	62,784	228,719
Level 3 \| Delayed Draw Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Delayed Draw Term Loan	113,120	150,427
Level 3 \| SPA Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	203,485	470,715
Level 3 \| April, May and December 2023 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants liability	112,777	313,253
Total liabilities	$ 492,166	$ 1,163,114

Segment Reporting - Schedule of Disaggregated Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 56,963	$ 10,457
Less:
Cost of goods sold	101,390	34,996
Gross profit (loss)	(44,427)	(24,539)
Research and development	10,719	6,837
Net income attributable to shareholders	508,883	15,136
Product revenue
Segment Reporting Information [Line Items]
Total revenue	56,734	9,927
Service revenue
Segment Reporting Information [Line Items]
Total revenue	229	530
Reportable Segment
Segment Reporting Information [Line Items]
Total revenue	56,963	10,457
Less:
Cost of goods sold	101,390	34,996
Gross profit (loss)	(44,427)	(24,539)
Research and development	10,719	6,837
Selling, general and administrative	24,095	20,995
Other segment items	(588,124)	(67,507)
Net income attributable to shareholders	508,883	15,136
Reportable Segment \| Product revenue
Segment Reporting Information [Line Items]
Total revenue	56,734	9,927
Reportable Segment \| Service revenue
Segment Reporting Information [Line Items]
Total revenue	$ 229	$ 530

Fair Value Measurement - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	$ 619,519	$ 813,266
Carrying Value	1,089,063	2,024,381
May 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	48,125	48,044
November 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	372,215	530,096
Equipment financing facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	0	372
Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	582,664	1,361,542
DOE Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	86,059	84,327
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	1,114,781	2,097,255
Level 3 \| May 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	66,686	123,000
Level 3 \| November 2025 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	352,300	586,237
Level 3 \| Equipment financing facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	0	375
Level 3 \| Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	600,035	1,292,216
Level 3 \| DOE Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	$ 95,760	$ 95,427

Revenue Recognition - Roll forward Changes in the Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contract with Customer, Asset, Allowance for Credit Loss
Contract liabilities, beginning of the period	$ 17,481	$ 26,349
Amounts in beginning balance recognized in revenue	(10,241)	(2,512)
Revenue recognized in current period	(24,074)	(3,987)
Advance payments received from customers	25,786	23,563
Contract liabilities, end of the period	$ 8,952	$ 43,413

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses were as follows:


	March 31, 2026		December 31, 2025
Accrued payroll	$	7,192	$	4,471
Warranty reserve (1)	9,533		9,469
Accrued legal and professional expenses	1,482		1,570
Provision for contract losses	5,979		6,138

Accrued interest	4,659		1,196
Accrued capital expenditures	7,072		500
Other	3,279		2,450
Total accrued expenses	$	39,196	$	25,794

(1) Refer to the table below for the warranty reserve activity for the three months ended March 31, 2026.

The following table summarizes warranty reserve activity:


	Three Months Ended March 31,
	2026		2025
Warranty reserve - beginning of period	$	9,469	$	5,102
Additions for current period deliveries	2,089		407
Changes in the warranty reserve estimate	(1,915)		—
Warranty costs incurred	(110)		(756)
Warranty reserve - end of period	$	9,533	$	4,753

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The following table provides the numerators and denominators used in computing basic and diluted net income (loss) per share for the three months ended March 31, 2026 and 2025. Generally, basic earnings per share (“EPS”) is computed by dividing earnings available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with ASC 260, the DOE Warrants are included in basic EPS as the shares are issuable for little cash consideration. The SPA Warrant, Series B Preferred Stock, the warrants issued in 2023, May 2025 Convertible Notes and November 2025 Convertible Notes are participating securities that do not have the obligation to share in the losses of the Company. Therefore, the more dilutive of the “if-converted” and “two-class” method must be applied when calculating EPS for the common shares.

For purposes of basic EPS, the “two-class” method was applied and undistributed earnings were allocated to participating securities. These undistributed earnings were allocated based on each participating securities’ proportionate share of the total weighted-average shares outstanding.


	Three Months Ended March 31,
	2026		2025
Numerator
Net income available	$	1,287,761	$	95,133
Less: Undistributed earnings allocated to participating securities	(461,204)		—
Net income available to common shareholders	$	826,557	$	95,133
Denominator
Weighted average shares outstanding - basic	339,602,063		225,474,247
Earnings per share:
Basic	$	2.43	$	0.42

For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS.


	Three Months Ended March 31,
	2026		2025
Numerator
Net income available	$	1,287,761	$	95,133
Effect of potentially dilutive shares:
Adjustment for interest on convertible notes	924		1,839
Adjustment for change in fair value on embedded derivatives for convertible notes	—		(15,922)
Adjustment for change in fair value on SPA Warrant	(267,230)		(42,064)
Adjustment for change in fair value on April, May and December 2023 Warrants	(179,218)		(46,896)
Adjustment for remeasurement of Series B Preferred Stock	(778,878)		(79,997)
Net income (loss) for diluted earnings per share	$	63,359	$	(87,907)

Denominator
Weighted-average basic common shares outstanding	339,602,063		225,474,247
Dilutive effect of convertible notes	11,074,195		13,385,305
Dilutive effect of Series B Preferred Stock	116,311,460		110,850,111
Dilutive effect of warrants	66,107,625		68,498,537
Dilutive effect of RSUs	7,981,966		8,621,012
Dilutive effect of PRSUs	2,175,288		8,017,961
Dilutive effect of stock options	1,576,336		1,521,109
Weighted-average dilutive common shares outstanding	544,828,933		436,368,282
Earnings per share:

Diluted	$	0.12	$	(0.20)

The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive.


	Three Months Ended March 31,
	2026	2025
Public and private placement warrants	—	7,326,654
Contingent warrants	—	15,320,062
Stock options	42,628	1,585,056
RSUs	1,799,126	—
Convertible Notes (if converted)	—	6,142,293

Management has elected to recognize changes in the redemption value of the Series B Preferred Stock. At each balance sheet date, the redemption value of the Series B Preferred Stock will be calculated and remeasured to its redemption value. The remeasurement is recorded as a deemed dividend or contribution, which, in the absence of Retained earnings, is recognized within additional paid in capital and earnings available to common shareholders in computing basic and diluted EPS. Other potentially dilutive common shares and the related impact to earnings are considered when calculating EPS on a diluted basis.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Recognition

Product revenues, which are generally recognized at a point in time, and service revenues, which are generally recognized over time, are as follows:


	Three Months Ended March 31,
	2026		2025
Product revenue	$	56,734	$	9,927
Service revenue	229		530
Total revenues	$	56,963	$	10,457

Schedule of Information about Contract Assets and Liabilities from Contracts with Customers


	March 31, 2026		December 31, 2025
Contract assets	$	40,993	$	15,488
Contract liabilities	$	8,952	$	17,481

The following table provides information about changes in Contract liabilities:


	Three Months Ended March 31,
	2026		2025
Contract liabilities, beginning of the period	$	17,481	$	26,349
Amounts in beginning balance recognized in revenue	(10,241)		(2,512)
Revenue recognized in current period	(24,074)		(3,987)
Advance payments received from customers	25,786		23,563
Contract liabilities, end of the period	$	8,952	$	43,413

Overview (Details)	3 Months Ended
Overview (Details)	Mar. 31, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Number of operating segments	1

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses were as follows:


	March 31, 2026		December 31, 2025
Accrued payroll	$	7,192	$	4,471
Warranty reserve (1)	9,533		9,469
Accrued legal and professional expenses	1,482		1,570
Provision for contract losses	5,979		6,138

Accrued interest	4,659		1,196
Accrued capital expenditures	7,072		500
Other	3,279		2,450
Total accrued expenses	$	39,196	$	25,794

(1) Refer to the table below for the warranty reserve activity for the three months ended March 31, 2026.

Schedule of Warranty Reserve Activity

The following table summarizes warranty reserve activity:


	Three Months Ended March 31,
	2026		2025
Warranty reserve - beginning of period	$	9,469	$	5,102
Additions for current period deliveries	2,089		407
Changes in the warranty reserve estimate	(1,915)		—
Warranty costs incurred	(110)		(756)
Warranty reserve - end of period	$	9,533	$	4,753

Redeemable Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock by Class

The table below summarizes the Company’s outstanding Series B Preferred Stock as of December 31, 2025.


Preferred Stock	Issuance Date	Shares Issued	Original Issue Price		Shares Outstanding	Common Stock Equivalent


Series B-1 Preferred Stock	9/12/2024	31.940063	$	841,999.99	31.940063	31,940,063
Series B-2 Preferred Stock	9/12/2024	28.806463	$	2,322,000	28.806463	28,806,463
Series B-3 Preferred Stock	11/1/2024	38.259864	$	3,358,000	38.259864	38,259,864
Series B-4 Preferred Stock	1/24/2025	16.150528	$	5,990,000	16.150528	17,305,070

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Warrants Liability (Tables)

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Common Stock Warrants Outstanding and Fair Value

The amount of warrants outstanding and fair value for all warrants as of March 31, 2026 and December 31, 2025 are as follows:


		March 31, 2026			December 31, 2025
	Exercise Price	Number of Warrants Outstanding	Fair Value		Number of Warrants Outstanding	Fair Value
Warrants liability
April 2023 warrants	$3.14	16,000,000	$	58,240	16,000,000	$	153,440
May 2023 warrants	$2.50	3,601,980	13,400		3,601,980	35,263
December 2023 warrants	$1.60	9,960,566	41,137		12,010,566	124,550
Total		29,562,546	$	112,777	31,612,546	$	313,253
Warrants liability - related party
SPA Warrant	$0.01	1	$	203,485	1	$	470,715
Total		1	$	203,485	1	$	470,715

Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt obligations consist of the following:


				March 31, 2026				December 31, 2025
	Maturity Date	Effective Interest Rate		Principal Outstanding		Carrying Value*		Principal Outstanding		Carrying Value*

Delayed Draw Term Loan	June 2034(1)	N/A		$	197,851	$	113,120	$	194,419	$	150,427

Notes payable - related party				197,851		113,120		194,419		150,427
Equipment financing facility	April 2026	16.2	%	—		—		372		372
May 2025 Convertible Notes	June 2030	7.8	%	50,000		48,125		50,000		48,044
November 2025 Convertible Notes	December 2031	14.2	%	600,000		372,215		600,000		530,096
DOE Loan Facility	June 2034(1)	7.7%(2)		95,787		86,059		94,685		84,327
Total borrowings				943,638		619,519		939,476		813,266
Current portion				—		—		372		372
Total borrowings, non-current				$	943,638	$	619,519	$	939,104	$	812,894

*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.

(1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt due March 14, 2030.

(2) This represents a weighted average of both draws under the DOE Loan facility The first draw has a effective interest rate of 7.6% and the second draw has an effective interest rate of 8.0%.


	Three Months Ended March 31,
	2026		2025
Loss on change in fair value(a)	$	(4,232)	$	(5,933)
Gain attributable to changes in instrument-specific credit risk(b)	$	41,539	$	—

(a) This is included in Change in fair value of debt - related party on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive (loss) income.

The Company has drawn a portion of the facility as follows:


Date of Draw	Gross Amount of Initial Draw		Coupon Interest Rate	Debt Issuance Costs
September 2021	$	7,000	14.3%	$	175
September 2022	4,216		16.2%	96
Total Equipment Financing loans	$	11,216		$	271

Schedule of Interest Expense

Interest expense recognized on the 2021 Convertible Note is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	—	$	1,843
Amortization of debt discount	—		1,915
Amortization of debt issuance costs	—		184
Total	$	—	$	3,942

Interest expense recognized on the AFG Convertible Notes is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	—	$	1,481
Amortization of debt discount	—		279
Amortization of issuance costs	—		79
Total	$	—	$	1,839

Interest expense recognized on the May 2025 Convertible Notes is as follows:


	Three months ended March 31, 2026
Contractual interest expense	$	844
Amortization of debt discount	74
Amortization of debt issuance costs	6
Total	$	924

Interest expense recognized on the November 2025 Convertible Notes is as follows:


	Three months ended March 31, 2026
Contractual interest expense	$	2,625
Amortization of debt discount	8,045
Amortization of debt issuance costs	9
Total	$	10,679

Interest expense recognized on the DOE Loan Facility is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	1,092	$	808
Amortization of debt issuance costs	141		91
Amortization of debt discount	381		—
Total	$	1,614	$	899

Schedule of Balances Recognized upon Issuance of Convertible Notes

The carrying value for the May 2025 Convertible Notes is as follows:


	March 31, 2026		December 31, 2025
Principal	$	50,000	$	50,000
Unamortized debt discount	(1,724)		(1,799)
Unamortized debt issuance costs	(151)		(157)

Aggregate carrying value	$	48,125	$	48,044

The carrying value for the November 2025 Convertible Notes is as follows:


	March 31, 2026		December 31, 2025
Principal	$	600,000	$	600,000
Unamortized debt discount	(290,252)		(298,297)
Unamortized debt issuance costs	(317)		(326)
Embedded conversion feature	62,784		228,719
Aggregate carrying value	$	372,215	$	530,096

The carrying value for the DOE Loan Facility is as follows:


	March 31, 2026		December 31, 2025
Principal (life to date draw-downs)	$	90,945	$	90,945
Capitalized PIK Interest	4,842		3,740
Unamortized debt issuance costs	(2,609)		(2,749)
Unamortized debt discount	(7,119)		(7,609)
Aggregate carrying value	$	86,059	$	84,327

Schedule of Line of Credit Facilities

The DOE Loan Facility draw-downs were as follows:



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning Balance Tranche 1	$	90,945
Draw-downs received November 2024	(68,279)		4.791	%
Draw-downs received July 2025	(22,666)		4.286	%
Remaining Balance available on Tranche 1	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Stock-Based Compensation - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Jun. 30, 2025	Sep. 30, 2024
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock compensation expense	$ 39,450
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Restricted stock units \| Employee
Share-based Compensation Arrangement by Share-based Payment Award
Vesting term	3 years
Restricted stock units \| Director
Share-based Compensation Arrangement by Share-based Payment Award
Vesting term	1 year
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized stock compensation expense	$ 3,319
Vesting term	1 year 9 months 18 days
Performance-based restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term		1 year	2 years
Performance-based restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term		3 years	3 years
TSR Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term			2 years
Vesting of award based on performance achieved (percent)			0.00%
TSR Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Grant date term			3 years
Vesting of award based on performance achieved (percent)			200.00%

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Restricted cash - current as of March 31, 2026, consists of (i) accounts related to the DOE Loan Facility for reserves related to warranty claims, debt servicing, the Davis Bacon Act, secured letters of credit, escrow deposits related to U.S. Custom Bonds insurance and escrow deposits related to our credit card program agreements and (ii) the interest reserve account maintained pursuant to the second Limited Consent Agreement between the Company and the DOE (the “Second DOE Limited Consent Agreement”), which is equivalent to twelve months of interest payments of the May 2025 Convertible Notes and the November 2025 Convertible Notes.

Restricted cash - current as of March 31, 2025, consists of accounts related to the DOE Loan Facility for reserves related to warranty claims, debt servicing, the Davis Bacon Act and secured letters of credit.

Long-term restricted cash as of March 31, 2026, relates to, as defined in the credit and guaranty agreement (“Credit Agreement”), the Minimum Liquidity covenant. Under the Minimum Liquidity covenant, as defined in the Credit Agreement and the DOE Loan Facility, the Company shall not permit cash and cash equivalents at any time be less than $15,000. The remainder of Long-term restricted cash relates to an interest reserve account maintained pursuant to the Second DOE Limited Consent Agreement equivalent to six months of interest payments of the May 2025 Convertible Notes and the November 2025 Convertible Notes. Restricted cash per the Second DOE Limited Consent Agreement shall be reduced by the amounts of any actual interest payments made for the May 2025 Convertible Notes and the November 2025 Convertible Notes, but shall not be less than all interest payments on the May 2025 Convertible Notes and the November 2025 Convertible Notes due within 12 months.

Long-term restricted cash as of March 31, 2025, relates to the Minimum Liquidity covenant, prior to the first tranche funding the Minimum Liquidity covenant, the Company shall not permit cash and cash equivalents at any time be less than $15,000.

The following table reconciles reported amounts from the Unaudited Condensed Consolidated Balance Sheets to Cash, Cash Equivalents and Restricted Cash reported within the Unaudited Condensed Consolidated Statements of Cash Flows:


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	410,660	$	82,553
Restricted cash - current	39,770		14,141
Long-term restricted cash	21,938		15,000
Total cash, cash equivalents and restricted cash	$	472,368	$	111,694

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The following table provides information about Inventory balances:


	March 31, 2026		December 31, 2025
Raw materials	$	46,950	$	44,501
Work-in-process	11,396		13,701
Finished goods	399		824
Total Inventory	$	58,745	$	59,026

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
	2026		2025
Numerator
Net income available	$	1,287,761	$	95,133
Less: Undistributed earnings allocated to participating securities	(461,204)		—
Net income available to common shareholders	$	826,557	$	95,133
Denominator
Weighted average shares outstanding - basic	339,602,063		225,474,247
Earnings per share:
Basic	$	2.43	$	0.42

For purposes of diluted EPS, the more dilutive of the “treasury-stock method”, “if-converted” and “two-class” method must be applied when calculating dilutive EPS.


	Three Months Ended March 31,
	2026		2025
Numerator
Net income available	$	1,287,761	$	95,133
Effect of potentially dilutive shares:
Adjustment for interest on convertible notes	924		1,839
Adjustment for change in fair value on embedded derivatives for convertible notes	—		(15,922)
Adjustment for change in fair value on SPA Warrant	(267,230)		(42,064)
Adjustment for change in fair value on April, May and December 2023 Warrants	(179,218)		(46,896)
Adjustment for remeasurement of Series B Preferred Stock	(778,878)		(79,997)
Net income (loss) for diluted earnings per share	$	63,359	$	(87,907)

Denominator
Weighted-average basic common shares outstanding	339,602,063		225,474,247
Dilutive effect of convertible notes	11,074,195		13,385,305
Dilutive effect of Series B Preferred Stock	116,311,460		110,850,111
Dilutive effect of warrants	66,107,625		68,498,537
Dilutive effect of RSUs	7,981,966		8,621,012
Dilutive effect of PRSUs	2,175,288		8,017,961
Dilutive effect of stock options	1,576,336		1,521,109
Weighted-average dilutive common shares outstanding	544,828,933		436,368,282
Earnings per share:

Diluted	$	0.12	$	(0.20)

Schedule of Anti-Dilutive Shares Excluded From Diluted Net Loss Per Share

The following potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because their effect would have been anti-dilutive.


	Three Months Ended March 31,
	2026	2025
Public and private placement warrants	—	7,326,654
Contingent warrants	—	15,320,062
Stock options	42,628	1,585,056
RSUs	1,799,126	—
Convertible Notes (if converted)	—	6,142,293

Revenue Recognition - Narrative (Details) $ in Thousands	3 Months Ended
Revenue Recognition - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) customer	Mar. 31, 2025 customer	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Decrease in net invoicing	$ 25,505
Contract liabilities, current	6,718		$ 14,975
Contract liabilities, long-term	2,234		$ 2,506
Contract assets, current	39,438
Contract assets, long-term	$ 1,555
Revenue Benchmark \| Customer Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of customers (customer) \| customer	3	2
Revenue Benchmark \| Customer Concentration Risk \| Three Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage	93.30%
Revenue Benchmark \| Customer Concentration Risk \| Two Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk percentage		96.20%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its 100% owned, direct and indirect subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany transactions and balances have been eliminated in the preparation of the Unaudited Condensed Consolidated Financial Statements. These statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation of the information contained therein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K. These interim results are not necessarily indicative of results for the full year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The amendments in this update introduce a practical expedient aimed at simplifying the estimation of expected credit losses for current accounts receivable and current contract assets. The update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption was permitted. The Company adopted the ASU effective January 1, 2026 on a prospective basis and elected the practical expedient for the calculation of current expected credit losses. The adoption of this ASU did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. Entities should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the potential impact this amendment could have on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Improvements to the Accounting for Internal-Use Software. The amendments in this update clarify and refine the guidance for capitalizing costs related to internal-use software, including development phases and implementation activities. The update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted beginning in fiscal year 2026. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2028, for public business entities, Early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The amendment also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” As the Board stated in the proposed guidance and reiterates in the update, the amendments are not intended to “change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements”. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities, early adoption is permitted. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures. On December 17, 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently assessing its plans for adoption and evaluating the potential impact this amendment could have on its financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Segment Reporting - Additional Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting [Abstract]
Segment assets	$ 799,324	$ 263,283	$ 885,197
Depreciation and amortization	5,394	2,680
Interest income	2,787	814
Interest expense	12,242	6,759
Capital expenditures	$ 35,138	$ 4,918

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Borrowings - Narrative (Details)							3 Months Ended
Borrowings - Narrative (Details)	Nov. 24, 2025 USD ($) tradingDay $ / shares	Jul. 29, 2025	Jun. 13, 2025 USD ($)	Jun. 03, 2025 USD ($) tradingDay $ / shares	Nov. 26, 2024 USD ($) tranche	Jun. 21, 2024 USD ($)	Mar. 31, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2025 shares	Mar. 31, 2025 USD ($)	May 31, 2025	Apr. 16, 2025 USD ($)	Jan. 31, 2023 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Jul. 06, 2021 USD ($)
Debt Instrument
Cash paid for interest							$ 5,000			$ 73,000
Common stock, par value (in dollars per share) \| $ / shares							$ 0.0001	$ 0.0001
Long-term debt, current							$ 0	$ 372,000
November 2025 Convertible Note \| Convertible Notes
Debt Instrument
Principal amount				$ 122,868,000
Cash paid for interest				3,072,000
Repayments of long-term debt				131,000,000
Debt instrument, premium repayment contingency				5,000,000
Proceeds from repayment of debt premium			$ 5,000,000
Non-cash interest expense - related parties							0			3,942,000
November 2025 Convertible Note \| Convertible Notes \| Related Party
Debt Instrument
Principal amount															$ 100,000,000
AFG Convertible Notes [Member] \| Convertible Notes
Debt Instrument
Interest rate during period		7.00%
Common stock, par value (in dollars per share) \| $ / shares													$ 0.0001
Conversion price per unit (in dollars per share) \| $ / shares													$ 1.67
AFG Convertible Notes [Member] \| Convertible Notes \| Common Stock
Debt Instrument
Conversion rate (as a percent)									59.88024%
Shares issued on conversion (in shares) \| shares								2,863,291	16,578,810
AFG Convertible Notes [Member] \| Convertible Notes \| Related Party
Debt Instrument
Principal amount													$ 13,750,000
Non-cash interest expense - related parties							$ 0			1,839,000
AFG Convertible Notes [Member] \| Convertible Notes \| Related Party \| Period One
Debt Instrument
Stated interest rate (as a percent)													26.50%
Delayed Draw Term Loan \| Secured Debt
Debt Instrument
Principal amount						$ 210,500,000
Delayed Draw Term Loan \| Secured Debt
Debt Instrument
Stated interest rate (as a percent)							7.00%
Percentage of original issue discount						5.00%
Percentage of additional debt instrument, interest rate							5.00%
Delayed Draw Term Loan \| Senior Notes
Debt Instrument
Proceeds from issuance of senior long-term debt						$ 198,800,000
Delayed Draw Term Loan \| Line of Credit \| Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity						105,000,000
Delayed Draw Term Loan (DDTL) \| Secured Debt
Debt Instrument
Debt instrument, writ or warrant excess amount						$ 2,500,000
Equipment financing facility
Debt Instrument
Long-term line of credit							$ 0	$ 372,000
Long-term debt, current							0	372,000
Non-cash interest expense - related parties							52,000			82,000
Equipment financing facility \| Line of Credit
Debt Instrument
Maximum borrowing capacity														$ 25,000,000
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal amount				$ 225,000,000
Stated interest rate (as a percent)											6.75%
Conversion price per unit (in dollars per share) \| $ / shares				$ 5.10
Non-cash interest expense - related parties							924,000
Debt instrument, option payment amounts				$ 25,000,000
Threshold percentage of stock price trigger				130.00%
Threshold consecutive trading days \| tradingDay				20
Trading days \| tradingDay				30
Sale price of common stock period				10 days
Sale price of common stock				98.00%
Excess stock price threshold				130.00%
Aggregate principal amount				$ 75,000,000
Interest payable							984,000	141,000
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal amount	$ 525,000,000
Stated interest rate (as a percent)	1.75%
Conversion price per unit (in dollars per share) \| $ / shares	$ 16.29
Non-cash interest expense - related parties							10,679,000
Debt instrument, option payment amounts	$ 75,000
Threshold consecutive trading days \| tradingDay	20
Trading days \| tradingDay	30
Excess stock price threshold	130.00%
Aggregate principal amount	$ 75,000,000
Interest payable							3,675,000	$ 1,050,000
DOE Loan Facility \| DOE Loan Facility Tranche 1
Debt Instrument
Maximum borrowing capacity												$ 90,945,000
DOE Loan Facility \| DOE Loan Facility Tranche 2
Debt Instrument
Maximum borrowing capacity												106,733,000
DOE Loan Facility \| DOE Loan Facility Tranche 3
Debt Instrument
Maximum borrowing capacity												67,529,000
DOE Loan Facility \| DOE Loan Facility Tranche 4
Debt Instrument
Maximum borrowing capacity												$ 12,290,000
DOE Loan Facility \| Line of Credit
Debt Instrument
Maximum borrowing capacity					$ 277,497,000
Non-cash interest expense - related parties							$ 1,614,000			$ 899,000
Line of credit facility, maximum capitalized interest					$ 25,953,000
Eligible project costs, percentage					80.00%
Funding cost of debt, percentage					20.00%
Debt instrument, variable interest rate, type flag					US Treasury (UST) Interest Rate [Member]
Variable rate spread					0.375%
DOE Loan Facility \| Line of Credit \| Minimum
Debt Instrument
Debt instrument, number of tranches \| tranche					2
DOE Loan Facility \| Line of Credit \| Maximum
Debt Instrument
Debt instrument, number of tranches \| tranche					4

Borrowings - Net Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument
Principal	$ 943,638	$ 939,476
Total borrowings	619,519	813,266
May 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal	50,000	50,000
Unamortized debt discount	(1,724)	(1,799)
Unamortized debt issuance costs	(151)	(157)
Total borrowings	48,125	48,044
November 2025 Convertible Notes \| Convertible Notes
Debt Instrument
Principal	600,000	600,000
Unamortized debt discount	(290,252)	(298,297)
Unamortized debt issuance costs	(317)	(326)
Total borrowings	372,215	530,096
November 2025 Convertible Notes \| Convertible Notes \| Related Party
Debt Instrument
Embedded conversion feature	62,784	228,719
DOE Loan Facility
Debt Instrument
Total borrowings	86,059	84,327
DOE Loan Facility \| PIK Interest
Debt Instrument
Principal	90,945	90,945
Unamortized debt discount	(7,119)	(7,609)
Capitalized PIK Interest	4,842	3,740
Unamortized debt issuance costs	(2,609)	(2,749)
Total borrowings	$ 86,059	$ 84,327

Redeemable Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Redeemable Preferred Stock

Series B Preferred Stock

Each Series B Preferred Stock has a par value of $0.0001 per share. The table below summarizes the Company’s outstanding Series B Preferred Stock as of December 31, 2025.


Preferred Stock	Issuance Date	Shares Issued	Original Issue Price		Shares Outstanding	Common Stock Equivalent


Series B-1 Preferred Stock	9/12/2024	31.940063	$	841,999.99	31.940063	31,940,063
Series B-2 Preferred Stock	9/12/2024	28.806463	$	2,322,000	28.806463	28,806,463
Series B-3 Preferred Stock	11/1/2024	38.259864	$	3,358,000	38.259864	38,259,864
Series B-4 Preferred Stock	1/24/2025	16.150528	$	5,990,000	16.150528	17,305,070

Conversion rights: The Series B Preferred Stock is convertible into common stock at a conversion ratio of 1.0 million shares of common stock per share of Series B Preferred Stock (“Conversion Ratio”). The Conversion Ratio is subject to antidilution protection that is triggered if the Company issues equity for a price per share that is less than the conversion price then in effect, subject to certain exceptions.

During the second quarter of 2025, the Company’s issuance of the May 2025 Convertible Notes and common stock through the public offering triggered an adjustment to the Series B-4 Preferred Stock liquidation value under the terms of the Securities Purchase Agreement. The number of common shares issuable upon conversion of the Series B-4 increased by 1,154,542 to 17,305,070. The Company recorded a down round deemed dividend of $4,456 increasing additional paid-in capital and accumulated deficit on the Consolidated Statements of Shareholders' Deficit.

Dividends: Holders of the Series B Preferred Stock are entitled to receive dividends or distributions on each share of Series B Preferred Stock equal to dividends or distributions actually paid on each share of common stock on an as-converted basis.

Appointment of Directors: At all times when the holders of the Preferred Stock beneficially own at least 10%, 15% or 30% of the capital stock of the Company, the Preferred Stock shareholders, exclusively and voting together as a separate class, will have the right to appoint a maximum of 1, 2 or 3 Directors to the Board of Directors of the Company (the “Board”), respectively. At all times when the holders of the Preferred Stock beneficially own at least 40% of the capital stock of the Company, the Preferred Stock shareholders, exclusively and voting together as a separate class, will have the right to nominate a fourth director, who shall be nominated by the Board or the nominating committee of the Board to a class of common directors and thereafter stand for election as a common director on the Board. The Preferred Stock shareholders will have the right to nominate a fourth director to the Board only if such appointment does not result in a change of control under any Company governing documents or violate any applicable laws, including requirements of the SEC and Nasdaq and any such fourth director appointment shall be subject to and conditioned upon compliance by the holders of the Preferred Stock with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, including the submission of any required filings and the expiration or termination of any applicable waiting periods.

Preemptive rights: The Series B Certificates of Designation contain customary preemptive rights that permit the Holders of Series B Preferred Stock to participate in certain future equity offerings by the Company.

Rights to distributions upon liquidation of the Company: In the event of a voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of the Series B Preferred Stock are entitled to receive distribution of any of the assets or surplus funds of the Company pro rata with the holders of the common stock and any other holders of the preferred stock of the Company issued pursuant to the SPA and the Credit Agreement (the “Investor Preferred Stock”), including the Series B Preferred Stock, in an amount equal to such amount per share as would have been payable had all shares of Series B Preferred Stock been converted to common stock.

Protective provisions: The Company is prohibited from taking certain actions that could adversely affect the rights of the Preferred Stock without the affirmative vote of a majority of the outstanding shares of Preferred Stock until the later of (i) such time when the holders of Investor Preferred Stock shall no longer beneficially own at least 5% of the outstanding capital stock of the Corporation and (ii) June 21, 2029, in the case of the Series B-1 Preferred Stock, August 29, 2029, in the case of the Series B-2 Preferred Stock, November 1, 2029 in the case of the Series B-3 Preferred Stock or January 24, 2030 in the case of Series B-4 Preferred Stock.

Redemption Rights: At any time after June 21, 2029, in the case of the Series B-1 Preferred Stock, August 29, 2029, in the case of the Series B-2 Preferred Stock, November 1, 2029 in the case of the Series B-3 Preferred Stock or January 24, 2030 in the case of Series B-4 Preferred Stock, the outstanding shares of Series B Preferred Stock held by any holder become redeemable for cash at the redemption price. The redemption price will be an amount per share equal to the greater of (i) the B-1 Original Issue Price, the B-2 Original Issue Price, the B-3 Original Issue Price or the Series B-4 Preferred Stock Original Issue, as applicable, plus all accrued and unpaid dividends thereon, up to and including the date of redemption and (ii) the number of shares of common stock issuable upon conversion of the applicable Series B Preferred Stock multiplied by the average of the closing sale price of the common stock for the five (5) business days immediately prior to the date of redemption plus all accrued and unpaid dividends thereon, up to and including the date of redemption.

As of March 31, 2026 and December 31, 2025, all then outstanding shares of Series B Preferred Stock were classified as mezzanine equity on the Unaudited Consolidated Balance Sheets at its redemption value because it is probable of becoming redeemable. The Company recorded remeasurement of the Series B Preferred Stock, which reduces Additional paid-in capital, on the Unaudited Consolidated Statements of Shareholders' Deficit.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income was as follows:


	Three Months Ended March 31,
	2026		2025
Restricted stock units	$	5,257	$	3,482
Performance-based restricted stock units	645		4,092

Total	$	5,902	$	7,574

Borrowings - Schedule of Delayed Draw Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument
Gain on change in fair value	$ (4,232)	$ (5,933)
Gain attributable to changes in instrument-specific credit risk	41,539	0
Delayed Draw Term Loan (DDTL) \| Secured Debt
Debt Instrument
Gain on change in fair value	$ (4,232)	$ (5,933)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - DOE Clean Energy Financing Program $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash minimum liquidity requirement increases	$ 15,000
Restricted cash minimum liquidity requirement increases, period	12 months

Borrowings

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Borrowings

The Company’s debt obligations consist of the following:


				March 31, 2026				December 31, 2025
	Maturity Date	Effective Interest Rate		Principal Outstanding		Carrying Value*		Principal Outstanding		Carrying Value*

Delayed Draw Term Loan	June 2034(1)	N/A		$	197,851	$	113,120	$	194,419	$	150,427

Notes payable - related party				197,851		113,120		194,419		150,427
Equipment financing facility	April 2026	16.2	%	—		—		372		372
May 2025 Convertible Notes	June 2030	7.8	%	50,000		48,125		50,000		48,044
November 2025 Convertible Notes	December 2031	14.2	%	600,000		372,215		600,000		530,096
DOE Loan Facility	June 2034(1)	7.7%(2)		95,787		86,059		94,685		84,327
Total borrowings				943,638		619,519		939,476		813,266
Current portion				—		—		372		372
Total borrowings, non-current				$	943,638	$	619,519	$	939,104	$	812,894

(1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt due March 14, 2030.

(2) This represents a weighted average of both draws under the DOE Loan facility The first draw has a effective interest rate of 7.6% and the second draw has an effective interest rate of 8.0%.

2021 Convertible Note Payable – Related Party

On July 6, 2021, the Company entered into an investment agreement with Spring Creek Capital, LLC, a wholly-owned, indirect subsidiary of Koch Industries. This investment agreement was entered into with B. Riley Securities, Inc., a related party, acted as a placement agent. The investment agreement provides for the issuance and sale to Koch Industries of the 2021 Convertible Note in the aggregate principal amount of $100,000. The maturity date of the 2021 Convertible Notes was June 30, 2026, subject to earlier conversion, redemption or repurchase.

Interest expense recognized on the 2021 Convertible Note is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	—	$	1,843
Amortization of debt discount	—		1,915
Amortization of debt issuance costs	—		184
Total	$	—	$	3,942

Termination of the 2021 Convertible Notes

On June 3, 2025, the Company repurchased the full $122,868 aggregate principal amount, in addition to $3,072 of interest payable outstanding for $131,000 inclusive of a repurchase premium in a privately negotiated transaction. The holder of the 2021 Convertible Notes was contingently required to reimburse the Company for up to $5,000 of the repurchase premium based on the holders overall return on its investment in the Company. On June 13, 2025, the Company received the $5,000 repurchase premium. Neither the holder of the 2021 Convertible Notes, nor the Company have any outstanding contractual obligations. Absent termination, the 2021 Convertible Notes would have matured on June 30, 2026.

AFG Convertible Notes - Related Party

In January 2023, the Company issued and sold $13,750 in aggregate principal amount of 26.5% Convertible Senior PIK Notes due 2026 (“AFG Convertible Notes”) to Great American Insurance Company, Ardsley Partners Renewable Energy, LP, CCI SPV III, LP, Denman Street LLC, John B. Bending Irrevocable Children’s Trust, John B. Berding and AE Convert, LLC (the "Affiliated Purchasers") (together, the “Purchasers”). AE Convert LLC, a Delaware limited liability company was managed by Russell Stidolph, a related party as Mr. Stidolph was a director of the Company. The AFG Convertible Notes bear interest at a rate of 26.5% per annum, as amended, to be reduced to 7.0%, commencing on June 30, 2026 (the “Original Maturity Date”), which is entirely paid-in-kind (“PIK Interest”) semi-annually in arrears on June 30 and December 30. It was expected that the AFG Convertible Notes would have matured on September 30, 2034, subject to earlier conversion, redemption or repurchase. The AFG Convertible Notes are convertible into shares of the Company’s common stock, par value $0.0001 per share, based on an initial conversion price of approximately $1.67 per share subject to customary anti-dilution and other adjustments. The Company has the right to settle conversions in shares of common stock, cash, or any combination thereof.

Conversion of AFG Convertible Notes

On August 1, 2025, the Company issued a Notice of Redemption of Non-Affiliated Holders for all outstanding AFG Convertible Notes, pursuant to which the Company intended to fully redeem the AFG Convertible Notes (other than those held by the Affiliated Purchaser) on August 18, 2025 for a redemption price equal to the then current capitalized principal amount of the AFG Convertible Notes (other than those held by the Affiliated Purchaser) plus the aggregate amount of all accrued and unpaid or uncapitalized interest payments on the capitalized principal amount of the AFG Convertible Notes (other than those held by the Affiliated Purchaser) that the holders of the AFG Convertible Notes to be redeemed would have been entitled to receive had the AFG Convertible Notes remained outstanding to June 30, 2026. In accordance with the terms of the AFG Indenture and the Notice of Redemption of Non-Affiliated Holders, each of the holders of the AFG Convertible Notes (other than those held by the Affiliated Purchaser) opted to exercise its conversion right to convert all of such holder’s outstanding AFG Convertible Notes into shares of Common Stock at a conversion rate equal to 598.8024 shares of Common Stock per $1,000 capitalized principal amount of AFG Convertible Notes. During the third quarter of 2025, the Company issued 16,578,810 shares of Common Stock in the aggregate to such holders of the AFG Convertible Notes (other than those held by the Affiliated Purchaser).

At the Special Meeting of Stockholders of the Company, held on October 16, 2025, the Company’s stockholders approved, for purposes of complying with Nasdaq Listing Rules, including, but not limited to, Rule 5635, the Company’s issuance of shares of the Company’s common stock to the Affiliated Purchaser upon redemption or conversion of the AFG Convertible Notes pursuant to the AFG Indenture as supplemented by the First Supplemental Indenture. After obtaining the stockholder approval the Company issued a notice of redemption to the Affiliated Purchaser on October 24, 2025 for all outstanding AFG Convertible Notes held by the Affiliated Purchaser, pursuant to which the Company intended to fully redeem the remaining AFG Convertible Notes on November 10, 2025 for a redemption price equal to the then current capitalized principal amount of the AFG Convertible Notes plus the aggregate amount of all accrued and unpaid or uncapitalized interest payments on the capitalized principal amount of the AFG Convertible Notes that the Affiliated Purchaser would have been entitled to receive had the AFG Convertible Notes remained outstanding at the Original Maturity Date. On October 28, 2025, in accordance with the terms of the AFG Indenture and the notice of redemption, the Affiliated Purchaser opted to exercise its conversion right to convert all of its outstanding AFG Convertible Notes into shares of Common Stock at a conversion rate equal to 598.8024 shares of Common Stock per $1,000 capitalized principal amount of AFG Convertible Notes. During the fourth quarter of 2025, the Company issued 2,863,291 shares of Common Stock to the Affiliated Purchaser.

Interest expense recognized on the AFG Convertible Notes is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	—	$	1,481
Amortization of debt discount	—		279
Amortization of issuance costs	—		79
Total	$	—	$	1,839

Delayed Draw Term Loan (“DDTL”)

Under the terms of the Credit Agreement the Company entered into a multi-draw facility (the “Delayed Draw Term Loan” or “DDTL”) on June 21, 2024, with CCM Denali Debt Holdings, LP, the Company drew an aggregate principal amount of $210,500 through multiple tranches upon satisfaction of the applicable milestone requirements. The draws were subject to a 5.0% original issue discount and applicable lender fees. The total net proceeds of approximately $198,800. Additionally, as part of the strategic investment under the Credit and Guaranty Agreement, the Company may access a $105,000 revolving facility at the sole discretion of the Lenders’ as the Delayed Draw Term Loan has been fully funded as of January 24, 2025.

Covenants

On May 28, 2025, the Company amended the Credit Agreement, by and among the Company, certain of the Company’s subsidiaries as guarantors party thereto and the Lender, pursuant to which among other things, the applicability of the Minimum Consolidated Revenue and Minimum Consolidated Earnings before interest, tax, depreciation and amortization ("EBITDA") financial covenants were deferred until March 31, 2027 and certain provisions were amended to conform with comparable provisions in the DOE Loan Facility.

The Credit Agreement, as amended, contains the following financial covenants, including (each as defined in the Credit Agreement, as amended):

•Minimum Consolidated EBITDA - not applicable for March 31, 2026.

•Minimum Consolidated Revenue - not applicable for March 31, 2026.

•Minimum Liquidity

As of and for the three months ended March 31, 2026, the Company was in compliance with the Minimum Liquidity financial covenant.

The facilities are subject to certain events of default which can be triggered by, among other things, (i) breach of payment obligations and other obligations and representations in the Credit Agreement or related documents, (ii) default under other debt facilities with a principal above a predetermined amount, (iii) failure to perform or comply with certain covenants in the Credit Agreement, (iv) entry into a decree or order for relief in respect of the Company or any of its subsidiaries in an involuntary case under the Bankruptcy Code of the United States or under any other debtor relief law, (v) any money judgment, writ or warrant of attachment or similar process involving in the aggregate at any time an amount in excess of $2,500, (vi) any order, judgment or decree entered against the Company or the Guarantors decreeing the dissolution or split up of such entity, (vii) the failure of the common stock to be listed on an internationally recognized stock exchange in the United States and (viii) a change of control.

The Company elected the fair value option to account for all draws under the DDTL for operational purposes. The financial liability was initially measured at its issue-date fair value and is subsequently remeasured at fair value on a recurring basis at each reporting period date.


	Three Months Ended March 31,
	2026		2025
Loss on change in fair value(a)	$	(4,232)	$	(5,933)
Gain attributable to changes in instrument-specific credit risk(b)	$	41,539	$	—

(a) This is included in Change in fair value of debt - related party on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)This is included in Change in fair value of debt - credit risk - related party in Accumulated other comprehensive (loss) income.

The Company did not separately report interest expense attributable to the DDTL because such interest was included in the determination of the fair value of the Note. See Note 13, Fair Value Measurement for the assumptions used to determine the fair value the Delayed Draw Term Loan at issuance and at March 31, 2026.

Contractual Interest Rates - Borrowings under the Credit Agreement bear interest at an annual rate equal to 7.0% per annum (as amended), subject to the following increases: (i) an additional 5.0% per annum upon the occurrence of an event of default under the Credit Agreement. The Company may elect to add accrued and unpaid interest on the loans to the principal amount of the loans (capitalized interest).

Maturity - The Maturity Date is defined as the earlier of (i) June 15, 2034, and (ii) the date that all the loans shall become due and payable in full, whether by acceleration or otherwise; provided that, if on any Springing Maturity Date any Convertible Notes remain outstanding, the Maturity Date shall instead be the Springing Maturity. The Springing Maturity Date is defined as the 91st day prior to the date on which any convertible note may be redeemed, repurchased, converted, or exchanged in satisfaction of the obligations (“Convertible Note Maturity”). As of March 31, 2026, the May 2025 Convertible Notes and November 2025 Convertible Notes, remain outstanding and are scheduled to mature on June 15, 2030 and December 1, 2031 respectively.

Equipment Financing facility

The Company entered into an agreement on September 30, 2021 with Trinity Capital Inc. (“Trinity”) for a $25,000 equipment financing facility, the proceeds of which will be used to acquire certain manufacturing equipment, subject to Trinity’s approval. Each draw is executed under a separate payment schedule (a “Schedule”) that constitutes a separate financial instrument. The financing fees included in each Schedule are established through monthly payment factors determined by Trinity. Such monthly payment factors are based on the Prime Rate reported in The Wall Street Journal in effect on the first day of the month in which a Schedule is executed. The Company has drawn a portion of the facility as follows:


Date of Draw	Gross Amount of Initial Draw		Coupon Interest Rate	Debt Issuance Costs
September 2021	$	7,000	14.3%	$	175
September 2022	4,216		16.2%	96
Total Equipment Financing loans	$	11,216		$	271

As of March 31, 2026 and December 31, 2025, total equipment financing carrying value was $0 and $372, respectively of which $0 and $372 are recorded as a current liability on the Unaudited Condensed Consolidated Balance Sheets, respectively. As of March 31, 2026 the Equipment Financing Facility has been terminated.

Interest expense attributable to the equipment financing agreement was $52 and $82 for the three months ended March 31, 2026 and 2025, respectively.

May 2025 Convertible Notes

On June 3, 2025, the Company issued $225,000 principal amounts of its May 2025 Convertible Notes. The Company granted initial purchasers an option to purchase, for settlement within a period of thirteen days from the date the May 2025 Convertible Notes were first issued, up to an additional $25,000 principal amounts which were exercised in full. The May 2025 Convertible Notes will accrue interest at a rate of 6.75% per annum, payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2025.

Maturity- The May 2025 Convertible Notes will mature on June 15, 2030, absent conditions described below.

Conversion Rights - The May 2025 Convertible Notes can be converted into shares of our common stock under certain conditions before March 15, 2030:

•Stock Price Trigger: If, during any calendar quarter starting after September 30, 2025, our stock price closes above 130% of the conversion price for at least 20 out of the last 30 trading days of that quarter.

•Trading Price Condition: If, during a 10-day period, the trading price of the notes falls below 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day, then conversion is allowed during the five business days that follow.

•Corporate Events: Upon the occurrence of certain corporate events or distributions on our common stock, as described in this offering memorandum.

•Redemption: If the Company calls such notes for redemption on or after June 20, 2028, then the holders may choose to convert them at that time.

Beginning March 15, 2030, the notes can be converted at any time until two trading days prior to maturity.

The initial conversion price is approximately $5.10 per share, and the Company may choose to settle conversions in stock, cash or a mix of both. The conversion price is subject to customary adjustments upon the occurrence of certain events. If a make-whole fundamental change (as defined in the May 2025 Convertible Notes Indenture) occurs, the conversion rate may temporarily increase to provide additional value.

Redemption - The May 2025 Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after June 20, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the last reported sale price per shares of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the thirty consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding notes unless at least $75,000 aggregate principal amount of notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equivalent to the principal amount of the May 2025 Convertible Notes called for redemption, plus accrued and unpaid interest. In addition, calling any note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption.

Embedded Derivatives - The May 2025 Convertible Notes include certain embedded features, such as provisions for fundamental change, additional interest, special interest and indemnification. In accordance with ASC 815, the Company assessed these embedded features to determine whether bifurcation and separate accounting as derivatives was required. Although these features are not clearly and closely related to the host debt contract and meet the definition of a derivative under ASC 815, the Company determined that the combined fair value of these embedded derivatives is de minimis. Accordingly, these features have not been bifurcated from the host contract and are not accounted for separately. The Company will continue to evaluate these features for any changes in facts or circumstances that may warrant reconsideration of this assessment.

Additionally, the conversion feature embedded in the May 2025 Convertible Notes qualifies for the scope exception under ASC 815-40 and, therefore, is not required to be bifurcated and accounted for separately.

Interest expense recognized on the May 2025 Convertible Notes is as follows:


	Three months ended March 31, 2026
Contractual interest expense	$	844
Amortization of debt discount	74
Amortization of debt issuance costs	6
Total	$	924

The carrying value for the May 2025 Convertible Notes is as follows:


	March 31, 2026		December 31, 2025
Principal	$	50,000	$	50,000
Unamortized debt discount	(1,724)		(1,799)
Unamortized debt issuance costs	(151)		(157)

Aggregate carrying value	$	48,125	$	48,044

The Company is obligated to repay all contractual interest attributable to the May 2025 Convertible Notes on a semi-annual basis in cash. As of March 31, 2026 and December 31, 2025, $984 and $141, respectively, of interest payable attributable for the May 2025 Convertible Notes was included in Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

November 2025 Convertible Notes

On November 24, 2025, the Company issued $525,000 principal amounts of its November 2025 Convertible Notes. The Company granted initial purchasers an option to purchase, for settlement within a period of thirteen days from the date the November 2025 Convertible Notes were first issued, up to an additional $75,000 principal amounts which were exercised in full on November 24, 2025. The November 2025 Convertible Notes will accrue interest at a rate of 1.75% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026.

Maturity- The November 2025 Convertible Notes will mature on December 1, 2031, absent conditions described below.

Conversion Rights - The November 2025 Convertible Notes can be converted into shares of our common stock under certain conditions before September 3, 2031:

•Stock Price Trigger: If, during any calendar quarter starting after June 30, 2026, our stock price closes above 130% of the conversion price for at least 20 out of 30 trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice.

•Corporate Events: Upon the occurrence of certain corporate events or distributions on our common stock, as described in this offering memorandum.

•Redemption: If the Company calls such notes for redemption on or after December 5, 2028, then the holders may choose to convert them at that time.

Beginning September 3, 2031, the notes can be converted at any time until two trading days prior to maturity.

The initial conversion price is approximately $16.29 per share, and the Company may choose to settle conversions in stock, cash or a mix of both. The conversion price is subject to customary adjustments upon the occurrence of certain events. If a make-whole fundamental change (as defined in the November 2025 Convertible Notes Indenture) occurs, the conversion rate may temporarily increase to provide additional value.

Redemption - The November 2025 Convertible Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after December 5, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the last reported sale price per shares of the Company’s common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the thirty consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such redemption notice. However, the Company may not redeem less than all of the outstanding notes unless at least $75,000 aggregate principal amount of notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equivalent to the principal amount of the November 2025 Convertible Notes called for redemption, plus accrued and unpaid interest. In addition, calling any note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption. Prior to obtaining shareholder approval for the issuance of common stock upon conversion, the Company will be required to settle all conversions in cash.

Embedded Derivatives - The November 2025 Convertible Notes include certain embedded features, such as provisions for fundamental change, additional interest, special interest, conversion feature and indemnification. In accordance with ASC 815, the Company assessed these embedded features to determine whether bifurcation and separate accounting as derivatives was required. The Company concluded the embedded features meet the bifurcation criteria because the economic characteristics and the risks of the embedded features are not clearly and closely related to the debt host, the host is not remeasured at fair value and the embedded features would meet the definition of a derivative if freestanding. The Company also evaluated indexation and equity classification guidance with respect to the conversion feature. Although the conversion feature is considered indexed to the Company's own stock, it does not qualify for equity classification at issuance, as prior to the first date on which the Company reserves the maximum number of convertible shares, and before shareholder approval is obtained to authorize additional shares, all conversions are required to be cash-settled, and shareholder approval to increase authorized shares is not solely within the Company's control. As a result, the conversion feature did not qualify for the derivative scope exception in ASC 815 at issuance. At issuance, the Company recognized the embedded derivative at its fair value, with an offset to debt discount. The embedded derivative is remeasured at fair value each reporting period, and changes in fair value are recognized in Change in fair value of derivatives on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The Company will continue to evaluate these features for any changes in facts or circumstances that may warrant reconsideration of this assessment.

Interest expense recognized on the November 2025 Convertible Notes is as follows:


	Three months ended March 31, 2026
Contractual interest expense	$	2,625
Amortization of debt discount	8,045
Amortization of debt issuance costs	9
Total	$	10,679

The carrying value for the November 2025 Convertible Notes is as follows:


	March 31, 2026		December 31, 2025
Principal	$	600,000	$	600,000
Unamortized debt discount	(290,252)		(298,297)
Unamortized debt issuance costs	(317)		(326)
Embedded conversion feature	62,784		228,719
Aggregate carrying value	$	372,215	$	530,096

The Company is obligated to repay all contractual interest attributable to the November 2025 Convertible Notes on a semi-annual basis in cash. As of March 31, 2026 and December 31, 2025, $3,675 and $1,050, respectively, of interest payable attributable for the November 2025 Convertible Notes was included in Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

DOE Loan Facility

On November 26, 2024, the Company entered into a loan agreement with the United States Federal Financing Bank ("FFB") and the United States DOE Loan Programs Office (“LPO”) (“the DOE Loan Facility"). The loan provides for a principal amount of up to $277,497 of borrowings and capitalized interest amount of up to $25,953.

The DOE Loan Facility provides for a multi draw term loan facility under a series of at least two tranches and, if the Company elects, up to four tranches of the loan (each, a “Tranche”), subject to the achievement of certain funding conditions. Each Tranche corresponds to the production, maintenance, development, and operation of a given production line to be funded using the proceeds of such Tranche. The principal amount of each Tranche consists of a maximum principal amount designated for such Tranche in the DOE Loan Facility. Each Tranche provides the Company funding for 80% of the Eligible Project Costs. Eligible Project Costs means Project Costs that satisfy each of the following conditions: (a) DOE has determined the Project Costs to be eligible costs in accordance with Sections 609.2 and 609.10 of the Applicable Regulations; (b) the Project Costs have not been paid and are not expected to be paid any time after the First Advance Date with: (i) any federal grants, assistance, or loans (excluding the DOE Loan Facility); or (ii) other funds guaranteed by the Federal Government; (c) the Project Costs are identified in the Construction Budget; (d) the Project Costs do not constitute Cost Overruns; and (e) the Project Costs were incurred after the Eligibility Effective Date.) associated with the corresponding production line, with the Company responsible for funding the remaining 20% of the Project Costs.

On April 16, 2025, the Company amended the DOE Loan Facility in order to clarify the maximum Tranche Commitment principal amounts by excluding capitalized interest (Tranche 1: $90,945; Tranche 2: $106,733; Tranche 3: $67,529; and Tranche 4: $12,290). The Amendment did not materially alter rights, obligations, or meaning of the DOE Loan Facility.

The DOE Loan Facility draw-downs were as follows:



Date of Draw	Gross Amount of Initial Draw		Interest Rate
Beginning Balance Tranche 1	$	90,945
Draw-downs received November 2024	(68,279)		4.791	%
Draw-downs received July 2025	(22,666)		4.286	%
Remaining Balance available on Tranche 1	$	—

The Company has not drawn on Tranches 2, 3 or 4 as of March 31, 2026.

Interest expense recognized on the DOE Loan Facility is as follows:


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	1,092	$	808
Amortization of debt issuance costs	141		91
Amortization of debt discount	381		—
Total	$	1,614	$	899

The carrying value for the DOE Loan Facility is as follows:


	March 31, 2026		December 31, 2025
Principal (life to date draw-downs)	$	90,945	$	90,945
Capitalized PIK Interest	4,842		3,740
Unamortized debt issuance costs	(2,609)		(2,749)
Unamortized debt discount	(7,119)		(7,609)
Aggregate carrying value	$	86,059	$	84,327

The DOE Loan Facility bears interest at the applicable U.S. Treasury rate plus a spread equal to 0.375%. The interest is paid in-kind ("Capitalized PIK Interest") on a quarterly basis, in accordance with the terms under the DOE Loan Facility. Cash payment of the Capitalized PIK Interest on the DOE Loan Facility commences in 2028.

Covenants

On May 28, 2025, the Company and the DOE entered into a Limited Consent Agreement (“DOE Limited Consent Agreement”), pursuant to which among other things, the applicability of the Minimum Consolidated Revenue and Minimum Consolidated EBITDA financial covenants were deferred until March 31, 2027 and certain provisions were added to conform with comparable provisions in the Delayed Draw Term Loan. Additionally, the DOE Limited Consent Agreement requires the Company to reserve 24 months of interest expense for the May 2025 Convertible Notes. Refer to Note 4, Cash, Cash Equivalents and Restricted Cash for further information.

On November 18, 2025, the Company and the DOE entered into the Second DOE Limited Consent Agreement, allowing the Company to, among other things, (i) offer common stock and new convertible unsecured senior notes, (ii) issue securities related to those offerings, (iii) issue common stock if the November 2025 Convertible Notes are converted, (iv) make cash payments on the November 2025 Convertible Notes and (v) confirm that the November 2025 Convertible Notes count as permitted indebtedness under the DOE Loan Facility.

Under the Second DOE Limited Consent Agreement, following the issuance of the November 2025 Convertible Notes, the company must maintain adequate cash reserves to cover all interest payments due on both the May 2025 Convertible Notes and November 2025 Convertible Notes for a period of 18 months. This reserve will decrease as interest payments are made, but shall not be less than all interest payments on the May 2025 Convertible Notes and the November 2025 Convertible Notes due within 12 months. Refer to Note 4, Cash, Cash Equivalents and Restricted Cash for further information.

The DOE Loan facility, as amended, contains the following financial covenant, (as defined in the DOE Loan facility) Minimum Liquidity. As of March 31, 2026, the Company was in compliance with the Minimum Liquidity financial covenant.

In addition, the DOE Loan Facility contains certain representations and warranties customary for the facilities extended under the DOE Loan Facility, including, among other things, representations and warranties regarding: (i) the organization and existence of the Company, (ii) authority and the absence of any conflicts, (iii) capitalization, (iv) solvency and (v) compliance with applicable law and the DOE Loan Program.

Maturity - The Maturity Date is defined as the earlier of (i) June 15, 2034, and (ii) the date that all the loans shall become due and payable in full, whether by acceleration or otherwise; provided that, if on any Springing Maturity Date any Convertible Notes remain outstanding, the Maturity Date shall instead be the Springing Maturity. The Springing Maturity Date is defined as the 91st day prior to the Convertible Note Maturity. As of March 31, 2026, the May 2025 Convertible Notes and November 2025 Convertible Notes, remain outstanding and are scheduled to mature on June 15, 2030 and December 1, 2031, respectively.

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026
Accounting Policies [Abstract]
Equity interest ownership percentage	100.00%

Government Grants (Details) - USD ($) $ in Thousands	3 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Government Assistance [Line Items]
Grant receivable, net	$ 21,369		$ 11,028
Production Tax Credits
Government Assistance [Line Items]
Government assistance, income, increase (decrease), statement of income or comprehensive income flag	Cost of goods sold	Cost of goods sold
Government assistance amount	$ 10,341	$ 1,799
Grant receivable, net	$ 21,369		$ 11,028

Property, Plant and Equipment, Net - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense related to property and equipment	$ 5,303	$ 2,656
Loss from write-down of property, plant and equipment	71	561
Interest costs	$ 1,024	$ 0

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued payroll	$ 7,192	$ 4,471
Warranty reserve	9,533	9,469
Accrued legal and professional expenses	1,482	1,570
Provision for contract losses	5,979	6,138
Accrued interest	4,659	1,196
Accrued capital expenditures	7,072	500
Other	3,279	2,450
Total accrued expenses	$ 39,196	$ 25,794

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 46,950	$ 44,501
Work-in-process	11,396	13,701
Finished goods	399	824
Total Inventory	$ 58,745	$ 59,026

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Credit and Securities Purchase Transaction On June 21, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with CCM Denali Equity Holdings, LP. Additionally, the Company also entered into a Credit Agreement with CCM Denali Debt Holdings, LP, an affiliate of Cerberus Capital Management LP (“Cerberus”, “Lender”). The SPA and the Credit and Guaranty Agreement are collectively referred to as the “Credit and Securities Purchase Transaction”. Pursuant to the terms and conditions of Credit and Securities Purchase Transaction, Cerberus and CCM Denali Equity Holdings, LP, are considered related parties as result of the transactions. During the three months ended March 31, 2026 and March 31, 2025, the Company incurred advisory fees of $668 and $670, respectively. During the three months ended March 31, 2026 and March 31, 2025 the Company incurred manufacturing costs of $0 and $241, respectively. The fees are from two vendors affiliated with Cerberus and are included in Cost of goods sold, Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income and Intangible assets, net in the Unaudited Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, amounts due to these vendors affiliated with Cerberus were $453 and $285, respectively. These amounts are included in Accounts payable and Accrued expenses in the Unaudited Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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+ Details

Segment Reporting - Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 56,963	$ 10,457
United States
Segment Reporting Information [Line Items]
Revenue	28,076	10,457
United Kingdom
Segment Reporting Information [Line Items]
Revenue	$ 28,887	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39291
Entity Registrant Name	EOS ENERGY ENTERPRISES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4290188
Entity Address, Address Line One	3920 Park Avenue
Entity Address, City or Town	Edison
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08820
City Area Code	732
Local Phone Number	225-8400
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	EOSE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		339,514,027
Entity Central Index Key	0001805077
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026

Revenue Recognition - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 30,997
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage expected to be recognized	82.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

Accounting standards establish a hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, contract assets, contract liabilities, accounts payable and DOE Loan Facility are considered to be representative of their fair value.

The following tables set forth the Company's financial liabilities measured at fair values based on the fair value hierarchy, as described above. These should also be read with Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


	March 31, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Liabilities
SPA Warrant (a)	$	—	$	—	$	203,485	$	—	$	—	$	470,715
April, May and December 2023 Warrants	—		—		112,777		—		—		313,253
Delayed Draw Term Loan	—		—		113,120		—		—		150,427
Embedded derivatives(b)	—		—		62,784		—		—		228,719
Total liabilities	$	—	$	—	$	492,166	$	—	$	—	$	1,163,114

(a) Included in Warrants liability - Related party on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

(b) Included in Notes Payable - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

April 2023 warrants, May 2023 warrants and December 2023 warrants

The April 2023 warrants, May 2023 warrants and December 2023 warrants all are valued using the Black-Scholes model at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, risk-free interest rate, volatility and time to expiration. The volatility is a significant unobservable input classified as Level 3 of the fair value hierarchy.

The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants, and the December 2023 warrants are as follows:


April 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.54 years			2.79 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

May 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.29 Years			2.54 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

December 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.71 Years			2.96 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

Embedded derivatives

The Company estimated the fair value of the embedded conversion features in the November 2025 Convertible Note using a binomial lattice model at inception and on subsequent valuation dates. This model incorporates inputs such as the stock price of the Company, dividend yield, risk-free interest rate, the effective debt yield and expected volatility. The effective debt yield and volatility involve unobservable inputs classified as Level 3 of the fair value hierarchy.

The inputs used to determine the fair value of the embedded derivative liabilities are as follows:


November 2025 Convertible Note	March 31, 2026		December 31, 2025
Term	5.67 Years		5.92 Years
Dividend yield	—	%	—	%
Risk-free interest rate	3.9	%	3.8	%
Volatility	60.0	%	60.0	%
Effective debt yield	16.9	%	11.7	%

Quantitative information about all significant unobservable inputs used in the fair value measurement for recurring level 3 measurements:

The fair value of each draw of the Delayed Draw Term Loan was estimated using a discounted cash flow (“DCF”) method, based on the contractual cash flows discounted at a debt yield and considering the probability of achieving certain milestones.

The fair value for the SPA warrant is estimated based on its intrinsic value, using the Eos common stock closing price adjusted by a discount for lack of marketability (“DLOM”), less the exercise price of $0.01 for the SPA Warrant. A DLOM was applied considering the SPA Warrants are unregistered.



Delayed Draw Term Loan	March 31, 2026		December 31, 2025
Debt yield	17.1	%	11.9	%


SPA Warrant	March 31, 2026		December 31, 2025
Discount for lack of marketability	5.0	%	5.0	%

Level 3 Rollforward for Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the changes in the fair value of liabilities that are included within the Company’s accompanying Unaudited Condensed Consolidated Balance Sheets and are designated as Level 3:


	Three Months Ended March 31,
	2026		2025
Delayed Draw Term Loan
Balance at beginning of the period	$	150,427	$	76,188
Additions - January Draw	—		17,312

Change in fair value of Term Loan	(37,307)		5,933
Balance at end of the period	$	113,120	$	99,433

SPA Warrant and Contingent Warrants
Balance at beginning of the period	$	470,715	$	266,630

Conversion to preferred stock	—		(102,185)
Change in fair value of warrants	(267,230)		(17,652)
Balance at end of the period	$	203,485	$	146,793

April, May, and December 2023 Warrants
Balance at beginning of the period	$	313,253	$	189,322
Exercised warrants	(31,751)		(18,768)
Change in fair value of warrants	(168,725)		(45,788)
Balance at end of the period	$	112,777	$	124,766

Embedded derivatives
Balance at beginning of the period	$	228,719	$	44,396


Change in fair value of derivatives	(165,935)		(16,934)
Balance at end of the period	$	62,784	$	27,462

The estimated fair value of financial instruments not carried at fair value in the Unaudited Condensed Consolidated Balance Sheets was as follows:


	Level in fair value hierarchy	March 31, 2026				December 31, 2025
		Carrying Value		Fair Value		Carrying Value		Fair Value
May 2025 Convertible Notes	3	$	48,125	$	66,686	$	48,044	$	123,000


November 2025 Convertible Notes*	3	372,215		352,300		530,096		586,237

Equipment financing facility	3	—		—		372		375
Preferred Stock	3	582,664		600,035		1,361,542		1,292,216
DOE Loan Facility	3	86,059		95,760		84,327		95,427
Total		$	1,089,063	$	1,114,781	$	2,024,381	$	2,097,255

*Includes the embedded derivative liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Redeemable Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Jun. 29, 2025 shares	Jun. 21, 2024 businessDay	Mar. 31, 2026 USD ($) $ / shares	Dec. 31, 2025 $ / shares	Jun. 30, 2025 shares	Nov. 01, 2024 $ / shares	Sep. 11, 2024 shares
Capital Unit [Line Items]
Preferred stock issued per unit (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Preferred stock ownership percentage 1			10.00%
Preferred stock ownership percentage 2			15.00%
Preferred stock ownership percentage 3			30.00%
Preferred stock ownership percentage 4			40.00%
Preferred stock, no longer beneficially owned			5.00%
Series B Preferred Stock
Capital Unit [Line Items]
Preferred stock issued per unit (in dollars per share) \| $ / shares						$ 0.0001
Convertible preferred stock (in shares)							1,000,000.0
Preferred stock, number of business days prior to current period \| businessDay		5
Series B-4 Preferred Stock
Capital Unit [Line Items]
Convertible preferred stock (in shares)					17,305,070
Convertible preferred stock shares issued upon conversion (in shares)	1,154,542
Adjustments To Deemed Dividend \| $			$ 4,456

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 410,660	$ 567,992	$ 82,553
Restricted cash - current	39,770	34,636	14,141
Long-term restricted cash	21,938	21,938	15,000
Total cash, cash equivalents and restricted cash	$ 472,368	$ 624,566	$ 111,694	$ 103,362

Shareholders’ Deficit	3 Months Ended
Shareholders’ Deficit	Mar. 31, 2026
Equity [Abstract]
Shareholders’ Deficit	Shareholders’ Deficit Preferred Stock The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. The preferred stock has a par value of $0.0001. As of March 31, 2026 and December 31, 2025, there were no shares of preferred stock issued or outstanding. Common Stock The Company is authorized to issue 600,000,000 shares of common stock at $0.0001 par value as of March 31, 2026. The holders of the Company’s common stock are entitled to one vote for each share held. At March 31, 2026 and December 31, 2025, there were 339,459,021 and 337,132,374, respectively, shares of common stock issued and outstanding, respectively. Treasury Stock The Company recorded treasury stock of $0 and $488 for the three months ended March 31, 2026 and 2025, respectively, for shares withheld from employees to cover the payroll tax liability of RSUs vested. The treasury stock was immediately retired. DOE Warrants The Company issued 570,000 warrants to the DOE in November 2025 to purchase shares of common stock at a price of $0.01 per share (the “DOE Warrants”). The DOE Warrants meet the requirements for equity classification guidance in ASC 815-40. The DOE Warrants are scheduled to expire November 21, 2030. There were 570,000 DOE Warrants outstanding as of March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The Company’s segment information is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Product revenue	$	56,734	$	9,927
Service revenue	229		530
Total revenue	56,963		10,457
Less:
Cost of goods sold	101,390		34,996
Gross profit (loss)	(44,427)		(24,539)
Less:
Research and development	10,719		6,837
Selling, general and administrative	24,095		20,995
Other segment items(a)	(588,124)		(67,507)
Net income (loss)	$	508,883	$	15,136

(a) Other segment items include loss from write-down of property, plant and equipment, interest expense, net, change in fair value of debt, change in fair value of warrants, change in fair value of derivatives, costs related to the Company’s debt transactions and other miscellaneous items.

Schedule of Additional Segment Financial Information

Additional segment financial information is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Segment assets	$	799,324	$	263,283
Depreciation and amortization	$	5,394	$	2,680
Interest income	$	2,787	$	814
Interest expense	$	12,242	$	6,759
Capital expenditures(b)	$	35,138	$	4,918

(b) Includes Intangible assets.

The following geographic area data includes nets sales based on product shipment destination.


	Three Months Ended March 31,
	2026		2025
United States	$	28,076	$	10,457
United Kingdom	28,887		—
Total	$	56,963	$	10,457

Revenue Recognition - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 56,963	$ 10,457
Product revenue
Disaggregation of Revenue [Line Items]
Total revenues	56,734	9,927
Service revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 229	$ 530

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Subsequent Events (Details) - Frontier Power USA Parent, LLC - Subsequent Event $ in Thousands	May 12, 2026 USD ($)
Subsequent Event
Expected cash contribution from joint venture partner	$ 100,000
Expected contribution to joint venture	$ 150,000

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In February 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act. As a result of this ruling, we may be eligible for a refund of tariffs previously paid on imported materials. As the recoverability and timing of any such refund remains uncertain, we have not recognized a receivable and corresponding offset to expense or asset as of March 31, 2026, and will not until such amounts are realized or realizable. We continue to monitor these developments and their potential impact on our results of operations. Legal Proceedings Class Action Complaints On March 6, 2026, a class action lawsuit (the “Yung Complaint”) was filed in the United States District Court of New Jersey by plaintiff Shui Shing Yung against the Company and two individual officers: the Company’s Chief Executive Officer and its Chief Financial Officer (with the Company, the “Yung Defendants”). The Yung Complaint alleges that the Yung Defendants violated federal securities laws by making knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Company intends to vigorously contest this matter. On March 13, 2026, a shareholder derivative lawsuit (the “Berger Complaint”) was filed in the United States District Court of the District of New Jersey by plaintiff Paul Berger against certain defendants including the Company’s Chief Executive Officer, the Company’s Chief Financial Officer, and nine of the Company’s current Directors (the “Berger Defendants”). The Berger Complaint alleges that the Berger Defendants breached their fiduciary duties to the Company by allowing the Company to make knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Company intends to vigorously contest this matter. On March 25, 2026, a shareholder derivative lawsuit (the “Skaff Complaint”) was filed in the United States District Court of the District of New Jersey by plaintiff Ronald F. Skaff against certain defendants including the Company’s Chief Executive Officer, the Company’s Chief Financial Officer, and nine of the Company’s current Directors (the “Skaff Defendants”). The Skaff Complaint alleges that the Skaff Defendants breached their fiduciary duties to the Company by allowing the Company to make knowingly false or misleading statements about the Company’s manufacturing capabilities and financial outlook. The Company intends to vigorously contest this matter.

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalent


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	410,660	$	82,553
Restricted cash - current	39,770		14,141
Long-term restricted cash	21,938		15,000
Total cash, cash equivalents and restricted cash	$	472,368	$	111,694

Schedule of Cash, Restricted Cash


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	410,660	$	82,553
Restricted cash - current	39,770		14,141
Long-term restricted cash	21,938		15,000
Total cash, cash equivalents and restricted cash	$	472,368	$	111,694

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The following table provides information about Property, plant and equipment, net balances:


	Estimated Useful lives			March 31, 2026		December 31, 2025
Equipment	5	-	10 years	$	85,478	$	79,272
Furniture	5	-	10 years	3,578		3,149
Leasehold improvements	Lesser of useful life/ remaining lease			14,153		14,146
Tooling	2	-	3 years	16,926		16,192
Construction in progress (“CIP”)				65,231		36,644
Total				185,366		149,403
Less: Accumulated depreciation				(39,592)		(34,988)
Total property, plant and equipment, net				$	145,774	$	114,415

Depreciation expense related to property, plant and equipment was $5,303 and $2,656 for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded a loss from write-down of property, plant and equipment of $71 and $561 for the three months ended March 31, 2026.and 2025, respectively. The write-downs were mainly due to design changes from the Z3-Phase 1 to Z3-Phase 2 production in which the Phase 1 production assets could not be utilized or repurposed for Phase 2 production. Additionally, the loss from write-down of property, plant and equipment contains costs for disposal of miscellaneous equipment and tooling that cannot be repurposed.

For the three months ended March 31, 2026, capitalized interest costs recognized was $1,024. There were no capitalized interest costs recognized for the three months ended March 31, 2025.

Borrowings - Equipment Financing Facility (Details) - Line of Credit - Equipment financing facility - USD ($) $ in Thousands	1 Months Ended		13 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Mar. 31, 2026	Dec. 31, 2022
Debt Instrument
Gross Amount of Initial Draw	$ 4,216	$ 7,000	$ 11,216
Coupon Interest Rate	16.20%	14.30%	16.20%	16.20%
Debt Issuance Costs	$ 96	$ 175	$ 96		$ 271

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Redeemable Preferred Stock - Schedule of Company’s Outstanding Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026
Class of Stock [Line Items]
Shares Issued (in shares)	0	0
Shares Outstanding (in shares)	0	0
Series B-1 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)	31.940063
Original Issue Price (in dollars per share)	$ 841,999.99
Shares Outstanding (in shares)	31.940063
Common Stock Equivalent (in shares)	31,940,063
Series B-2 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)	28.806463
Original Issue Price (in dollars per share)	$ 2,322,000
Shares Outstanding (in shares)	28.806463
Common Stock Equivalent (in shares)	28,806,463
Series B-3 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)	38.259864
Original Issue Price (in dollars per share)	$ 3,358,000
Shares Outstanding (in shares)	38.259864
Common Stock Equivalent (in shares)	38,259,864
Series B-4 Preferred Stock
Class of Stock [Line Items]
Shares Issued (in shares)	16.150528
Original Issue Price (in dollars per share)	$ 5,990,000
Shares Outstanding (in shares)	16.150528
Common Stock Equivalent (in shares)	17,305,070

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share - Potentially Dilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Public and private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	0	7,326,654
Contingent Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	0	15,320,062
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	42,628	1,585,056
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	0	6,142,293
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	1,799,126	0

Property, Plant and Equipment, Net - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment
Property, plant and equipment, gross	$ 185,366	$ 149,403
Less: Accumulated depreciation	(39,592)	(34,988)
Total property, plant and equipment, net	145,774	114,415
Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 85,478	79,272
Equipment \| Minimum
Property, Plant and Equipment
Estimated Useful lives	5 years
Equipment \| Maximum
Property, Plant and Equipment
Estimated Useful lives	10 years
Furniture
Property, Plant and Equipment
Property, plant and equipment, gross	$ 3,578	3,149
Furniture \| Minimum
Property, Plant and Equipment
Estimated Useful lives	5 years
Furniture \| Maximum
Property, Plant and Equipment
Estimated Useful lives	10 years
Leasehold improvements
Property, Plant and Equipment
Property, plant and equipment, gross	$ 14,153	14,146
Tooling
Property, Plant and Equipment
Property, plant and equipment, gross	$ 16,926	16,192
Tooling \| Minimum
Property, Plant and Equipment
Estimated Useful lives	2 years
Tooling \| Maximum
Property, Plant and Equipment
Estimated Useful lives	3 years
Construction in progress (“CIP”)
Property, Plant and Equipment
Property, plant and equipment, gross	$ 65,231	$ 36,644

Borrowings - Schedule of Loan Facility Draw-Downs (Details) - DOE Loan Facility - Line of Credit - Tranche One - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2025	Nov. 30, 2024	Mar. 31, 2026	Dec. 31, 2025
Line Of Credit Rollforward [Abstract]
Draw-downs received	$ (22,666)	$ (68,279)
Remaining borrowing capacity			$ 0	$ 90,945
Interest rate	4.286%	4.791%

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets
Amortization of capitalized computer software cost	$ 91	$ 24
Patents
Finite-Lived Intangible Assets
Patents useful lives	10 years
Software
Finite-Lived Intangible Assets
Patents useful lives	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,884	$ 1,485
Accumulated Amortization	597	506
Net Carrying Amount	1,287	979
Patents
Finite-Lived Intangible Assets
Gross Carrying Amount	400	400
Accumulated Amortization	290	280
Net Carrying Amount	110	120
Internal-Use Software
Finite-Lived Intangible Assets
Gross Carrying Amount	1,484	1,085
Accumulated Amortization	307	226
Net Carrying Amount	$ 1,177	$ 859

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 410,660	$ 567,992
Restricted cash	39,770	34,636
Accounts receivable, net	3,832	6,779
Inventory	58,745	59,026
Vendor deposits	12,061	11,756
Contract assets, current	39,438	13,972
Prepaid expenses	3,389	2,701
Grant receivable, net	21,369	11,028
Other current assets	701	590
Total current assets	589,965	708,480
Property, plant and equipment, net	145,774	114,415
Intangible assets, net	1,287	979
Goodwill	4,331	4,331
Operating lease right-of-use asset, net	21,469	20,420
Long-term restricted cash	21,938	21,938
Other assets, net	14,560	14,634
Total assets	799,324	885,197
Current liabilities:
Accounts payable	77,079	99,915
Accrued expenses	39,196	25,794
Operating lease liability, current	1,996	1,960
Long-term debt, current	0	372
Contract liabilities, current	6,718	14,975
Other current liabilities	326	524
Total current liabilities	125,315	143,540
Long-term liabilities:
Operating lease liability	21,374	19,182
Long-term debt	506,399	662,467
Notes payable - related party	113,120	150,427
Contract liabilities, long-term	2,234	2,506
Other liabilities	394	427
Total long-term liabilities	959,783	1,618,977
Total liabilities	1,085,098	1,762,517
COMMITMENTS AND CONTINGENCIES (NOTE 14)
SHAREHOLDERS' DEFICIT
Common stock, $0.0001 par value, 600,000,000 shares authorized, 339,459,021 and 337,132,374 shares outstanding on March 31, 2026 and December 31, 2025, respectively	32	32
Additional paid in capital	1,247,734	427,722
Accumulated deficit	(2,026,936)	(2,535,819)
Total shareholders' deficit	(868,438)	(2,238,862)
Total liabilities, preferred stock and shareholders' deficit	799,324	885,197
Series B Preferred Stock
Long-term liabilities:
SERIES B PREFERRED STOCK - related party	582,664	1,361,542
Nonrelated Party
Long-term liabilities:
Warrants liability	112,777	313,253
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive income	0	10
Related Party
Current liabilities:
Accounts payable	453	285
Long-term liabilities:
Warrants liability	203,485	470,715
SHAREHOLDERS' DEFICIT
Accumulated other comprehensive income	$ (89,268)	$ (130,807)

Accrued Expenses - Warranty Reserve Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard Product Warranty Accrual
Warranty reserve - beginning of period	$ 9,469	$ 5,102
Additions for current period deliveries	2,089	407
Changes in the warranty reserve estimate	(1,915)	0
Warranty costs incurred	(110)	(756)
Warranty reserve - end of period	$ 9,533	$ 4,753

Warrants Liability - Narrative (Details)	1 Months Ended			3 Months Ended
Warrants Liability - Narrative (Details)	Dec. 31, 2023 shares	May 31, 2023 shares	Apr. 30, 2023 shares	Mar. 31, 2026 draw_date $ / shares shares	Mar. 31, 2025 shares	Jun. 21, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Draw dates after achievement of performance milestones \| draw_date				3
Related Party \| Common Stock \| April 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)			16,000,000
Related Party \| Common Stock \| May 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)		3,601,980
Related Party \| Common Stock \| December 2023 warrants
Class of Warrant or Right [Line Items]
Warrants exercised in period (in shares)				2,050,000
Related Party \| Common Stock \| April 2023 warrants
Class of Warrant or Right [Line Items]
Common stock to be purchased through warrants (in shares)			16,000,000
Related Party \| Common Stock \| May 2023 warrants
Class of Warrant or Right [Line Items]
Common stock to be purchased through warrants (in shares)		3,601,980
Related Party \| Common Stock \| December 2023 warrants
Class of Warrant or Right [Line Items]
Issuance of common stock (in shares)	34,482,759
Warrants exercised in period (in shares)					4,393,102
Related Party \| Common Stock \| SPA Warrant
Class of Warrant or Right [Line Items]
Common stock to be purchased through each warrant (in shares)						43,276,194
Warrants term						10 years
Exercise price of warrants (in dollars per share) \| $ / shares				$ 0.01		$ 0.01
Related Party \| Common Stock \| SPA Warrant and Contingent Warrants \| CCM Denali Equity Holdings, LP
Class of Warrant or Right [Line Items]
Initial ownership interest						33.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Revenue	$ 56,963	$ 10,457
Cost of goods sold	101,390	34,996
Gross profit (loss)	(44,427)	(24,539)
Operating expenses
Research and development expenses	10,719	6,837
Selling, general and administrative expenses	24,095	20,995
Loss from write-down of property, plant and equipment	71	561
Total operating expenses	34,885	28,393
Operating income (loss)	(79,312)	(52,932)
Other income (expense)
Interest expense	(12,242)	(6,759)
Interest income	2,787	814
Change in fair value of debt - related party	(4,232)	(5,933)
Change in fair value of warrants	168,725	45,925
Other expense	(3)	(560)
Income before income taxes	508,888	15,141
Income tax expense	5	5
Net income attributable to shareholders	508,883	15,136
Remeasurement of Preferred Stock - related party	778,878	79,997
Net income applicable to common stock	1,287,761	95,133
Other comprehensive income
Change in fair value of debt - credit risk - related party	41,539	0
Foreign currency translation adjustment	(10)	7
Comprehensive income attributable to common shareholders	1,329,290	95,140
Net income available to common shareholders	$ 826,557	$ 95,133
Basic and diluted income per share attributable to common shareholders
Basic (in dollars per share)	$ 2.43	$ 0.42
Diluted (in dollars per share)	$ 0.12	$ (0.20)
Weighted average shares of common stock
Basic (in shares)	339,602,063	225,474,247
Diluted (in shares)	544,828,933	436,368,282
Nonrelated Party
Other income (expense)
Interest expense	$ (12,242)	$ (978)
Change in fair value of derivatives	165,935	0
Related Party
Other income (expense)
Interest expense	0	(5,781)
Change in fair value of derivatives	$ 267,230	$ 34,586

Government Grants	3 Months Ended
Government Grants	Mar. 31, 2026
Government Assistance [Abstract]
Government Grants	Government Grants One Big Beautiful Bill Act (“OBBBA”) On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law, introducing several modifications to the energy-related tax incentives originally established under the Inflation Reduction Act. The OBBBA maintained tax credits available to manufacturers and include a credit for ten percent of qualified costs incurred to make electrode active materials in addition to credits of $35 per kWh of capacity for eligible battery cells and $10 per kWh of capacity for eligible battery modules. These credits are cumulative, meaning that companies are able to claim each of the available tax credits based on the battery components produced and sold through 2029, after which the PTC will begin to gradually phase down through 2032. The OBBBA introduces new limitations related to the sourcing of materials from a prohibited foreign entity starting after December 31, 2025. These provisions restrict eligibility for credits where material assistance is received from such entities. Additionally, the OBBBA includes ownership and effective control related provisions concerning 'specified foreign entities' and 'foreign-influenced entities. The Company has evaluated the OBBBA and determined there is no impact on the financial statements. The Company will evaluate additional guidance as it becomes available. Since the PTC is a refundable credit (i.e., a credit with a direct-pay option available), the PTC is outside the scope of ASC 740. Therefore, the Company accounts for the PTC under a government grant model. GAAP does not currently address the accounting for government grants received by a business entity that are outside the scope of ASC 740. The Company’s accounting policy is to analogize to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, under IFRS Accounting Standards. Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money is recognized on a systematic basis over the periods in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once it is probable that both of the following conditions will be met: (1) the Company is eligible to receive the grant and (2) the Company is able to comply with the relevant conditions of the grant. The PTC is recorded as the applicable items become finished goods and the conditions in the preceding paragraph are met. The Company recognized PTC credits of $10,341 and $1,799 for three months ended March 31, 2026 and 2025, respectively as a reduction of cost of goods sold on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. As of March 31, 2026, and December 31, 2025, grant receivable related to the PTC in the amount of $21,369 and $11,028, respectively, is recorded in the Unaudited Condensed Consolidated Balance Sheets.

Fair Value Measurement - Assumptions used to determine Fair Value of Warrants and Debt Instruments (Details) - Level 3	Mar. 31, 2026	Dec. 31, 2025
SPA Warrant \| Measurement Input, Discount for Lack of Marketability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.050	0.050
Delayed Draw Term Loan \| Measurement Input, Debt Yield [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument, measurement input	0.171	0.119

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 5	$ 5

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (i)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of various patents and internal-use software. The patents are determined to have useful lives and are amortized into the results of operations over ten years. The internal-use software has a useful life and is amortized into the results of operations over three years.


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents	$	400	$	290	$	110	$	400	$	280	$	120
Internal-Use Software	1,484		307		1,177		1,085		226		859
Total Intangible Assets	$	1,884	$	597	$	1,287	$	1,485	$	506	$	979

The Company recorded amortization expense of $91 and $24 for the three months ended March 31, 2026 and 2025, respectively.

Estimated future amortization expense of intangible assets as of March 31, 2026 are as follows:


	Amortization Expense
Remainder of 2026	$	368
2027	485
2028	401
2029	33


2030	—
Thereafter	—
	$	1,287

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $5 for the three months ended March 31, 2026 and 2025, related to taxable earnings from foreign operations. The income tax expense differs from the amount computed by applying the statutory U.S. federal income tax rate of 21% to the loss before income taxes. This is due to fair value adjustments - derivatives and warrants, Section 162(m) disallowance, foreign operations and pre-tax losses for which no tax benefit can be recognized for U.S. income tax purposes. The Company estimates and applies the annual effective tax rate to its ordinary earnings each interim period. Any significant unusual or infrequent items are not included in the estimation of the annual effective tax rate; instead, these items and their related income tax expense are separately stated in the interim period in which they occur. At each balance sheet date, management assesses the likelihood that the Company will be able to realize its deferred tax assets. Management considered all available positive and negative evidence in assessing the need for a valuation allowance. The realization of deferred tax assets depends on the generation of sufficient taxable income of the appropriate character and in the appropriate taxing jurisdiction during the future periods in which the related temporary differences become deductible. Management has determined that it is unlikely that the Company will be able to utilize its U.S. deferred tax assets at March 31, 2026 and December 31, 2025 due to cumulative losses. Therefore, the Company has a valuation allowance against its net U.S. deferred tax assets. As of March 31, 2026 and December 31, 2025, the Company has unrecognized tax benefits associated with uncertain tax positions that, if recognized, would not affect the effective tax rate on income from continuing operations. The Company is currently under examination by the IRS related to tax year 2022. The Company is not under examination by any other taxing jurisdictions and none of the unrecognized tax benefits are expected to reverse within the next 12 months. The Company files income tax returns in U.S. federal and various state jurisdictions, as well as in Italy and India. The open tax years for federal returns are 2022 and forward, and open tax years for state returns are generally 2020 and forward. In addition, net operating losses generated in closed years and utilized in open years are subject to adjustment by the tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2022	Sep. 30, 2021
Principal Outstanding
Total borrowings	$ 943,638	$ 939,476
Current portion	0	372
Total borrowings, non-current	943,638	939,104
Carrying Value
Total borrowings	619,519	813,266
Current portion	0	372
Total borrowings, non-current	619,519	812,894
Notes payable - related party
Principal Outstanding
Total borrowings	197,851	194,419
Carrying Value
Total borrowings	113,120	150,427
Delayed Draw Term Loan \| Secured Debt
Principal Outstanding
Total borrowings	197,851	194,419
Carrying Value
Total borrowings	113,120	150,427
Equipment financing facility
Carrying Value
Total borrowings	$ 0	372
Equipment financing facility \| Line of Credit
Debt Instrument
Effective Interest Rate	16.20%		16.20%	14.30%
Principal Outstanding
Total borrowings	$ 0	372
Carrying Value
Total borrowings	$ 0	372
May 2025 Convertible Notes \| Secured Debt
Debt Instrument
Effective Interest Rate	7.80%
Principal Outstanding
Total borrowings	$ 50,000	50,000
Carrying Value
Total borrowings	$ 48,125	48,044
November 2025 Convertible Notes \| Secured Debt
Debt Instrument
Effective Interest Rate	14.20%
Principal Outstanding
Total borrowings	$ 600,000	600,000
Carrying Value
Total borrowings	372,215	530,096
DOE Loan Facility
Carrying Value
Total borrowings	$ 86,059	84,327
DOE Loan Facility \| Line of Credit
Debt Instrument
Effective Interest Rate	7.70%
Principal Outstanding
Total borrowings	$ 95,787	94,685
Carrying Value
Total borrowings	$ 86,059	$ 84,327
DOE Loan Facility First Draw \| Line of Credit
Debt Instrument
Effective Interest Rate	7.60%
DOE Loan Facility Second Draw \| Line of Credit
Debt Instrument
Effective Interest Rate	8.00%

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities


	March 31, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Liabilities
SPA Warrant (a)	$	—	$	—	$	203,485	$	—	$	—	$	470,715
April, May and December 2023 Warrants	—		—		112,777		—		—		313,253
Delayed Draw Term Loan	—		—		113,120		—		—		150,427
Embedded derivatives(b)	—		—		62,784		—		—		228,719
Total liabilities	$	—	$	—	$	492,166	$	—	$	—	$	1,163,114

(a) Included in Warrants liability - Related party on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

(b) Included in Notes Payable - Related Party on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

Schedule of Assumptions used to Determine Fair Value of Warrants and Debt Instruments

The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants, and the December 2023 warrants are as follows:


April 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.54 years			2.79 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

May 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.29 Years			2.54 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

December 2023 warrants	March 31, 2026			December 31, 2025
Time to expiration	2.71 Years			2.96 Years
Common stock price	$	4.96		$	11.46
Risk-free interest rate	3.8		%	3.5		%
Volatility	115.0		%	105.0		%

The inputs used to determine the fair value of the embedded derivative liabilities are as follows:


November 2025 Convertible Note	March 31, 2026		December 31, 2025
Term	5.67 Years		5.92 Years
Dividend yield	—	%	—	%
Risk-free interest rate	3.9	%	3.8	%
Volatility	60.0	%	60.0	%
Effective debt yield	16.9	%	11.7	%



Delayed Draw Term Loan	March 31, 2026		December 31, 2025
Debt yield	17.1	%	11.9	%


SPA Warrant	March 31, 2026		December 31, 2025
Discount for lack of marketability	5.0	%	5.0	%

Schedule of Liabilities Measured at Fair Value


	Three Months Ended March 31,
	2026		2025
Delayed Draw Term Loan
Balance at beginning of the period	$	150,427	$	76,188
Additions - January Draw	—		17,312

Change in fair value of Term Loan	(37,307)		5,933
Balance at end of the period	$	113,120	$	99,433

SPA Warrant and Contingent Warrants
Balance at beginning of the period	$	470,715	$	266,630

Conversion to preferred stock	—		(102,185)
Change in fair value of warrants	(267,230)		(17,652)
Balance at end of the period	$	203,485	$	146,793

April, May, and December 2023 Warrants
Balance at beginning of the period	$	313,253	$	189,322
Exercised warrants	(31,751)		(18,768)
Change in fair value of warrants	(168,725)		(45,788)
Balance at end of the period	$	112,777	$	124,766

Embedded derivatives
Balance at beginning of the period	$	228,719	$	44,396


Change in fair value of derivatives	(165,935)		(16,934)
Balance at end of the period	$	62,784	$	27,462

Schedule of Estimated Fair Value of Financial Instruments Not Carried at Fair Value

The estimated fair value of financial instruments not carried at fair value in the Unaudited Condensed Consolidated Balance Sheets was as follows:


	Level in fair value hierarchy	March 31, 2026				December 31, 2025
		Carrying Value		Fair Value		Carrying Value		Fair Value
May 2025 Convertible Notes	3	$	48,125	$	66,686	$	48,044	$	123,000


November 2025 Convertible Notes*	3	372,215		352,300		530,096		586,237

Equipment financing facility	3	—		—		372		375
Preferred Stock	3	582,664		600,035		1,361,542		1,292,216
DOE Loan Facility	3	86,059		95,760		84,327		95,427
Total		$	1,089,063	$	1,114,781	$	2,024,381	$	2,097,255

*Includes the embedded derivative liabilities.

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Patents	$	400	$	290	$	110	$	400	$	280	$	120
Internal-Use Software	1,484		307		1,177		1,085		226		859
Total Intangible Assets	$	1,884	$	597	$	1,287	$	1,485	$	506	$	979

Schedule of Estimated Future Amortization Expense of Intangible Assets

Estimated future amortization expense of intangible assets as of March 31, 2026 are as follows:


	Amortization Expense
Remainder of 2026	$	368
2027	485
2028	401
2029	33


2030	—
Thereafter	—
	$	1,287

Fair Value Measurement - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Embedded derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	$ 228,719	$ 44,396
Change in fair value of Term Loan	(165,935)	(16,934)
Balance at end of the period	62,784	27,462
SPA Warrant and Contingent Warrants \| Public and private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	470,715	266,630
Change in fair value of Term Loan	(267,230)	(17,652)
Conversion to preferred stock	0	(102,185)
Balance at end of the period	203,485	146,793
April, May, and December 2023 Warrants \| Public and private placement warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	313,253	189,322
Change in fair value of Term Loan	(168,725)	(45,788)
Exercised warrants	(31,751)	(18,768)
Balance at end of the period	112,777	124,766
Delayed Draw Term Loan \| Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	150,427	76,188
Additions - January Draw	0	17,312
Change in fair value of Term Loan	(37,307)	5,933
Balance at end of the period	$ 113,120	$ 99,433

Related Party Transactions (Details) $ in Thousands	3 Months Ended
Related Party Transactions (Details) $ in Thousands	Mar. 31, 2026 USD ($) vendor	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Related Party Transaction [Line Items]
Cost of goods sold	$ 101,390	$ 34,996
Selling, general and administrative expenses	24,095	20,995
Accounts payable	$ 77,079		$ 99,915
Related Party
Related Party Transaction [Line Items]
Number of vendors \| vendor	2
Accounts payable	$ 453		$ 285
Manufacturing Costs \| Related Party
Related Party Transaction [Line Items]
Cost of goods sold	0	241
Advisory Fees \| Related Party
Related Party Transaction [Line Items]
Selling, general and administrative expenses	$ 668	$ 670

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(k)(2))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Shareholders’ Deficit (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) vote $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 $ / shares shares	Nov. 30, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock issued per unit (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock, shares authorized (in shares)	600,000,000		600,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Number of votes for each share \| vote	1
Common stock, shares issued (in shares)	339,459,021		337,132,374
Common stock, shares outstanding (in shares)	339,459,021		337,132,374
Shares withheld from employees to cover the payroll tax liability \| $	$ 0	$ 488
DOE Loan Facility
Class of Warrant or Right [Line Items]
Common stock to be purchased through warrants (in shares)				570,000
Exercise price of warrants (in dollars per share) \| $ / shares				$ 0.01
Warrants outstanding (in shares)	570,000		570,000

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

The following table provides information about Inventory balances:


	March 31, 2026		December 31, 2025
Raw materials	$	46,950	$	44,501
Work-in-process	11,396		13,701
Finished goods	399		824
Total Inventory	$	58,745	$	59,026

Overview	3 Months Ended
Overview	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview	Overview Nature of Operations Eos Energy Enterprises, Inc. (the “Company,” “we,” “us,” “our,” and “Eos”) designs, develops, manufactures and markets innovative energy storage solutions for utility-scale, microgrid and commercial & industrial (“C&I”) applications. Eos developed a broad range of intellectual property with multiple patents covering unique battery chemistry, mechanical product design, energy block configuration and a software operating system (Battery Management System). The Company has only one operating and reportable segment. See Note 20, Segment Reporting, for further discussion.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net income	$ 508,883	$ 15,136
Adjustment to reconcile net income to net cash used in operating activities
Stock-based compensation	5,902	7,574
Depreciation and amortization	5,394	2,680
Loss from write-down of property, plant and equipment	71	561
Amortization of right-of-use assets	780	373
Change in fair value of debt - related party	4,232	5,933
Change in fair value of warrants	(168,725)	(45,925)
Other	(205)	(821)
Changes in operating assets and liabilities:
Prepaid expenses	(688)	(337)
Inventory	571	(6,101)
Accounts receivable	2,878	(4,107)
Vendor deposits	(2,613)	(1,681)
Contract assets	(25,531)	(140)
Grant receivable	(10,341)	(1,799)
Accounts payable	(14,814)	8,130
Accrued expenses	7,213	(380)
Interest payable - related parties	0	3,324
Operating lease liabilities	399	(445)
Contract liabilities	(8,529)	17,064
Other	(177)	3,267
Net cash used in operating activities	(119,735)	(28,924)
Cash flows from investing activities
Investment in internally developed software	(76)	0
Purchases of property, plant and equipment	(35,062)	(4,918)
Net cash used in investing activities	(35,138)	(4,918)
Cash flows from financing activities
Principal payments on finance lease obligations	(20)	(11)
Proceeds from exercise of stock options	3	319
Proceeds from exercise of warrants	3,280	7,029
Proceeds received from Credit and Securities Purchase Transaction, net - related party	0	38,475
Payment of debt issuance costs	(468)	(2,250)
Repayment of equipment financing facility	(122)	(912)
Repurchase of shares from employees for income tax withholding purposes	0	(488)
Net cash provided by financing activities	2,673	42,162
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	12
Net (decrease) increase in cash, cash equivalents and restricted cash	(152,198)	8,332
Cash, cash equivalents and restricted cash, beginning of the period	624,566	103,362
Cash, cash equivalents and restricted cash, end of the period	472,368	111,694
Non-cash investing and financing activities
Accrued and unpaid capital expenditures	20,666	730
Accrued and unpaid investment in internally developed software	323	0
Paid-in kind interest added to principal	1,102	789
Accrued and unpaid debt issuance costs	51	1,581
Remeasurement of preferred stock - related party	(778,878)	(79,997)
Right-of-use operating lease assets in exchange for lease liabilities	1,829	25
Supplemental disclosures
Cash paid for interest	5	73
Related Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	0	2,457
Change in fair value of derivatives	(267,230)	(34,586)
Nonrelated Party
Adjustment to reconcile net income to net cash used in operating activities
Non-cash interest expense	8,730	899
Change in fair value of derivatives	$ (165,935)	$ 0

Fair Value Measurement - Schedule of Assumptions Used to Determine Fair Value of Embedded Derivative Liabilities (Details) - November 2025 Convertible Note - Convertible Notes	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Term	5 years 8 months 1 day	5 years 11 months 1 day
Dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0	0
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.039	0.038
Measurement Input, Price Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.600	0.600
Effective debt yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value, measurement input	0.169	0.117

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Temporary Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares outstanding (in shares)	339,459,021	337,132,374

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 12, 2026, Joseph Mastrangelo, Chief Executive Officer, terminated his sell-to-cover Rule 10b5-1 trading plan. No other directors or officers have adopted, terminated or modified any trading plans.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Joseph Mastrangelo [Member]
Trading Arrangements, by Individual
Name	Joseph Mastrangelo
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 12, 2026

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer and President. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment.

The Company designs, develops, manufactures, and markets innovative zinc-based energy storage solutions for utility-scale, microgrid and C&I applications. The Company operates and holds long-lived assets in a single geographical region, with nearly all of its revenue coming from customers in the United States.

The CODM reviews financial information on a consolidated basis and uses Gross profit (loss) and Net income (loss) to assess financial performance considering budget-to-actual variances when making key decisions on how to allocate company resources.

The Company’s segment information is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Product revenue	$	56,734	$	9,927
Service revenue	229		530
Total revenue	56,963		10,457
Less:
Cost of goods sold	101,390		34,996
Gross profit (loss)	(44,427)		(24,539)
Less:
Research and development	10,719		6,837
Selling, general and administrative	24,095		20,995
Other segment items(a)	(588,124)		(67,507)
Net income (loss)	$	508,883	$	15,136

Additional segment financial information is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Segment assets	$	799,324	$	263,283
Depreciation and amortization	$	5,394	$	2,680
Interest income	$	2,787	$	814
Interest expense	$	12,242	$	6,759
Capital expenditures(b)	$	35,138	$	4,918

(b) Includes Intangible assets.

The following geographic area data includes nets sales based on product shipment destination.


	Three Months Ended March 31,
	2026		2025
United States	$	28,076	$	10,457
United Kingdom	28,887		—
Total	$	56,963	$	10,457

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Warrants Liability

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Warrants Liability

The amount of warrants outstanding and fair value for all warrants as of March 31, 2026 and December 31, 2025 are as follows:


		March 31, 2026			December 31, 2025
	Exercise Price	Number of Warrants Outstanding	Fair Value		Number of Warrants Outstanding	Fair Value
Warrants liability
April 2023 warrants	$3.14	16,000,000	$	58,240	16,000,000	$	153,440
May 2023 warrants	$2.50	3,601,980	13,400		3,601,980	35,263
December 2023 warrants	$1.60	9,960,566	41,137		12,010,566	124,550
Total		29,562,546	$	112,777	31,612,546	$	313,253
Warrants liability - related party
SPA Warrant	$0.01	1	$	203,485	1	$	470,715
Total		1	$	203,485	1	$	470,715

The change in fair value for April 2023 Warrants, May 2023 Warrants and December 2023 Warrants have been recognized in Change in fair value of warrants on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The fair value for these warrants is included in Warrants liability on the Unaudited Condensed Consolidated Balance Sheets. The change in fair value for the SPA Warrant has been recognized in Change in fair value of derivatives - related parties on the Company’s Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The fair value for these warrants is included in Warrants liability - related party on the Unaudited Condensed Consolidated Balance Sheets. See Note 13, Fair Value Measurements for further information.

Warrants liability

In April 2023, the Company issued 16,000,000 shares of common stock and 16,000,000 private placement warrants to purchase shares of common stock. In May 2023, the Company issued another 3,601,980 shares of common stock and 3,601,980 private placement warrants to purchase shares of common stock (the “April 2023 warrants” and “May 2023 warrants”, respectively).

In December 2023, the Company issued in a combined public offering 34,482,759 shares of common stock and 34,482,759 accompanying common warrants to purchase shares of common stock (the "December 2023 warrants"). For the three months ended March 31, 2026, 2,050,000 of the December 2023 warrants were exercised. For the three months ended March 31, 2025, 4,393,102 of the December 2023 warrants were exercised.

The 2023 warrants do not qualify for equity classification guidance in ASC 815-40 and are measured at fair value at each reporting period.

Warrants liability - related party

SPA Warrant

On June 21, 2024, the Company entered into a Securities Purchase Agreement with CCM Denali Equity Holdings, LP (the “Purchaser”). The Company issued to the Purchaser, one warrant to purchase 43,276,194 shares of common stock. The warrant has a ten-year term, $0.01 per share exercise price, and is exercisable at the Purchaser’s discretion for cash or on a cashless basis. The SPA Warrant is subject to automatic cashless exercise on the expiration date if the fair market value of one share is greater than the exercise price then in effect. Upon an acceleration under the Credit Agreement, the Company may be required to purchase the SPA Warrant from the holder at an amount equal to the closing sale price of underlying common stock less the SPA Warrant exercise price at the request of the holder. The SPA Warrant meets the criteria for liability classification under ASC 480 and is recognized at fair value with changes in fair value included in Change in fair value of derivatives - related parties in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.

Contingent Warrants

Following the initial draw of the DDTL, on three separate predetermined draw dates upon the achievement of the corresponding performance milestone for each such draw date, the Company received additional funds under the Credit Agreement and issued securities under the SPA in an amount equal to the applicable percentage, up to an aggregate of 33.0% ownership limitation on a fully-diluted basis as of the time the DDTL was fully drawn. Although these contingent warrants were not issued or exercisable until additional draws occurred, they met the guidance under ASC 480 and were recognized at fair value with changes in fair value reported in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. The Company has achieved all performance milestones and no Contingent Warrants remain outstanding.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 12, 2026, the Company entered into a binding term sheet with CCM Frontier JV Holdco, LLC, an affiliate of Cerberus Capital Management, L.P. (“CCM Frontier”), providing for the formation of a joint venture focused on the development of certain energy storage and power opportunities (the “Joint Venture”). The joint venture is expected to be organized through Frontier Power USA Parent, LLC (the “JV Company”). Closing of the transactions contemplated by the term sheet is subject to the negotiation and execution of definitive agreements and the satisfaction of customary and other conditions. Pursuant to the term sheet, at or prior to closing, CCM Frontier is expected to (i) receive founder’s equity in the form of Class A‑1 units in exchange for certain contributed contracts, relationships and platform assets, (ii) contribute $100,000 in cash in exchange for Class A‑2 units of the JV Company, and (iii) receive a warrant to purchase shares of the Company’s common stock. Concurrently, the Company is expected to contribute an amount equal to the proceeds raised in a contemplated rights offering, targeted at $150,000, in exchange for Class B units of the JV Company. The Company’s investment in the JV Company is expected to be funded through a rights offering to holders of the Company’s common stock and certain warrants. Participants in the rights offering are expected to receive common stock and warrants to purchase additional shares of common stock, with the warrants having an exercise price set at a discount to the volume‑weighted average price of the Company’s common stock at the time of launch. CCM Frontier is expected to receive a similarly priced warrant in consideration for its cash contribution. The completion of the Joint Venture transactions is subject to several conditions, including, among others, (i) completion of the rights offering, (ii) approval by the Company’s stockholders of an increase in authorized shares of common stock, (iii) receipt of required third‑party approvals, including consent from the U.S. Department of Energy, and (iv) execution of definitive commercial and governance agreements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balances (in shares) at Dec. 31, 2024		221,791,205
Beginning balances at Dec. 31, 2024	$ (1,070,463)	$ 23	$ 534,726	$ (43,496)	$ (1,561,716)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	7,447		7,447
Exercise of warrants (in shares)		4,393,102
Exercise of warrants	25,862		25,862
Exercise of stock options (in shares)		198,398
Exercise of stock options	319		319
Release of restricted stock units (in shares)		749,416
Cancellation of shares used to settle payroll tax withholding (in shares)		(82,438)
Cancellation of shares used to settle payroll tax withholding	(488)		(488)
Remeasurement of Preferred Stock - related party	79,997		79,997
Foreign currency translation adjustment	7			7
Change in fair value of debt - credit risk - related party	0
Net income	15,136				15,136
Ending balances (in shares) at Mar. 31, 2025		227,049,683
Ending balances at Mar. 31, 2025	$ (942,183)	$ 23	647,863	(43,489)	(1,546,580)
Beginning balances (in shares) at Dec. 31, 2025	337,132,374	337,132,374
Beginning balances at Dec. 31, 2025	$ (2,238,862)	$ 32	427,722	(130,797)	(2,535,819)
Increase (decrease) in stockholders' equity [Roll Forward]
Stock-based compensation	6,100		6,100
Exercise of warrants (in shares)		2,050,000
Exercise of warrants	35,031		35,031
Exercise of stock options (in shares)		320
Exercise of stock options	3		3
Release of restricted stock units (in shares)		276,327
Cancellation of shares used to settle payroll tax withholding	0
Remeasurement of Preferred Stock - related party	778,878		778,878
Foreign currency translation adjustment	(10)			(10)
Change in fair value of debt - credit risk - related party	41,539			41,539
Net income	$ 508,883				508,883
Ending balances (in shares) at Mar. 31, 2026	339,459,021	339,459,021
Ending balances at Mar. 31, 2026	$ (868,438)	$ 32	$ 1,247,734	$ (89,268)	$ (2,026,936)

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 5,902	$ 7,574
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	5,257	3,482
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 645	$ 4,092

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
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-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings per share:
Net income available	$ 1,287,761	$ 95,133
Adjustment for interest on convertible notes	924	1,839
Adjustment for change in fair value on embedded derivatives for convertible notes	0	(15,922)
Adjustment for change in fair value on SPA Warrant	(267,230)	(42,064)
Adjustment for change in fair value on April, May and December 2023 Warrants	(179,218)	(46,896)
Adjustment for remeasurement of Series B Preferred Stock	778,878	79,997
Net income applicable to common stock	$ 63,359	$ (87,907)
Weighted-average basic common shares outstanding (in shares)	339,602,063	225,474,247
Dilutive effect of convertible notes (in shares)	11,074,195	13,385,305
Dilutive effect of Series B Preferred Stock (in shares)	116,311,460	110,850,111
Dilutive effect of warrants (in shares)	66,107,625	68,498,537
Weighted-average dilutive common shares outstanding (in shares)	544,828,933	436,368,282
Diluted (in dollars per share)	$ 0.12	$ (0.20)
Effect of potentially dilutive shares:
Net income available	$ 1,287,761	$ 95,133
Adjustment for interest on convertible notes	924	1,839
Adjustment for change in fair value on embedded derivatives for convertible notes	0	(15,922)
Adjustment for change in fair value on SPA Warrant	(267,230)	(42,064)
Adjustment for change in fair value on April, May and December 2023 Warrants	(179,218)	(46,896)
Adjustment for remeasurement of Series B Preferred Stock	778,878	79,997
Net income applicable to common stock	$ 63,359	$ (87,907)
Weighted-average basic common shares outstanding (in shares)	339,602,063	225,474,247
Dilutive effect of convertible notes (in shares)	11,074,195	13,385,305
Dilutive effect of Series B Preferred Stock (in shares)	116,311,460	110,850,111
Dilutive effect of warrants (in shares)	66,107,625	68,498,537
Weighted-average dilutive common shares outstanding (in shares)	544,828,933	436,368,282
Earnings per share:
Diluted (in dollars per share)	$ 0.12	$ (0.20)
Restricted stock units
Earnings per share:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	7,981,966	8,621,012
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	7,981,966	8,621,012
Performance-based restricted stock units
Earnings per share:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	2,175,288	8,017,961
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	2,175,288	8,017,961
Stock Options
Earnings per share:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	1,576,336	1,521,109
Effect of potentially dilutive shares:
Dilutive effect of RSUs, PRSUs and stock options (in shares)	1,576,336	1,521,109

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, Net

The following table provides information about Property, plant and equipment, net balances:


	Estimated Useful lives			March 31, 2026		December 31, 2025
Equipment	5	-	10 years	$	85,478	$	79,272
Furniture	5	-	10 years	3,578		3,149
Leasehold improvements	Lesser of useful life/ remaining lease			14,153		14,146
Tooling	2	-	3 years	16,926		16,192
Construction in progress (“CIP”)				65,231		36,644
Total				185,366		149,403
Less: Accumulated depreciation				(39,592)		(34,988)
Total property, plant and equipment, net				$	145,774	$	114,415

Fair Value Measurement - Schedule of Assumptions Used to Determine Fair Value of Warrants (Details)	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Time to expiration \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	2 years 6 months 14 days	2 years 9 months 14 days
Time to expiration \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	2 years 3 months 14 days	2 years 6 months 14 days
Time to expiration \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Time to expiration	2 years 8 months 15 days	2 years 11 months 15 days
Common stock price \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	4.96	11.46
Common stock price \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	4.96	11.46
Common stock price \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	4.96	11.46
Risk-free interest rate \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.038	0.035
Risk-free interest rate \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.038	0.035
Risk-free interest rate \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	0.038	0.035
Volatility \| April 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.150	1.050
Volatility \| May 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.150	1.050
Volatility \| December 2023 warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants and rights outstanding, measurement input (per unit)	1.150	1.050

Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 368
2027	485
2028	401
2029	33
2030	0
Thereafter	0
Net Carrying Amount	$ 1,287	$ 979

Warrants Liability - Schedule of Common Stock Warrants Outstanding and Fair Value (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jun. 21, 2024
Nonrelated Party
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding (in shares)	29,562,546	31,612,546
Fair Value	$ 112,777	$ 313,253
Related Party
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding (in shares)	1	1
Fair Value	$ 203,485	$ 470,715
April 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 3.14
Number of Warrants Outstanding (in shares)	16,000,000	16,000,000
Fair Value	$ 58,240	$ 153,440
May 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 2.50
Number of Warrants Outstanding (in shares)	3,601,980	3,601,980
Fair Value	$ 13,400	$ 35,263
December 2023 warrants \| Nonrelated Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 1.60
Number of Warrants Outstanding (in shares)	9,960,566	12,010,566
Fair Value	$ 41,137	$ 124,550
SPA Warrant \| Related Party
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 0.01		$ 0.01
Number of Warrants Outstanding (in shares)	1	1
Fair Value	$ 203,485	$ 470,715

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income was as follows:


	Three Months Ended March 31,
	2026		2025
Restricted stock units	$	5,257	$	3,482
Performance-based restricted stock units	645		4,092

Total	$	5,902	$	7,574

The stock compensation expense has been recorded in cost of goods sold, research and development expenses and selling, general and administrative expenses.

Restricted Stock Units (“RSU”)

Eligible employees are granted restricted stock that generally vest over three years from the date of grant. Under the directors plan, restricted stock generally vest one year from the date of grant. As of March 31, 2026, there was $39,450 of unrecognized compensation expense attributable to unvested RSUs, expected to be recognized over a weighted-average remaining vesting period of 2.2 years.

Performance-Based Restricted Stock Units (“PRSU”)

During the third quarter of 2024, the Company granted contingent shares to select key executives that may be earned based on the Company’s total shareholder return (“TSR”) over a two and three-year period following the grant date (“2024 TSR Awards”). During the second quarter of 2025, the Company also granted contingent shares to select key employees that may be earned based on the Company’s TSR over three individual one-year periods and a cumulative three-year period following the grant date (“2025 TSR Awards”).

TSR awards are paid out in stock at the end of the vesting period based on the Company’s stock performance. The performance is measured by determining the percentile rank of the total shareholder return of the Company’s common stock relative to the TSR of the Russell 2000 index peer group for the two and three-year period following the grant date. This peer group includes the entire Russell 2000 index as it existed at the beginning of the performance period, excluding any companies that were removed from the index during the performance period. The payment of awards following the two and three-year award period is based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0% to 200% of the initial grant. The fair value of the TSR awards is estimated using a Monte Carlo simulation in an option pricing framework.

During the second quarter of 2025, the Company granted shares contingent upon the achievement of certain performance targets for fiscal year 2025 and continued employment through the vesting period.

As of March 31, 2026, there was $3,319 of unrecognized compensation expense attributable to unvested PRSUs, expected to be recognized over a weighted-average remaining vesting period of 1.8 years.