WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Warrants Outstanding

The Company had the following series of warrants outstanding (in thousands, except per-share values) as of March 31, 2026 and December 31, 2025, all of which are exercisable:


Warrant Series		March 31, 2026				December 31, 2025				Exercise Price				Expiration Date
Public Warrants			5,695				5,715			$	11.50			March 17, 2027(1)
Private Warrants			199				199			$	11.50			March 17, 2027(1)
Series A Warrants			17,757				17,757			$	11.50			March 17, 2027
Series B Warrants			3,064				3,064			$	11.50			December 1, 2030
Series C Warrants			5,000				5,000			$	11.50			December 1, 2030
Total warrants, issued and outstanding			31,715				31,735

__________

(1) On April 16, 2026 the Company received the requisite shareholder approval to extend the expiration date of the public and private warrants to March 17, 2027.

Summary of Warrant (Benefit)/Expense

Warrant (benefit)/expense recognized during the three months ended March 31, 2026 and 2025 is presented in the following table:


		Three Months Ended March 31,
(in thousands)		2026				2025
RTI Warrants (1)		$	—			$	(1,291	)
Private Warrants			1				(256	)
Series A Warrants			(355	)			(33,655	)
Series B Warrants			(8,243	)			(7,967	)
Series C Warrants			(14,400	)			(13,500	)
Change in fair value of warrants		$	(22,997	)		$	(56,669	)

__________

(1) On January 16, 2025, RTI exercised their outstanding warrants. The Company received $5.4 million in cash and issued 1.5 million shares of Common Stock to RTI Global.