NET (LOSS)/EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Net (Loss)/Earnings per Share

The computation for the basic and diluted (loss)/earnings per share for the three months ended March 31, 2026 and 2025 are as follows:


		Three Months Ended March 31,
(in thousands, except per share data)		2026				2025
Numerator:
Net (loss)/income		$	(33,441	)		$	8,832
Less: Dividends accumulated on Series B Convertible Perpetual Preferred Stock			5,313				—
Basic net (loss)/income attributable to common stockholders		$	(38,754	)		$	8,832
Diluted net (loss)/income attributable to common stockholders		$	(38,754	)		$	8,832

Denominator:
Weighted average common shares outstanding, basic			180,478				177,308
Add common equivalent shares from equity awards			—				1,198
Weighted average common shares outstanding, dilutive			180,478				178,506

Net (loss)/income per share attributable to common stockholders, basic		$	(0.21	)		$	0.05
Net (loss)/income per share attributable to common stockholders, diluted		$	(0.21	)		$	0.05

Summary of Outstanding Common Stock Equivalents

A summary of those outstanding Common Stock equivalents is presented in the following table:


		Three Months Ended March 31,
(in thousands)		2026				2025
Anti-dilutive shares
Warrants			31,715				31,840
Stock options			1,686				837
RSUs			2,658				720
PSUs			645				1,350
Contingently - issuable shares to Legacy PCT unitholders (1)			2,000				2,000
Shares issuable upon conversion of Green Convertible Notes			16,869				16,869
Shares issuable upon conversion of Series B Convertible Perpetual Preferred Stock			22,584				—
Total anti-dilutive shares			78,157				53,616

__________

(1) In connection with the initial business combination and merger agreement as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, legacy PCT unitholders will be entitled to 2.0 million shares upon the Ironton Facility becoming operational, as certified by Leidos Engineering, LLC, an independent engineering firm, in accordance with criteria established in agreements in connection with construction of the plant.