BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Concentration of Credit Risk - Revenue and Accounts Receivable

Specific customer receivable balances in excess of 10% of total accounts receivable as of December 31, 2025 and 2024 were as follows:

	As of December 31,
	2025	2024
Customer A	20%	25%
Customer B	38%	56%
Customer C	*	13%
Customer G	11%	*
Customer H	16%	*

______________

*Less than 10%

Specific revenue from customers exceeding 10% of total revenues for the years ended December 31, 2025, 2024 and 2023 were as follows:

	Year Ended December 31,
	2025	2024	2023
Customer A	18%	48%	67%
Customer B	18%	34%	30%
Customer D	12%	*	*
Customer E	14%	*	*

______________

*Less than 10%

Schedule of Property and Equipment

The estimated useful lives are as follows:

	Estimated Useful Life
Computer equipment and software	3 and 5 years
Machinery and equipment	Lesser of 10 years or remaining lease period
Vehicles and aviation	5 and 20 years
Leasehold and land improvements	Lesser of 15 years or remaining lease period
Buildings, structures and recharge sites	Lesser of 40 years or remaining lease period Lesser of 10 years or remaining lease period for recharge sites

Property and equipment, net consisted of the following (in thousands):

	As of December 31,
	2025		2024
Buildings, structures and recharge sites	$	209,556	$	194,103
Machinery and equipment	94,137		79,639
Leasehold and land improvements	33,667		27,720
Vehicles and aviation	26,512		15,546
Computer equipment and software	18,413		12,194
Construction in progress	20,580		22,914
	402,865		352,116
Less: accumulated depreciation	(54,325)		(32,528)
Property and equipment, net	$	348,540	$	319,588

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows (in thousands):

	As of December 31,
	2025		2024		2023
Cash and cash equivalents	$	1,710,227	$	301,396	$	253,545
Restricted cash included in:
Prepaid expenses and other current assets	4,557		149		143
Other assets	481		480		448
Total cash, cash equivalents and restricted cash	$	1,715,265	$	302,025	$	254,136

Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows (in thousands):

	As of December 31,
	2025		2024		2023
Cash and cash equivalents	$	1,710,227	$	301,396	$	253,545
Restricted cash included in:
Prepaid expenses and other current assets	4,557		149		143
Other assets	481		480		448
Total cash, cash equivalents and restricted cash	$	1,715,265	$	302,025	$	254,136