Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

Note 3 – Property, Plant and Equipment, Net

Property, plant and equipment, net are summarized as follows:

	March 31, 2026		December 31, 2025
Production equipment	$	42,950	$	43,203
Laboratory equipment		17,458		15,287
Leasehold improvements		73,334		73,369
Furniture and computer equipment		4,711		4,711
Construction in progress		8,164		6,858
Total cost		146,617		143,428
Accumulated depreciation		(61,678)		(57,110)
Property, plant and equipment, net	$	84,939	$	86,318

Depreciation expenses for dedicated laboratory equipment and production equipment are charged to research and development. Office equipment, leasehold improvements, software, and computer equipment related depreciation expenses are allocated between research and development and selling, general and administrative expenses based on the nature of its use.

Depreciation expense related to property, plant and equipment are summarized as follows:

	Three Months Ended March 31,
	2026		2025
Depreciation expense	$	4,728	$	4,536

As of March 31, 2026, the Company is designing a continuous electrolyte production pilot line which it expects to be substantially complete and commissioned by the end of 2026. Construction in progress related to property, plant and equipment is summarized as follows:

Construction in progress	March 31, 2026		December 31, 2025
Continuous electrolyte pilot manufacturing line	$	7,360	$	5,214
Cell safety abuse lab		—		94
EIC		111		111
Other capital projects		693		1,439
Total	$	8,164	$	6,858