Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE MEASUREMENT (Tables)

v3.26.1
FAIR VALUE MEASUREMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
SUMMARY OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS

Assets and liabilities measured at fair value on a recurring basis are as follows:

 

    Level 1     Level 2     Level 3     Total  
    December 31, 2025  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Money market funds   $ 32,500     $ -     $ -     $ 32,500  
Total assets   $ 32,500     $ -     $ -     $ 32,500  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 30     $ 30  
Earn-out liabilities     -            -       1,986       1,986  
Total liabilities   $ -     $ -     $ 2,016     $ 2,016  

 

    Level 1     Level 2     Level 3     Total  
    December 31, 2024  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Marketable securities   $ 13,630     $ -     $ -     $ 13,630  
Money market funds     27,347       -       -       27,347  
Alternative fuel credits     -       51       -       51  
Total assets   $ 40,977     $ 51     $ -     $ 41,028  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 22     $ 22  
Common stock consideration payable     -       -       21,028       21,028  
Total liabilities   $ -     $ -     $ 21,050     $ 21,050  
SUMMARY OF ASSUMPTIONS USED FOR VALUATION OF WARRANT LIABILITIES

Assumptions utilized in the valuation of warrant liabilities are described as follows:

 

    For the Years Ended  
    December 31,  
    2025     2024     2023  
Risk-free interest rate     3.96%-4.03 %     3.98%-5.09 %     4.64%-5.46 %
Contractual term (years)     1.00       1.00       1.00  
Expected volatility     74%-80 %     84%-92 %     67%-80 %
Expected dividend yield     0.00 %     0.00 %     0.00 %
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITIES MEASURED AT RECURRING BASIS

The following table sets forth a summary of the changes in the fair value of Level 3 liabilities that are measured at fair value on a recurring basis:

 

    2025     2024  
             
Common Stock Consideration Payable                
Beginning balance as of January 1,   $ 21,028     $ 18,118  
Change in fair value of consideration payable     (9,238 )     2,910  
Issuance of common stock and warrants in satisfaction of consideration payable     (11,790 )     -  
Ending balance as of December 31,   $ -     $ 21,028  
                 
Warrant Liability                
Beginning balance as of January 1,   $ 22     $ 32  
Change in fair value of warrant liability     8       (10 )
Ending balance as of December 31,   $ 30     $ 22  
                 
Earn-Out Liabilities                
Beginning balance as of January 1,   $ -     $ -  
Contingent consideration assumed in Zemetric acquisition     2,194       -  
Common stock issued in satisfaction of earn-out liabilities     (206 )     -  
Change in fair value of earn-out liabilities     (2 )     -  
Ending balance as of December 31,   $ 1,986     $ -