CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 156,694	$ 15,683
Debt securities available for sale	13,631	0
Restricted cash - current	1,984	16,656
Accounts receivable, net	2,007	0
Inventory	9,370	8,087
Prepaid expenses and other current assets	14,331	13,473
Total current assets	198,017	53,899
Restricted cash - noncurrent	9,356	9,172
Operating lease right-of-use assets	54,226	56,833
Property, plant and equipment, net	657,752	674,079
Prepaid expenses and other noncurrent assets	3,315	4,402
TOTAL ASSETS	922,666	798,385
CURRENT LIABILITIES
Accounts payable	9,247	6,596
Accrued expenses and other current liabilities	42,815	43,259
Accrued interest	7,805	7,626
Current portion of warrant liability	13,682	10,109
Total current liabilities	87,565	90,877
NONCURRENT LIABILITIES
Deferred revenue	5,000	5,000
Warrant liability, less current portion	45,149	120,090
Operating lease right-of-use liabilities	52,350	54,665
Series A Preferred Stock liability	29,606	18,433
Other noncurrent liabilities	2,710	5,514
TOTAL LIABILITIES	572,078	617,936
COMMITMENTS AND CONTINGENCIES (NOTE 13)
MEZZANINE EQUITY
Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	304,701	0
STOCKHOLDERS' EQUITY
Common Stock - $0.001 par value, 450,000 shares authorized; 180,281 and 173,566 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	180	174
Additional paid-in capital	861,953	813,573
Accumulated other comprehensive (loss)/income	(305)	78
Accumulated deficit	(815,941)	(633,376)
TOTAL STOCKHOLDERS' EQUITY	45,887	180,449
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY	922,666	798,385
Long-term debt
CURRENT LIABILITIES
Current portion of long-term debt	6,446	12,932
NONCURRENT LIABILITIES
Long-term debt, less current portion	263,355	256,886
Related Party
CURRENT LIABILITIES
Current portion of long-term debt	7,570	10,355
NONCURRENT LIABILITIES
Long-term debt, less current portion	$ 86,343	$ 66,471

PureCycle Technologies, Inc. 10-K