Revenue surges 351% to $68.8M; operating loss widens 31% as net income of -$275.7M driven by non-operating fair-value gains

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

• high

  Net income of $233.2M for six months ended June 30, 2026 vs. net loss of $207.8M prior year, driven by $370.8M in non-cash fair-value gains on warrants and derivatives (largely stock-price movement), not operations. Operating loss widened 31% to $83.8M from $63.8M. Cash used in operations increased to $191.8M from $95.0M.

  MD&A: Operating Results verify on EDGAR →
• high

  Three new securities lawsuits filed March 2026 alleging false statements about manufacturing capabilities and financial outlook. Two derivative suits consolidated and stayed pending class-action resolution. Company intends to vigorously contest.

  Legal Proceedings verify on EDGAR →
• high

  Announced $150M rights offering and $75M registered direct offering to fund capital contribution to FPUSA joint venture, a new Independent Power Producer entity with CCM Frontier and HBC. FPUSA expected to become a customer, creating potential concentration risk.

  MD&A: FPUSA Formation & Risk Factors verify on EDGAR →