Reported Q1 2026 net loss of $440.3 million, largely driven by a $425.2 million non-cash charge related to the fair value of financial instruments. Adjusted net loss for Q1 2026 was $15.1 million, compared to $2.5 million in Q1 2025. Revenue for the quarter was $1.88 million with a gross margin of approximately 24%. Secured a $100 million convertible debenture facility with Yorkville Advisors Global to fund operational expansion. Entered into binding purchase orders for 13 ULVAC sintered magnet production machines to scale annual capacity to 10,000 metric tons by November 2026.