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Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Note 5. Debt Debt at June 30, 2026, consisted of the following (in thousands):
|  | Principal |  |  | Unamortized Discount |  |  | Net Carrying Value |
Term Loan |  | $ | 35,000 |  |  | $ | (172 | ) |  | $ | 34,828 |
Revolving Loan |  |  | 30,088 |  |  |  | — |  |  |  | 30,088 |
Total debt |  |  | 65,088 |  |  |  | (172 | ) |  |  | 64,916 |
Less: current portion |  |  | 30,088 |  |  |  | — |  |  |  | 30,088 |
Non-current portion |  | $ | 35,000 |  |  | $ | (172 | ) |  | $ | 34,828 |
Debt at December 31, 2025, consisted of the following (in thousands):
|  | Principal |  |  | Unamortized Discount |  |  | Net Carrying Value |
Term Loan |  | $ | 65,000 |  |  | $ | (80 | ) |  | $ | 64,920 |
Revolving Loan |  |  | 18,968 |  |  |  | — |  |  |  | 18,968 |
Total debt |  |  | 83,968 |  |  |  | (80 | ) |  |  | 83,888 |
Less: current portion |  |  | 43,343 |  |  |  | — |  |  |  | 43,343 |
Non-current portion |  | $ | 40,625 |  |  | $ | (80 | ) |  | $ | 40,545 |
Principal, interest and fee payments on the Term Loan Credit Agreement (as defined below) at June 30, 2026, are expected to be as follows (in thousands):
Year ending December 31, |  | Principal |  |  | Interest and Fees |  |  | Total |
2026 |  | $ | — |  |  | $ | 1,667 |  |  | $ | 1,667 |
2027 |  |  | — |  |  |  | 3,325 |  |  |  | 3,325 |
2028 |  |  | — |  |  |  | 3,334 |  |  |  | 3,334 |
2029 |  |  | — |  |  |  | 3,325 |  |  |  | 3,325 |
2030 |  |  | 20,417 |  |  |  | 2,839 |  |  |  | 23,256 |
2031 |  |  | 14,583 |  |  |  | 1,047 |  |  |  | 15,630 |
Total |  | $ | 35,000 |  |  | $ | 15,537 |  |  | $ | 50,537 |
Loan Agreements On March 31, 2023, the Company entered into an Amended and Restated Credit, Security and Guaranty Agreement (Term Loan) (the “Prior Term Loan Credit Agreement”) which amended and restated its then existing term loans. The Prior Term Loan Credit Agreement provides a secured term loan facility in an aggregate principal amount of up to $75.0 million. The Company borrowed the first advance of $40.0 million (“Tranche 1”) and the second advance of $15.0 million (“Tranche 2”) on the closing date to refinance the term loans under prior term loans. Under the terms of the Prior Term Loan Credit Agreement, (i) the third advance of $10.0 million (“Tranche 3”) was available to the Company through July 1, 2024, and (ii) the fourth advance of $10.0 million (“Tranche 4”), was available to the Company through July 1, 2025, subject to the Company’s satisfaction of certain other conditions described in the Term Loan Credit Agreement. On September 1, 2023, the Company entered into Amendment 1 of the Prior Term Loan Credit Agreement. At the close of this amendment, the Company borrowed $5.0 million available under Tranche 3. On January 5, 2024 the Company entered into Amendment 2 of the Prior Term Loan Credit Agreement which was effective December 31, 2023, which removed the minimum revenue condition applicable to the remaining $5.0 million available in Tranche 3, which became eligible to be drawn at any time prior to July 1, 2024. The Company borrowed the remaining $5.0 million available in Tranche 3 on March 27, 2024. Tranche 1, Tranche 2, and Tranche 3 each bore interest at a floating rate equal to the sum of the Term SOFR rate (subject to a floor of 1.00%) plus 6.50%. Interest on each term loan advance was due and payable monthly in arrears. Interest only payments were due for the first 36 months, and the remaining payments were due over the remaining 24 months. The interest only payment period could be extended for 12 months upon achievement of a specified trailing 12 month net revenue target. On June 5, 2026, (the “Closing Date”), the Company entered into a Second Amended and Restated Credit, Security and Guaranty Agreement (Term Loan) (the “Term Loan Credit Agreement”) which amended and restated the Prior Term Loan Credit Agreement. The Term Loan Credit Agreement provides a secured term loan facility in an aggregate principal amount of up to $65.0 million. The Company borrowed the first advance of $35.0 million (“Tranche 1”) on the closing date to refinance a portion of the term loans under the Prior Term Loan Credit Agreement. Under the terms of the Term Loan Credit Agreement, an additional tranche of $30.0 million (the “Additional Tranche”) is available in minimum tranches of $5.0 million each, subject to the Company’s request and the approval of the lenders. Tranche 1, and, if borrowed, the Additional Tranche, each bear interest at a floating rate equal to the sum of the Term SOFR rate (subject to a floor of 1.00%) plus 5.50%. Interest on each term loan advance is due and payable monthly in arrears. Interest only payments are due for the first 48 months, and the remaining payments are due over the remaining 12 months. The interest rate at June 30, 2026 is approximately 9.4%. Prepayments of the term loans under the Term Loan Credit Agreement, in whole or in part, will not be subject to an early termination fee after the first year from the Closing Date. The Company also must pay an annual administrative fee equal to a fractional percentage of the amount outstanding pursuant to the Term Loan Credit Agreement (the “Exit Fee”). The Company is required to pay a pro rata portion of the Exit Fee in connection with any prepayment. On March 31, 2023, the Company entered into an Amended and Restated Credit, Security and Guaranty Agreement (Revolving Loan) (the “Prior Revolving Loan Credit Agreement”) which had a maturity date of March 1, 2028. The Revolving Loan Credit Agreement provided a secured revolving credit facility in an initial aggregate principal amount of up to $20.0 million. On June 5, 2026, the Company entered into a Second Amended and Restated Credit, Security and Guaranty Agreement (Revolving Loan) (the “Revolving Loan Credit Agreement”) which amended and restated the Company’s Prior Revolving Loan Credit Agreement. The Revolving Loan Credit Agreement provides a secured revolving credit facility in an initial aggregate principal amount of up to $30.0 million. The Company may request an increase in total commitments under the Revolving Loan Credit Agreement by up to an additional $15.0 million, subject to agent and lender approval and the satisfaction of certain conditions. Loans under the Revolving Loan Credit Agreement accrue interest at a floating rate equal to the Term SOFR rate (subject to a floor of 1.00%) plus 3.70%. Accrued interest on the revolving loans will be paid monthly and revolving loans may be borrowed, repaid and re-borrowed until June 1, 2031, when all outstanding amounts must be repaid. Termination or permanent reductions of the revolving loan commitment under the Revolving Loan Credit Agreement after the first year from the Closing Date will not be subject to a termination fee. In connection with the Revolving Loan Credit Agreement, the Company is required to pay customary fees, including an origination fee equal to a fractional percentage of the original commitment amount at closing (and an equivalent origination fee with respect to any increased commitments at the time of the applicable increase), a monthly unused line fee based upon the average daily unused allowable borrowing base of the revolving credit facility and a monthly collateral management fee based upon the average daily used portion of the revolving credit facility. The Company is also required to maintain a minimum drawn balance under the revolving line or pay interest on the minimum drawn balance. As of June 30, 2026 and December 31, 2025, the Company had borrowed $30.1 million and $19.0 million, respectively, under the Revolving Loan Credit Agreement, which is included in “Debt – current” in the Company’s condensed consolidated balance sheets. The Term Loan Credit Agreement and Revolving Loan Credit Agreement contain certain financial and non-financial covenants, with which the Company was in compliance at June 30, 2026. Additionally, the Company’s obligations under both agreements are secured by a security interest in substantially all of the Company’s assets, with some exclusions.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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