Warrant liability

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Note 17 - Warrant liability

Immediately prior to the Closing Date, 2,966,670 of the 5,933,333 Private Placement Warrants were forfeited. The remaining 2,966,663 Private Placement Warrants were recognized as a liability on the Closing Date at fair value. The Private Placement Warrant liability is recognized in accordance with ASC 815 as a derivative liability and marked to market at each reporting period end. The change in fair value of the private placement warrant liability for the years ended December 31, 2024 and 2023 resulted in a gain of $0.4 million and a loss of $3.6 million, respectively. These changes are included in Change in fair value of derivative liabilities on the Consolidated Statement of Operations.

The Private Placement Warrants were valued using the following assumptions under the Monte Carlo method:


Inputs	December 31, 2024			December 31, 2023
Current stock price	$	4.23		$	8.43
Exercise price	$	11.50		$	11.50
Expected life (in years)	3.25			4.25
Risk-free interest rate	4.30		%	4.00		%
Expected volatility	52		%	40		%
Expected dividend yield	—		%	—		%

The Public Warrants were initially recognized as a liability on the Closing Date at a fair value. The Public Warrant liability is recognized in accordance with ASC 815 as a derivative liability and marked to market at each reporting period end. The change in fair value of the public warrant liability for the years ended December 31, 2024 and 2023 resulted in a gain of $0.6 million and a loss of $7.4 million, respectively. These changes are included in Change in fair value of derivative liabilities on the Consolidated Statement of Operations.