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Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Notes Payable | (13) Notes Payable Credit Agreement On December 21, 2020, the Company entered into a credit agreement with a financial institution (the "Credit Agreement") which provided for initial term loans in an aggregate principal amount of $25.0 million. On June 23, 2023, the Company amended and restated its credit agreement (the "Amended and Restated Note") with its existing lender. Under the Amended and Restated Note, the Company refinanced $20.8 million of the note which is subject to an annual interest at a rate of 17% per annum. On March 26, 2024, the Company entered into an amendment to the Amended and Restated Note (the “Second Amended and Restated Note”) dated June 23, 2023 to provide an additional $15.7 million in principal financing. This amendment increased the aggregate principal amount of the term loan facility to $35.6 million which consists of $19.9 million which was outstanding under the original loan and $15.7 million in additional principal resulting in net cash flow of $15.2 million related to the amendment. The Company accounted for the Second Amended and Restated Note as an extinguishment of debt in accordance with ASC 470, Debt. As such, the Company recognized the outstanding deferred financing costs of $3.2 million as a loss on extinguishment of debt in interest expense on the Consolidated Statements of Income which consisted of a $2.7 million write off unamortized deferred loan costs and $0.5 million in loan origination fees related to the amendment. As a part of the amendment, the Company incurred an additional exit fee of $1.3 million which is due upon either maturity or the prepayment of the note. The total deferred financing costs associated with the amendment were $1.4 million (which includes the exit fee of $1.3 million) and are reflected as a reduction of the note proceeds. The Company will recognize these deferred financing costs, using the effective interest method over the term of the note. On March 14, 2025, the Company entered into an amendment to the Second Amended and Restated Note ("Amendment No.1 of the Second Amended and Restated Note"). Pursuant to Amendment No.1 of the Second Amended and Restated Note, the maturity date of the loans was extended from June 23, 2026 to December 15, 2027 and the amortization schedule was revised to reflect the extended maturity date. The Company accounted for the amendment as a debt modification in accordance with ASC 470, Debt. In the second quarter of 2025, the Company made an early repayment towards the outstanding loan amount, resulting in a reduction in the outstanding loan amount of $5.0 million. The early repayment did not result in any other changes to the loan and the maturity date remains December 15, 2027. Other Debt Kiosk Profit Share Franchise Arrangements During the nine months ended September 30, 2025, the Company entered into five kiosk franchise profit sharing arrangements. Under the terms of the agreements, the third parties receive a share in the profits generated by a group of specifically identified kiosks for a specified period of time. As a result of consideration received up front, the Company determined these arrangements were accounted for as debt in accordance with ASC 470, Debt. The Company recorded debt of $20.7 million during the nine months ended September 30, 2025, as a result of these franchise profit sharing arrangements, maturing in March, April, June and August of 2033, with principal and interest paid monthly via profit sharing payments. The Company did not enter into any new kiosk franchise profit sharing arrangements during the three months ended September 30, 2025. During the year ended December 31, 2024, the Company entered into seven kiosk franchise profit sha ring arrangements. The Company recorded debt of $15.8 million as a result of these franchise profit sharing arrangements, maturing between February 2029 and February 2033, with principal and interest paid monthly via profit sharing payments. The carrying values of the notes payable related to the Company's franchise profit sharing arrangements were initially determined as the initial investment and are updated quarterly using a retrospective interest method. The effective interest rate used in the calculation of monthly interest is determined based on actual and projected profit sharing payments and is updated on a quarterly basis under the retrospective interest method. Equipment Financing During the year ended December 31, 2024, the Company entered into five 36-month collateralized term loans for a total amount of $2.6 million to facilitate the purchase of BTM kiosks. In accordance with the term loans, the kiosks are collateral for the loans. The loans are subject to annual interest rates between 16.86% and 17.42%, with interest and principal payments due monthly. Notes payable consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
|  | Notes Payable as of September 30, 2025 |  |  | Notes Payable as of December 31, 2024 |
|  | Credit Agreement |  |  | Other Debt |  |  | Total |  |  | Credit Agreement |  |  | Other Debt |  |  | Total |
Credit agreement |  | $ | 22,338 |  |  | $ | — |  |  | $ | 22,338 |  |  | $ | 33,338 |  |  | $ | — |  |  | $ | 33,338 |
Other debt |  |  | — |  |  |  | 42,109 |  |  |  | 42,109 |  |  |  | — |  |  |  | 19,801 |  |  |  | 19,801 |
Plus: exit fee due upon repayment of debt |  |  | 3,098 |  |  |  | — |  |  |  | 3,098 |  |  |  | 3,098 |  |  |  | — |  |  |  | 3,098 |
Total notes payable principal outstanding |  |  | 25,436 |  |  |  | 42,109 |  |  |  | 67,545 |  |  |  | 36,436 |  |  |  | 19,801 |  |  |  | 56,237 |
Less: unamortized deferred financing costs |  |  | (367 | ) |  |  | — |  |  |  | (367 | ) |  |  | (758 | ) |  |  | — |  |  |  | (758 | )
Total notes payable |  |  | 25,069 |  |  |  | 42,109 |  |  |  | 67,178 |  |  |  | 35,678 |  |  |  | 19,801 |  |  |  | 55,479 |
Less: current portion of notes payable |  |  | (5,563 | ) |  |  | (1,898 | ) |  |  | (7,461 | ) |  |  | (4,733 | ) |  |  | (1,289 | ) |  |  | (6,022 | )
Notes payable, non-current |  | $ | 19,506 |  |  | $ | 40,211 |  |  | $ | 59,717 |  |  | $ | 30,945 |  |  | $ | 18,512 |  |  | $ | 49,457 |
At September 30, 2025, aggregate future principal payments are as follows (in thousands):
|  | Aggregate Future Principal Payments at September 30, 2025 |
|  | Credit Agreement |  |  | Other Debt |  |  | Total |
Remainder of 2025 |  | $ | — |  |  | $ | 321 |  |  | $ | 321 |
2026 |  |  | 5,563 |  |  |  | 2,497 |  |  |  | 8,060 |
2027 |  |  | 19,873 |  |  |  | 3,073 |  |  |  | 22,946 |
2028 |  |  | — |  |  |  | 3,606 |  |  |  | 3,606 |
2029 |  |  | — |  |  |  | 4,910 |  |  |  | 4,910 |
Thereafter |  |  | — |  |  |  | 27,702 |  |  |  | 27,702 |
Total |  | $ | 25,436 |  |  | $ | 42,109 |  |  | $ | 67,545 |

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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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