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Related Parties
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Parties

Note 18 – Related Parties

 

The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesús Gil, a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Fasemex owns approximately 10.1% of the outstanding shares of Common Stock as of June 30, 2025 and provides steel fabrication services to the Company. The lessors of the Manufacturing Facility are Jesús Gil, Alejandro Gil, and Salvador Gil. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil and provides material and safety supplies to the Company. Maquinaria y equipo de transporte Jova S.A. de C.V (“METJ”) is owned by Jorge Gil, a sibling of Jesús Gil, and provides trucking services to the Company. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”.

The Company paid $6,309 and $10,916 to the Gil Family during the three and six months ended June 30, 2025, respectively, and $7,006 and $14,653 during the three and six months ended June 30, 2024, respectively, related to steel fabrication services, rent and security deposit payments for the Manufacturing Facility, material and safety supplies, trucking services and royalty payments.

Until June 9, 2025, Commercial Specialty Truck Holdings, LLC (“CSTH”) was minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. On June 9, 2025, Mr. Meyer divested his ownership

interest in CSTH, at which point CSTH ceased to be a related party. The Company sold specialty parts supplies in an amount equal to $101 and $167 to CSTH during the three and six months ended June 30, 2025, respectively. The Company sold specialty parts in an amount equal to $207 and $415 to CSTH during the three and six months ended June 30, 2024, respectively.

 

Related party asset, included in prepaid expenses and other current assets on the condensed consolidated balance sheets, of $892 as of June 30, 2025, includes other receivables of $252 from CSTH and other assets of $640 from the Gil Family. Related party accounts payable, included in other current liabilities on the condensed consolidated balance sheets, of $2,764 as of June 30, 2025 are payable to the Gil Family. Related party asset, included in prepaid expenses and other current assets on the condensed consolidated balance sheets, of $959 as of December 31, 2024 includes other receivables of $614 from the Gil Family and $345 from CSTH. Related party accounts payable, included in other current liabilities on the condensed consolidated balance sheets of $2,693 as of December 31, 2024 are payable to the Gil Family.