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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Current portion of long-term debt current consists of the following:
 December 31,
 20242023
Former ABL Credit Facility$— $8,000 
VFI Equipment Financing2,286 — 
Oakdale Equipment Financing— 6,462 
Notes payable1,036 1,011 
Finance leases232 238 
Current portion of long-term debt$3,554 $15,711 
Long-term debt consists of the following:
 December 31,
 20242023
FCB ABL Credit Facility$— $— 
VFI Equipment Financing, net6,294 — 
Oakdale Equipment Financing— 1,388 
Notes payable2,523 1,519 
Finance lease313 542 
Long-term debt$9,130 $3,449 
FCB ABL Credit Facility
On September 3, 2024, the Company entered into a $30,000 five-year senior secured asset-based credit facility with First-Citizens Bank & Trust Company. The FCB ABL Credit Facility provides for non-amortizing revolving loans in an aggregate principal amount of up to $30,000, subject to a borrowing base comprised of eligible inventory and accounts receivable. Additionally, obligations under the FCB ABL Credit Facility are guaranteed by certain of our wholly-owned domestic subsidiaries and secured by a first-priority security interest in certain non-real estate assets. Borrowings under the FCB ABL Credit Facility bear interest at a rate equal to the secured overnight financing rate (“SOFR”) plus a margin of 2.75%.
The ABL Credit Facility contains a number of covenants that, among other things, restrict our ability to incur liens or other indebtedness, make certain restricted payments, merge or consolidate and dispose of assets. In addition, the FCB ABL Credit Facility requires us in certain limited circumstances to maintain a minimum fixed charge coverage ratio of 1.1 to 1.0. The FCB ABL Credit Facility also contains certain affirmative covenants and events of default customary for facilities of this type. The Company was compliant with all requirements of this facility.
The available borrowing amount under the FCB ABL Credit Facility as of December 31, 2024 was $30,000 and is based on the Company’s eligible accounts receivable and inventory. The Company had no borrowings outstanding and $30,000 available to be drawn under this facility as of December 31, 2024. As of December 31, 2024, the Company was in compliance with all financial covenants. The weighted average interest rate on our variable rate debt under the Former ABL Facility and this FCB ABL credit facility for the years ended December 31, 2024 and 2023 was 8.20% and 4.81%, respectively.
Former ABL Credit Facility
On December 13, 2019, the Company entered into a $20,000 five-year senior secured asset-based credit facility with Jefferies Finance LLC. This facility was terminated on September 3, 2024.
VFI Equipment Financing
On June 28, 2024, the Company entered into an equipment financing arrangement with VFI with a principal amount of $10,000. The VFI Equipment Financing is legally comprised of a Master Lease Agreement and one lease schedule. The VFI Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement for accounting and financial reporting purposes, and not a lease. The collateral under the VFI Equipment Financing includes the majority of the Company’s SmartSystems equipment. The VFI Equipment Financing bears interest at a fixed rate of 8.56%. The Company used the net proceeds to repay in full and terminate the Oakdale Equipment Financing, and the remainder was added to working capital. The VFI Equipment Financing amortizes to one dollar and will be paid in full on on May 8, 2028. The Company has the right to reacquire the underlying equipment on the lease schedule upon maturity for one dollar.
Oakdale Equipment Financing
On December 13, 2019, the Company received net proceeds of $23,000 in an equipment financing arrangement with Nexseer. Substantially all of the Company’s mining and processing equipment at its Oakdale facility was pledged as collateral under the Oakdale Equipment Financing. The Oakdale Equipment Financing bore interest at a fixed rate of 5.79%. This facility was paid in full and terminated on June 28, 2024.

Notes Payable
Notes payable primarily include various financing arrangements to finance the Company’s purchased heavy equipment. All notes payable bear interest at fixed rates between 3.99% and 7.49%.
Finance Leases
See Note 9 - Leases for additional information about the Company’s finance leases.
Future minimum payments as of December 31, 2024 are as follows:
Year Ended December 31,FCB ABL Credit FacilityVFI Equipment FinancingNotes PayableFinance LeasesTotal
2025$— $2,940 $1,217 $273 $4,430 
2026— 2,940 1,148 262 4,350 
2027— 2,940 888 65 3,893 
2028— 1,225 547 7 1,779 
2029 and thereafter— — 239 — 239 
Total minimum payments— 10,045 4,039 607 14,691 
Amount representing interest— (1,362)(480)(62)(1,904)
Amount representing unamortized lender fees
— (103)— — (103)
Present value of payments545 
Less: current portion— (2,286)(1,036)(232)(3,554)
Total long-term debt, net$— $6,294 $2,523 $313 $9,130