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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The current portion of long-term debt consists of the following:
 March 31, 2025December 31, 2024
VFI Equipment Financing$2,148 $2,286 
Notes payable1,133 1,036 
Finance leases238 232 
Current portion of long-term debt$3,519 $3,554 

Long-term debt, net of current portion consists of the following:
 March 31, 2025December 31, 2024
FCB ABL Credit Facility$— $— 
VFI Equipment Financing5,692 6,294 
Notes payable2,544 2,523 
Finance leases252 313 
Long-term debt$8,488 $9,130 
The following summarizes the maturity of our debt:
FCB ABL Credit FacilityVFI Equipment FinancingNotes PayableFinance LeasesTotal
Remainder of 2025$— $1,960 $875 $206 $3,041 
2026— 2,940 1,287 262 4,489 
2027— 2,940 1,028 65 4,033 
2028— 1,225 686 7 1,918 
2029— — 266 — 266 
2030 and thereafter— — — — — 
Total minimum payments— 9,065 4,142 540 13,747 
Amount representing interest— (1,122)(465)(50)(1,637)
Amount representing unamortized lender fees(103)(103)
Present value of payments490 
Less: current portion— (2,148)(1,133)(238)(3,519)
Total long-term debt$— $5,692 $2,544 $252 $8,488 

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 FCB 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 financial requirements of this facility.
The available borrowing amount under the FCB ABL Credit Facility as of March 31, 2025 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 March 31, 2025. The combined weighted average interest rate for all variable debt for the three months ended March 31, 2025 was 10.81%.
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 matures on May 8, 2028. The Company has the right to reacquire the underlying equipment on the lease schedule upon maturity for one dollar.
Notes Payable
The Company has entered into various financing arrangements, primarily to finance heavy equipment. As of March 31, 2025, these notes payable bear interest at rates between 3.99% and 8.49%.