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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The current portion of long-term debt consists of the following:
| September 30, 2025 |  | December 31, 2024
VFI Equipment Financing | $ | 2,436 |  |  | $ | 2,286 |
Notes payable | 1,599 |  |  | 1,036 |
Finance leases | 247 |  |  | 232 |
Current portion of long-term debt | $ | 4,282 |  |  | $ | 3,554 |
Long-term debt, net of current portion consists of the following:
| September 30, 2025 |  | December 31, 2024
FCB ABL Credit Facility | $ | — |  |  | $ | — |
VFI Equipment Financing | 4,448 |  |  | 6,294 |
Notes payable | 3,739 |  |  | 2,523 |
Finance leases | 125 |  |  | 313 |
Long-term debt | $ | 8,312 |  |  | $ | 9,130 |
The following summarizes the maturity of our debt:
| FCB ABL Credit Facility |  | VFI Equipment Financing |  | Notes Payable |  | Finance Leases |  | Total
Remainder of 2025 | $ | — |  |  | $ | 735 |  |  | $ | 439 |  |  | $ | 68 |  |  | $ | 1,242 |
2026 | — |  |  | 2,940 |  |  | 1,857 |  |  | 262 |  |  | 5,059 |
2027 | — |  |  | 2,940 |  |  | 1,598 |  |  | 65 |  |  | 4,603 |
2028 | — |  |  | 1,225 |  |  | 1,255 |  |  | 6 |  |  | 2,486 |
2029 | — |  |  | — |  |  | 780 |  |  | — |  |  | 780 |
2030 and thereafter | — |  |  | — |  |  | 105 |  |  | — |  |  | 105 |
Total minimum payments | — |  |  | 7,840 |  |  | 6,034 |  |  | 401 |  |  | 14,275 |
Amount representing interest | — |  |  | (852) |  |  | (697) |  |  | (29) |  |  | (1,578) |
Amount representing unamortized lender fees |  |  | (103) |  |  |  |  |  |  | (103) |
Present value of payments |  |  |  |  |  |  | 372 |  |  |
Less: current portion | — |  |  | (2,436) |  |  | (1,599) |  |  | (247) |  |  | (4,282) |
Total long-term debt | $ | — |  |  | $ | 4,448 |  |  | $ | 3,739 |  |  | $ | 125 |  |  | $ | 8,312 |
FCB ABL Credit Facility On September 3, 2024, the Company entered into the FCB ABL credit facility. 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 matures in September 2029. 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 1.0. 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 September 30, 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 September 30, 2025. The weighted average interest rate for this facility for the nine months ended September 30, 2025 was 6.64%. VFI Equipment Financing On June 28, 2024, the Company entered into the VFI Equipment Financing 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 used for general corporate purposes. The VFI Equipment Financing matures on May 8, 2028. The Company will 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 September 30, 2025, these notes payable bear interest at rates between 0.00% and 8.49%.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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