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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, 2025December 31, 2024
VFI Equipment Financing$2,436 $2,286 
Notes payable1,599 1,036 
Finance leases247 232 
Current portion of long-term debt$4,282 $3,554 

Long-term debt, net of current portion consists of the following:
 September 30, 2025December 31, 2024
FCB ABL Credit Facility$— $— 
VFI Equipment Financing4,448 6,294 
Notes payable3,739 2,523 
Finance leases125 313 
Long-term debt$8,312 $9,130 
The following summarizes the maturity of our debt:
FCB ABL Credit FacilityVFI Equipment FinancingNotes PayableFinance LeasesTotal
Remainder of 2025$— $735 $439 $68 $1,242 
2026— 2,940 1,857 262 5,059 
2027— 2,940 1,598 65 4,603 
2028— 1,225 1,255 6 2,486 
2029— — 780 — 780 
2030 and thereafter— — 105 — 105 
Total minimum payments— 7,840 6,034 401 14,275 
Amount representing interest— (852)(697)(29)(1,578)
Amount representing unamortized lender fees(103)(103)
Present value of payments372 
Less: current portion— (2,436)(1,599)(247)(4,282)
Total long-term debt$— $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%.