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Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Total Debt Outstanding | The following table represents total debt outstanding by agreement as of December 31, 2025:
(Dollars in thousands): |  |  | Current portion of debt |  | Long term debt |  | Total
Generate loan |  |  | $ | 3,713 |  |  | $ | 10,213 |  |  | $ | 13,926 |
Galaxy loan |  |  | 784 |  |  | 3,499 |  |  | 4,283 |
Equipment loan |  |  | - |  |  | 1,075 |  |  | 1,075 |
Green Cloud secured note |  |  | 4,361 |  |  | 3,112 |  |  | 7,473 |
Total Debt |  |  | $ | 8,858 |  |  | $ | 17,899 |  |  | $ | 26,757 |
The following table represents total debt outstanding by agreement as of December 31, 2024:
(Dollars in thousands): |  |  | Current portion of debt |  | Long term debt |  | Total
Convertible Notes |  |  | $ | — |  |  | $ | — |  |  | $ | — |
NYDIG financing |  |  | 9,183 |  |  | — |  |  | 9,183 |
Navitas term loan |  |  | 137 |  |  | — |  |  | 137 |
Green Cloud secured note |  |  | 3,922 |  |  | 7,061 |  |  | 10,983 |
July 2024 additional secured note |  |  | 1,202 |  |  | — |  |  | 1,202 |
Total Debt |  |  | $ | 14,444 |  |  | $ | 7,061 |  |  | $ | 21,505 |
Schedule of Maturities of Long-Term Debt | The following table represents the future minimum principal payments, which excludes potential cash sweeps, due on debt as of December 31, 2025:
(Dollars in thousands): |  |
Year ending December 31, |  |
2026 |  | $ | 7,194 |
2027 |  | 7,191
2028 |  | 3,278
2029 |  | 3,635
2030 |  | 8,395
Total |  | $ | 29,693 |
Schedule of Financing Debt | NYDIG financing
(Dollars in thousands) |  | Maturity Dates |  | Interest Rate |  | January 1, 2025 - December 31, 2025 |  | January 1, 2024 - December 31, 2024
NYDIG Loans #1-11 |  | April 25, 2023 thru January 25, 2027* |  | 14% thru 16% |  | $ | 9,183 |  |  | $ | 9,183 |
Gain on extinguishment on debt |  |  |  |  |  | (9,183) |  |  | — |
Less: repossession of collateralized assets |  |  |  |  |  | — |  |  | — |
Total outstanding debt |  |  |  |  |  | $ | — |  |  | $ | 9,183 |
*Due to event of default- the entire NYDIG Financing became current, see note below.
Schedule of Secured Note Financing | Green Cloud secured note
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  | January 1, 2025- December 31, 2025 | June 20, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost) |  | June 20, 2027 |  | 9 | % |  | $ | 11,748 |  | $ | 12,784 |
Less: principal and capitalized interest payments |  |  |  |  |  | (3,945) |  | (1,036) |
Less: debt discount |  |  |  |  |  | (99) |  | (230) |
Less: debt issuance costs |  |  |  |  |  | (231) |  | (535) |
Total outstanding note |  |  |  |  |  | 7,473 |  | 10,983 |
(Less) Current note outstanding |  |  |  |  |  | (4,361) |  | (3,922) |
Long-term note outstanding |  |  |  |  |  | $ | 3,112 |  | $ | 7,061 |
Schedule of Additional Secured Note Financing | July 2024 Additional Secured Note
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  | January 1, 2025- December 31, 2025 | June 20, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost) |  | July 12, 2027* |  | 9 | % |  | $ | 1,209 |  | $ | 1,278 |
Less: principal and capitalized interest payments |  |  |  |  |  | (658) |  | (69) |
Less: debt discount |  |  |  |  |  | — |  | (7) |
Gain on extinguishment |  |  |  |  |  | (551) |  | — |
Total outstanding debt |  |  |  |  |  | $ | — |  | $ | 1,202 |
* | On March 14, 2025, the Company satisfied the assignment and assumption agreement, as such a gain on extinguishment was recorded.
Schedule of Galaxy Loan | Galaxy Loan
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  | March 12, 2025- December 31, 2025
Term Loan |  | March 13, 2030 |  | 15 | % |  | $ | 5,000 |
Less: principal payments |  |  |  |  |  | (375) |
Less: debt issuance costs |  |  |  |  |  | (342) |
Total outstanding note |  |  |  |  |  | 4,283 |
(Less) Current note outstanding |  |  |  |  |  | (784) |
Long-term note outstanding |  |  |  |  |  | $ | 3,499 |
Schedule of Credit Agreement | Generate Credit Agreement
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  | September 12, 2025- December 31, 2025
Tranche A-1 |  | September 12, 2030 |  | 13.93% thru 14.17% |  | $ | 5,500 |
Tranche A-3 |  |  |  |  |  | 11,500 |
Total drawn loan |  |  |  |  |  | 17,000 |
Less: principal payments |  |  |  |  |  | (810) |
Less: debt discount and issuance costs |  |  |  |  |  | (2,264) |
Total outstanding note |  |  |  |  |  | 13,926 |
(Less) Current note outstanding |  |  |  |  |  | (3,713) |
Long-term note outstanding |  |  |  |  |  | $ | 10,213 |
Schedule of Navitas Term Loan | Navitas term loan
(Dollars in thousands) |  | Maturity Date |  | Interest Rate |  | January 1, 2025- December 31, 2025 |  | January 1, 2024- December 31, 2024
Term Loan and capitalized interest (excludes debt issuance cost) |  | May 9, 2025 |  | 15 | % |  | $ | 137 |  |  | $ | 1,707 |
Less: principal and capitalized interest payments |  |  |  |  |  | (137) |  |  | (1,570) |
Less: debt issuance costs |  |  |  |  |  | — |  |  | — |
Total outstanding debt |  |  |  |  |  | $ | — |  |  | $ | 137 |
See below for rollforward of the fair value of the convertible debt:
(Dollars in thousands) |  |  |  | January 1, 2024- December 31, 2024
Beginning fair value balance of convertible notes |  |  |  | $ | 8,474 |
Conversions of debt |  |  |  | (9,001) |
Revaluation losses and extinguishment of debt, net |  |  |  | 202 |
Extension fee |  |  |  | 325 |
Ending fair value of convertible notes |  |  |  | $ | — |

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