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DEBT & LIQUIDITY | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
DEBT & LIQUIDITY | DEBT & LIQUIDITY On June 12, 2025, the Company entered into the 2025 Loan Agreement which amended and restated its prior credit agreement. Prior to the effectiveness of the 2025 Loan Agreement, the Company’s borrowings included a revolving credit facility (the “Existing Revolving Facility”) and a term loan. The term loan bore interest that included a payment-in-kind (“PIK”) component and was fully repaid on November 3, 2025. Accordingly, the Company’s results for the three months ended March 31, 2025 reflect interest expense and related costs associated with the term loan that are not present in the 2026 period. The 2025 Loan Agreement provides for a revolving credit facility (the “New Revolving Facility”) with total commitments of $110 million. Advances under the New Revolving Facility are limited to the lesser of the total commitment or a specified advance rate applied to eligible leases pledged as collateral. The New Revolving Facility matures on December 4, 2026. Borrowings under the New Revolving Facility bear interest at a term SOFR-based rate, subject to a 3.0% floor and an applicable credit adjustment spread of 0.10%, plus 7.0% per annum. As of March 31, 2026 and December 31, 2025, the Company had $71.6 million and $78.7 million, respectively, outstanding under the New Revolving Facility, with interest rates of 11.3% and 11.5% respectively. Debt issuance costs are amortized over the life of the New Revolving Facility and included in interest expense. Unamortized issuance costs were $2.8 million as of March 31, 2026. Amortization expense related to debt issuance costs was $1.0 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. On November 3, 2025, the Company repaid and extinguished the outstanding term loan using proceeds from the issuance of Series A and Series B Convertible Preferred Stock. In connection with these transactions, the Company also recognized a derivative liability associated with the convertible preferred stock (see Note 6). As a result, the Company’s capital structure and interest expense for periods subsequent to the repayment differ significantly from prior periods. Liquidity & Going Concern The Company’s financial statements are prepared in accordance with U.S. GAAP applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The New Revolving Facility matures on December 4, 2026, which is within one year after the date these financial statements are issued. The Company does not have sufficient cash on hand to repay the outstanding balance of the facility at maturity absent refinancing or extension. As of March 31, 2026, the Company was in compliance with all financial covenants under the New Revolving Facility, after giving effect to the limited waivers obtained subsequent to quarter end. Future compliance with certain financial covenants may require additional waivers from the lenders, and there can be no assurance that such waivers will be obtained as needed. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The Company plans to continue to work closely with its lenders and intends to refinance, extend, or replace the New Revolving Facility prior to its maturity; however, there can be no assurance that such refinancing or extension will be completed on acceptable terms or at all. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Borrowings on the New Revolving Facility are classified as current liabilities on the March 31, 2026 condensed consolidated balance sheet.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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