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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025
Fair Value Disclosures [Abstract] |  |
Schedule of New Revolving Facility | New Revolving Facility
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, 2026 | ​ ​ ​ | December 31, 2025
​ | ​ | Carrying | ​ | ​ | ​ | Carrying | ​ | ​
​ | ​ | amount | ​ ​ ​ | Fair value | ​ | amount | ​ ​ ​ | Fair value
New Revolving Facility | ​ | $ | 71,615 | ​ | $ | 73,282 | ​ | $ | 78,727 | ​ | $ | 79,090
| New Revolving Facility
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ | Carrying amount | ​ | Fair value
New Revolving Facility | ​ ​ ​ | $ | 78,727 | ​ ​ ​ | $ | 79,090
Existing Revolving Facility and Existing Term Loan
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Carrying amount | ​ | Fair value
Existing Revolving Facility | ​ ​ ​ | $ | 82,582 | ​ ​ ​ | $ | 84,422
Existing Term Loan | ​ |  | 30,047 | ​ |  | 33,151
​ | ​ | $ | 112,629 | ​ | $ | 117,573
Schedule of Preferred Stock Derivative Liability | Derivative Liability The Company’s derivative liability consists of a compound embedded derivative associated with the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (the “Convertible Preferred Derivative”).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Fair Value Measurement Using (as of March 31, 2026)
​ | ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
Convertible Preferred Derivative | ​ | $ | — | ​ | $ | — | ​ | $ | 9,300 | ​ | $ | 9,300
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Level 3 Rollforward – Derivative Liability (March 31, 2026)
​ | ​ | ​ | ​ | ​ | Change in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | fair value | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | recognized | ​ | Conversions/ | ​ | Balance at
​ | ​ | December 31, 2025 | ​ ​ ​ | in earnings | ​ ​ ​ | settlements | ​ ​ ​ | March 31, 2026
Convertible Preferred Derivative | ​ | $ | 13,600 | ​ | $ | (4,300) | ​ | $ | — | ​ | $ | 9,300
| Derivative Liabilities The Company’s derivative liabilities include a compound embedded derivative associated with the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (the “Convertible Preferred Derivative”). During 2025, the Company also had an embedded conversion feature associated with the New Term Loan (the “New Term Loan Derivative”), which was extinguished on November 3, 2025 (see Notes 6 and 7 for further information).
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement Using
​ | ​ | (as of December 31, 2025)
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Convertible Preferred Derivative | ​ ​ ​ | — | ​ ​ ​ | — | ​ ​ ​ | $ | 13,600 | ​ ​ ​ | 13,600
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 3 Rollforward – Derivative Liabilities (Year ended December 31, 2025)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Change in fair value | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | recognized in statement | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Initial | ​ | of operations and | ​ | ​ | ​ | ​ | Balance at
​ | ​ | December 31, | ​ | recognition | ​ | comprehensive income | ​ | Conversions/ | ​ | December 31,
​ | ​ | 2024 | ​ | at issuance | ​ | (loss) | ​ | settlements | ​ | 2025
New Term Loan Derivative | ​ ​ ​ | $ | — | ​ ​ ​ | $ | 3,558 | ​ ​ ​ | $ | 1,589 | ​ ​ ​ | $ | (5,147) | ​ ​ ​ | $ | —
Convertible Preferred Derivative | ​ | $ | — | ​ | $ | 31,000 | ​ | $ | (17,400) | ​ | $ | — | ​ | $ | 13,600
Schedule of Changes in Assumption at Fair Value | The significant assumptions used in valuing the derivative liabilities as of March 31, 2026 include the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible Preferred Derivative
​ | ​ | Series A | ​ | Series B | ​ | ​
​ | ​ | Convertible | ​ | Convertible | ​ | ​ ​ ​
Assumptions | ​ ​ ​ | Preferred Stock | ​ ​ ​ | Preferred Stock | ​ ​ ​ | Units
Time to Liquidity |  | 0.15 |  | 0.15 |  | Years
Risk free rate (continuous) |  | 3.7 | % | 3.7 | % | Percent per annum
Volatility |  | 90.0 | % | 90.0 | % | Percent
Dividend Rate |  | 12% – 18 | % | 12% – 18 | % | Percent per annum
Discount Rate |  | 19.0 | % | 18.0 | % | Percent per annum
| The significant assumptions used in valuing the derivative liabilities include the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible Preferred Derivative
​ | ​ | Series A Convertible | ​ | Series B Convertible | ​ | ​
Assumptions |  | Preferred Stock |  | Preferred Stock |  | Units
Time to Liquidity | ​ ​ ​ | 0.39 | ​ ​ ​ | 0.39 | ​ ​ ​ | Years
Risk free rate (continuous) |  | 3.6% | ​ | 3.6% | ​ | Percent per annum
Volatility |  | 120.0% | ​ | 120.0% | ​ | Percent
Dividend Rate |  | 12% – 19% | ​ | 12% – 19% | ​ | Percent per annum
Discount Rate |  | 19.0% | ​ | 18.0% | ​ | Percent per annum
​
​ | ​ | ​ | ​
New Term Loan Derivative |
Assumptions | ​ | Percent |
Net originations risk premium | ​ ​ ​ | 3.4 | %
Enterprise value volatility |  | 40.0 | %
Net originations volatility |  | 14.0 | %
Risk-free rate |  | 4.2 | %
Weighted probability analysis of a capital transaction (occur) |  | 75.0 | %
Weighted probability analysis of a capital transaction (not occur) |  | 25.0 | %
Schedule of Warrant Liability Activity | Warrant Liability
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Warrant liability – Public (Level 1) & Private Warrants (Level 3)
​ | ​ | Fair Value Measurement Using
​ | ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
Balance at December 31, 2025 | ​ | $ | 45 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 46
Change in fair value | ​ |  | (16) | ​ |  | — | ​ |  | — | ​ |  | (16)
Balance at March 31, 2026 | ​ | $ | 29 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 30
| Warrant Liability
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Warrant liability –  Public (Level 1) &
​ | ​ | Private Warrants (Level 3)
​ | ​ | Fair Value Measurement Using
​ |  | ​ | Level 1 |  | ​ | Level 2 |  | ​ | Level 3 |  | ​ | Total
Balance at December 31, 2024 | ​ ​ ​ | $ | 76 | ​ ​ ​ | $ | — | ​ ​ ​ | $ | 2 | ​ ​ ​ | $ | 78
Change in fair value | ​ |  | (31) | ​ |  | — | ​ |  | (1) | ​ |  | (32)
Balance at December 31, 2025 | ​ | $ | 45 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 46

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