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ELO TRANSACTION
6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Elo Transaction ELO TRANSACTION
It was determined that the Company possesses the ability to exercise significant influence over the operating and financial policies of Elo, an independent entity as of December 2021. Accordingly, the Company accounts for its investment in Elo under the equity method.
The Company owned approximately 26% of Elo’s voting shares outstanding as of December 31, 2024. In February 2025, Elo raised additional funding from its Series A-2 financing. The Company recognized a $2.3 million gain on dilution under the equity method during the six months ended June 30, 2025. The Company owned approximately 22% of Elo’s voting shares outstanding as of June 30, 2025. The Company’s proportionate share of Elo’s net loss for the six months ended June 30, 2025 and 2024 was $1.6 million and $1.9 million, respectively.
Note Receivable
The Company received common stock in Elo and a $10.0 million promissory note payable from Elo (the “Note Receivable”) which matures on the earlier of (i) December 1, 2028 or (ii) a Deemed Liquidation Event (as defined in the Elo’s Amended and Restated Certificate of Incorporation). As of June 30, 2025, the carrying value of the Note Receivable was $5.7 million including a $3.2 million decrease in the carrying value as a result of equity method investment losses. The remaining $4.3 million discount on the Note Receivable will be amortized to interest income over the life of the Note Receivable.