Borrowings (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The Company’s debt obligations consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Maturity Date | | Principal Outstanding | | Carrying Value* | | Principal Outstanding | | Carrying Value* | | 2021 Convertible Note Payable | June 2026 | | $ | 119,289 | | | $ | 103,469 | | | $ | 115,815 | | | $ | 94,386 | | Delayed Draw Term Loan | June 2029 | | 108,626 | | | 46,099 | | | — | | | — | | | AFG Convertible Notes | June 2026 | | 19,738 | | | 34,598 | | | 17,429 | | | 18,139 | | Notes payable - related party | | | 247,653 | | | 184,167 | | | 133,244 | | | 112,525 | | | Senior Secured Term Loan | March 2026 | | — | | | — | | | 100,000 | | | 85,624 | | | Equipment financing facility | April 2026 | | 3,266 | | | 3,262 | | | 5,718 | | | 5,710 | | | Total borrowings | | | 250,919 | | | 187,429 | | | 238,962 | | | 203,859 | | | Current portion | | | 2,536 | | | 2,536 | | | 3,332 | | | 3,332 | | | Total borrowings, non-current | | $ | 248,383 | | | $ | 184,893 | | | $ | 235,630 | | | $ | 200,527 | |
*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.The Senior Secured Term Loan balances are as follows: | | | | | | | | | | | | | December 31, 2023 | | Principal | | | $ | 100,000 | | | Unamortized debt discount | | | (1,459) | | | Unamortized debt issuance costs | | | (12,917) | | | Aggregate carrying value | | | $ | 85,624 | |
| | | | | | | | | | | | | | | | | | | Date of Draw | Gross Amount of Initial Draw | | Coupon Interest Rate | | Debt Issuance Costs | | September 2021 | $ | 7,000 | | | 14.3% | | $ | 175 | | | September 2022 | 4,216 | | | 16.2% | | 96 | | | Total Equipment Financing loans | $ | 11,216 | | | | | $ | 271 | |
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| Schedule of Interest Expense |
Interest expense recognized on the 2021 Convertible Note is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Contractual interest expense | $ | 1,789 | | | $ | 1,686 | | | $ | 5,264 | | | $ | 4,960 | | | Amortization of debt discount | 1,713 | | | 1,365 | | | 4,832 | | | 3,822 | | | Amortization of debt issuance costs | 165 | | | 132 | | | 467 | | | 371 | | | Total | $ | 3,667 | | | $ | 3,183 | | | $ | 10,563 | | | $ | 9,153 | |
Interest expense recognized on the AFG Convertible Notes is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Contractual interest expense | $ | 1,308 | | | $ | 1,020 | | | $ | 3,617 | | | $ | 2,659 | | | Amortization of debt discount | 246 | | | 192 | | | 682 | | | 550 | | Amortization of issuance costs | 70 | | | 54 | | | 192 | | | 155 | | | Total | $ | 1,624 | | | $ | 1,266 | | | $ | 4,491 | | | $ | 3,364 | |
The following table summarizes interest expense recognized: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Contractual interest expense | $ | — | | | $ | 3,540 | | | $ | 6,858 | | | $ | 10,366 | | | Amortization of debt discount | — | | | 105 | | | 224 | | | 297 | | | Amortization of debt issuance costs | — | | | 929 | | | 1,980 | | | 2,624 | | | Total | $ | — | | | $ | 4,574 | | | $ | 9,062 | | | $ | 13,287 | |
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| Schedule of Balances Recognized upon Issuance of Convertible Notes |
The balances for the 2021 Convertible Note are as follows: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Principal | $ | 119,289 | | | $ | 115,815 | | | Unamortized debt discount | (14,780) | | | (19,612) | | | Unamortized debt issuance costs | (1,428) | | | (1,895) | | | Embedded conversion feature | 388 | | | 78 | | | Aggregate carrying value | $ | 103,469 | | | $ | 94,386 | |
The balances for the AFG Convertible Notes are as follows: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Principal | $ | 19,738 | | | $ | 17,429 | | | Unamortized debt discount | (2,153) | | | (2,835) | | | Unamortized debt issuance costs | (608) | | | (800) | | | Embedded conversion feature | 17,621 | | | 4,345 | | | Aggregate carrying value | $ | 34,598 | | | $ | 18,139 | |
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