v3.25.3
Debt (Tables)
9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Summary of Carrying Value of Debt

The following presents the carrying value of the Company’s debt as of the respective period ends:

 

 

September 30, 2025

 

 

December 31, 2024

 

2025 Senior Term Loan

 

$

74,531

 

 

$

-

 

2025 GPO Convertible Note

 

 

19,223

 

 

 

-

 

Dragonfly Seller Convertible Notes

 

 

11,752

 

 

 

8,979

 

Convertible Debentures

 

 

29,753

 

 

 

-

 

Prior Senior Term Loan

 

 

-

 

 

 

88,595

 

GPO Convertible Note

 

 

-

 

 

 

36,524

 

Amended Legacy Notes

 

 

-

 

 

 

16,165

 

PPP loan

 

 

-

 

 

 

36

 

Total gross debt

 

 

135,259

 

 

 

150,299

 

Debt issuance costs and debt discount

 

 

(3,755

)

 

 

(3,222

)

Total

 

 

131,504

 

 

 

147,077

 

Less: Current maturities

 

 

(6,344

)

 

 

(36

)

Total Long-term debt

 

$

125,160

 

 

$

147,041

 

Summary of Estimated Fair Value of Debt

The following table summarizes the total estimated fair value of the Company's debt as of September 30, 2025 and December 31, 2024, respectively. These fair values are deemed Level 3 liabilities within the fair value measurement framework.

 

 

September 30, 2025

 

 

December 31, 2024

 

2025 Senior Term Loan

 

$

73,373

 

 

$

-

 

2025 GPO Convertible Note

 

 

19,223

 

 

 

-

 

Dragonfly Seller Convertible Notes

 

 

11,772

 

 

 

8,979

 

Convertible Debentures

 

 

19,835

 

 

 

-

 

Prior Senior Term Loan

 

 

-

 

 

 

90,679

 

GPO Convertible Note

 

 

-

 

 

 

36,524

 

Amended Legacy Notes

 

 

-

 

 

 

15,728

 

Total

 

$

124,203

 

 

$

151,910