v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash $ 9,501 $ 24,702
Restricted cash 455 0
Receivables, net of allowance for doubtful accounts of $366 and $763 14,724 22,318
Inventories, net 0 211,946
Income tax receivable 593 6,116
Prepaid expenses and other 4,150 1,823
Current assets held for sale 173,683 86,869
Total current assets 203,106 353,774
Property and equipment, net 0 174,324
Operating lease right-of-use assets 0 13,812
Intangible assets, net 0 54,957
Other assets 3,475 3,216
Long-term assets held for sale 126,590 75,747
Total assets 333,171 675,830
Current liabilities:    
Accounts payable 16,639 22,426
Accrued expenses and other current liabilities 21,385 31,211
Floor plan notes payable, net of debt discount 183,991 306,036
Current portion of financing liability 512 2,792
Current portion of revolving credit facility, net of debt discount 27,659 10,000
Current portion of long-term debt, net of debt discount 12,522 1,168
Current portion of operating lease liability 1,328 3,711
Current liabilities related to assets held for sale 2,993 1,530
Total current liabilities 267,029 378,874
Long-term liabilities:    
Financing liability, net of debt discount 27,197 76,007
Revolving credit facility, net of debt discount 0 20,344
Operating lease liability 4,934 10,592
Deferred income tax liability 490 1,348
Warrant liabilities 173 5,709
Other long-term liabilities 0 6,721
Long-term liabilities related to assets held for sale 59,650 23,001
Total liabilities 359,473 586,230
Commitments and contingencies - see Note 10
Stockholders’ Equity (Deficit)    
Common stock, $0.0001 par value; 500,000,000 shares authorized; 3,849,396 and 3,774,239 shares issued; and 3,735,655 and 3,660,498 shares outstanding [1] 0 0
Additional paid-in capital [1] 262,076 261,475
Treasury stock, at cost, 113,741 and 113,741 shares (57,128) (57,128)
Retained deficit (231,250) (114,747)
Total stockholders’ equity (deficit) (26,302) 89,600
Total liabilities and stockholders’ equity (deficit) 333,171 675,830
Nonrelated Party    
Long-term liabilities:    
Long-term debt, net of debt discount 0 27,417
Related Party    
Long-term liabilities:    
Long-term debt, net of debt discount $ 0 $ 36,217
[1]
(1) Amounts have been adjusted to reflect the reverse stock split effective on July 11, 2025. Refer to Note 2 - Basis of Presentation and Critical Accounting Policies for further information.