Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash $ 26,730 $ 19,408
Accounts receivable, net 47,003 43,980
Inventories, net 3,170 6,653
Prepaid expenses and other current assets 9,022 9,922
Total current assets 85,925 79,963
Noncurrent assets:    
Restricted cash 268 293
Property and equipment, net 6,744 9,052
Intangible assets, net 83,005 125,057
Goodwill 228,844 228,844
Operating lease right-of-use assets 1,513 8,412
Other non-current assets 4,246 4,212
Total assets 410,545 455,833
Current liabilities:    
Accounts payable 12,353 14,827
Accrued liabilities 38,095 31,849
Current portion of operating lease liabilities 585 1,431
Deferred revenue 9,091 8,509
Current portion of long-term debt, net 1,850 1,850
Warrant liabilities to affiliates 10,029 7,624
Total current liabilities 72,003 66,090
Noncurrent liabilities:    
Operating lease liabilities 1,279 8,278
Long-term debt, net 295,237 295,661
Deferred income tax liabilities, net 887 4,131
Accrued interest due to affiliate 47,907 23,798
Mandatorily redeemable preferred stock due to affiliate, net 143,912 142,776
Other liabilities 13,100 14,699
Total liabilities 574,325 555,433
Commitments and Contingencies
Stockholders’ deficit:    
Common stock, voting; par value $0.0001 per share; $315,000,000 shares authorized; $18,733,121 shares issued and $17,540,384 outstanding as of December 31, 2025, and 18,201,093 shares issued and 17,008,356 outstanding as of December 31, 2024 8 8
Additional paid in capital 470,612 468,711
Accumulated other comprehensive loss (6,883) (3,778)
Accumulated deficit (624,332) (561,356)
Treasury stock, at cost, 1,192,737 shares (3,185) (3,185)
Total stockholders’ deficit (163,780) (99,600)
Total liabilities and stockholders’ deficit $ 410,545 $ 455,833