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

SHARES OF COMMON STOCK

v3.26.1
SHARES OF COMMON STOCK
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SHARES OF COMMON STOCK SHARES OF COMMON STOCK
The following table sets forth the changes in shares of common stock during the years ended December 31, 2025 and 2024:

December 31,
2025 2024
Common stock issued, beginning of year 18,201,093  17,476,530 
Vesting of restricted stock units 616,925  870,798 
Shares issued due to reverse split adjustment for rounding —  89,782 
Stock awards cancelled for employee tax withholdings (84,897) (236,017)
Common stock issued, end of year 18,733,121  18,201,093 
Treasury stock, at cost, beginning of year (1,192,737) (1,000,000)
Purchase of treasury stock —  (192,737)
Treasury stock, at cost, end of year (1,192,737) (1,192,737)
Common stock outstanding, end of the year 17,540,384  17,008,356 
LIQUIDITY
The Company identified certain negative financial trends, including recurring operating losses and fluctuating cash flows.

The Company has taken a number of actions to improve operations, including the restructuring actions as described in Note 23 — Restructuring Charges and has recorded positive cash flow for 2025 of $18.5 million. Although the Company currently expects to meet its near-term liquidity needs, there can be no assurance that its current sources of capital will be sufficient to satisfy its liquidity requirements in the future, which might require additional restructuring activities.

As of December 31, 2025, the Company had approximately $26.7 million of cash on hand and $25.0 million of capacity on the Revolving Credit Facility.