Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash $ 28,924 $ 26,730
Accounts receivable, net 41,707 47,003
Inventories, net 3,705 3,170
Prepaid expenses and other current assets 8,759 9,022
Total current assets 83,095 85,925
Noncurrent assets:    
Restricted cash 268 268
Property and equipment, net 5,963 6,744
Intangible assets, net 72,259 83,005
Goodwill 228,844 228,844
Operating lease right-of-use assets 1,453 1,513
Other non-current assets 4,230 4,246
Total assets 396,112 410,545
Current liabilities:    
Accounts payable 13,322 12,353
Accrued liabilities 33,258 38,095
Current portion of operating lease liabilities 593 585
Deferred revenue 8,682 9,091
Current portion of long-term debt, net 1,850 1,850
Warrant liabilities to affiliates 21,573 10,029
Total current liabilities 79,278 72,003
Noncurrent liabilities:    
Operating lease liabilities 1,169 1,279
Long-term debt, net 295,110 295,237
Deferred income tax liabilities, net 533 887
Accrued interest due to affiliate 54,342 47,907
Mandatorily redeemable preferred stock due to affiliate, net 144,194 143,912
Other liabilities 12,991 13,100
Total liabilities 587,617 574,325
Commitments and Contingencies
Stockholders’ deficit:    
Common stock 8 8
Additional paid-in capital 470,502 470,612
Accumulated other comprehensive loss (6,042) (6,883)
Accumulated deficit (652,788) (624,332)
Treasury stock, at cost, 1,192,737 shares (3,185) (3,185)
Total stockholders’ deficit (191,505) (163,780)
Total liabilities and stockholders’ deficit $ 396,112 $ 410,545