Borrowings (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The Company’s debt obligations consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Maturity Date | | Principal Outstanding | | Carrying Value* | | Principal Outstanding | | Carrying Value* | | 2021 Convertible Note Payable | June 2026 | | $ | — | | | $ | — | | | $ | 122,868 | | | $ | 109,838 | | Delayed Draw Term Loan | June 2034(1) | | 187,587 | | | 61,705 | | | 179,542 | | | 76,188 | | | AFG Convertible Notes | June 2026(2) | | 25,315 | | | 75,225 | | | 22,353 | | | 63,033 | | Notes payable - related party | | | 212,902 | | | 136,930 | | | 324,763 | | | 249,059 | | | 2025 Convertible Notes | June 2030 | | 250,000 | | | 239,251 | | | — | | | — | | | Equipment financing facility | April 2026 | | 1,074 | | | 1,073 | | | 2,386 | | | 2,385 | | | DOE Loan Facility | June 2034(1) | | 69,893 | | | 68,023 | | | 68,386 | | | 65,452 | | | Total borrowings | | | 533,869 | | | 445,277 | | | 395,535 | | | 316,896 | | | Current portion | | | 1,074 | | | 1,073 | | | 2,014 | | | 2,014 | | | Total borrowings, non-current | | $ | 532,795 | | | $ | 444,204 | | | $ | 393,521 | | | $ | 314,882 | |
*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value. (1) The DDTL and DOE Loan Facility contain Springing Maturity dates that could make the debt due March 14, 2030. (2) Subsequent to the balance sheet date, the AFG Convertible Notes agreement was amended to change the maturity date to September 30, 2034. See Note 22, Subsequent Events for further discussion. The Company has drawn a portion of the facility as follows: | | | | | | | | | | | | | | | | | | | Date of Draw | Gross Amount of Initial Draw | | Coupon Interest Rate | | Debt Issuance Costs | | September 2021 | $ | 7,000 | | | 14.3% | | $ | 175 | | | September 2022 | 4,216 | | | 16.2% | | 96 | | | Total Equipment Financing loans | $ | 11,216 | | | | | $ | 271 | |
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| Schedule of Interest Expense |
Interest expense recognized on the 2025 Convertible Notes is as follows: | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | For the Six Months Ended June 30, 2025 | | Contractual interest expense | $ | 1,223 | | | $ | 1,223 | | Amortization of debt discount | 115 | | | 115 | | | Amortization of debt issuance costs | 10 | | | 10 | | | Total | $ | 1,348 | | | $ | 1,348 | |
Interest expense recognized on the 2021 Convertible Note is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Contractual interest expense | $ | 1,229 | | | $ | 1,737 | | | $ | 3,072 | | | $ | 3,474 | | | Amortization of debt discount | 1,315 | | | 1,588 | | | 3,230 | | | 3,119 | | | Amortization of debt issuance costs | 127 | | | 154 | | | 311 | | | 302 | | | Total | $ | 2,671 | | | $ | 3,479 | | | $ | 6,613 | | | $ | 6,895 | |
Interest expense recognized on the DOE Loan Facility is as follows: | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | For the Six Months Ended June 30, 2025 | | Contractual interest expense | $ | 827 | | | $ | 1,635 | | | Amortization of debt issuance costs | 581 | | | 1,200 | | | Total | $ | 1,408 | | | $ | 2,835 | |
Interest expense recognized on the AFG Convertible Notes is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Contractual interest expense | $ | 1,481 | | | $ | 1,154 | | | $ | 2,962 | | | $ | 2,309 | | | Amortization of debt discount | 279 | | | 218 | | | 558 | | | 436 | | Amortization of issuance costs | 79 | | | 61 | | | 158 | | | 123 | | | Total | $ | 1,839 | | | $ | 1,433 | | | $ | 3,678 | | | $ | 2,868 | |
| | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2024 | | Contractual interest expense | $ | 3,174 | | | $ | 6,858 | | | Amortization of debt discount | 109 | | | 224 | | | Amortization of debt issuance costs | 963 | | | 1,980 | | | Total | $ | 4,246 | | | $ | 9,062 | |
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| Schedule of Line of Credit Facilities |
The carrying value for the 2025 Convertible Notes is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | June 13, 2025 | | June 11, 2025 | | June 03, 2025 | Principal | $ | 250,000 | | | $ | 250,000 | | | $ | 237,500 | | | $ | 225,000 | | Unamortized debt discount | (9,885) | | | (10,000) | | | (9,500) | | | (9,000) | | | Unamortized debt issuance costs | (864) | | | (874) | | | (874) | | | (874) | | | | | | | | | | | Aggregate carrying value | $ | 239,251 | | | $ | 239,126 | | | $ | 227,126 | | | $ | 215,126 | |
The carrying value for the DOE Loan Facility is as follows: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Principal (life to date draw-downs) | $ | 68,279 | | | $ | 68,279 | | Capitalized PIK Interest | 1,614 | | | 107 | | | Unamortized debt issuance costs | (1,870) | | | (2,934) | | | Aggregate carrying value | $ | 68,023 | | | $ | 65,452 | |
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| Schedule of Balances Recognized upon Issuance of Convertible Notes |
The balances for the 2021 Convertible Note are as follows: | | | | | | | | | | | December 31, 2024 | | Principal | | $ | 122,868 | | | Unamortized debt discount | | (13,045) | | | Unamortized debt issuance costs | | (1,257) | | | Embedded conversion feature | | 1,272 | | | Aggregate carrying value | | $ | 109,838 | |
The balances for the AFG Convertible Notes are as follows: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Principal | $ | 25,315 | | | $ | 22,353 | | | Unamortized debt discount | (1,349) | | | (1,906) | | | Unamortized debt issuance costs | (380) | | | (538) | | | Embedded conversion feature | 51,639 | | | 43,124 | | | Aggregate carrying value | $ | 75,225 | | | $ | 63,033 | |
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