Financial instruments that are measured at fair value on a recurring and non-recurring basis and their corresponding placement in the fair value hierarchy consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | Assets: | | | | | | | | Money market funds(1) | $ | 20,995 | | | $ | — | | | $ | — | | | 20,995 | | | Total assets | $ | 20,995 | | | $ | — | | | $ | — | | | $ | 20,995 | | | | | | | | | | | Liabilities: | | | | | | | | Warrant liability - Public Warrants(1) | $ | — | | | $ | 13 | | | $ | — | | | $ | 13 | | Warrant liability - Private Warrants(1) | — | | | 7 | | | — | | | 7 | | Revolving Equipment Notes(2) | — | | | — | | | 307,927 | | | 307,927 | | Term Loan(2) | — | | | — | | | 307,556 | | | 307,556 | | | Total liabilities | $ | — | | | $ | 20 | | | $ | 615,483 | | | $ | 615,503 | | | | | | | | | | | December 31, 2024 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | Assets: | | | | | | | | Money market funds(1) | $ | 80,812 | | | $ | — | | | $ | — | | | $ | 80,812 | | | Total assets | $ | 80,812 | | | $ | — | | | $ | — | | | $ | 80,812 | | | | | | | | | | | Liabilities: | | | | | | | | Warrant liability - Public Warrants(1) | $ | — | | | $ | 13 | | | $ | — | | | $ | 13 | | Warrant liability - Private Warrants(1) | — | | | 7 | | | — | | | 7 | | Revolving Equipment Notes(2) | — | | | — | | | 317,484 | | | 317,484 | | Term Loan(2) | — | | | — | | | 284,845 | | | 284,845 | | | Total liabilities | $ | — | | | $ | 20 | | | $ | 602,329 | | | $ | 602,349 | |
__________________(1)Financial instrument measured on a recurring basis. (2)Financial instrument measured on a non-recurring basis.
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