v3.25.3
Debt, Net
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt, Net Debt, Net
The following table summarizes the components of Debt, net (in thousands):
September 30,
2025		December 31,
2024
Debt, net, current:
Notes payable$29 $54 
Total$29 $54 
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $1,407 as of September 30, 2025, and $1,913 as of December 31, 2024, net of amortization
$13,592 $13,087 
Subordinated Notes120,817 112,190 
Notes payable— 22 
Less, debt issuance costs(249)(354)
Total$134,160 $124,945 
The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2025 (in thousands). See Note 21 – Subsequent Events for additional information on the October 2025 repayment of debt.
October 1, 2025 through December 31, 2025$7 
202622 
2027135,816 
2028— 
2029— 
Sub-total135,845 
Less, original issue discount, net of accumulated amortization of $18,923
(1,407)
Less, debt issuance costs, net of accumulated amortization of $4,637
(249)
Total debt, net$134,189 
Interest expense
The following table summarizes the components of recorded Interest expense (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Sprott Credit Agreement (1)
$403 $439 $1,200 $1,380 
Subordinated Notes (2)
2,947 2,669 8,626 7,814 
Amortization of original issue discount (3)
178 149 506 448 
Amortization of debt issuance costs (3)
36 34 105 114 
Other interest expense— 1 (7)3 
Accelerated amortization of original issue discount and issuance costs— — — 6,871 
  Total$3,564 $3,292 $10,430 $16,630 
(1)The Sprott Credit Agreement bears interest monthly at a floating rate of the Secured Overnight Financing Rate plus 0.26% adjustment plus 6.00%. The current effective interest rate at September 30, 2025 was 18.08%, including amortization.
(2)The Subordinated Notes bear interest at 10.00% per annum (non-cash), payable in-kind on a quarterly basis.
(3)The effective interest rate for the amortization of the discount and issuance costs, as of September 30, 2025, was 2.40%.
Debt covenants
The Company’s debt agreements contain representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types.
As of September 30, 2025, the Company was in compliance with all financial covenants under its debt agreements.