v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of New Revolving Facility
New Revolving Facility
December 31, 2025
Carrying amountFair value
New Revolving Facility$78,727 $79,090 
Existing Revolving Facility and Existing Term Loan

December 31, 2024
Carrying amountFair value
Existing Revolving Facility$82,582 $84,422 
Existing Term Loan30,047 33,151 
$112,629 $117,573 
Schedule of Preferred Stock Derivative Liability
Derivative Liabilities
The Company’s derivative liabilities include a compound embedded derivative associated with the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (the “Convertible Preferred Derivative”). During 2025, the Company also had an embedded conversion feature associated with the New Term Loan (the “New Term Loan Derivative”), which was extinguished on November 3, 2025 (see Notes 6 and 7 for further information).
Fair Value Measurement Using (as of December 31, 2025)
Level 1Level 2Level 3Total
Convertible Preferred Derivative— — $13,600 13,600 

Level 3 Rollforward - Derivative Liabilities (Year ended December 31, 2025)
Balance at December 31, 2024Initial recognition at issuance Change in fair value recognized in statement of operations and comprehensive income (loss)
Conversions/ settlements
Balance at December 31, 2025
 New Term Loan Derivative—$— $3,558 $1,589 $(5,147)$— 
Convertible Preferred Derivative$— $31,000 $(17,400)$— $13,600 
Schedule of Changes in Assumption at Fair Value
The significant assumptions used in valuing the derivative liabilities include the following:

Convertible Preferred Derivative
AssumptionsSeries A Convertible Preferred StockSeries B Convertible Preferred StockUnits
Time to Liquidity0.390.39Years
Risk free rate (continuous)3.6%3.6%Percent per annum
Volatility120.0%120.0%Percent
Dividend Rate
12% - 19%
12% - 19%
Percent per annum
Discount Rate19.0%18.0%Percent per annum
New Term Loan Derivative
AssumptionsPercent
Net originations risk premium3.4%
Enterprise value volatility40.0%
Net originations volatility14.0%
Risk-free rate4.2%
Weighted probability analysis of a capital transaction (occur)75.0%
Weighted probability analysis of a capital transaction (not occur)25.0%
Schedule of Warrant Liability Activity
Warrant Liability

Warrant liability - Public (Level 1) & Private Warrants (Level 3)
Fair Value Measurement Using
Level 1Level 2Level 3Total
Balance at December 31, 2024$76 $— $2 $78 
Change in fair value
(31)— (1)(32)
Balance at December 31, 2025$45 $— $1 $46