FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

New Revolving Facility


	March 31, 2026				December 31, 2025
	Carrying amount		Fair value		Carrying amount		Fair value
New Revolving Facility	$	71,615	$	73,282	$	78,727	$	79,090

Schedule of Preferred Stock Derivative Liability

Derivative Liability

The Company’s derivative liability consists of a compound embedded derivative associated with the Series A Convertible Preferred Stock and Series B Convertible Preferred Stock (the “Convertible Preferred Derivative”).


	Fair Value Measurement Using (as of March 31, 2026)
	Level 1		Level 2		Level 3		Total
Convertible Preferred Derivative	$	—	$	—	$	9,300	$	9,300


	Level 3 Rollforward - Derivative Liability ( March 31, 2026)
	Balance at December 31, 2025		Change in fair value recognized in earnings		Conversions/ settlements		Balance at March 31, 2026
Convertible Preferred Derivative	$	13,600	$	(4,300)	$	—	$	9,300

Schedule of Changes in Assumption at Fair Value

The significant assumptions used in valuing the derivative liabilities as of March 31, 2026 include the following:


Convertible Preferred Derivative
Assumptions	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Units
Time to Liquidity	0.15	0.15	Years
Risk free rate (continuous)	3.7%	3.7%	Percent per annum
Volatility	90.0%	90.0%	Percent
Dividend Rate	12% - 18%	12% - 18%	Percent per annum
Discount Rate	19.0%	18.0%	Percent per annum

Schedule of Warrant Liability Activity

Warrant Liability


	Warrant liability - Public (Level 1) & Private Warrants (Level 3)
	Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total
Balance at December 31, 2025	$	45	$	—	$	1	$	46
Change in fair value	(16)		—		—		(16)
Balance at March 31, 2026	$	29	$	—	$	1	$	30