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): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | Assets: | | | | | | | | Money market funds(1) | $ | 1,019 | | | $ | — | | | $ | — | | | $ | 1,019 | | | Total assets | $ | 1,019 | | | $ | — | | | $ | — | | | $ | 1,019 | | | | | | | | | | | Liabilities: | | | | | | | | Warrant liability - Public Warrants(1) | $ | — | | | $ | 13 | | | $ | — | | | $ | 13 | | Warrant liability - Private Warrants(1) | — | | | 7 | | | — | | | 7 | | Revolving Equipment Notes(2) | — | | | — | | | 208,227 | | | 208,227 | | Term Loan(2) | — | | | — | | | 406,662 | | | 406,662 | | Revolving Credit Facility(2) | — | | | — | | | 36,353 | | | 36,353 | | | Total liabilities | $ | — | | | $ | 20 | | | $ | 651,242 | | | $ | 651,262 | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Fair Value | | Assets: | | | | | | | | Money market funds(1) | $ | 8,383 | | | $ | — | | | $ | — | | | $ | 8,383 | | | Total assets | $ | 8,383 | | | $ | — | | | $ | — | | | $ | 8,383 | | | | | | | | | | | Liabilities: | | | | | | | | Warrant liability - Public Warrants(1) | $ | — | | | $ | 13 | | | $ | — | | | $ | 13 | | Warrant liability - Private Warrants(1) | — | | | 7 | | | — | | | 7 | | Revolving Equipment Notes(2) | — | | | — | | | 180,676 | | | 180,676 | | Term Loan(2) | — | | | — | | | 345,386 | | | 345,386 | | Revolving Credit Facility(2) | — | | | — | | | 5,474 | | | 5,474 | | | Total liabilities | $ | — | | | $ | 20 | | | $ | 531,536 | | | $ | 531,556 | |
__________________(1)Financial instrument measured on a recurring basis. (2)Financial instrument measured on a non-recurring basis.
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