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Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table provides information regarding the Company’s debt (in millions):
As of
March 31,
2026		December 31,
2025
Synovus Bank loan
$65.0 $65.0 
Less: unamortized discount and loan issuance costs(0.8)(0.8)
Carrying amount64.2 64.2 
Banc of California
$16.0 $16.1 
Less: unamortized discount and loan issuance costs— — 
Carrying amount16.0 16.1 
Total carrying amount of debt
80.2 80.3 
Less: Current portion of debt(1.4)(0.8)
Debt, net of current portion
$78.8 $79.5 
Synovus Bank Loan
On October 5, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with Synovus Bank, as administrative agent and lender, and the additional lenders from time to time (collectively, the “Lenders”). Pursuant to the Credit Agreement, the Company may borrow up to an aggregate principal amount of up to $65.0 million through multiple term loan advances (together, the “Synovus Loan”) to fund the construction and development of the Company’s manufacturing facility in Covington, Georgia.
The Company is required to make 120 monthly interest payments from November 14, 2023 until maturity, and 84 equal monthly principal installments from November 14, 2026 until maturity. The Credit Agreement matures on the earlier of October 5, 2033 or the date on which the outstanding Synovus Loan has been declared or automatically becomes due and payable pursuant to the terms of the Credit Agreement.
The interest rate on the Synovus Loan is a floating rate per annum equal to secured overnight financing rate (as defined in the Credit Agreement) plus the applicable margin of 2.0%, which increases by 5.0% per annum upon the occurrence of an event of default.
The Company’s obligations under the Credit Agreement are collateralized by funds in a collateral account and the Credit Agreement is guaranteed by certain domestic subsidiaries of the Company. The Company may prepay with a certain premium that links to the passage of time, and in certain circumstances would be required to prepay the Loan under the Credit Agreement without payment of a premium. The Credit Agreement contains customary representations and warranties, customary affirmative and negative covenants, and customary events of default. As of March 31, 2026, the Company was in compliance with all the covenants of the Credit Agreement.
The Company has fully drawn down the $65.0 million of the Synovus Loan as of March 31, 2026. The effective interest rate for the draw downs ranged from 5.9% to 6.4% and 6.0% to 6.5% as of March 31, 2026 and December 31, 2025, respectively. The Company incurred issuance costs of $1.0 million related to the loan outstanding as of March 31, 2026. The loan issuance costs will be amortized to interest expense over the contractual term of the Synovus Loan. During the three months ended March 31, 2026 and 2025, the Company recognized interest expense of $1.2 million and $1.1 million, respectively, including an immaterial amount related to the amortization of issuance costs within interest income, net in the condensed consolidated statements of operations.
Banc of California Loan
In connection with the acquisition of Hawthorne Airport, the Company assumed the Sellers’ outstanding loan with a principal balance of $16.1 million with Banc of California (the “Banc of California Loan”). The Banc of California Loan bears a fixed interest rate of 6.3% per annum and has an initial maturity date of April 2030, with an option to extend the maturity for an additional five years to April 2035 at an adjusted interest rate equal to the five-year U.S. Treasury rate plus 2.7%. The Banc of California Loan is secured by a leasehold deed of trust on the properties and contains representations, warranties, covenants, and indemnities customary for collateral commercial real estate debt.
The future scheduled principal maturities of the debt as of March 31, 2026 are as follows (in millions):
Remaining 2026$0.8 
20273.1 
20283.1 
20293.1 
203016.8 
Thereafter54.1 
Total debt payable
$81.0