v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The current portion of long-term debt consists of the following:
 March 31, 2026December 31, 2025
VFI Equipment Financing$2,334 $2,276 
Notes payable2,199 1,847 
Finance leases216 243 
Current portion of long-term debt$4,749 $4,366 

Long-term debt, net of current portion consists of the following:
 March 31, 2026December 31, 2025
FCB ABL Credit Facility$— $— 
VFI Equipment Financing3,735 4,323 
Notes payable5,386 4,264 
Finance leases35 70 
Long-term debt$9,156 $8,657 
The following summarizes the maturity of our debt:
FCB ABL Credit FacilityVFI Equipment FinancingNotes PayableFinance LeasesTotal
Remainder of 2026$— $2,205 $1,879 $193 $4,277 
2027— 2,940 2,411 65 5,416 
2028— 1,960 2,063 7 4,030 
2029— — 1,411 — 1,411 
2030— — 723 — 723 
2031 and thereafter— — 40 — 40 
Total minimum payments— 7,105 8,527 265 15,897 
Amount representing interest— (956)(942)(14)(1,912)
Amount representing unamortized lender fees(80)(80)
Present value of payments251 
Less: current portion— (2,334)(2,199)(216)(4,749)
Total long-term debt$— $3,735 $5,386 $35 $9,156 

FCB ABL Credit Facility
On September 3, 2024, the Company entered into the FCB ABL Credit Facility. The FCB ABL Credit Facility provides for non-amortizing revolving loans in an aggregate principal amount of up to $30,000, subject to a borrowing base comprised of eligible inventory and accounts receivable. Additionally, obligations under the FCB ABL Credit Facility are guaranteed by certain of our wholly-owned domestic subsidiaries and secured by a first-priority security interest in certain non-real estate assets. Borrowings under the FCB ABL Credit Facility bear interest at a rate equal to the secured overnight financing rate (“SOFR”) plus a margin of 2.75%. The FCB ABL Credit Facility matures in September 2029.
The FCB ABL Credit Facility contains a number of covenants that, among other things, restrict our ability to incur liens or other indebtedness, make certain restricted payments, merge or consolidate and dispose of assets. In addition, the FCB ABL Credit Facility requires us in certain limited circumstances to maintain a minimum fixed charge coverage ratio of 1.0. The FCB ABL Credit Facility also contains certain affirmative covenants and events of default customary for facilities of this type. The Company was compliant with all requirements of this facility.
The available borrowing amount under the FCB ABL Credit Facility as of March 31, 2026 was $30,000 and is based on the Company’s eligible accounts receivable and inventory. The Company had no borrowings outstanding and $30,000 available to be drawn under this facility as of March 31, 2026. There was no interest paid on this facility for the three months ended March 31, 2026.
VFI Equipment Financing
On June 28, 2024, the Company entered into the VFI Equipment Financing with a principal amount of $10,000. The VFI Equipment Financing is legally comprised of a Master Lease Agreement and one lease schedule. The VFI Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement for accounting and financial reporting purposes, and not a lease. The collateral under the VFI Equipment Financing includes the majority of the Company’s SmartSystems equipment. The VFI Equipment Financing bears interest at a fixed rate of 11.56%. The Company used the net proceeds to refinance a prior fixed rate facility, and the remainder was added to working capital. The VFI Equipment Financing matures on September 30, 2028. The Company will reacquire the underlying equipment on the lease schedule upon maturity for one dollar.
Notes Payable
The Company has entered into various financing arrangements, primarily to finance heavy equipment. As of March 31, 2026, these notes payable bear interest at rates between 0.00% and 8.49%.