v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
As of March 31, 2026 and December 31, 2025, our total long-term debt and finance lease obligations are summarized as follows (in thousands):
March 31, 2026December 31, 2025
(unaudited)
2022 ABL Credit Facility$65,986 $58,786 
First Lien Term Loan1
166,142 166,241 
2025 Second Lien Term Loan1
64,393 62,063 
Equipment Financing Loans1,362 1,436 
Total 297,883 288,526 
Finance lease obligations8,617 8,675 
Total long-term debt and finance lease obligations306,500 297,201 
Current portion of long-term debt and finance lease obligations(3,884)(3,858)
Total long-term debt and finance lease obligations, less current portion$302,616 $293,343 
1    Comprised of principal amount outstanding, less unamortized debt issuance costs. See below for additional information.
Summary of Debt The terms of the Revolving Credit Loans are described in the table below (dollar amounts are presented in thousands):
Maturity date10/2/2028
Interest rateSOFR + applicable margin (or base rate + applicable margin)
Actual interest rate:
3/31/20267.28%
3/31/20258.69%
Interest paymentsmonthly
Cash paid for interest
YTD 3/31/2026$973
YTD 3/31/2025$1,761
Principal balance
3/31/2026$65,986
12/31/2025$58,786
Unamortized balance of deferred financing cost
3/31/2026$902
12/31/2025$991
Available amount at 3/31/2026$30,495
The terms of the Initial First Lien Term Loans are described in the table below (dollar amounts are presented in thousands):
Maturity date3/12/2030
Stated interest rateSOFR+applicable margin (or base rate+applicable margin)
Principal payments
$438 quarterly
Effective interest rate
3/31/202611.21%
3/31/202512.64%
Actual interest rate
3/31/20269.42%
3/31/202510.83%
Interest payments
variable1
Cash paid for interest
YTD 3/31/2026$1,494
YTD 3/31/2025$—
Balances at 3/31/2026
Principal balance $173,250
Unamortized balance of debt discount and issuance cost1
$(7,108)
Net carrying balance$166,142
Balances at 12/31/2025
Principal balance$173,688
Unamortized balance of debt discount and issuance cost2
$(7,447)
Net carrying balance$166,241
1    Interest payment dates may be monthly or quarterly based on the Company’s election (subject to availability), adjusted to the nearest business day.
The terms of the 2025 Second Lien Term Loans are described in the table below (dollar amounts are presented in thousands):
Maturity date6/10/2030
Principal payments
quarterly1
Effective interest rate
3/31/202616.32%
3/31/202516.01%
Actual interest rate
3/31/202613.50%
3/31/202513.50%
Interest payments
quarterly 2
Cash paid for interest
YTD 3/31/2026$—
YTD 3/31/2025$—
PIK interest added to principal balance
YTD 3/31/2026$2,120
YTD 3/31/2025$—
Balances at 3/31/2026
Principal balance$65,817
Unamortized balance of debt issuance cost$(1,424)
Net carrying balance$64,393
Balances at 12/31/2025
Principal balance$63,696
Unamortized balance of debt issuance cost$(1,633)
Net carrying balance$62,063
1    Principal payments represent a percentage (ranges between 0% and 0.25% based on the First Lien Net Leverage Ratio) of the outstanding principal balance. As of March 31, 2026 we are not making quarterly principal payments.
2    Interest payments are based on the First Lien Net Leverage Ratio and may be paid in cash or PIK. As of March 31, 2026, all interest is PIK.