12. DEBT

The following table summarizes the components of long-term debt as of April 3, 2026 and December 31, 2025:

The following table summarizes the components of long-term debt – related party as of April 3, 2026 and December 31, 2025:

The following table presents the future principal payments due under the Company’s debt amounts, excluding forgivable loans and unamortized debt issuance costs, as of April 3, 2026:

Term Loans

As of April 3, 2026 and December 31, 2025, the Company has borrowings under multiple term loans. The term loans certain restrictive and financial covenants. As of April 3, 2026 and December 31, 2025, the Company was in compliance with these covenants.

Wells Fargo Term Loan

On November 6, 2023, the Company entered into a secured $8.7 million term note with Wells Fargo Bank (the “Wells Fargo Term Loan”). Amounts under the Wells Fargo Term Loan were secured by substantially all of the assets of a consolidated subsidiary.

The Wells Fargo Term Loan accrues interest monthly based on a floating rate, as defined by the lender, and are subject to periodic adjustments based on prevailing market conditions. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized approximately $0.1 million and $0.2 million of interest expense, respectively. As of April 3, 2026 and December 31, 2025, the applicable interest rates were 6.42% and 6.62%, respectively, on the portion of outstanding principal entered into during November 2023 and 8.50% on the incremental borrowings entered into during December 2024.

Under the Wells Fargo Term Loan, the Company makes monthly principal payments of approximately $0.1 million per month. During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate principal payments of approximately $0.6 million and $0.4 million, respectively, and aggregate interest payments of approximately $0.2 million during both periods related to the Wells Fargo Term Loan.

The Wells Fargo Term Loan has a maturity date of November 6, 2028.

As of April 3, 2026 and December 31, 2025, the outstanding balance related to the Wells Fargo Term Loan was approximately $7.1 million and $7.7 million, of which approximately $1.6 million and $1.6 million, respectively, were included within current portion of long-term debt and $5.5 million and $6.1 million, respectively, were included long-term debt, net of current portion, on the consolidated balance sheets.

The Wells Fargo Term Loan contains financial covenants, including leverage ratio requirements.

First BankProv Term Note

On March 2, 2020, the Company entered into a secured $6.5 million term note with Provident Bank (the “First BankProv Term Note”). Amounts under the First BankProv Term Note are secured by certain assets of a consolidated subsidiary.

The First BankProv Term Note accrues monthly interest based on a stated interest rate of 4.79%. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized less than $0.1 million of interest expense during both periods.

During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate principal payments of approximately $0.3 million for both periods and aggregate interest payments of less than $0.1 million, related to the First BankProv Term Note.

On March 31, 2026, the Company amended the First BankProv Term Note to extend the maturity date from March 2, 2027 to March 1, 2033. In connection with the amendment, the interest rate increased to a fixed rate of 6.50% and the repayment schedule was amended, whereby the Company is required to make interest only payments for a period of twelve months commencing April 1, 2026, followed by principal payments over a six-year amortization period.

The First BankProv Term Note has a maturity date of March 1, 2033.

As of April 3, 2026 and December 31, 2025, the outstanding balance of the First BankProv Term Note was approximately $1.4 million and $1.7 million, respectively, of which $0.0 million and $1.4 million were included within current portion of long-term debt, respectively, and $1.4 million and $0.3 million were included in long-term debt, net of current portion, respectively, on the consolidated balance sheets.

The First BankProv Term Note contains financial covenants, including leverage ratio requirements.

United Federal Credit Union Term Note

On September 23, 2024, the Company entered into a secured $1.6 million term note with United Federal Credit Union (the “United Federal Credit Union Note”). Amounts under the United Federal Credit Union Note are secured by the related solar project managed by one of the Company’s consolidated subsidiaries.

The United Federal Credit Union Note accrues interest monthly based on a stated interest rate of 9.00% with monthly principal payments commencing in March 2025. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized less than $0.1 million of interest expense for both periods.

During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate principal payments of approximately $0.1 million and less than $0.1 million, respectively, and aggregate interest payments of less than $0.1 million for both periods, related to the United Federal Credit Union Term Note.

The United Federal Credit Union Note has a maturity date of September 10, 2027.

As of April 3, 2026 and December 31, 2025, the outstanding balance related to the United Federal Credit Union Note was approximately $1.0 million and $1.1 million, respectively, of which approximately $0.6 million and $0.6 million were included within current portion of long-term debt and $0.4 million and $0.5 million were included within long-term debt, net of current portion, respectively, on the consolidated balance sheets.

October 2023 Term Loans

On October 6, 2023, the Company entered into two separate term loans with investors of a consolidated subsidiary, with aggregate gross proceeds of approximately $0.5 million (the “October 2023 Term Loans”).

The October 2023 Term Loans accrued interest monthly based on a stated fixed interest rate of 8.00%. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized approximately $0.0 million and less than $0.1 million of interest expense, respectively, related to the October 2023 Term Loans.

During both the three months ended April 3, 2026 and March 31, 2025, the Company paid $0.5 million $0.0 million of principal, respectively and less than $0.1 million for interest during both periods, on the October 2023 Term Loans.

The maturity dates of the October 2023 Term Loans ranged from October 2026 to October 2027, however, the October 2023 Term Loans were terminated and replaced by the AAI Note (defined below) as part of the Reorganization.

As of April 3, 2026 and December 31, 2025, the outstanding balance related to the October 2023 Term Loans was $0.0 million and $0.5 million, of which approximately $0.0 million and $0.3 million and were included within current portion of long-term debt and $0.0 million and $0.2 million were included within long-term debt, net of current portion, respectively, on the consolidated balance sheets.

In April 2025, the Company amended one of the October 2023 Term Loans to add a conversion feature to enable the holder to convert the outstanding principal and accrued interest into membership units of one of the Company’s consolidated subsidiaries upon certain liquidity events, including an initial public offering. The conversion option did not require separate accounting as a derivative.

Other Equipment Loans

From March 2020 to December 2022, the Company entered into numerous agreements to borrow an aggregate amount of approximately $0.8 million related to secured equipment loans from various lenders (the “Other Equipment Loans”). The Other Equipment Loans are secured by certain assets owned by a consolidated subsidiary.

The Other Equipment Loans accrue monthly interest, with interest rates ranging from 0.00% to 7.25%. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized less than $0.1 million of interest expense during both periods.

During the three months ended April 3, 2026 and March 31, 2025, the Company made aggregate principal payments of less than $0.1 million, respectively, and aggregate interest payments of less than $0.1 million during both periods, related to the Other Equipment Loans.

The Other Equipment Loans have maturity dates ranging from October 2026 through November 2028.

As of April 3, 2026 and December 31, 2025, the outstanding balance related to the Other Equipment Loans was approximately $0.2 million, of which $0.1 million and $0.1 million, were included within current portion of long-term debt and long-term debt, net of current portion, respectively, on the consolidated balance sheets.

FAME 2023 Loan

On September 1, 2023, the Company entered into an unsecured and forgivable $0.3 million loan agreement with the Finance Authority of Maine COVID Relief Program (the “FAME 2023 Loan”).

The FAME 2023 Loan was borrowed with no stated interest rate. The amount borrowed under the FAME 2023 Loan is forgiven annually, 30 days following each anniversary date, at 25% increments.

As of April 3, 2026 and December 31, 2025, the outstanding balance of the FAME 2023 Loan was approximately $0.1 million, which is expected to be fully forgiven.

The maturity date of the FAME 2023 Loan is October 1, 2026.

As of April 3, 2026 and December 31, 2025, $0.1 million which was included within current portion of long-term debt and $0.0 million, were included within long-term debt, net of current portion, respectively on the consolidated balance sheets.

Symphony Term Loans

On November 14, 2025, as of a result of the Company’s acquisition of Symphony, the Company assumed certain liabilities related to approximately $0.1 million of promissory notes (the “Symphony Term Loans”) with Rockland Trust Bank (“Rockland Trust’). The Symphony Term Loans were secured by substantially all the assets of a consolidated subsidiary.

The Symphony Term Loans accrued monthly interest, with interest rates ranging from 4.25% to 7.49%. During the three months ended April 3, 2026, the Company recognized less than $0.1 million of interest expense.

During the three months ended April 3, 2026, the Company made payments of less than $0.1 million of principal and interest, related to the Symphony Term Loans.

The Symphony Term Loans had maturity dates ranging from March 2026 through August 2029. On May 5, 2026, the Company repaid the Symphony Term Loans, and the Symphony Term Loans were terminated.

As of both April 3, 2026 and December 31, 2025, the outstanding balance related to the Symphony Term Loans was less than $0.1 million, of which less than $0.1 million and less than $0.1 million were included within current portion of long-term debt and long-term debt, net of current portion, respectively, on the consolidated balance sheets.

March 2022 Promissory Note

On March 1, 2022, the Company entered into a promissory note with a principal $3.4 million term owed to a former employee of the Company (the “March 2022 Promissory Note”).

The March 2022 Promissory Note accrued interest monthly based on a floating rate equal to the Wall Street Journal prime rate plus a spread of 2.00%. In August 2025, the Company paid the remaining principal amount owed of approximately $2.6 million and the March 2022 Promissory Note was terminated. As of April 3, 2026 and December 31, 2025, there was no outstanding amount related to the March 2022 Promissory Note.

During the three months ended March 31, 2025, the Company recognized approximately $0.1 million of interest expense related to the March 2022 Promissory Note.

During the three months ended March 31, 2025, the Company made aggregate principal and interest payments of approximately $2.1 million and $0.1 million, respectively, related to the March 2022 Promissory Note.

Second BankProv Term Note

On March 2, 2020, the Company entered into a secured $1.5 million term note with Provident Bank (the “Second BankProv Term Note”). Amounts under the Second BankProv Term Note were secured by certain assets of a consolidated subsidiary.

The Second BankProv Term Note accrued monthly interest based on a stated interest rate of 4.08%. The Second BankProv Term Note had a maturity date of March 2, 2025. In March 2025, the Company paid the remaining principal amount owed of approximately $0.1 million and the Second BankProv Term Note was terminated.

During the three months ended March 31, 2025, the Company recognized less than $0.1 million of interest expense, related to the Second BankProv Term Note.

During the three months ended March 31, 2025, the Company paid aggregate principal payments of approximately $0.1 million and aggregate interest payments of less than $0.1 million related to the Second BankProv Term Note.

The Second BankProv Term Note contained financial covenants, including leverage ratio requirements.

Line of Credit Facilities

As of April 3, 2026 and December 31, 2025 2024, the Company has borrowings under revolving line of credit facilities. The lines of credit contain certain restrictive and financial covenants. As of April 3, 2026 and December 31, 2025, the Company was in compliance with these covenants.

Wells Fargo Line of Credit

On November 6, 2023, the Company entered into a $40.0 million revolving credit facility with Wells Fargo Bank (the “Wells Fargo LOC”). Amounts under the Wells Fargo LOC are secured by substantially all of the assets of a consolidated subsidiary.

The Wells Fargo LOC accrues interest monthly based on a floating rate, as defined by the lender, and is subject to periodic adjustments based on prevailing market conditions. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized approximately $0.4 million and $0.2 million of interest expense, respectively, related to the Wells Fargo LOC.

During the three months ended April 3, 2026 and March 31, 2025, the Company repaid amounts, net of borrowings, of approximately $1.8 million and $2.0 million, respectively from the Wells Fargo Line of Credit. During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate interest payments of approximately $0.5 million and $0.2 million, respectively, related to the Wells Fargo Line of Credit.

The Wells Fargo LOC expires in November 2028.

As of April 3, 2026 and December 31, 2025, outstanding borrowings under the Wells Fargo LOC totaled approximately $18.7 million and $20.5 million, respectively. As of April 3, 2026, availability to borrow under the Wells Fargo Line of Credit was approximately $21.2 million, as the principal sum of up to $39.9 million was available to be borrowed. As of April 3, 2026 and December 31, 2025, the applicable interest rates were 5.91% and 5.92%, respectively, on $10.0 million outstanding as of each period and 7.75% and 7.75%, respectively, on the remaining outstanding amount of approximately $8.7 million and $10.5 million, respectively. As of April 3, 2026 and December 31, 2025, the Wells Fargo LOC Credit was included within long-term debt, net of current portion on the consolidated balance sheets.

The Company is required to pay customary fees associated with the credit facility, including commitment and administrative fees. The Wells Fargo LOC contains financial covenants, including leverage ratio requirements.

Domestic March 2020 Line of Credit

On March 2, 2020, the Company entered into a $3.0 million demand line of credit with the Provident Bank (the “Domestic March 2020 Line of Credit”) to finance domestic receivables and inventory. Amounts under the Domestic March 2020 Line of Credit are secured by certain assets of a consolidated subsidiary.

On January 30, 2025, the Company entered into an amendment to the Domestic March 2020 Line of Credit increasing its availability to borrow under the Domestic March 2020 Line of Credit from $3.0 million to $4.0 million. With the execution of the amendment, the Company and the lender also agreed to extend the maturity date from February 2025 to February 2026, which was subsequently extended to April 2026, as part of a second amendment to the Domestic March 2020 Line of Credit that was entered into on January 30, 2026. On March 31, 2026, the Company entered into a third amendment of the Domestic March 2020 Line of Credit to remove the stated maturity. Following the third amendment, the Domestic March 2020 Line of Credit is due on demand.

The Domestic March 2020 Line of Credit accrues interest monthly based on a floating rate equal to the Wall Street Journal prime rate which was equal to 6.75% and 7.00% as of April 3, 2026 and December 31, 2025, respectively. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized less than $0.1 million of interest expense during both periods, related to the Domestic March 2020 Line of Credit.

During the three months ended April 3, 2026 and March 31, 2025, the Company repaid amounts, net of borrowings, of approximately $0.2 million and $(0.4) million, respectively, from the Domestic March 2020 Line of Credit. During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate interest payments of less than $0.1 million during both periods, related to the Domestic March 2020 Line of Credit.

As of April 3, 2026 and December 31, 2025, outstanding borrowings were approximately $3.1 million and $3.3 million, respectively, including $3.1 million and $3.3 million of principal, respectively, and less than $0.0 million of accrued interest, respectively. As of April 3, 2026, availability to borrow under the Domestic March 2020 Line of Credit was approximately $0.9 million, as the principal sum of up to $4.0 million was available to be borrowed as of April 3, 2026.

As of April 3, 2026 and December 31, 2025, the Domestic March 2020 Line of Credit was included within current portion of long-term debt on the consolidated balance sheets.

The Company is required to pay customary fees associated with the credit facility, including commitment and administrative fees. The Domestic March 2020 Line of Credit contains financial covenants, including leverage ratio requirements.

Auburn Savings Loan

On December 26, 2024, the Company entered into a $0.8 million construction loan with Auburn Savings Bank, FSB (“Auburn Savings Bank”) pursuant to a Commercial Note Agreement (the “Auburn Savings Loan”).

The Auburn Savings Loan accrues interest monthly based on a stated interest rate of 7.00% for the first five years, which will be adjusted every fifth anniversary of January 25, 2026 to the Federal Home Loan Banks 5/20 amortizing advance rate plus 3.00%. During the three months ended April 3, 2026 and March 31, 2025, the Company incurred interest expense of less than $0.1 million during both periods, related to the Auburn Savings Loan.

During the three months ended April 3, 2026 and March 31, 2025, the Company drew principal amounts of $0.0 million and paid interest of less than $0.1 million, related to the Auburn Savings Loan.

As of April 3, 2026, the outstanding balance on the Auburn Savings Loan was approximately $0.8 million. Availability to borrow under the Auburn Savings Loan was $0.0 million, as the principal sum of up to $0.8 million was available to be borrowed as of April 3, 2026.

The maturity date of the Auburn Savings Loan is December 25, 2046.

As of April 3, 2026 and December 31, 2025, the total outstanding balance on the Auburn Savings Loan of approximately $0.8 million, less than $0.1 million was included within current portion of long-term debt and approximately $0.8 million was included long-term debt, net, of current portion on the consolidated balance sheets.

The obligations under the Auburn Savings Loan are secured by a lien on certain real estate assets and guaranteed by a consolidated subsidiary. In addition, the Auburn Savings Loan is subject to customary conditions, including events of default.

Foreign March 2020 Line of Credit

On March 2, 2020, the Company entered into a $1.0 million demand line of credit with Provident Bank (the “Foreign March 2020 Line of Credit”) to finance foreign receivables denominated in euros. Amounts under the Foreign March 2020 Line of Credit are secured by certain assets of the Company and are insured by accounts receivable credit insurance.

On January 30, 2025 and on January 30, 2026, the Company entered into two separate amendments to the Foreign March 2020 Line of Credit. The first amendment entered into during January 2025 extended the maturity date from February 2025 to February 2026, which was subsequently extended to April 2026 as executed under the second amendment entered into during January 2026. On March 31, 2026, the Company entered into a third amendment of the Foreign March 2020 Line of Credit to remove the stated maturity. Following the third amendment, the Foreign March 2020 Line of Credit is due on demand.

The Foreign March 2020 Line of Credit accrues interest monthly based on a floating rate equal to the Wall Street Journal prime rate which was 6.75% and 7.00% as of April 3, 2026 and December 31, 2025, respectively. During both the three months ended April 3, 2026 and March 31, 2025, the Company recognized less than $0.1 million of interest expense related to the Foreign March 2020 Line of Credit.

During the three months ended April 3, 2026 and March 31, 2025, the Company made aggregate repayments, net of borrowings, of $0.0 million and approximately $0.1 million, respectively, from the Foreign March 2020 Line of Credit. During both the three months ended April 3, 2026 and March 31, 2025, the Company paid less than $0.1 million of interest, related to the Foreign March 2020 Line of Credit.

As of April 3, 2026 and December 31, 2025, outstanding borrowings were approximately $0.2 million. As of April 3, 2026, availability to borrow under the Foreign March 2020 Line of Credit was approximately $0.8 million, as the principal sum of up to $1.0 million was available to be borrowed as of April 3, 2026.

As of April 3, 2026 and December 31, 2025, the Foreign March 2020 Line of Credit was included within current portion of long-term debt on the consolidated balance sheets.

The Company is required to pay customary fees associated with the credit facility, including commitment and administrative fees. The Foreign March 2020 Line of Credit contains financial covenants, including leverage ratio requirements.

Auburn Savings LOC

On April 14, 2025, the Company entered into a $0.6 million line of credit facility with Auburn Savings Bank pursuant to a Demand Commercial Line of Credit Agreement (the “Auburn Savings LOC”).

The Auburn Savings LOC accrues interest monthly based on a floating rate equal to the Wall Street Journal prime rate plus 0.50%. The effective interest on the Auburn Savings LOC as of April 3, 2026 and December 31, 2025 was 7.25% and 7.50%, respectively. During the three months ended April 3, 2026, the Company incurred interest expense of less than $0.1 million related to the Auburn Savings LOC.

During the three months ended April 3, 2026, the Company drew approximately $0.3 million in principal and paid interest of less than $0.1 million related to the Auburn Savings LOC.

As of April 3, 2026, the outstanding balance of approximately $0.5 million. Availability to borrow under the Auburn Savings LOC was approximately $0.1 million, as the principal sum of up to $0.6 million was available to be borrowed as of April 3, 2026.

The Auburn Savings LOC does not have a maturity date but is due on demand at Auburn Savings Bank’s discretion or upon an event of default as defined in the Auburn Savings LOC.

As of April 3, 2026 and December 31, 2025, the outstanding balance on the Auburn Savings LOC was included within current portion of long-term debt, in the consolidated balance sheets.

The obligations under the Auburn Savings LOC are secured by a lien on certain real estate assets and guaranteed by a consolidated subsidiary. In addition, the Auburn Savings LOC is subject to customary conditions, including events of default.

Symphony Line of Credit

On November 14, 2025, as a result of the Company’s acquisition of Symphony, the Company assumed certain liabilities related to a $0.1 million line of credit (the “Symphony Line of Credit”) with Rockland Trust. Amounts under the Symphony Line of Credit were secured by certain assets of a consolidated subsidiary.

The Symphony Line of Credit accrued interest monthly based on a floating rate equal to the Wall Street Journal prime rate which was 7.75% and 4.25%, respectively, as of April 3, 2026 and December 31, 2025. During the three months ended April 3, 2026, the Company recognized less than $0.1 million of interest expense related to the Symphony Line of Credit.

Under the Symphony Line of Credit, the Company made monthly principal payments of less than $0.1 million per month. During the three months ended April 3, 2026, the Company paid less than $0.1 million of principal and interest related to the Symphony Line of Credit.

As of April 3, 2026, the outstanding balance related to the Symphony Line of Credit was less than $0.1 million. Availability to borrow under the Symphony Line of Credit was less than $0.1 million, as the principal sum of up to $0.1 million was available to be borrowed as of April 3, 2026.

The Symphony Line of Credit did not have a maturity date but was due on demand at Rockland Trust’s discretion or upon an event of default as defined in the Symphony Line of Credit. On May 5, 2026, the Company repaid the Symphony Line of Credit, and the Symphony Line of Credit was terminated.

As of April 3, 2026 and December 31, 2025, the outstanding balance related to the Symphony Line of Credit was included within current portion of long-term debt on the consolidated balance sheets.

The Symphony Line of Credit was subject to customary conditions, including events of default.

Related Party Debt

Great Falls Term Loan

On November 6, 2023, the Company entered into a secured $20.0 million term note with Great Falls Property, LLC (the “Great Falls Term Loan”), which is owned by a principal stockholder of a consolidated subsidiary. The Great Falls Term Loan is secured by real estate held by a consolidated subsidiary.

The Great Falls Term Loan accrued interest monthly based on a floating rate equal to the Wall Street Journal prime rate plus a spread of 1.00%, with a floor of 9.50%. As of April 3, 2026 and December 31, 2025, the effective interest rate on the Great Falls Term Loan was 9.50%. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized approximately $0.4 million of interest expense during both periods, related to the Great Falls Term Loan, included within interest expense – related party within the consolidated statements of operations.

During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate principal payments of $0.0 million during both periods, and aggregate interest payments of approximately $0.4 million and $0.3 million, respectively, related to the Great Falls Term Loan. As of April 3, 2026 and December 31, 2025, the Company accrued interest expense of approximately $0.1 million, which was included within accrued expenses and other current liabilities within the consolidated balance sheets.

The maturity date of the Great Falls Term Loan was November 6, 2028.

As of April 3, 2026 and December 31, 2025, the total amount outstanding related to the Great Falls Term Loan was approximately $15.0 million, of which $0.0 million were included within current portion of long-term debt – related party and $15.0 million, were included within long-term debt, net of current portion – related party, respectively, on the consolidated balance sheets.

On April 28, 2026, the Company repaid the Great Falls Term Loan, and the Great Falls Term Loan was terminated.

CEO Line of Credit

On January 1, 2023, the Company entered into a $2.0 million line of credit note with the Company’s CEO (the “CEO Line of Credit”).

On October 1, 2025, the Company entered into an amendment to the CEO Line of Credit, increasing the total amount available to borrow from $2.0 million to $2.5 million. All other key terms of the CEO Line of Credit agreement remained consistent.

The CEO Line of Credit accrued interest monthly based on a stated interest rate of 9.00%. During the three months ended April 3, 2026 and March 31, 2025, the Company recognized approximately $0.4 million and less than $0.1 million of interest expense, respectively, included within interest expense – related party within the consolidated statements of operations.

During the three months ended April 3, 2026 and March 31, 2025, the Company made aggregate repayments, net of borrowings, of approximately $0.1 million and $0.0 million, respectively, related to the CEO Line of Credit. During the three months ended April 3, 2026 and March 31, 2025, the Company paid aggregate interest payments of $0.3 million and less than $0.1 million, respectively, related to the CEO Line of Credit. As of April 3, 2026 and December 31, 2025, the Company accrued interest expense of approximately $0.5 million and $0.4 million, respectively, which was included within accrued expenses and other current liabilities within the consolidated balance sheets.

As of April 3, 2026, availability to borrow under the CEO Line of Credit was approximately $0.9 million, as the principal sum of up to $2.5 million was available to be borrowed as of April 3, 2026.

The original maturity date of the CEO Line of Credit was January 1, 2026. On January 1, 2026, the Company amended the President Line of Credit to extend the maturity date from January 1, 2026 to the earlier of: (i) the closing of an initial public offering, or (ii) July 1, 2026. In connection with the amendment, the Company agreed to pay an extension fee of $0.2 million at maturity in addition to the outstanding principal and accrued, unpaid interest.

As of April 3, 2026 and December 31, 2025, the CEO Line of Credit was included within current portion of long-term debt — related party on the consolidated balance sheets.

On May 1, 2026, the Company repaid the CEO Line of Credit, and the CEO Line of Credit was terminated.

AAI Note

On January 2, 2026, in connection with the Reorganization, the Company entered into a $2.4 million promissory note (the “AAI Note”) with Anania & Associates Investment Company LLC, which is controlled by the Company’s CEO, related to outstanding obligations between the Company and AAI. 

The AAI Note is due and payable on the earlier of demand by the Company or January 1, 2027, and accrues interest at a rate of 6.00% per annum. During the three months ended April 3, 2026, the Company paid $1.6 million of principal related to the AAI Note. Interest on the AAI Note was less than $0.1 million for the three months ended April 3, 2026.

As of April 3, 2026, the outstanding amount of principal was approximately $0.8 million and was included within current portion of long-term debt — related party on the consolidated balance sheet. On May 11, 2026, the Company repaid $0.6 million on the AAI Note.

Poly Labs Note Payable (Due to Poly Labs)

Following the Company’s distribution of Poly Labs on October 1, 2025, see Note 5 – Discontinued Operations for further information, the Company had an outstanding note payable owed to Poly Labs of approximately $1.7 million (the “Poly Labs Note Payable”). Prior to the distribution of Poly Labs, the Poly Labs Note Payable was eliminated in consolidation.

The Poly Labs Note Payable accrues interest monthly based on a stated interest rate of 10.00%. During the three months ended April 3, 2026, the Company recognized less than $0.1 million of interest expense included within interest expense – related party within the consolidated statements of operations.

During the three months ended April 3, 2026, the Company paid approximately $0.5 million and less than $0.1 million of principal and interest, respectively, related to the Poly Labs Note Payable. The Poly Labs Note Payable was repaid on January 19, 2026 and the Poly Labs Note Payable was terminated.

As of December 31, 2025 approximately $0.5 million was outstanding related to the Poly Labs Note Payable, which was included within current portion of long-term debt — related party on the consolidated balance sheet.