v3.26.1
Debt
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following:
Debt outstanding
June 30,
2026
December 31, 2025Maturity
(in thousands)
7.875% Senior Secured Bonds due 2028
196,363 195,636 Dec 2028
Shareholder Loans— 143,732 Dec 2028
Revolving Credit Facility— — 
Credit Line in China (a)1,473 715 
Total debt, net197,836 340,083 
Current debt, net1,473 715 
Non-current debt, net196,363 339,368 
Total debt, net$197,836 $340,083 
(a).Expired on March 26, 2026, with the Company retaining a one-year period from each respective withdrawal date to remit payment.
Fair Values
As of June 30, 2026 and December 31, 2025, the fair value of the 7.875% Senior Secured Bonds due 2028 was $205.0 million and $204.5 million, respectively. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates.