INDEBTEDNESS	6 Months Ended
Jun. 30, 2026
Indebtedness
INDEBTEDNESS	NOTE 8 – INDEBTEDNESS Avenue Capital Credit Facility On March 21, 2023, the Company entered into the Avenue Credit Agreement and the Avenue Supplement. The Avenue Credit Agreement provided for a convertible senior secured credit facility of up to an aggregate amount of $40 million, comprised of the following: (1) $15 million in term loans funded at closing, (2) $5 million of additional committed term loans received on September 26, 2023 in conjunction with the Avenue First Amendment and (3) $20 million of additional uncommitted term loans, collectively referred to as the “Avenue Facility”. The Company issued Avenue Warrants to purchase $1.2 million of the Company’s common stock at an exercise price of $1.24, subject to adjustments, of which $660 thousand have been exercised. The Avenue Warrants have a term of five years. The relative fair value of the Avenue Warrants upon closing was $873 thousand. As of June 30, 2026, $540 thousand Avenue Warrants remain outstanding Total interest expense on long-term debt, inclusive of amortization of debt discounts, amounted to approximately $567 thousand and $1.2 million for the three and six months ended June 30, 2025, respectively. On November 15, 2023 and May 29, 2025, Avenue converted $1.0 million and $1.0 million, respectively, of the term loans into shares of the Company’s common stock, at a price per share equal to $1.49. On August 5, 2025, the Company paid the remaining $14.0 million in outstanding principal payments on the Avenue Facility and the prepayment penalty as noted in the Avenue Credit Agreement. As of June 30, 2026, there is no outstanding balance on the Avenue Facility. The Company recorded a loss on debt extinguishment of approximately $1.2 million within its consolidated financial statements for the year ended December 31, 2025. Citizens Bank Credit Agreement On January 2, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”) with Citizens Bank, N.A. (“Citizens”), which provides for a senior secured revolving credit facility in an aggregate principal amount of up to $30 million (the “Credit Facility”). The Credit Facility may be increased by up to an additional $20 million, subject to the terms and conditions set forth in the Credit Agreement. The Credit Facility matures on January 2, 2029 and bears interest at a variable rate based on a benchmark interest rate selected by the Company, plus an applicable margin. The applicable margin ranges from 1.50% to 2.25% for borrowings based on Term SOFR and from 0.50% to 1.25% for borrowings based on the Alternate Base Rate. The Company is also required to pay a commitment fee ranging from 0.225% to 0.30% on the unused portion of the Credit Facility, in each case depending on the Company’s Consolidated Leverage Ratio. The Credit Facility did not require an upfront fee. The Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default. It also included financial covenants requiring the Company to maintain (i) a Consolidated Leverage Ratio not to exceed 2.50 to 1.00 and (ii) a Consolidated Interest Coverage Ratio of at least 3.00 to 1.00, in each case measured as of the end of each fiscal quarter commencing with the quarter ending March 31, 2026. As of March 31, 2026, the Company was in compliance with the Consolidated Leverage Ratio covenant and was out of compliance with the Consolidated Interest Coverage Ratio covenant contained in the Credit Agreement. On June 30, 2026, the Company entered into the Credit Agreement Waiver and First Amendment with Citizens. Under the terms of the Credit Agreement Waiver and First Amendment, the Company received a waiver of any Event of Default of non-compliance with the Consolidated Interest Coverage Ratio covenant as of March 31, 2026. The Credit Agreement Waiver and First Amendment further amends the Credit Agreement by removing the Consolidated Interest Coverage Ratio test and requiring the Company to maintain (i) a Consolidated Leverage Ratio not to exceed 2.50 to 1.00, (ii) a Consolidated Fixed Charge Coverage Ratio of at least 1.25 to 1.00, and (iii) the sum of its Cash on Hand and Unused Availability of at least $40 million, in each case, commencing with the quarter ended September 30, 2026, with those capitalized terms as defined in the Credit Agreement Waiver and First Amendment. The Consolidated Leverage Ratio is the ratio of Consolidated Total Debt to Consolidated EBITDA, with those capitalized terms are defined in the Credit Agreement. The Consolidated Fixed Charge Coverage Ratio is the ratio of Consolidated EBITDA to Consolidated Fixed Charges, with those capitalized terms are defined in the Credit Agreement Waiver and First Amendment. As of June 30, 2026 and to date, the Company had not drawn any amounts under the Credit Facility.

INDEBTEDNESS

6 Months Ended

Jun. 30, 2026

NOTE 8 – INDEBTEDNESS

Avenue Capital Credit Facility

On March 21, 2023, the Company entered into the Avenue Credit Agreement and the Avenue Supplement. The Avenue Credit Agreement provided for a convertible senior secured credit facility of up to an aggregate amount of $40 million, comprised of the following: (1) $15 million in term loans funded at closing, (2) $5 million of additional committed term loans received on September 26, 2023 in conjunction with the Avenue First Amendment and (3) $20 million of additional uncommitted term loans, collectively referred to as the “Avenue Facility”. The Company issued Avenue Warrants to purchase $1.2 million of the Company’s common stock at an exercise price of $1.24, subject to adjustments, of which $660 thousand have been exercised. The Avenue Warrants have a term of five years. The relative fair value of the Avenue Warrants upon closing was $873 thousand. As of June 30, 2026, $540 thousand Avenue Warrants remain outstanding

Total interest expense on long-term debt, inclusive of amortization of debt discounts, amounted to approximately $567 thousand and $1.2 million for the three and six months ended June 30, 2025, respectively.

On November 15, 2023 and May 29, 2025, Avenue converted $1.0 million and $1.0 million, respectively, of the term loans into shares of the Company’s common stock, at a price per share equal to $1.49. On August 5, 2025, the Company paid the remaining $14.0 million in outstanding principal payments on the Avenue Facility and the prepayment penalty as noted in the Avenue Credit Agreement. As of June 30, 2026, there is no outstanding balance on the Avenue Facility. The Company recorded a loss on debt extinguishment of approximately $1.2 million within its consolidated financial statements for the year ended December 31, 2025.

Citizens Bank Credit Agreement

On January 2, 2026, the Company entered into a Credit Agreement (the “Credit Agreement”) with Citizens Bank, N.A. (“Citizens”), which provides for a senior secured revolving credit facility in an aggregate principal amount of up to $30 million (the “Credit Facility”). The Credit Facility may be increased by up to an additional $20 million, subject to the terms and conditions set forth in the Credit Agreement.

The Credit Facility matures on January 2, 2029 and bears interest at a variable rate based on a benchmark interest rate selected by the Company, plus an applicable margin. The applicable margin ranges from 1.50% to 2.25% for borrowings based on Term SOFR and from 0.50% to 1.25% for borrowings based on the Alternate Base Rate. The Company is also required to pay a commitment fee ranging from 0.225% to 0.30% on the unused portion of the Credit Facility, in each case depending on the Company’s Consolidated Leverage Ratio. The Credit Facility did not require an upfront fee.

The Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default. It also included financial covenants requiring the Company to maintain (i) a Consolidated Leverage Ratio not to exceed 2.50 to 1.00 and (ii) a Consolidated Interest Coverage Ratio of at least 3.00 to 1.00, in each case measured as of the end of each fiscal quarter commencing with the quarter ending March 31, 2026. As of March 31, 2026, the Company was in compliance with the Consolidated Leverage Ratio covenant and was out of compliance with the Consolidated Interest Coverage Ratio covenant contained in the Credit Agreement. On June 30, 2026, the Company entered into the Credit Agreement Waiver and First Amendment with Citizens. Under the terms of the Credit Agreement Waiver and First Amendment, the Company received a waiver of any Event of Default of non-compliance with the Consolidated Interest Coverage Ratio covenant as of March 31, 2026. The Credit Agreement Waiver and First Amendment further amends the Credit Agreement by removing the Consolidated Interest Coverage Ratio test and requiring the Company to maintain (i) a Consolidated Leverage Ratio not to exceed 2.50 to 1.00, (ii) a Consolidated Fixed Charge Coverage Ratio of at least 1.25 to 1.00, and (iii) the sum of its Cash on Hand and Unused Availability of at least $40 million, in each case, commencing with the quarter ended September 30, 2026, with those capitalized terms as defined in the Credit Agreement Waiver and First Amendment. The Consolidated Leverage Ratio is the ratio of Consolidated Total Debt to Consolidated EBITDA, with those capitalized terms are defined in the Credit Agreement. The Consolidated Fixed Charge Coverage Ratio is the ratio of Consolidated EBITDA to Consolidated Fixed Charges, with those capitalized terms are defined in the Credit Agreement Waiver and First Amendment. As of June 30, 2026 and to date, the Company had not drawn any amounts under the Credit Facility.