Debt Obligations |
6 Months Ended | ||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||
| Debt Obligations | Debt Obligations A.Pelion Note In May 2021, Teal entered into a note agreement totaling $0.4 million which is payable upon demand. The Note bears interest at the applicable Federal Rate as of the date of the Note, which was 0.13% on the date of issuance. The balance outstanding at June 30, 2026 and December 31, 2025 was $0.4 million. Accrued interest at June 30, 2026 and December 31, 2025 totaled $2.3 thousand and $2.1 thousand, respectively. B.Quaze Obligation In connection with the acquisition of Quaze, the Company assumed an obligation with Investissement Québec. The assumed balance of $0.6 million was originally issued to finance tax credits relating to Scientific Research and Experimental Development ("SR&ED"). The loan bears interest at a floating rate equal to the Prime Rate plus 2.70% per annum, calculated monthly, with interest payable on the last day of each month. The principal balance is repayable upon the earliest of: (i) the date on which Quaze's income tax return is filed, if a setoff against the refundable tax credits receivable is applied against taxes payable; (ii) the date by which the income tax return is required to be filed; (iii) the date of receipt of a refund from competent authorities with respect to the refundable tax credits; or (iv) January 31, 2027. The balance outstanding at June 30, 2026 was $0.5 million. C.Summary Future annual principal payments at June 30, 2026 are as follows (in thousands):
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