LONG-TERM DEBT AND BONDS PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Debt |
The Company’s debt balances, including related party debt, consist of the following at June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Long-term Debt |
|
|
|
|
|
|
Convertible Senior Notes, interest at 4.75% due semiannually;
balance due at maturity in July 2032 |
|
$ |
287,500 |
|
|
$ |
— |
|
Green Convertible Notes, interest at 7.25% due semiannually;
balance due at maturity in August 2030 |
|
|
33,970 |
|
|
|
250,000 |
|
Revenue Bonds, interest at 7% due semiannually; semiannual
principal repayments beginning 2031, maturing 2042 |
|
|
35,800 |
|
|
|
31,900 |
|
Other debt |
|
|
2,226 |
|
|
|
6,746 |
|
|
|
|
359,496 |
|
|
|
288,646 |
|
Less: Original issue discount and debt issuance costs classified
as a reduction to long-term debt |
|
|
(14,708 |
) |
|
|
(18,845 |
) |
Less: Current portion |
|
|
(2,026 |
) |
|
|
(6,446 |
) |
Long-term debt, less current portion |
|
$ |
342,762 |
|
|
$ |
263,355 |
|
|
|
|
|
|
|
|
Related Party Bonds Payable |
|
|
|
|
|
|
Revenue Bonds due to related party, interest rates between 6.5%
and 13% due semiannually; principal repayments vary by series
and began June 30, 2024, fully maturing December 2042 |
|
|
110,690 |
|
|
|
118,310 |
|
Less: Original issue discount and debt issuance costs classified
as a reduction to note payable |
|
|
(21,336 |
) |
|
|
(24,397 |
) |
Less: Current portion |
|
|
(7,830 |
) |
|
|
(7,570 |
) |
Related party debt, less current portion |
|
$ |
81,524 |
|
|
$ |
86,343 |
|
|
|
|
|
|
|
|
Sylebra Line of Credit, $200.0 million borrowing capacity remaining,
interest at SOFR plus 17.5% at June 30, 2026 and
December 31, 2025; maturing September 2027 |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of the Convertible Notes |
The following provides a summary of the interest expense of the Company's Green Convertible Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands, except interest rate) |
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Contractual interest expense |
|
$ |
3,879 |
|
|
$ |
4,531 |
|
|
$ |
8,410 |
|
|
$ |
9,063 |
|
Amortization of deferred financing costs |
|
|
371 |
|
|
|
389 |
|
|
|
793 |
|
|
|
766 |
|
Amortization of original issue discount |
|
|
1,428 |
|
|
|
1,495 |
|
|
|
3,052 |
|
|
|
2,948 |
|
Effective interest rate |
|
|
11.2 |
% |
|
|
10.3 |
% |
|
|
11.2 |
% |
|
|
10.2 |
% |
The following provides a summary of balances related to the Company's Green Convertible Notes included in the Condensed Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Unamortized deferred financing costs and deferred issuance costs |
$ |
1,444 |
|
|
$ |
14,781 |
|
Net carrying amount |
|
|
32,526 |
|
|
|
235,219 |
|
|
| Summary of Revenue Bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond Series |
|
Term |
|
Principal Amount
(in thousands) |
|
|
Outstanding as of June 30, 2026
(in thousands) |
|
|
Interest Rate |
|
|
Maturity Date |
2020A |
|
A2 |
|
$ |
38,700 |
|
|
$ |
35,365 |
|
|
|
6.50 |
% |
|
December 1, 2030 |
2020A |
|
A3 |
|
|
168,480 |
|
|
|
92,845 |
|
|
|
7.00 |
% |
|
December 1, 2042 |
2020B |
|
B2 |
|
|
10,000 |
|
|
|
9,050 |
|
|
|
10.00 |
% |
|
December 1, 2027 |
2020C |
|
C1 |
|
|
10,000 |
|
|
|
9,230 |
|
|
|
13.00 |
% |
|
December 1, 2027 |
|
|
|
|
$ |
227,180 |
|
|
$ |
146,490 |
|
|
|
|
|
|
The following provides a summary of the Company's Revenue Bonds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Amortization of deferred financing costs |
|
$ |
69 |
|
|
$ |
87 |
|
|
$ |
139 |
|
|
$ |
174 |
|
Amortization of original issue discount |
|
|
1,534 |
|
|
|
1,857 |
|
|
|
3,092 |
|
|
|
3,663 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Unamortized deferred financing costs and deferred issuance costs |
|
$ |
25,230 |
|
|
$ |
28,461 |
|
Net carrying amount |
|
|
121,260 |
|
|
|
121,749 |
|
|
| Schedule of Principals Repayments Due on Long-term Debt |
Principal repayments due on long-term debt and related party bonds payable over the next five years are as follows (in thousands):
|
|
|
|
|
|
|
|
|
Years Ending December 31, |
|
Long-Term Debt |
|
|
Related Party Bonds Payable |
|
2026 (July through December) |
|
$ |
1,926 |
|
|
$ |
3,850 |
|
2027 |
|
|
100 |
|
|
|
25,105 |
|
2028 |
|
|
100 |
|
|
|
7,710 |
|
2029 |
|
|
100 |
|
|
|
8,220 |
|
2030 |
|
|
33,970 |
|
|
|
8,760 |
|
2031 |
|
|
1,987 |
|
|
|
3,166 |
|
Thereafter |
|
|
321,313 |
|
|
|
53,879 |
|
|
|
|
359,496 |
|
|
|
110,690 |
|
Less: Original issue discount and debt issuance costs
classified as a reduction to long-term debt |
|
|
(14,708 |
) |
|
|
(21,336 |
) |
Less: Current portion |
|
|
(2,026 |
) |
|
|
(7,830 |
) |
Total |
|
$ |
342,762 |
|
|
$ |
81,524 |
|
|
| Convertible Senior Notes |
|
| Debt Instrument [Line Items] |
|
| Summary of the Convertible Notes |
The following provides a summary of the interest expense of the Company's Convertible Senior Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands, except interest rate) |
|
2026 |
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
Contractual interest expense |
|
$ |
569 |
|
|
$ |
— |
|
|
$ |
569 |
|
|
$ |
— |
|
Amortization of deferred financing costs |
|
|
84 |
|
|
|
— |
|
|
|
84 |
|
|
|
— |
|
Effective interest rate |
|
|
5.6 |
% |
|
|
— |
% |
|
|
5.6 |
% |
|
|
— |
% |
The following provides a summary of balances related to the Company's Convertible Senior Notes included in the Condensed Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Unamortized deferred financing costs and deferred issuance costs |
$ |
9,370 |
|
|
$ |
— |
|
Net carrying amount |
|
|
278,130 |
|
|
|
— |
|
|