v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

9. Fair Value Measurements

Fair Value of Financial Instruments

As of June 30, 2026, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

 

 

Carrying
Value
June 30, 2026

 

 

Fair Value
Measurement
June 30, 2026

 

 

Quoted Prices
in Active
Markets for
Identical
Liability
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities
   (Other current liabilities)

 

$

4,948

 

 

$

4,948

 

 

 

—

 

 

$

4,948

 

 

 

—

 

Derivative liabilities
   (Other non-current
   liabilities)

 

$

358

 

 

$

358

 

 

 

—

 

 

$

358

 

 

 

—

 

 

As of December 31, 2025, the following table represents the Company’s assets and liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands):

 

 

Carrying
Value
December 31, 2025

 

 

Fair Value
Measurement
December 31, 2025

 

 

Quoted Prices
in Active
Markets for
Identical
Asset/Liability
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative assets
   (Other current assets)

 

$

3

 

 

$

3

 

 

 

—

 

 

$

3

 

 

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities
   (Other current liabilities)

 

$

1,644

 

 

$

1,644

 

 

 

—

 

 

$

1,644

 

 

 

—

 

Derivative liabilities
   (Other non-current
   liabilities)

 

$

126

 

 

$

126

 

 

 

—

 

 

$

126

 

 

 

—

 

 

Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs. The carrying value of the Company’s outstanding Term Loan and CAPEX Loan approximates its fair value because its interest rate reflects the market rate for the respective periods. The fair value of this debt is categorized within Level 2 of the fair value hierarchy.