| Schedule of Debt |
A summary of the Company’s debt is as follows (amounts in thousands): | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | CRC Senior Notes | | $ | 14,523 | | | $ | 14,919 | | | Cross Trails Credit Agreement | | 16,678 | | | 17,806 | | | Sale of future receipts | | — | | | 3,058 | | | Senior Convertible Notes | | 150,000 | | | — | | | Convertible Debentures | | 83,000 | | | 63,800 | | | Total outstanding principal | | 264,201 | | | 99,583 | | | Unamortized discount and issuance costs | | (15,953) | | | (7,862) | | | Fair value adjustment for Convertible Debentures | | (5,234) | | | 2,877 | | | Debt, current portion | | (77,978) | | | (56,628) | | | Long-term debt | | $ | 165,036 | | | $ | 37,970 | |
The following table presents a rollforward of the fair value of the Convertible Debentures for the periods presented, including issuances, cash settlements, and the components of earnings that impacted the fair value during the period. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Convertible Debentures, beginning balance | $ | 6,235 | | | $ | — | | | $ | 66,677 | | | $ | — | | | Issuances at fair value | 74,093 | | | — | | | 74,093 | | | — | | Change in fair value (1) | 361 | | | — | | | 195 | | | — | | Interest expense (stated interest rate) (2) | 434 | | | — | | | 1,031 | | | — | | Loss on partial debt extinguishment - cash settlements (3) | 24 | | | — | | | 3,832 | | | — | | Loss on partial debt extinguishment - installment conversions (3) | 155 | | | — | | | 1,538 | | | — | | | Cash settlements (inclusive of accrued interest and cash payment premium) | (2,219) | | | — | | | (55,846) | | | — | | | Fair value of common shares issued for installment conversions | (1,317) | | | — | | | (13,754) | | | — | | | Convertible Debentures, ending balance | $ | 77,766 | | | $ | — | | | $ | 77,766 | | | $ | — | |
__________________ (1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the condensed consolidated statement of operations and comprehensive loss. (2) Recognized within the line item, interest expense, in the condensed consolidated statement of operations and comprehensive loss. (3) Recognized within the line item, other expense, net, in the condensed consolidated statement of operations and comprehensive loss.
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| Schedule of Interest Expense |
The line item, interest expense, on the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025, consists of the following (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Contractual interest expense | $ | 3,240 | | | $ | 1,208 | | | $ | 5,902 | | | $ | 1,226 | | | Amortization of debt issuance costs | 895 | | | 661 | | | 1,536 | | | 704 | | | Amortization of debt discount | 54 | | | 645 | | | 215 | | | 676 | | | Interest expense on finance leases | 3 | | | 2 | | | 5 | | | 5 | | | Total | $ | 4,192 | | | $ | 2,516 | | | $ | 7,658 | | | $ | 2,611 | |
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| Schedule of Maturities of Short-Term and Long-Term Debt |
The following table summarizes the cash maturities of the Company’s debt instruments as of June 30, 2026 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | | CRC Senior Notes | $ | 4,122 | | | $ | 535 | | | $ | 668 | | | $ | 810 | | | $ | 950 | | | $ | 7,438 | | | $ | 14,523 | | | Cross Trails Credit Agreement | 1,692 | | | 2,941 | | | 1,541 | | | 1,967 | | | 1,699 | | | 6,838 | | | 16,678 | | | Senior Convertible Notes | — | | | — | | | — | | | — | | | — | | | 150,000 | | | 150,000 | | | Convertible Debentures | 35,670 | | | 47,330 | | | — | | | — | | | — | | | — | | | 83,000 | | | $ | 41,484 | | | $ | 50,806 | | | $ | 2,209 | | | $ | 2,777 | | | $ | 2,649 | | | $ | 164,276 | | | $ | 264,201 | |
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