
	June 30, 2026		December 31, 2025
	( In thousands)
2028 Notes	$	171,972	$	212,496
2027 Notes	17,942		70,421
Other debt	2,439		—
Total contractual debt outstanding	192,353		282,917
Unamortized debt premium	29,453		45,691
Unamortized debt issuance costs	(2,767)		(4,416)
Long-term debt	219,039		324,192
Less: current portion of long-term debt	29,983		47,830
Non-current portion of long-term debt	$	189,056	$	276,362

During the three months ended June 30, 2026 and 2025, the Company recognized $2.0 million and $3.2 million of interest expense related to long-term debt, respectively. Interest expense included $0.4 million and $0.6 million of amortized debt issuance costs during the three months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026 and 2025, the Company recognized $3.8 million and $6.5 million of interest expense related to long-term debt, respectively. Interest expense included $0.9 million and $1.1 million of amortized debt issuance costs during the six months ended June 30, 2026 and 2025, respectively.

During the six months ended June 30, 2026, the Company recognized $8.2 million of amortization of debt premium in connection with certain interest payments. This amount has been presented as a payment of long-term debt in the accompanying condensed consolidated statement of cash flows for the six months ended June 30, 2026.

In connection with the Private Placement, the Company issued $212.5 million aggregate principal amount of the 2028 Notes. The 2028 Notes bear interest at a rate of 9.80% per year, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The 2028 Notes mature on December 31, 2028, unless earlier redeemed or repurchased.

The Company is required to redeem $30.4 million of the 2028 Notes on or before September 30, 2026, and beginning on December 31, 2027 and at every calendar quarter end thereafter, the Company is required to redeem $10.1 million of the outstanding 2028 Notes. In addition, the Company is required to repurchase a portion of the 2028 Notes upon certain asset sales and capital raises. The Company may also redeem any or all of the 2028 Notes at par plus accrued and unpaid interest at any time. Any such mandatory or optional redemptions may be made using cash, or subject to certain conditions, shares of common stock or a combination thereof.

During May and June 2026, the Company completed the redemption of an aggregate of $40.5 million in principal amount of the 2028 Notes, and accrued interest thereon, in advance of the mandatory redemption dates by issuing 10.5 million shares of the Company’s common stock to holders of the 2028 Notes. In connection with these debt redemptions, the Company recognized a gain on extinguishment of debt of $6.8 million, which is included in the accompanying condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026. With the completion of these redemptions, the Company reduced the outstanding balance of the 2028 Notes to $172.0 million and now has no mandatory principal payments due on these notes until March 31, 2028.

The 2028 Notes are secured on a first-priority basis by liens on substantially all of the assets of the Company and its domestic subsidiaries, subject to customary exceptions, including customer deposits, pursuant to a security agreement and related collateral documents.

The following table presents the remaining scheduled contractual interest payments for the 2028 Notes as of June 30, 2026. These contractual interest payments are allocated to the reduction of the recorded premium and interest expense as presented below. The amount of interest which reduces the recorded premium will be reported as a financing activity on the Company’s consolidated statements of cash flows.


	2026 (for the remaining period)		2027		2028		Total
	(In thousands)



Interest payments recorded as:
Reduction of recorded premium	$	5,894	$	12,120	$	11,439	$	29,453
Interest expense	2,533		4,733		3,924		11,190
Total interest payments	$	8,427	$	16,853	$	15,363	$	40,643

In January 2022, the Company completed an offering of $425 million aggregate principal amount of the 2027 Notes. The 2027 Notes are senior, unsecured obligations of the Company, and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted.

In June 2026, the Company completed an exchange of $52.5 million in principal amount of the 2027 Notes, and accrued interest thereon, for (i) 7.0 million shares of its common stock, and (ii) pre-funded warrants to purchase 10.3 million shares of its common stock. The pre-funded warrants are exercisable at any time on or after June 29, 2026 at an exercise price of $0.0001 per share. The pre-funded warrants contain a cashless exercise feature that allows the holders to exercise the pre-funded warrants without a cash payment to the Company upon the terms set forth therein. The number of shares of common stock for which the pre-funded warrants are exercisable are subject to certain additional customary adjustments as set forth in the pre-funded warrants. As of June 30, 2026, none of the pre-funded warrants had been exercised.

In connection with this debt exchange, the Company recorded a gain on extinguishment of debt of $1.8 million, which is included in the accompanying condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026. With the completion of this exchange, the Company reduced the outstanding balance of the 2027 Notes from $70.4 million to $17.9 million.

In May 2026, the Company entered into a commercial loan agreement for an aggregate principal amount of $2.5 million. The loan bears interest at a fixed rate of 11.0% and is payable in monthly principal and interest payments through its maturity in April 2036.