Long Term Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

8. Long Term Debt

Long-term debt consists of the following as of June 30, 2026, and December 31, 2025:

Schedule of Long Term Debt

(Amounts in Thousands)		June 30, 2026				December 31, 2025
Revolving Credit facility dated May 8, 2020, subject to monthly borrowing base calculation. Effective interest rates for first six months of 2026 was 8.8% ⁽¹⁾		$	—	⁽⁴⁾		$	—
Revolving Credit facility dated May 8, 2020, subject to monthly borrowing base calculation. Effective interest rates for first six months of 2026 was 8.8% ⁽¹⁾		$	—	⁽⁴⁾		$	—
Term Loan dated July 31, 2023, payable in equal monthly installments in principal of approximately $42. Effective interest rates for first six months of 2026 was 7.6% ⁽¹⁾			1,083	⁽⁴⁾			1,333
Capital Loan dated May 4, 2021, payable in equal monthly installments in principal of approximately $9. Effective interest rates for first six months of 2026 was 7.0% ⁽¹⁾			96	⁽⁴⁾			149
Debt Issuance Costs ⁽²⁾			(71	) ⁽²⁾			(114	) ⁽²⁾
Notes Payable up to 2044, with annual interest rates ranging from 8.2% to 10.7% ⁽³⁾			872				504
Total debt			1,980				1,872
Less current portion of long-term debt			616				562
Long-term debt		$	1,364			$	1,310

⁽¹⁾	Under our Credit Facility, our Revolving Credit is collateralized by our accounts receivable, and our Term Loan and Capital Loan are collateralized by our property, plant, and equipment.

⁽²⁾	Aggregate unamortized debt issuance costs in connection with the Company’s Credit Facility.

⁽³⁾

Includes two promissory notes executed in July 2024 and April 2026 in connection with the purchases of the Company’s EWOC property and a parcel adjacent to the Company’s PFNW facility, respectively. Each note contains a variable interest rate provision under which the applicable interest rate is adjusted based on the term of the note. (see a discussion of the April 2026 promissory note below).

⁽⁴⁾

As discussed in Note 14 – “Subsequent Events – Credit Facility”, on August 10, 2026, the Company entered into an amendment to its PNC Loan Agreement which extended the maturity date of the Credit Facility under the PNC Loan Agreement from May 15, 2027 to May 15, 2030, among other things. In accordance with ASC 470, “Debt,” this post balance-sheet date agreement demonstrated the Company’s ability to refinance its short-term obligations on a long-term basis; therefore, the Company has reclassified the current portion of the outstanding debt to long-term except for approximately $500,000 in principal payments under the Term Loan that will be due by June 30, 2027. The Capital Loan was not affected by the amendment and remained as a current liability (see Note 14 - “Subsequent Events – Credit Facility” for a discussion of this amendment).

Credit Facility

The Company’s Credit Facility, established pursuant to its PNC Loan Agreement, and maturing on May 15, 2027 (see “Note 14 – Subsequent Event – Credit Facility” for a discussion of the extension date to May 15, 2030), consists of a Revolving Credit facility with a maximum borrowing capacity of $12,500,000. Availability under the Revolving Credit facility is subject to a borrowing base comprised of eligible receivables (as defined in the agreement) and is reduced by (i) outstanding standby letters of credit ($3,420,000 as of June 30, 2026) and (ii) discretionary reserves imposed by the lender ($750,000 as of June 30, 2026). The Credit Facility also includes the Term Loan and the Capital Loan.

Pursuant to the PNC Loan Agreement, payments of annual interest rates are as follows: (i) interest due on the Revolving Credit is at prime (6.75% as of June 30, 2026) plus 2% or SOFR (as defined in the PNC Loan Agreement) plus 3.00% plus an SOFR Adjustment applicable for an interest period selected by the Company; (ii) interest due on the Capital Loan is at prime plus 2.50% or SOFR plus 3.50% plus an SOFR Adjustment applicable for an interest period selected by the Company; and (iii) interest due on the Term Loan is at prime plus 3.00% or SOFR plus 4.00% plus an SOFR Adjustment applicable for an interest period selected by the Company. SOFR Adjustment rates of 0.10% and 0.15% are applicable for a one-month interest period and three-month period, respectively, that may be selected by the Company.

As of June 30, 2026, the Company had no outstanding borrowings under its Revolving Credit and its PNC Liquidity was approximately $25,584,000. Pursuant to the PNC Loan Agreement, the Company is required to maintain a minimum of $5,000,000 in daily PNC Liquidity.

The PNC Loan Agreement contains certain financial covenant requirements, along with customary representations and warranties. A breach of any of these financial covenant requirements, unless waived by the lender, could result in a default under the PNC Loan Agreement allowing its lender to immediately require the repayment of all outstanding debt under the PNC Loan Agreement and terminate all commitments to extend further credit. The Company met all of its financial covenant requirements in the first and second quarters of 2026.

Promissory Note

In April 2026, the Company purchased a parcel of property adjacent to its PFNW facility that provides direct rail access pursuant to a Purchase and Sale Agreement dated November 17, 2025, for a purchase price of $350,000. The Company paid $87,500 in cash and financed the remaining $262,500 through a promissory note dated April 15, 2026, with a bank (the “Note”). The Note matures on April 15, 2036. Beginning May 15, 2026, the Company is required to make monthly payments of approximately $3,100 based on a fixed annual interest rate of 7.50% for the first five years of the Note. Thereafter, the interest rate will adjust every five years based on the weekly average five-year U.S. Treasury Securities Rate plus 3.0%. Under no circumstances will the variable interest rates on the Note be less than 4.0% per annum or more than (except in the case of default) the lesser of 20.5% per annum or the maximum rate allowed by applicable law. The Note also contains a declining prepayment penalty. If the Company prepays the Note during the first year, it must pay a prepayment fee equal to 3.0% of the outstanding principal balance. The prepayment fee decreases by 1.0% on each annual anniversary of the Note and is eliminated beginning on the fourth anniversary of the Note.