Debt (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Total Debt Outstanding |
The following table represents total debt outstanding by agreement as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands): | | Current portion of debt | | Long term debt | | Total | | Generate loan | | $ | 23,145 | | | $ | — | | | $ | 23,145 | | | Green Cloud Note | | 6,014 | | | — | | | 6,014 | | | Galaxy loan | | 944 | | | 3,016 | | | 3,960 | | | Equipment/Land loan | | — | | | — | | | — | | | | | | | | | | Total Debt | | $ | 30,103 | | | $ | 3,016 | | | $ | 33,119 | |
The following table represents total debt outstanding by agreement as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands): | | Current portion of debt | | Long term debt | | Total | | Generate loan | | $ | 3,713 | | | $ | 10,213 | | | $ | 13,926 | | | Green Cloud Note | | 4,361 | | | 3,112 | | | 7,473 | | | Galaxy loan | | 784 | | | 3,499 | | | 4,283 | | | Equipment/Land loan | | — | | | 1,075 | | | 1,075 | | | | | | | | | | Total Debt | | $ | 8,858 | | | $ | 17,899 | | | $ | 26,757 | |
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| Schedule of Maturities of Long-Term Debt |
The following table represents the future minimum principal payments, which excludes potential cash sweeps, due on debt as of June 30, 2026: | | | | | | | | | | (Dollars in thousands) | | | | Year | | 2026 | | 2026 (remainder of the year) | | $ | 5,170 | | | 2027 | | 7,678 | | | 2028 | | 4,840 | | | 2029 | | 5,197 | | | 2030 | | 15,036 | | | | | | Total | | $ | 37,921 | | | | |
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| Schedule of Generate Credit Agreement |
Generate Credit Agreement | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Maturity Date | | Interest Rate | | January 1, 2026-
June 30, 2026 | | September 12, 2025
– December 31, 2025 | | Tranche A-1 | | September 12, 2030 | * | 13.65 | % | | $ | 4,776 | | | $ | 5,500 | | | Tranche A-3 | | September 12, 2030 | * | 13.65 | % | | 11,414 | | | 11,500 | | | Tranche C | | September 12, 2030 | * | 11.62 | % | | 12,500 | | | — | | | Total drawn loan | | | | | | 28,690 | | | 17,000 | | | Less: principal payments | | | | | | (1,182) | | | (810) | | | Less: debt discount and issuance costs | | | | | | (4,363) | | | (2,264) | | | Total outstanding note | | | | | | 23,145 | | | 13,926 | | | (Less) Current note outstanding | | | | | | (23,145) | | | (3,713) | | | Long-term note outstanding | | | | | | $ | — | | | $ | 10,213 | |
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| Schedule of Measurement Inputs and Valuation Techniques |
The Company performed a Black-Scholes valuation on April 1, 2026 of the Pre-Funded and Common Warrants generating a fair value of approximately $1.6 million noting the below assumptions: | | | | | | | April 01, 2026 | | Stock price | $ | 0.67 | | | Exercise price | $0.0001- 0.75 | | Expected term in years | 5.00 | | | | | Volatility | 136 | % | | Risk-free interest rate | 3.93 | % |
| | | | | | | April 15, 2026 | | Stock price | $ | 1.05 | | | Exercise price | $ | 1.06 | | | Expected term in years | 1.00 | | | | | Volatility | 179 | % | | Risk-free interest rate | 3.70 | % |
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| Schedule of Secured Note Financing |
Green Cloud Note | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Maturity Date | | Interest Rate | | January 1, 2026-
June 30, 2026 | | January 1, 2025-
December 31, 2025 | | Term Loan and capitalized interest (excludes debt issuance cost) | | June 20, 2027 | | 9 | % | | $ | 7,803 | | | $ | 11,748 | | | Less: principal and capitalized interest payments | | | | | | (1,628) | | | (3,945) | | | Less: debt discount | | | | | | (49) | | | (99) | | | Less: debt issuance costs | | | | | | (112) | | | (231) | | | Total outstanding note | | | | | | 6,014 | | | 7,473 | | | (Less) Current note outstanding | | | | | | (6,014) | | | (4,361) | | | Long-term note outstanding | | | | | | $ | — | | | $ | 3,112 | |
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| Schedule of Galaxy Loan |
Galaxy Loan | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Maturity Date | | Interest Rate | | January 1, 2026-
June 30, 2026 | | March 12, 2025 – December 31, 2025 | | Term Loan | | March 12, 2030 | | 15 | % | | $ | 4,625 | | | $ | 5,000 | | | Less: principal payments | | | | | | (387) | | | (375) | | | Less: debt discount and issuance costs | | | | | | (278) | | | (342) | | | Total outstanding note | | | | | | 3,960 | | | 4,283 | | | (Less) Current note outstanding | | | | | | (944) | | | (784) | | | Long-term note outstanding | | | | | | $ | 3,016 | | | $ | 3,499 | |
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