Debt, Net (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Debt

The following table summarizes the components of Debt, net (in thousands):

	Year Ended December 31,
	2024		2023
Debt, net, current:
Sprott Credit Agreement	$	—	$	2,200
Note payable	54		130
Total	$	54	$	2,330
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $1,913 and $10,500 as of December 31, 2024 and 2023, net of amortization, respectively	$	13,087	$	42,530
Subordinated Notes	112,190		101,639
Note payable	22		76
Less, debt issuance costs	(354)		(1,628)
Total	$	124,945	$	142,617

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to December 31, 2024 (in thousands):

2025	$	54
2026	22
2027	127,190
2028	—
2029	—
Total	127,266
Less, original issue discount, net of accumulated amortization ($18.4 million)	(1,913)
Less, debt issuance costs, net of accumulated amortization ($4.5 million)	(354)
Total debt, net	$	124,999

Schedule of Components of Recorded Interest Expense

The following table summarizes the components of recorded Interest expense (in thousands):

	Year Ended December 31,
	2024		2023
Subordinated Notes(1)	$	10,551	$	9,565
Amortization of original issue discount(2)	7,473		2,227
Sprott Credit Agreement(3)	1,795		6,206
Amortization of debt issuance costs(2)	148		463
Other interest expense	2		6
Total	$	19,969	$	18,467

(1)    The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(2)    As of December 31, 2024 and 2023, the effective interest rate for the amortization of the discount and issuance costs was 2.4% and 1.6%, respectively.

(3)    The Sprott Credit Agreement bears interest monthly at a floating rate of SOFR plus 0.26161% adjustment plus 6.00% and the current effective interest rate is 18.1% including amortization.