Debt, Net (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of Debt

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

	March 31, 2025		December 31, 2024
Debt, net, current:
Notes payable	$	28	$	54
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $1,754 as of March 31, 2025, and $1,913 as of December 31, 2024, net of amortization	$	13,246	$	13,087
Subordinated Notes	114,995		112,190
Notes payable	15		22
Less, debt issuance costs	(320)		(354)
Total	$	127,936	$	124,945

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 March 31, 2025 (in thousands):

April 1, 2025 through December 31, 2025	$	21
2026	22
2027	129,995
2028	—
2029	—
Sub-total	130,038
Less, original issue discount, net of accumulated amortization of $18,577	(1,754)
Less, debt issuance costs, net of accumulated amortization of $4,567	(320)
Total debt, net	$	127,964

Schedule of Components of Recorded Interest Expense

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

	Three Months Ended March 31,
	2025		2024
Sprott Credit Agreement(1)	$	394	$	502
Subordinated Notes(2)	2,806		2,541
Amortization of original issue discount(3)	159		158
Amortization of debt issuance costs(3)	34		46
Other interest expense	(6)		1
Accelerated amortization of original issue discount and issuance costs	—		6,871
Total	$	3,387	$	10,119

(1)The Sprott Credit Agreement bears interest monthly at a floating rate of SOFR plus 0.26% adjustment plus 6.00%, and the current effective interest rate is 18.08%, including amortization.

(2)The Subordinated Notes bear interest at 10.00% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs, as of March 31, 2025, was 2.42%.