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Note 17 - Financial Value Measurements

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

17. Fair Value Measurements

Fair value is the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

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Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

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Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

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Level 3 — Unobservable inputs for the asset or liability.

		*Year Ended December 31,*
		*2024*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
Certificates of deposit ⁽¹⁾		$	—			$	1,504			$	—			$	1,504
Money market funds			—				4,188				—				4,188
U.S. treasury bills			—				181,210				—				181,210
Short term investments:
Certificates of deposit⁽¹⁾			—				165				—				165
Other assets:
Certificates of deposit⁽¹⁾			—				39				—				39
Notes receivables⁽²⁾			—				—				3,938				3,938
Total		$	—			$	187,106			$	3,938			$	191,044
Liabilities:
Other liabilities:
Warrant liabilities ⁽³⁾		$	—			$	1,861			$	—			$	1,861
Total		$	—			$	1,861			$	—			$	1,861

		*Year Ended December 31,*
		*2023*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
Certificates of deposit⁽¹⁾		$	—			$	1,533			$	—			$	1,533
Money market funds			—				4,423				—				4,423
U.S. treasury bills			—				171,841				—				171,841
Short term investments:
Certificates of deposit ⁽¹⁾			—				3,721				—				3,721
Other assets:
Notes receivables⁽²⁾			—				—				1,840				1,840
Total		$	—			$	181,518			$	1,840			$	183,358
Liabilities:
Earn-out shares liabilities:
Earn-out shares ⁽³⁾		$	—			$	—			$	18,346			$	18,346
Other liabilities:
Warrant liabilities⁽³⁾			—				533				—				533
Total		$	—			$	533			$	18,346			$	18,879

⁽¹⁾ The majority of certificates of deposit are foreign deposits.

⁽²⁾ During 2023, the Company extended a credit facility to LCP with a total commitment of up to $5.0 million and maturities of greater than twelve months (the “LCP Notes Receivable”). Refer to “Note 15 - Growth Equity Fund” for further details. The LCP Notes Receivable bear interest at an annual rate equal to 8%. As of December 31, 2024 and 2023, the LCP Notes Receivable in the amounts of $3.8 million and $1.8 million, respectively, were included in other assets within the consolidated balance sheets. Fair values are based on discounted future cash flows using current interest rates offered for similar notes to third parties with similar credit ratings for the same remaining maturities.

⁽³⁾ Refer to “Note 13 - Company Earn-Out and Warrant Liabilities” for further details.

The following table summarizes the Company’s available-for-sale securities measured at fair value as of December 31, 2024 and 2023, respectively.

		*Year Ended December 31,*
		*2024*
		(in thousands)
		Amortized Cost				Fair Value				Gross Unrealized Losses
U.S. treasury bills		$	181,217			$	181,210			$	(7	)
Total		$	181,217			$	181,210			$	(7	)

		*Year Ended December 31,*
		*2023*
		(in thousands)
		Amortized Cost				Fair Value				Gross Unrealized Gains
U.S. treasury bills		$	171,815			$	171,841			$	26
Total		$	171,815			$	171,841			$	26

The contractual maturity of the available-for-sale securities held as of December 31, 2024 was within one year.

The following table presents the reconciliation in Level 3 instruments which consisted of earn-out shares liabilities which were measured on a recurring basis for the year ended December 31, 2024.

		*Year Ended December 31,*
		*2024*
		(in thousands)
Opening balance		$	18,346
Total losses from the period
Included in other (expense) income, net			35,786
Reclass from earn-out RSUs			378
Purchases, issues, sales and settlements
Settlements in shares and cash			(54,510	)
Closing balance		$	—