Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt obligations at carrying value consist of the following related and third-party borrowings:

		June 30, 2024				December 31, 2023
	Maturity Date	Borrowing Outstanding		Carrying Value*		Borrowing Outstanding		Carrying Value*
2021 Convertible Note Payable	June 2026	$	119,289	$	101,256	$	115,815	$	94,386
Delayed Draw Term Loan (at fair value)	June 2029	75,000		25,893		—		—
AFG Convertible Notes	June 2026	19,738		22,023		17,429		18,139
Notes payable - related party		214,027		149,172		133,244		112,525
Senior Secured Term Loan	March 2026	—		—		100,000		85,624
Equipment financing facility	April 2026	4,114		4,109		5,718		5,710
Total borrowings		218,141		153,281		238,962		203,859
Current portion		3,041		3,041		3,332		3,332
Total borrowings, non-current		$	215,100	$	150,240	$	235,630	$	200,527

*Carrying value includes unamortized deferred financing costs, unamortized discounts and fair value of embedded derivative liabilities, except for the Delayed Draw Term Loan, which is carried at fair value.

The Senior Secured Term Loan balances are as follows:

	December 31, 2023
Principal	$	100,000
Unamortized debt discount	(1,459)
Unamortized debt issuance costs	(12,917)
Aggregate carrying value	$	85,624

The Company has drawn a portion of the facility as follows:

Date of Draw	Gross Amount of Initial Draw		Coupon Interest Rate	Debt Issuance Costs
September 2021	$	7,000	14.3%	$	175
September 2022	4,216		16.2%	96
Total Equipment Financing loans	$	11,216		$	271

Schedule of Interest Expense

Interest expense recognized on the 2021 Convertible Note is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,737	$	1,637	$	3,474	$	3,274
Amortization of debt discount	1,588		1,250		3,119		2,457
Amortization of debt issuance costs	154		122		302		239
Total	$	3,479	$	3,009	$	6,895	$	5,970

Interest expense recognized on the AFG Convertible Notes is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,154	$	860	$	2,309	$	1,639
Amortization of debt discount	218		210		436		358
Amortization of issuance costs	61		59		123		101
Total	$	1,433	$	1,129	$	2,868	$	2,098

The following table summarizes interest expense recognized:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	3,174	$	3,453	$	6,858	$	6,826
Amortization of debt discount	109		99		224		192
Amortization of debt issuance costs	963		873		1,980		1,695
Total	$	4,246	$	4,425	$	9,062	$	8,713

Schedule of Balances Recognized upon Issuance of Convertible Notes

The balances for the 2021 Convertible Note are as follows:

	June 30, 2024		December 31, 2023
Principal	$	119,289	$	115,815
Unamortized debt discount	(16,493)		(19,612)
Unamortized debt issuance costs	(1,593)		(1,895)
Embedded conversion feature	53		78
Aggregate carrying value	$	101,256	$	94,386

The balances for the AFG Convertible Notes are as follows:

	June 30, 2024		December 31, 2023
Principal	$	19,738	$	17,429
Unamortized debt discount	(2,399)		(2,835)
Unamortized debt issuance costs	(677)		(800)
Embedded conversion feature	5,361		4,345
Aggregate carrying value	$	22,023	$	18,139