XML 70 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s borrowings consist of the following related and third-party borrowings:
December 31, 2024
December 31, 2023
Maturity Date
Principal Outstanding
Carrying Value*
Principal Outstanding
Carrying Value*
2021 Convertible Notes Payable June 2026$122,868 $109,838 $115,815 $94,386 
Delayed Draw Term LoanJune 2034179,542 76,188 — — 
AFG Convertible NoteJune 202622,353 63,033 17,429 18,139 
Notes payable - related party324,763 249,059 133,244 112,525 
Senior Secured Term Loan March 2026— — 100,000 85,624 
Equipment financing facilityApril 20262,386 2,385 5,718 5,710 
DOE Loan FacilityJune 203468,386 65,452 — — 
  Total borrowings395,535 316,896 238,962 203,859 
  Less: current portion
2,014 2,014 3,332 3,332 
     Total borrowings, non-current$393,521 $314,882 $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.
As of December 31, 2024, the annual repayment requirements for debt obligations are as follows:
YearTotal Debt Payment Obligations
2025$2,014 
2026167,102 
2027— 
202828,108 
202932,998 
Thereafter
719,126 
Total$949,348 
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 
Date of Draw
Gross Amount of Initial Draw
Coupon Interest RateDebt Issuance Costs
September 2021$7,000 14.3%$175 
September 20224,216 16.2%96 
    Total Equipment Financing loans$11,216 $271 
Schedule of Interest Expense
Interest expense recognized on the 2021 Convertible Notes is as follows:
For the Years Ended December 31,
20242023
Contractual interest expense$7,053 $6,648 
Amortization of debt discount6,608 5,237 
Amortization of debt issuance costs638 508 
    Total$14,299 $12,393 
Interest expense recognized on the DOE Loan Facility is as follows:
For the Year Ended December 31, 2024
Contractual interest expense$107 
Amortization of debt issuance costs9 
    Total$116 
Interest expense recognized on the AFG Convertible Notes is as follows:
For the Years Ended December 31,
20242023
Contractual interest expense$4,924 $3,679 
Amortization of debt discount928 743 
Amortization of debt issuance costs262 209 
    Total$6,114 $4,631 
The following table summarizes interest expense recognized on the Senior Secured Term Loan:
For the Years Ended December 31,
20242023
Contractual interest expense$6,858 $13,943 
Amortization of debt discount224 407 
Amortization of debt issuance costs1,980 3,601 
Total $9,062 $17,951 
Schedule of Balances Recognized Upon Issuance of Convertible Notes
The carrying value for the 2021 Convertible Notes is as follows:
December 31,
20242023
Principal$122,868 $115,815 
Unamortized debt discount(13,045)(19,612)
Unamortized debt issuance costs(1,257)(1,895)
Embedded derivative liability1,272 78 
     Aggregate carrying value$109,838 $94,386 
The balance for the AFG Convertible Notes is as follows:
December 31,
20242023
Principal$22,353 $17,429 
Unamortized debt discount(1,906)(2,835)
Unamortized debt issuance costs(538)(800)
Embedded conversion feature43,124 4,345 
     Aggregate carrying value$63,033 $18,139 
Schedule of Loan Facility Draw-Downs
The DOE Loan Facility draw-downs were as follows:
Loan Facility Available
for Future Draw-downs
Interest Rate
Beginning Balance, November 26, 2024
$277,497 
   Draw-downs received during the three months ended December 31, 2024
(68,279)4.791 %
Remaining Balance, December 31, 2024
$209,218 
The carrying value for the DOE Loan Facility is as follows:
For the Year Ended December 31, 2024
Principal (life to date draw-downs)
$68,279 
Capitalized PIK Interest
107 
Unamortized debt issuance costs(2,934)
     Aggregate carrying value$65,452