CONVERTIBLE AND OTHER NOTES PAYABLE

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

CONVERTIBLE AND OTHER NOTES PAYABLE

7. CONVERTIBLE AND OTHER NOTES PAYABLE

Notes payable as of September 30, 2025 and December 31, 2024, consists of the following (in thousands):

	Stated Interest Rate	Effective Interest Rates	Maturities	September 30, 2025		December 31, 2024
Convertible Notes:
2031 Convertible Notes	—%	0.4%	2031	625,000		625,000
2029 Convertible Notes	3.0%	3.7%	2029	460,000		460,000
Equipment and Settlement:
Bremer loan	5.5%	5.5%	2027	—		10,669
Didado note	5.0%	15.0%	2027	—		8,964
HMC note	5.0%	15.0%	2026	—		9,042
Harper note	5.0%	15.0%	2026	—		3,119
Trilogy note	5.0%	15.0%	2026	—		2,107
Other:
ACM note	—%	15.0%	2025	621		3,023
Other	7.1% - 7.7%	7.1% - 7.7%	2025	—		129
Notes payable				1,085,621		1,122,053
Less: Unamortized discounts				25,993		31,773
Total notes payable, net				1,059,628		1,090,280
Less: current portion1				621		16,290
Convertible and other notes payable, net of current portion				$	1,059,007	$	1,073,990

1 The current portion is included in Customer funding receivable and other current assets on the consolidated balance sheet.

During the nine months ended September 30, 2025, the Company fully repaid five higher-interest debt facilities, including the Bremer loan, Didado note, HMC note, Harper note, and Trilogy note, totaling approximately $26.6 million in principal. The repayment resulted in an aggregate of $1.4 million loss on debt extinguishment.

Interest expense on the 2029 Convertible Notes and 2031 Convertible Notes (together “Convertible Notes”) was as follows (in thousands):

	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
Coupon interest	$	3,450	$	10,350
Amortization of debt discount and issuance costs	1,311		3,912
Total	$	4,761	$	14,262

Maturities on convertible and other notes payable, gross of unamortized discounts, are as follows (in thousands):

	Convertible Notes		Other Notes Payable
Remaining 2025	$	—	$	621
2026	—		—
2027	—		—
2028	—		—
2029	460,000		—
Thereafter	625,000		—
Total	$	1,085,000	$	621