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Fresh Start Accounting (Tables)
12 Months Ended
Dec. 31, 2025
Reorganizations [Abstract]  
Reconciliation of enterprise value to equity value

  ​ ​ ​

July 31, 2025

Enterprise value

$

732,730

Plus: Cash and cash equivalents

11,667

Less: Total debt

(337,034)

Equity value

$

407,363

Reconciliation of enterprise value to reorganization value

  ​ ​ ​

July 31, 2025

Enterprise value

$

732,730

Plus: Cash and cash equivalents

11,667

Plus: Current liabilities excluding current maturities of long-term debt

218,079

Plus: Non-interest bearing noncurrent liabilities

125,993

Reorganization value of the reconstituted Successor

$

1,088,469

Summary of losses (gains) on reorganization items

Successor

Predecessor

Consolidated

Combined and Consolidated

Period from August 1, 2025 through
December 31,

Period from January
1, 2025 through
July 31,

  ​ ​ ​

2025

2025

Legal and professional fees

$

1,782

$

68,404

Derecognition of unamortized debt discount, premium and issuance costs

(81,384)

Gain on settlement of liabilities subject to compromise

(902,162)

Fresh start accounting adjustments

(639,040)

Cost of debt refinancing pursuant to reorganization plan

1,591

Gain on rejected contracts and leases

(167)

(1,260)

Gain on settlement of DIP facility

(4,000)

DIP credit agreement fees

26

Total reorganization items, net

$

1,615

$

(1,557,825)

Schedule of consolidated and combined balance sheet

As of July 31, 2025

  ​ ​ ​

Predecessor

  ​ ​ ​

Reorganization Adjustments

  ​ ​ ​

Fresh Start Adjustments

  ​ ​ ​

Successor (a)

Assets

 

  ​

 

  ​

 

  ​

 

  ​

Current assets

 

  ​

 

  ​

 

  ​

 

  ​

Cash and cash equivalents

$

17,958

$

(6,291)

(1)

$

$

11,667

Restricted cash

 

30,743

 

 

 

30,743

Accounts receivable, net

38,187

74,467

(2)

112,654

Related party receivables and prepaid expenses

3,938

3,938

Inventories, net

6,508

6,508

Prepaid expenses and other current assets

32,164

(5,413)

(3)

26,751

Total current assets

 

129,498

 

62,763

 

 

192,261

Property, plant and equipment, net

42,785

30,330

(16)

73,115

Operating lease right-of-use assets, net

29,542

29,542

Goodwill

39,718

414,499

(17)

454,217

Intangible assets, net

119,032

201,741

(18)

320,773

Other noncurrent assets

 

16,297

 

2,264

(4)

 

 

18,561

Total assets

$

376,872

$

65,027

$

646,570

$

1,088,469

Liabilities and Stockholders' Equity (Deficit)

 

  ​

 

  ​

 

  ​

 

  ​

Liabilities

 

  ​

 

  ​

 

  ​

 

  ​

Current liabilities

Current portion of long-term debt

$

247,322

$

(217,344)

(5)

$

$

29,978

Accounts payable

23,008

19,115

(6)

42,123

Related party payables

39

1,311

(7)

1,350

Income tax payable

10,126

(7,814)

(8)

2,312

Accrued liabilities

21,181

20,185

(9)

41,366

Accrued compensation and benefits

25,376

8,562

(10)

33,938

Accrued interest

1,877

(11)

1,877

Customer deposits

83

17,696

(7)

17,779

Deferred revenue

9,701

9,701

Obligation for claim payment

53,176

53,176

Current portion of finance lease liabilities

4,884

290

(7)

5,174

Current portion of operating lease liabilities

9,283

9,283

Total current liabilities

 

404,179

 

(156,122)

 

 

248,057

Long-term debt, net of current maturities

1,465

305,591

(12)

307,056

Finance lease liabilities, net of current portion

7,303

7,303

Net defined benefit liability

1,069

1,069

Deferred income tax liabilities

13,721

35,793

(8)

49,514

Long-term income tax liabilities

8,496

(545)

(8)

7,951

Operating lease liabilities, net of current portion

22,533

22,533

Other long-term liabilities

288

37,335

(13)

37,623

Total liabilities not subject to compromise

459,054

222,052

681,106

Liabilities subject to compromise

1,424,479

(1,424,479)

(14)

Total liabilities

1,883,533

(1,202,427)

681,106

Stockholders' Equity (Deficit)

 

  ​

 

  ​

 

  ​

 

  ​

Predecessor's net parent investment

 

(1,498,817)

 

859,777

(15)

 

639,040

(19)

 

Predecessor's accumulated other comprehensive loss (income):

Foreign currency translation adjustment

(7,844)

314

(8)

7,530

(20)

Predecessor total accumulated other comprehensive loss (income)

(7,844)

314

7,530

Successor's common stock

8

(14)

8

Successor's paid-in-capital in excess of par

407,355

(14)

407,355

Total stockholder's equity (deficit)

(1,506,661)

1,267,454

646,570

407,363

Total liabilities and stockholder's equity (deficit)

$

376,872

$

65,027

$

646,570

$

1,088,469

Schedule of reorganization adjustments for net cash payments

Sources:

  ​ ​ ​

Cash proceeds from XBP Funding

$

18,000

Cash proceeds from Super Senior Term Loan

40,000

Cash proceeds from BR Exar AR Facility

8,000

Cash proceeds from ABL Facility

58,653

Cash proceeds from previously made deposit under ABL Facility

250

$

124,903

Uses:

  ​ ​ ​

Debt issuance costs related to Super Senior Secured Notes

$

(50)

Debt issuance costs related to BR Exar AR Facility

(1,400)

Paydown of the Second Lien Note

(1,500)

Repayment on Securitization Facility

(74,467)

Payment of legal fees on Securitization Facility

(172)

Debt issuance costs related to ABL Facility

(2,269)

Payment of Senior Secured Term Loan

(38,500)

Payment of Interest on Senior Secured Term Loan

(596)

Payment of Fees on Senior Secured Term Loan

(535)

Payment of legal fees

(11,705)

Net uses:

$

(6,291)

Schedule of reorganization adjustments for current maturities of long-term debt

Reinstatement of liabilities subject to compromise

  ​ ​ ​

$

1,178,002

Borrowing from BR Exar Facility

8,000

Amortization of Unamortized Balance of Debt Issuance Cost

1,056

Issuance of Common Stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)

(8)

Debt issuance costs related to BR Exar AR Facility

(1,400)

Paydown of the Second Lien Note

(1,500)

Gain on settlement of DIP Facility

(4,000)

Conversion of DIP Facility into Super Senior Term Loan

(6,000)

Repayment of Senior Secured Term Loan

(38,500)

Conversion of DIP Facility into July 2030 Notes

(175,000)

APIC generated on issuance of Successor common stock

(407,355)

Gain on reinstatement of current portion of debt

(770,639)

Total adjustments to current portion of long-term debt

$

(217,344)

Schedule of reorganization adjustments for accounts payable

Reinstatement of accounts payable from liabilities subject to compromise

  ​ ​ ​

$

35,048

Amount paid/transferred to long term

(4,633)

Gain on Reinstatement of accounts payable

(11,300)

Total adjustments to accounts payable

$

19,115

Schedule of reinstatement of various liabilities from liabilities subject to compromise

Customer Deposits

  ​ ​ ​

$

17,696

Related Party Payable

1,311

Current portion of finance lease liabilities

290

Schedule of reorganization adjustments for accrued liabilities

Reinstatement of accrued liabilities from liabilities subject to compromise

  ​ ​ ​

$

25,565

Gain on reinstatement of accrued liabilities

(5,380)

Total adjustments to accrued liabilities

$

20,185

Schedule of reorganization adjustments for accrued compensation and benefits

Reinstatement of Accrued Compensation and Benefits from liabilities subject to compromise

  ​ ​ ​

$

45,717

Gain on settlement of Accrued Compensation and Benefits

(7,031)

Amount transferred to long term

(30,124)

Total adjustments to accrued compensation and benefits

$

8,562

Schedule of reorganization adjustments for accrued interest

Reinstatement of accrued interest from liabilities subject to compromise

  ​ ​ ​

$

118,272

Gain on settlement of accrued interest

(107,811)

Payment of accrued interest on Senior Secured Term Loan

(596)

Conversion of Accrued Interest on the DIP Facility to July 2030 Notes

(7,988)

Total adjustments to accrued interest

$

1,877

Schedule of reorganization adjustments for long-term debt, net of current maturities

Issuance of July 2030 Notes (a)

  ​ ​ ​

$

200,988

Borrowing from ABL Facility

58,653

Borrowing from Super Senior Term Loan

40,000

Conversion of DIP Facility to July 2030 Notes

6,000

Debt Issuance cost on Super Senior Secured Facility

(50)

Total adjustments to long-term debt, net of current maturities

$

305,591

(a)Includes $18.0 million of principal amount of July 2030 Notes held by a subsidiary of the Company other than the issuer or a guarantor as of July 31, 2025 that are eliminated on consolidation.
Schedule of reorganization adjustments for other long-term liabilities

Reinstatement of Other long-term liabilities balance from liabilities subject to compromise

  ​ ​ ​

$

2,578

Accounts payable to be paid in long term as per the Plan considered long term

4,633

Accrued compensation and benefits to be paid in long term as per the Plan considered long term

30,124

Total adjustments to other long-term liabilities

$

37,335

Schedule of liabilities subject to compromise

Liabilities subject to compromise prior to the Emergence Date

  ​ ​ ​

Settled liabilities subject to compromise

Current portion of debt

$

1,178,002

Accounts payable

35,048

Accrued liabilities

25,565

Accrued compensation and benefits

45,717

Accrued Interest

118,272

Total settled liabilities subject to compromise

$

1,402,604

Reinstated liabilities subject to compromise

  ​ ​ ​

Customer deposits

$

17,696

Other long-term liabilities

2,578

Related party payables

1,311

Current portion of capital lease obligations

290

Total reinstated liabilities subject to compromise

$

21,875

Total liabilities subject to compromise

$

1,424,479

Issuance of common stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)

  ​ ​ ​

$

(8)

Paid in capital in excess of par

(407,355)

Settlement of accounts payable as per the Plan

(23,748)

Settlement of accrued liabilities as per the Plan

(20,185)

Settlement of accrued compensation and benefit as per the Plan

(38,686)

Settlement of accrued interest as per the Plan

(10,460)

Reinstated liabilities subject to compromise

(21,875)

Gain on settlement of liabilities subject to compromise

$

902,162

Schedule of reorganization adjustments for net parent investment

Gain on settlement of liabilities subject to compromise

  ​ ​ ​

$

(902,162)

Gain recognition on DIP Facility forgiveness

(4,000)

Payment of legal fees

11,705

Amortization of Debt Issuance Cost on Super Senior Term Loan

1,056

Tax Expenses on Reorganization

33,162

Payment of Closing Fee for the Super Senior Term Loan

535

Payment of Legal Fee for the Securitization Facility

172

Amortization of Debt Issuance Cost on the ABL Facility

5

Reversal of the ABL Facility Deposit from Reorganization Items

(250)

Total adjustment to Predecessor’s net parent investment

$

(859,777)

Schedule of setting up to fair value of intangible assets

  ​ ​ ​

Predecessor

  ​ ​ ​

Fresh Start Adjustments

  ​ ​ ​

Successor

Intangible Assets, Net

  ​

Customer relationships

$

90,344

$

173,656

$

264,000

Internally developed software

7,290

30,510

37,800

Purchased software

15,008

15,008

Trade names

5,300

(2,425)

2,875

Outsourced contract costs

1,090

1,090

Total

$

119,032

$

201,741

$

320,773