Long-term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of debt instruments

	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Other (a)	$	14,921	$	11,324
Secured borrowings under BR Exar AR Facility (b)		1,257		7,030
Senior secured term loan (c)		—		36,936
July 2026 Notes (d)		—		23,200
April 2026 Notes (e)		—		1,331,953
Second Lien Note maturing September 30, 2026 (f)		15,775		24,509
2028 Term Loan Facilities maturing June 26, 2028 (g)		10,862		—
Revolving Credit Facility maturing in June 26, 2028		35,563		—
Super Senior Term Loan maturing July 28, 2028 (h)		45,957		—
ABL Facility maturing July 29, 2028		76,753		—
July 2030 Notes maturing July 15, 2030 (i)		186,513		—
Total debt		387,601		1,434,952
Less: Current portion of long-term debt		(34,334)		(1,433,484)
Long-term debt, net of current maturities (j)	$	353,267	$	1,468

(a) Other debt represents outstanding loan balances associated with various hardware and software purchases, and maintenance and leasehold improvements, along with other loans entered into by subsidiaries of the Company. This includes $5.0 million of outstanding principal owed to BREL under a promissory note executed in December 2025.

(b) Net of unamortized debt issuance cost of $0.2 million as of December 31, 2025; and net of unamortized net original issue discount of $0.7 million and less than $0.1 million of debt issuance cost as of December 31, 2024.

(c) Net of unamortized debt issuance costs of $1.0 million and net of unamortized original issue discount of $0.6 million as of December 31, 2024.

(d) Net of unamortized original issue discount of $0.6 million and debt issuance costs of $0.2 million as of December 31, 2024. Following the Restructuring, the July 2026 Notes were reclassified to liabilities subject to compromise and were discharged on July 29, 2025 by issuance of Common Stock of the Company to the noteholders. Refer to Note 4, Fresh Start Accounting.

(e) Includes unamortized net debt exchange premium of $100.9 million as of December 31, 2024. Following the Restructuring, the April 2026 Notes were reclassified to liabilities subject to compromise and were discharged on

July 29, 2025 by issuance of Common Stock of the Company to holders of claims relating to such notes. Refer to Note 4, Fresh Start Accounting.

(f) Net of unamortized debt issuance costs of $0 and $1.0 million as of December 31, 2025 and December 31, 2024, respectively.

(g) Net of unamortized debt issuance costs of $0.6 million as of December 31, 2025.

(h) Net of unamortized debt issuance costs of less than $0.1 million as of December 31, 2025.

(i) Net of unamortized debt issuance costs of $0.5 million as of December 31, 2025 and net of $14.0 million of principal amount of July 2030 Notes internally held by a subsidiary of the Company as of December 31, 2025.

(j) Outstanding amount of $1.5 million of long-term debt, net of current maturities as of December 31, 2024 (Predecessor), represents long term notes payable relating to acquisition of assets. This was not subject to default provisions based on filing for the bankruptcy or a cross-default provision.

Schedule of maturities of long-term debt

	Maturity
2026	$	35,300
2027		3,933
2028		163,225
2029		—
2030		186,993
Thereafter		—
Total long-term debt		389,451
Less: Unamortized original issue discount and debt issuance cost		(1,850)
	$	387,601