XML 83 R67.htm IDEA: XBRL DOCUMENT v3.25.3
Credit Facility (Details)
12 Months Ended
Jul. 31, 2027
USD ($)
Apr. 30, 2027
USD ($)
Jan. 31, 2027
USD ($)
Jul. 21, 2025
USD ($)
Mar. 03, 2025
USD ($)
Jun. 17, 2024
USD ($)
$ / shares
shares
Jul. 31, 2025
USD ($)
Jul. 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
Oct. 31, 2027
USD ($)
Nov. 07, 2025
USD ($)
Oct. 31, 2025
USD ($)
Jan. 31, 2025
USD ($)
Oct. 17, 2024
USD ($)
Line of Credit Facility [Line Items]                            
Term loan proceeds allocated to lender warrants           $ 3,011,000                
Initial estimated fair value and carrying value of combined embedded derivatives           $ 3,116,000   $ 3,041,000            
Embedded derivative, gain (loss) on embedded derivative, net             $ 1,151,000 75,000            
Interest expense related to credit facility             10,876,000              
New Credit Facility Warrants                            
Line of Credit Facility [Line Items]                            
Warrants outstanding (in shares) | shares           1,435,884                
Exercise price of warrants or rights | $ / shares           $ 0.10                
Class of warrant or right, resell rights, percentage           50.00%                
Class of warrant or right, resell rights, discount percentage           10.00%                
Class of warrant or right, resell rights, volume weighted average price           30 days                
Term loan proceeds allocated to lender warrants           $ 3,011,000                
Warrant liability, fair value             3,007,000 4,544,000            
Fair value adjustment of warrants             (1,537,000) 1,533,000            
Credit Facility                            
Line of Credit Facility [Line Items]                            
Line of credit facility, term       90 days 90 days                  
Minimum liquidity       $ 17,500,000     $ 15,000,000              
Percentage of net cash proceeds             65.00%              
Minimum interest expense coverage ratio             1.75              
Debt instruments, covenant, net leverage ratio, maximum             3.25              
Debt instrument, deferred loan             $ 3,037,500              
Term loan proceeds allocated to lender warrants           0                
Initial estimated fair value and carrying value of combined embedded derivatives           $ 0                
Long-term debt             118,464,000 177,577,000            
Outstanding balance during period, minimum             133,901,000              
Outstanding balance during period, maximum             202,940,000              
Interest expense related to credit facility             $ 34,713,000 $ 22,058,000 $ 14,931,000          
Weighted average interest rate             18.51% 12.26% 8.89%          
Credit Facility | Forecast | Third Amendment                            
Line of Credit Facility [Line Items]                            
Minimum liquidity $ 37,500,000 $ 35,000,000 $ 32,500,000             $ 40,000,000        
Minimum interest expense coverage ratio 1.35   1.30                      
Debt instruments, covenant, net leverage ratio, maximum 2.65 2.75 2.75                      
Credit Facility | Line of Credit                            
Line of Credit Facility [Line Items]                            
Minimum liquidity             $ 20,000,000              
Credit Facility | Line of Credit | Base Rate                            
Line of Credit Facility [Line Items]                            
Debt instrument, interest rate, stated percentage         12.00%   9.50%              
Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                            
Line of Credit Facility [Line Items]                            
Debt instrument, interest rate, stated percentage         13.00%   10.50%              
Credit Facility | Line of Credit | Subsequent Event                            
Line of Credit Facility [Line Items]                            
Minimum liquidity                       $ 17,500,000    
Subordinated Credit Facility                            
Line of Credit Facility [Line Items]                            
Percentage of net cash proceeds             35.00%              
Long-term debt             $ 95,588,000              
Secured Credit Facility | Credit Facility | Line of Credit                            
Line of Credit Facility [Line Items]                            
Term loan             116,260,000              
Debt instrument, amortization percent           2.50%                
Debt instrument, periodic payment           $ 675,000                
Debt instrument, annual principal payment           1,012,500                
Revolver                            
Line of Credit Facility [Line Items]                            
Line of credit facility, remaining borrowing capacity             9,609,000              
Revolver | Subsequent Event                            
Line of Credit Facility [Line Items]                            
Line of credit facility, remaining borrowing capacity                     $ 9,609,000 $ 9,609,000    
Revolver | Credit Facility                            
Line of Credit Facility [Line Items]                            
Line of credit facility, maximum borrowing capacity         $ 29,321,000               $ 32,500,000 $ 27,500,000
Term loan proceeds allocated to lender warrants           0                
Initial estimated fair value and carrying value of combined embedded derivatives           0                
Long-term debt             17,641,000 $ 32,500,000            
Revolver | Credit Facility | Line of Credit                            
Line of Credit Facility [Line Items]                            
Term loan             $ 54,750,000              
Partial principal payment         9,084,000                  
Line of credit facility, increase (decrease), net       (2,071,000) $ 3,179,000                  
Line of credit facility, borrowing capacity base, billed accounts receivable percentage             85.00%              
Line of credit facility, borrowing capacity base, unbilled accounts receivable percentage             85.00%              
Line of credit facility, borrowing capacity base, percentage of billed and unbilled receivables calculations             12.50%              
Line of credit facility, borrowing capacity base, billed and unbilled receivables calculations, amount             $ 15,000,000              
Line of credit facility, borrowing capacity base, percentage of inventory             60.00%              
Line of credit facility, remaining borrowing capacity             $ 101,222,000 114,661,000            
Debt instrument, unused line fee         0.50%                  
Revolver | Credit Facility | Line of Credit | Base Rate                            
Line of Credit Facility [Line Items]                            
Debt instrument, interest rate margin increase             1.00%              
Term Loan A | Credit Facility                            
Line of Credit Facility [Line Items]                            
Long-term debt             $ 98,933,000 142,036,000            
Unsecured Debt | Credit Facility                            
Line of Credit Facility [Line Items]                            
Line of credit facility, maximum borrowing capacity       $ 35,000,000 $ 40,000,000   65,000,000             $ 25,000,000
Term Loan | Credit Facility                            
Line of Credit Facility [Line Items]                            
Term loan             $ 116,260,000 161,663,000            
Term loan proceeds allocated to lender warrants           0                
Initial estimated fair value and carrying value of combined embedded derivatives           $ 0                
Term Loan | Credit Facility | Line of Credit                            
Line of Credit Facility [Line Items]                            
Partial principal payment         $ 27,252,000                  
Term Loan | Credit Facility | Line of Credit | Base Rate                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate             9.50%              
Term Loan | Credit Facility | Line of Credit | Base Rate | Minimum                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate             7.50%              
Term Loan | Credit Facility | Line of Credit | Base Rate | Maximum                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate             9.00%              
Term Loan | Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate       10.50%     10.50%              
Term Loan | Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate             8.50%              
Term Loan | Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum                            
Line of Credit Facility [Line Items]                            
Basis spread on variable rate             10.00%              
Embedded Derivative Loan Facility | Credit Facility                            
Line of Credit Facility [Line Items]                            
Long-term debt             $ 1,890,000 $ 3,041,000