0000918541-24-000134 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

The following table contains supplemental cash flow information related to leases.


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	6,381	$	10,533
Operating cash flows used in finance leases	241		258
Financing cash flows used in finance leases	1,671		1,084
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	692		477
Right-of-use assets obtained in exchange for new finance lease liabilities	1,482		1,619

_______________________________

(1) Includes new leases, renewals, and modifications.

We recognized sublease income of $2.9 million and $1.4 million in the nine months ended September 30, 2024 and 2023, respectively, which is recognized in the “Other operating income, net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Leases

The following table contains supplemental cash flow information related to leases.


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	6,381	$	10,533
Operating cash flows used in finance leases	241		258
Financing cash flows used in finance leases	1,671		1,084
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	692		477
Right-of-use assets obtained in exchange for new finance lease liabilities	1,482		1,619

_______________________________

(1) Includes new leases, renewals, and modifications.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (2,557)	$ (5,057)	$ (17,297)	$ (29,609)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Sublease Income	$ (2,900)	$ (1,400)

Net Income (Loss) Per Common Share - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, minimum price range (in dollars per share)	$ 7.93
Anti dilutive securities excluded from computation of earnings per share, maximum price range (in dollars per share)	$ 25.16

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2022		43,856
Beginning balance at Dec. 31, 2022	$ 186,264	$ 439	$ 468,143	$ (245,198)	$ (37,120)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(29,609)
Net Income (Loss)	(29,609)
Dividends accrued for preferred stock	$ (9,594)		(9,594)
Share-based compensation expense (in shares)	3,598
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ (21)	$ 36	(57)
Share-based compensation expense	2,058		2,058
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(143)
Restricted shares forgiven for taxes and forfeited	(170)	$ 2	168
Other comprehensive income (loss), net of tax	(5,202)
Other comprehensive income	(5,202)
Ending balance (in shares) at Sep. 30, 2023		47,311
Ending balance at Sep. 30, 2023	143,726	$ 473	460,382	(274,807)	(42,322)
Beginning balance (in shares) at Jun. 30, 2023		47,019
Beginning balance at Jun. 30, 2023	154,444	$ 470	462,525	(269,750)	(38,801)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(5,057)
Net Income (Loss)	(5,057)
Dividends, Preferred Stock			3,347
Dividends accrued for preferred stock	$ (3,347)
Share-based compensation expense (in shares)	292
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ 3	(3)
Share-based compensation expense	1,207		1,207
Other comprehensive income (loss), net of tax	(3,521)
Other comprehensive income	(3,521)
Ending balance (in shares) at Sep. 30, 2023		47,311
Ending balance at Sep. 30, 2023	143,726	$ 473	460,382	(274,807)	(42,322)
Beginning balance (in shares) at Dec. 31, 2023		47,269
Beginning balance at Dec. 31, 2023	125,002	$ 473	457,632	(295,348)	(37,755)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(17,297)
Net Income (Loss)	(17,297)
Dividends accrued for preferred stock	$ (11,490)		(11,490)
Shares Issued, Net of Cashless Warrant Exercise	2,395
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants	$ 11,376	24	11,352
Share-based compensation expense (in shares)	439
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ 4	(4)
Share-based compensation expense	2,347		2,347
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(153)
Restricted shares forgiven for taxes and forfeited	(594)	$ (2)	592
Other comprehensive income (loss), net of tax	(2,770)
Other comprehensive income	(2,770)
Ending balance (in shares) at Sep. 30, 2024		49,950
Ending balance at Sep. 30, 2024	106,574	$ 499	459,245	(312,645)	(40,525)
Beginning balance (in shares) at Jun. 30, 2024		50,032
Beginning balance at Jun. 30, 2024	108,436	$ 500	462,410	(310,088)	(44,386)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(2,557)
Net Income (Loss)	(2,557)
Dividends, Preferred Stock			3,977
Dividends accrued for preferred stock	$ (3,977)
Share-based compensation expense (in shares)	(82)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ (1)	1
Share-based compensation expense	811		811
Other comprehensive income (loss), net of tax	3,861
Other comprehensive income	3,861
Ending balance (in shares) at Sep. 30, 2024		49,950
Ending balance at Sep. 30, 2024	$ 106,574	$ 499	$ 459,245	$ (312,645)	$ (40,525)

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2023 Annual Report.

Embedded Derivatives

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of our preferred stock and long-term debt were bifurcated and accounted for as derivatives separately.

In conjunction with an amendment to our Term Loan in 2023, we issued warrants to purchase up to 2.0 million shares of our common stock at an exercise price of $0.01 per share (the “2023 Warrants”). The 2023 Warrants are exercisable, in full or in part, at any time prior to June 30, 2033. The 2023 Warrants include anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. During the nine months ended September 30, 2024, 500,000 of the 2023 Warrants were exercised on a cashless basis, resulting in the issuance of 499,000 shares.

In conjunction with our placement of the Series D Preferred Stock, we issued the 2021 Warrants to purchase up to 1.9 million shares of our common stock. The 2021 Warrants were exercisable, in full or in part, at an exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. During the nine months ended September 30, 2024, all of the 2021 Warrants were exercised on a cashless basis, resulting in the issuance of 1,896,000 shares.

In conjunction with our placement of Series B Preferred Stock in 2019, we issued detachable warrants to purchase up to 1.5 million shares of our common stock (the “2019 Warrants”). The 2019 Warrants, are exercisable, in full or in part, at any time prior to December 11, 2026, at an exercise price of $11.03 per share, and are subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events.

The following table presents the change in the liability balance of the embedded derivatives during the nine months ended September 30, 2024.


Balance as of December 31, 2023	$	16,556

Change in fair value (1)	1,630
Settlements	(11,376)

Balance as of September 30, 2024	$	6,810

_______________________________

(1) Changes in the fair value are recognized in the “Other expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The following tables show the fair values of the embedded derivatives within the fair value hierarchy.



September 30, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Derivative liability - other non-current liabilities	$	5,699	$	—	$	1,111



December 31, 2023	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Derivative liability - other non-current liabilities	$	15,421	$	—	$	1,135

The fair value of the 2023 Warrants and 2021 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price (Level 1).

The fair value of the 2019 Warrants is determined using a valuation model that utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods (Level 3). The probabilities resulted in a weighted average term of 2.9 years as of September 30, 2024 and December 31, 2023.

Interest Rate Swap

On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”). The 2021 Swap had a notional amount of $60.0 million and a maturity date of July 31, 2024. We designated the 2021 Swap as a cash flow hedge at inception with cash settlements recognized in interest expense. During the first quarter of 2023, we terminated the 2021 Swap and received cash proceeds of $2.5 million, which was the then fair value of the 2021 Swap. Since the 2021 Swap was an effective cash flow hedge and the forecasted interest payments remain probable of occurring, the gain was recognized as a reduction to interest expense through the original maturity date of July 31, 2024.

The following table presents the effects of the interest rate swap on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest benefit (1)	$	(150)	$	(449)	$	(1,048)	$	(1,366)

_______________________________

(1) Represents gain recognized in interest expense on effective interest rate swap.

Fair Value Disclosures

Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, and debt. As of September 30, 2024 and December 31, 2023, the carrying values of these financial instruments, except for debt, approximated fair value. The fair value of our debt was $145.4 million and $162.2 million, with a carrying amount of $143.6 million and $153.3 million, as of September 30, 2024 and December 31, 2023, respectively. The fair value of debt was calculated by discounting the future cash flows to its present value using prevailing market interest rates for debt with similar creditworthiness, terms and maturities (Level 3).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases Finance (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets and Liabilities, Lessee [Abstract]
Finance lease right-of-use assets	$ 14,079	$ 13,599
Finance Lease, Liability, Current	2,656	2,047
Finance Lease, Liability, Noncurrent	3,751	4,488
Finance Lease, Liability	$ 6,407	$ 6,535
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net of accumulated depreciation of $248,473 and $254,013 at September 30, 2024 and December 31, 2023
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities

Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The following table summarizes the computation of basic and diluted net loss per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(2,557)	$	(5,057)	$	(17,297)	$	(29,609)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,977)		(3,347)		(11,490)		(9,594)



Numerator for basic and diluted net loss per common share	$	(6,534)	$	(8,404)	$	(28,787)	$	(39,203)

Denominator:
Weighted average common shares outstanding	50,000		47,186		49,478		45,793
Adjustment for participating securities	(2,464)		(3,496)		(2,845)		(2,365)
Adjustment for warrants outstanding (1)	1,461		3,849		1,889		2,982





Shares used to calculate basic and diluted net loss per share	48,997		47,539		48,522		46,410








Basic and diluted net loss per common share	$	(0.13)	$	(0.18)	$	(0.59)	$	(0.84)
Cash dividends declared per common share	$	—	$	—	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 15).

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Stock Options	205	315	223	407
Warrants	1,500	1,500	1,500	1,500
Performance share units	820	250	795	89
Total antidilutive securities	2,525	2,065	2,518	1,996

Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16,556
Change in fair value	1,630
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(11,376)
Ending balance	$ 6,810

Shared-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	660
Total grant-date fair value of restricted stock, vested \| $	$ 1.9
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	590
Employees \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted vesting period	3 years
Non-executive Directors \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted vesting period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(2,557)	$	(5,057)	$	(17,297)	$	(29,609)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,977)		(3,347)		(11,490)		(9,594)



Numerator for basic and diluted net loss per common share	$	(6,534)	$	(8,404)	$	(28,787)	$	(39,203)

Denominator:
Weighted average common shares outstanding	50,000		47,186		49,478		45,793
Adjustment for participating securities	(2,464)		(3,496)		(2,845)		(2,365)
Adjustment for warrants outstanding (1)	1,461		3,849		1,889		2,982





Shares used to calculate basic and diluted net loss per share	48,997		47,539		48,522		46,410








Basic and diluted net loss per common share	$	(0.13)	$	(0.18)	$	(0.59)	$	(0.84)
Cash dividends declared per common share	$	—	$	—	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 15).


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Stock Options	205	315	223	407
Warrants	1,500	1,500	1,500	1,500
Performance share units	820	250	795	89
Total antidilutive securities	2,525	2,065	2,518	1,996

Stock options excluded from the calculations of diluted net loss per share have a per share exercise price ranging from $7.93 to $25.16 for the three and nine months ended September 30, 2024. Warrants excluded from the calculation of diluted net loss per share have a per share exercise price of $11.03 (see Note 15). Performance share units are potentially dilutive when the related performance criterion has been met.

Operating Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 113,587	$ 124,443	$ 357,777	$ 376,737
Operating Income (Loss)	(3,750)	(2,739)	(10,680)	(13,861)
Operating Segments \| Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	70,678	78,961	216,593	234,132
Operating Income (Loss)	(1,441)	(1,283)	(5,214)	(6,063)
Operating Segments \| Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	42,935	45,484	141,324	142,618
Operating Income (Loss)	2,505	3,936	11,804	8,266
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(4,814)	(5,392)	(17,270)	(16,064)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (26)	$ (2)	$ (140)	$ (13)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (40,525)	$ (42,322)	$ (40,525)	$ (42,322)	$ (44,386)	$ (37,755)	$ (38,801)	$ (37,120)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	3,970	(3,072)	(1,763)	(3,606)
OCI before reclassifications, tax	0	0	0	97
OCI before reclassifications, net of tax	3,970	(3,072)	(1,763)	(3,836)
Amounts reclassified from AOCI, tax	0	0	0	0
Amounts reclassified from AOCI, net of tax	109	449	1,007	1,366
Other comprehensive income (loss), tax	0	0	0	97
Other comprehensive income	3,861	(3,521)	(2,770)	(5,202)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(40,525)	(43,778)	(40,525)	(43,778)	(44,495)	(38,762)	(40,706)	(40,172)
Other Comprehensive Income (Loss), before Tax	3,970	(3,072)	(1,763)	(3,606)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] \| Interest Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI, before tax	0	0	0	0
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	1,456	0	1,456	109	1,007	1,905	3,149
OCI before reclassifications and tax	0	0	0	(327)
Amounts reclassified from AOCI, before tax	(109)	(449)	(1,007)	(1,366)
Other Comprehensive Income (Loss), before Tax	(109)	(449)	(1,007)	(1,693)
Income taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (97)

Preferred Stock

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Preferred Stock and Stockholders' Equity

Preferred Stock

Series D Perpetual Preferred Stock

On March 22, 2021, we completed a private placement of 65,000 shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. Beginning March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027.

The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust additional paid-in capital due to the absence of retained earnings.

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 15 discusses the accounting for these features.

As of September 30, 2024, the carrying value of the Series D Preferred Stock shares was $89.3 million, which included $42.6 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the nine months ended September 30, 2024.


Balance as of December 31, 2023	$	77,799



Accrual of in-kind dividends	8,386
Amortization	3,104

Balance as of September 30, 2024	$	89,289

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flow, Operating Activities, Lessee [Abstract]
Operating cash flows used in operating leases	$ 6,381	$ 10,533
Operating cash flows used in finance leases	241	258
Financing cash flows used in finance leases	1,671	1,084
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	692	477
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 1,482	$ 1,619

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Intangible Assets Net

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2023	$	19,003	$	39,721	$	58,724
Amortization	(2,515)		(7,802)		(10,317)
Intangible assets sold (1)	—		(591)		(591)

Balance as of September 30, 2024	$	16,488	$	31,328	$	47,816

_______________________________

(1) Represents customer relationships associated with the Industrial Molding Corporation business, which was sold during the nine months ended September 30, 2024 (see Note 16).

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

The following table presents our financial performance by reportable segment.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales:
Mobile Solutions	$	70,678	$	78,961	$	216,593	$	234,132
Power Solutions	42,935		45,484		141,324		142,618
Intersegment sales eliminations	(26)		(2)		(140)		(13)
Total	$	113,587	$	124,443	$	357,777	$	376,737
Income (loss) from operations:
Mobile Solutions	$	(1,441)	$	(1,283)	$	(5,214)	$	(6,063)
Power Solutions	2,505		3,936		11,804		8,266
Corporate	(4,814)		(5,392)		(17,270)		(16,064)
Total	$	(3,750)	$	(2,739)	$	(10,680)	$	(13,861)

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services.

The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, specification plating, and surface finishing. The other category includes products sold in aerospace, defense, medical, and other industries.


Three Months Ended September 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	48,062	$	7,063	$	—	$	55,125
General Industrial	17,351		10,121		—		27,472
Residential/Commercial Electrical	—		20,301		—		20,301
Other	5,265		5,450		(26)		10,689
Total net sales	$	70,678	$	42,935	$	(26)	$	113,587


Three Months Ended September 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	55,933	$	8,641	$	—	$	64,574
General Industrial	17,284		12,351		—		29,635
Residential/Commercial Electrical	—		17,802		—		17,802
Other	5,744		6,690		(2)		12,432
Total net sales	$	78,961	$	45,484	$	(2)	$	124,443


Nine Months Ended September 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	147,254	$	23,385	$	—	$	170,639
General Industrial	53,598		36,928		—		90,526
Residential/Commercial Electrical	—		62,019		—		62,019
Other	15,741		18,992		(140)		34,593
Total net sales	$	216,593	$	141,324	$	(140)	$	357,777


Nine Months Ended September 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	164,698	$	26,559	$	—	$	191,257
General Industrial	56,725		40,466		—		97,191
Residential/Commercial Electrical	—		49,995		—		49,995
Other	12,709		25,598		(13)		38,294
Total net sales	$	234,132	$	142,618	$	(13)	$	376,737

Deferred Revenue

Deferred revenue relates to payments received in advance of performance under the contract and recognized as revenue as (or when) we perform under the contract. The balance of deferred revenue was $0.2 million and $0.4 million as of September 30, 2024 and December 31, 2023, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the nine months ended September 30, 2024 included $0.4 million that was included in deferred revenue as of December 31, 2023.

Transaction Price Allocated to Future Performance Obligations

We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of September 30, 2024, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 24,141	$ 25,456
Work in process	24,797	22,942
Finished goods	20,662	23,165
Total inventories	$ 69,600	$ 71,563

Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 811	$ 1,207	$ 2,347	$ 2,058
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	507	1,001	1,626	1,780
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	304	206	721	264
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0	$ 14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Shared-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Components of Share-Based Compensation Expense by Type of Award

The following table lists the components of share-based compensation expense by type of award, which is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Restricted stock	$	507	$	1,001	$	1,626	$	1,780
Performance share units	304		206		721		264
Stock options	—		—		—		14
Share-based compensation expense	$	811	$	1,207	$	2,347	$	2,058

Schedule of Nonvested Share Activity

The following table presents the status of unvested restricted stock awards as of September 30, 2024, and activity during the nine months then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	3,405	$	1.41
Granted	660	4.25
Vested	(1,459)	1.33
Forfeited	(221)	2.13
Unvested at September 30, 2024	2,385	$	2.18

Summary of Status of Unvested PSU Awards

The following table presents the status of unvested PSUs as of September 30, 2024, and activity during the nine months then ended.


	Nonvested PSU Awards	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2024	3,789	$	1.29
Granted	590	3.71

Forfeited	(413)	2.26

Nonvested at September 30, 2024	3,966	$	1.55

Revenue Disaggragation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Disaggragation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 113,587	$ 124,443	$ 357,777	$ 376,737
Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	55,125	64,574	170,639	191,257
General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	27,472	29,635	90,526	97,191
Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	20,301	17,802	62,019	49,995
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	10,689	12,432	34,593	38,294
Operating Segments \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	70,678	78,961	216,593	234,132
Operating Segments \| Mobile Solutions [Member] \| Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	48,062	55,933	147,254	164,698
Operating Segments \| Mobile Solutions [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	17,351	17,284	53,598	56,725
Operating Segments \| Mobile Solutions [Member] \| Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Operating Segments \| Mobile Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	5,265	5,744	15,741	12,709
Operating Segments \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	42,935	45,484	141,324	142,618
Operating Segments \| Power Solutions [Member] \| Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	7,063	8,641	23,385	26,559
Operating Segments \| Power Solutions [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	10,121	12,351	36,928	40,466
Operating Segments \| Power Solutions [Member] \| Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	20,301	17,802	62,019	49,995
Operating Segments \| Power Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	5,450	6,690	18,992	25,598
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(26)	(2)	(140)	(13)
Intersegment Eliminations [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	$ (26)	$ (2)	$ (140)	$ (13)

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Three Months Ended September 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	48,062	$	7,063	$	—	$	55,125
General Industrial	17,351		10,121		—		27,472
Residential/Commercial Electrical	—		20,301		—		20,301
Other	5,265		5,450		(26)		10,689
Total net sales	$	70,678	$	42,935	$	(26)	$	113,587


Three Months Ended September 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	55,933	$	8,641	$	—	$	64,574
General Industrial	17,284		12,351		—		29,635
Residential/Commercial Electrical	—		17,802		—		17,802
Other	5,744		6,690		(2)		12,432
Total net sales	$	78,961	$	45,484	$	(2)	$	124,443


Nine Months Ended September 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	147,254	$	23,385	$	—	$	170,639
General Industrial	53,598		36,928		—		90,526
Residential/Commercial Electrical	—		62,019		—		62,019
Other	15,741		18,992		(140)		34,593
Total net sales	$	216,593	$	141,324	$	(140)	$	357,777


Nine Months Ended September 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	164,698	$	26,559	$	—	$	191,257
General Industrial	56,725		40,466		—		97,191
Residential/Commercial Electrical	—		49,995		—		49,995
Other	12,709		25,598		(13)		38,294
Total net sales	$	234,132	$	142,618	$	(13)	$	376,737

Investment in Joint Venture

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method, with the share of net income from the joint venture recorded in the Mobile Solutions segment.

The following table shows changes in our investment in the JV.


Balance as of December 31, 2023	$	32,701
Share of earnings	6,597

Foreign currency translation gain	545
Balance as of September 30, 2024	$	39,843

Investment in Joint Venture (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summarized Activity Related to Investment in Joint Venture

The following table shows changes in our investment in the JV.


Balance as of December 31, 2023	$	32,701
Share of earnings	6,597

Foreign currency translation gain	545
Balance as of September 30, 2024	$	39,843

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs and discount (1)	$ (4,661)	$ (5,490)
Debt, Long-Term and Short-Term, Combined Amount	143,633	153,279
Debt issuance costs, line of credit arrangements, net	300	500
Term Loan Facility Member
Debt Instrument [Line Items]
Total principal	114,187	148,114
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Total principal	0
Financing Obligations
Debt Instrument [Line Items]
Total principal	24,756	0
International Loans
Debt Instrument [Line Items]
Total principal	$ 9,351	$ 10,655

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,525	2,065	2,518	1,996
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	205	315	223	407
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,500	1,500	1,500	1,500
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	820	250	795	89

Business Divestiture

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

Divestiture

On July 2, 2024, we completed the sale of our Lubbock operations, known as Industrial Molding Corporation (“IMC”), for $17.0 million in cash, subject to customary purchase price adjustments. We received net proceeds of $15.4 million after paying certain transaction costs, which was used to repay a portion of the outstanding borrowings under the Term Loan Facility. We determined that the sale of IMC did not represent a strategic shift that will have a major effect on the consolidated results of operations, therefore the results of this business will continue to be reported within our Power Solutions segment. The gain on sale of business is recognized in the “Other expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The following is a summary of the net gain recognized in connection with the divestiture:


Net proceeds	$	17,000
Net assets disposed	8,281
Direct costs to sell	1,565
Gain on sale of business	$	7,154

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 12,449	$ 21,903
Accounts receivable, net of allowances of $1,913 and $1,241 at September 30, 2024 and December 31, 2023	64,447	65,545
Inventories	69,600	71,563
Income tax receivable	12,956	11,885
Prepaid Expense and Other Assets	4,095	2,464
Other current assets	10,357	9,194
Total current assets	173,904	182,554
Property, plant and equipment, net of accumulated depreciation of $248,473 and $254,013 at September 30, 2024 and December 31, 2023	172,947	185,812
Operating lease right-of-use assets	40,821	43,357
Intangible assets, net	47,816	58,724
Investment in joint venture	39,843	32,701
Deferred tax assets	1,177	734
Other non-current assets	6,590	7,003
Total assets	483,098	510,885
Liabilities, Current [Abstract]
Accounts payable	44,983	45,480
Accrued salaries, wages and benefits	15,027	15,464
Income tax payable	546	524
Short-term debt and current maturities of long-term debt	8,085	3,910
Current portion of operating lease liabilities	5,805	5,735
Other current liabilities	14,126	10,506
Total current liabilities	88,572	81,619
Deferred tax liabilities	4,960	4,988
Long-term debt, net of current maturities	135,548	149,369
Operating lease liabilities, net of current portion	44,001	47,281
Other non-current liabilities	14,154	24,827
Total liabilities	287,235	308,084
Common stock - $0.01 par value per share, 90,000 shares authorized, 49,950 and 47,269 shares issued and outstanding at September 30, 2024 and December 31, 2023	499	473
Additional paid-in capital	459,245	457,632
Accumulated deficit	(312,645)	(295,348)
Accumulated other comprehensive loss	(40,525)	(37,755)
Total stockholders’ equity	106,574	125,002
Total liabilities, preferred stock, and stockholders’ equity	483,098	510,885
Series D Preferred Stock
Liabilities, Current [Abstract]
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at September 30, 2024 and December 31, 2023	$ 89,289	$ 77,799

Preferred Stock - Additional Information (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		9 Months Ended
	Mar. 22, 2021	Sep. 30, 2024
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	65
Temporary equity, par value (in dollars per share)		$ 0.01
Sale of stock, price per share (in dollars per share)		$ 1,000
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,900
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 0.01
Temporary equity, liquidation preference per share (in dollars per share)		$ 1,000
Temporary equity, dividend rate, percentage		10.00%
Increase in dividend rate if no cash dividends paid		12.00%
Annual increase in dividend rate		2.50%
Temporary Equity Dividends Unpaid Deemed		$ 42,600

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,913	$ 1,241
Property, Plant, and Equipment, Accumulated Depreciation	$ 248,473	$ 254,013
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000	90,000
Common stock, shares issued (in shares)	49,950	47,269
Common stock, shares outstanding (in shares)	49,950	47,269
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	65	65
Preferred stock, shares issued (in shares)	65	65
Preferred stock, shares outstanding (in shares)	65	65

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments [Roll Forward]
Beginning Balance			$ 32,701
Share of earnings	$ 2,185	$ 1,713	6,597	$ 3,087
Ending Balance	39,843		39,843
Joint Venture
Equity Method Investments [Roll Forward]
Beginning Balance			32,701
Share of earnings			6,597
Foreign currency translation gain			545
Ending Balance	$ 39,843		$ 39,843

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

The following table presents the outstanding debt balances.


	September 30, 2024		December 31, 2023
Term Loan Facility	$	114,187	$	148,114

Financing obligations from sale-leaseback transactions	24,756		—
International loans	9,351		10,655
Unamortized debt issuance costs and discount (1)	(4,661)		(5,490)
Total debt	$	143,633	$	153,279

_______________________________

(1) In addition to this amount, costs of $0.3 million and $0.5 million related to the ABL Facility were recorded in other non-current assets as of September 30, 2024 and December 31, 2023, respectively.

We capitalized interest costs of $1.0 million and $1.1 million in the nine months ended September 30, 2024 and 2023, respectively, related to construction in progress.

Shared-Based Compensation - PSU Award Rollforward (Detail) - Performance share units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Nonvested PSUs (in thousands)
Nonvested restricted shares, beginning balance (in shares)	3,789
Nonvested restricted shares, granted (in shares)	590
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(413)
Nonvested restricted shares, ending balance (in shares)	3,966
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) \| $ / shares	$ 1.29
Granted (in dollars per share) \| $ / shares	3.71
Forfeited (in dollars per share) \| $ / shares	2.26
Ending balance (in dollars per share) \| $ / shares	$ 1.55
Inducement Awards
Nonvested PSUs (in thousands)
Nonvested restricted shares, granted (in shares)	415
Annual Award Grant
Nonvested PSUs (in thousands)
Nonvested restricted shares, granted (in shares)	175

Business Divestiture (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Disclosure of Long-Lived Assets Held-for-Sale

The following is a summary of the net gain recognized in connection with the divestiture:


Net proceeds	$	17,000
Net assets disposed	8,281
Direct costs to sell	1,565
Gain on sale of business	$	7,154

Business Divestiture (Details) - USD ($) $ in Thousands	9 Months Ended
Business Divestiture (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Businesses	$ 17,000	$ 0
Gain on sale of business	7,154	$ 0
Industrial Molding Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Businesses	17,000
Net assets disposed	8,281
Disposal Group Including Discontinued Operation Transaction Costs	1,565
Gain on sale of business	7,154
Net cash proceeds received	$ 15,400

Sale Leaseback Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Sale Leaseback Transaction [Line Items]
Proceeds from sale-leaseback of land and buildings			$ 16,863	$ 0
Proceeds from sale-leaseback of equipment	$ 3,400	$ 4,900	$ 8,324	$ 0
Financing Obligations \| Land and Building
Sale Leaseback Transaction [Line Items]
Weighted Average Interest Rate			9.715%
Debt issuance costs			$ 600
Financing Obligations \| Machinery and Equipment
Sale Leaseback Transaction [Line Items]
Weighted Average Interest Rate			10.54%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39268
Entity Registrant Name	NN, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1096725
Entity Address, Address Line One	6210 Ardrey Kell Road, Suite 120
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	264-4300
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	NNBR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,946,337
Entity Central Index Key	0000918541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”).


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)
Other comprehensive income (loss) before reclassifications	3,970		—		—		3,970
Amounts reclassified from AOCI to interest expense (2)	—		(109)		—		(109)

Net other comprehensive income (loss)	3,970		(109)		—		3,861
Balance as of September 30, 2024	$	(40,525)	$	—	$	—	$	(40,525)

Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)
Other comprehensive income (loss) before reclassifications	(3,072)		—		—		(3,072)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(3,072)		(449)		—		(3,521)
Balance as of September 30, 2023	$	(43,778)	$	1,456	$	—	$	(42,322)


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2023	$	(38,762)	$	1,007	$	—	$	(37,755)
Other comprehensive income (loss) before reclassifications	(1,763)		—		—		(1,763)
Amounts reclassified from AOCI to interest expense (2)	—		(1,007)		—		(1,007)

Net other comprehensive income (loss)	(1,763)		(1,007)		—		(2,770)
Balance as of September 30, 2024	$	(40,525)	$	—	$	—	$	(40,525)

Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	(3,606)		(327)		97		(3,836)
Amounts reclassified from AOCI to interest expense (2)	—		(1,366)		—		(1,366)

Net other comprehensive income (loss)	(3,606)		(1,693)		97		(5,202)
Balance as of September 30, 2023	$	(43,778)	$	1,456	$	—	$	(42,322)

______________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents gain recognized in interest expense on effective interest rate swap.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Restructuring Plans (Details) - Mobile Solutions [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Effect on Future Earnings, Amount	$ 1,900
Effect on Future Earnings, Offset Amount	2,800
Restructuring and Related Cost, Cost Incurred to Date	1,000
Plant Optimization Activities
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Machinery and Equipment, Net	11,000
Selling, General and Administrative Expenses
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	300
Cost of Sales
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	$ 600

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation (“Autocam”) in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and, therefore, is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we do not expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of September 30, 2024. Other Legal Matters All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes.

Restructuring and Related Activities

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

Plant Optimization Activities

During the third quarter of 2024, we took specific steps to consolidate our footprint by identifying a manufacturing facility to close to reduce costs and improve operational efficiency. In addition, we implemented operational and cost optimization actions to reduce indirect and overhead costs. We expect the facility closure and organizational changes to be completed in the first half of 2025. We estimate incurring $1.9 million in charges which will be recognized in 2024 and 2025. Once fully implemented, we expect to recognize annual benefits of approximately $2.8 million. All costs incurred have been recognized in Mobile Solutions segment.

The following is a summary of costs incurred and amounts accrued during the three months ended September 30, 2024.


	Severance and employee related		Costs associated with exit or disposal activities		Total
Balance as of December 31, 2023	$	—	$	—	$	—
Restructuring costs	893		65		958
Amounts paid	(388)		(55)		(443)

Balance as of September 30, 2024	$	505	$	10	$	515

Of the $1.0 million incurred during the nine months ended September 30, 2024, $0.6 million and are recognized in the “Cost of sales” line and $0.3 million in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Subsequent to September 30, 2024, we began identifying certain manufacturing equipment that we plan to discontinue use of and may sell in 2025 as part of our plant optimization activities. The equipment, which is currently being used in production activities, has a net book value of approximately $11.0 million as of September 30, 2024. The expected proceeds from any planned sales may be significantly lower than the carrying value of the equipment, which would cause us to recognize an impairment in the fourth quarter of 2024.

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 5.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants term	2 years 10 months 24 days
Long-term debt, fair value	$ 145,400	$ 162,200
Debt, Long-Term and Short-Term, Combined Amount	$ 143,633	$ 153,279
Shares Issued, Net of Cashless Warrant Exercise	2,395
Series D Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,900
Shares Issued, Net of Cashless Warrant Exercise	1,896
Series B Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjusted exercise price of warrants or rights (in dollars per share)	$ 11.03
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,500
Term Loan Facility Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised	(500)
Shares Issued, Net of Cashless Warrant Exercise	499

Interim Financial Statements	9 Months Ended
Interim Financial Statements	Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	Interim Financial Statements Nature of Business NN, Inc., a Delaware corporation, is a diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of end markets on a global basis. As of September 30, 2024, we had 26 facilities in North America, Europe, South America, and Asia. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc. and its subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2023, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 12, 2024. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three and nine months ended September 30, 2024 and 2023; financial position as of September 30, 2024 and December 31, 2023; and cash flows for the nine months ended September 30, 2024 and 2023, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2023 Annual Report. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of results for the year ending December 31, 2024, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 832): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures related to reportable segments, including significant segment expenses and other segment items. ASU 2023-07 also permits entities to disclose more than one measure of a segment’s profit or loss and requires quarterly disclosure of certain information that is now only required annually. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We plan to adopt ASU 2023-07 in our Form 10-K for the year ended December 31, 2024 on a retrospective basis and are in the process of assessing the impact on our disclosures. Accounts Receivable Sales Programs We participate in programs established by our customers, which allows us to sell certain receivables from that customer on a non-recourse basis to a third-party financial institution. During the nine months ended September 30, 2024 and 2023, we incurred fees of $0.9 million and $0.8 million, respectively, related to the sale of receivables, which is recorded in the Other expense (income), net line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Debt - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 22, 2021
Debt Instrument [Line Items]
Capitalized interest costs	$ (1,000)	$ (1,100)
Proceeds From Derivative Instrument Operating Activities		$ 2,500
Interest Rate Swap \| July 22 2021
Debt Instrument [Line Items]
Derivative, fixed interest rate			1.291%
Derivative, notional amount			$ 60,000
Term Loan Facility Member
Debt Instrument [Line Items]
Borrowings				$ 150,000
Principal payment amount	400
Debt issuance costs	$ 5,500
Debt Instrument, Unamortized Discount				$ 3,800
Weighted Average Interest Rate	13.82%
Term Loan Facility Member \| Minimum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	1.00%
Term Loan Facility Member \| Maximum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	2.00%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin	6.875%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Applicable margin	1.00%
Term Loan Facility Member \| Various Benchmark Rates Member
Debt Instrument [Line Items]
Applicable margin	5.875%
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Applicable margin	2.00%
Unused capacity, commitment fee percentage	0.375%
Available capacity	$ 21,900
Letters of Credit Outstanding, Amount	$ 9,900
Weighted Average Interest Rate	7.197%
Asset Backed Credit Facility Member [Member] \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Applicable margin	1.75%
Asset Backed Credit Facility Member [Member] \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Applicable margin	2.00%
Asset Backed Credit Facility Member [Member] \| Federal Funds Or Prime Rate Member \| Minimum
Debt Instrument [Line Items]
Applicable margin	0.75%
Asset Backed Credit Facility Member [Member] \| Federal Funds Or Prime Rate Member \| Maximum
Debt Instrument [Line Items]
Applicable margin	1.00%
Letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000
Unused capacity, commitment fee percentage	2.125%
Swingline loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	(23.50%)	3.50%	(5.30%)	(4.40%)
U.S. Federal Statutory Income Tax Rate, Percent			21.00%

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 58,724
Amortization	(10,317)
Intangible assets sold (1)	(591)
Ending balance	47,816
Mobile Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	19,003
Amortization	(2,515)
Intangible assets sold (1)	0
Ending balance	16,488
Power Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	39,721
Amortization	(7,802)
Intangible assets sold (1)	(591)
Ending balance	$ 31,328

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”).


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)
Other comprehensive income (loss) before reclassifications	3,970		—		—		3,970
Amounts reclassified from AOCI to interest expense (2)	—		(109)		—		(109)

Net other comprehensive income (loss)	3,970		(109)		—		3,861
Balance as of September 30, 2024	$	(40,525)	$	—	$	—	$	(40,525)

Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)
Other comprehensive income (loss) before reclassifications	(3,072)		—		—		(3,072)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(3,072)		(449)		—		(3,521)
Balance as of September 30, 2023	$	(43,778)	$	1,456	$	—	$	(42,322)


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2023	$	(38,762)	$	1,007	$	—	$	(37,755)
Other comprehensive income (loss) before reclassifications	(1,763)		—		—		(1,763)
Amounts reclassified from AOCI to interest expense (2)	—		(1,007)		—		(1,007)

Net other comprehensive income (loss)	(1,763)		(1,007)		—		(2,770)
Balance as of September 30, 2024	$	(40,525)	$	—	$	—	$	(40,525)

Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	(3,606)		(327)		97		(3,836)
Amounts reclassified from AOCI to interest expense (2)	—		(1,366)		—		(1,366)

Net other comprehensive income (loss)	(3,606)		(1,693)		97		(5,202)
Balance as of September 30, 2023	$	(43,778)	$	1,456	$	—	$	(42,322)

______________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents gain recognized in interest expense on effective interest rate swap.

Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2024

Temporary Equity Disclosure [Abstract]

Temporary Equity

The following table presents the change in the Series D Preferred Stock carrying value during the nine months ended September 30, 2024.


Balance as of December 31, 2023	$	77,799



Accrual of in-kind dividends	8,386
Amortization	3,104

Balance as of September 30, 2024	$	89,289

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 113,587	$ 124,443	$ 357,777	$ 376,737
Cost of sales (exclusive of depreciation and amortization shown separately below)	97,131	104,543	299,474	320,648
Selling, general, and administrative expense	10,257	11,693	37,116	35,833
Depreciation and amortization	10,844	11,577	35,152	34,643
Other operating income, net	(895)	(631)	(3,285)	(526)
Loss from operations	(3,750)	(2,739)	(10,680)	(13,861)
Interest expense	5,404	5,739	16,643	15,484
Other expense (income), net	(5,315)	(1,463)	(4,623)	1,970
Loss before benefit (provision) for income taxes and share of net income from joint venture	(3,839)	(7,015)	(22,700)	(31,315)
Benefit (provision) for income taxes	(903)	245	(1,194)	(1,381)
Share of net income from joint venture	2,185	1,713	6,597	3,087
Net loss	(2,557)	(5,057)	(17,297)	(29,609)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	3,970	(3,072)	(1,763)	(3,606)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	0	0	0	(230)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(109)	(449)	(1,007)	(1,366)
Other comprehensive income	3,861	(3,521)	(2,770)	(5,202)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ 1,304	$ (8,578)	$ (20,067)	$ (34,811)
Earnings Per Share, Basic [Abstract]
Net loss per common share (in dollars per shares)	$ (0.13)	$ (0.18)	$ (0.59)	$ (0.84)
Weighted average common shares outstanding, basic (in shares)	48,997	47,539	48,522	46,410
Earnings Per Share, Diluted [Abstract]
Net loss per common share (in dollars per share)	$ (0.13)	$ (0.18)	$ (0.59)	$ (0.84)
Weighted average common shares outstanding, diluted (in shares)	48,997	47,539	48,522	46,410

Revenue from Contracts with Customers - Summary of Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 200	$ 400
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied	$ 400

Restructuring and Related Activities (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following is a summary of costs incurred and amounts accrued during the three months ended September 30, 2024.


	Severance and employee related		Costs associated with exit or disposal activities		Total
Balance as of December 31, 2023	$	—	$	—	$	—
Restructuring costs	893		65		958
Amounts paid	(388)		(55)		(443)

Balance as of September 30, 2024	$	505	$	10	$	515

Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 6,810	$ 16,556
Fair Value, Inputs, Level 1 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	5,699	15,421
Fair Value, Inputs, Level 2 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	0	0
Fair Value, Inputs, Level 3 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	$ 1,111	$ 1,135

Investment in Joint Venture - Additional Information (Detail)	Sep. 30, 2024
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49.00%

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

On March 22, 2021, we entered into a $150.0 million term loan facility (as amended from time to time, the “Term Loan Facility”) and a $50.0 million asset backed credit facility (as amended from time to time, the “ABL Facility”). On March 3, 2023, we amended the Term Loan Facility and ABL Facility to adjust certain covenants under the agreements, as well as to replace references to LIBOR with Secured Overnight Financing Rate (“SOFR”) for interest rate calculations. The following table presents the outstanding debt balances.


	September 30, 2024		December 31, 2023
Term Loan Facility	$	114,187	$	148,114

Financing obligations from sale-leaseback transactions	24,756		—
International loans	9,351		10,655
Unamortized debt issuance costs and discount (1)	(4,661)		(5,490)
Total debt	$	143,633	$	153,279

_______________________________

We capitalized interest costs of $1.0 million and $1.1 million in the nine months ended September 30, 2024 and 2023, respectively, related to construction in progress.

Term Loan Facility

Outstanding borrowings under the Term Loan Facility bear interest at either: 1) one-month, three-month, or six-month term SOFR with a duration adjustment (“Adjusted Term SOFR”), subject to a 1.00% floor, plus an applicable margin of 6.875%; or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. Beginning in the second quarter of 2023, interest was increased on a paid-in-kind basis at a rate between 1.00% and 2.00% (“PIK interest”), dependent on our net leverage ratio for the most recently reported fiscal quarter and subject to reduction upon the occurrence of certain conditions as set forth in the credit agreement governing the Term Loan Facility. The PIK interest is payable on the loan maturity date of September 22, 2026. At September 30, 2024, the Term Loan Facility bore interest, including PIK interest, based on one-month Adjusted Term SOFR, at 13.820%.

The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due at the loan maturity date. We may be required to make additional principal payments annually that are calculated as a percentage of our excess cash flow, as defined by the lender, based on our net leverage ratio. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all domestic assets, other than accounts receivable and inventory and has a second lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the Term Loan Facility as of September 30, 2024.

The Term Loan Facility was issued at a $3.8 million discount and we have capitalized an additional $5.5 million in debt issuance costs. These costs are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt.

We had an interest rate swap that changed the one-month LIBOR to a fixed rate of 1.291% on $60.0 million of the outstanding balance of the Term Loan Facility. During the first quarter of 2023, we terminated the interest rate swap and received cash proceeds of $2.5 million, which was equal to its then fair value.

ABL Facility

The ABL Facility provides for a senior secured revolving credit facility, with an original commitment amount of $50.0 million, of which a maximum of $30.0 million is available in the form of letters of credit and a maximum of $5.0 million is available for

the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. The maximum commitment amount may be increased or decreased from time to time based on the terms of conditions of the ABL Facility. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. The variable borrowing rate is either: 1) Adjusted Term SOFR plus an applicable margin of 1.75% or 2.00%, depending on availability; or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month Adjusted Term SOFR. At September 30, 2024, using one-month Adjusted Term SOFR plus a 2.00% margin, the interest rate on outstanding borrowings under the ABL Facility would have been 7.197%. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 2.125% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026.

As of September 30, 2024, we had no outstanding borrowings under the ABL Facility, $9.9 million of outstanding letters of credit, and $21.9 million available for future borrowings under the ABL Facility. The ABL Facility has a first lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of September 30, 2024.

Sale-Leaseback Transactions

In March 2024, we sold three of our properties for an aggregate sales price of $16.9 million, with the net proceeds used to repay a portion of the outstanding borrowings under the Term Loan Facility. Concurrent with the sale, we entered into a 20-year lease agreement for these properties. Since the lease agreement allows for us to exercise renewal options that extend for substantially all of the remaining economic life, we have the ability to maintain the risks and rewards of ownership. Since the transaction did not transfer control of the assets, it cannot be accounted for as a sale under ASC 606. As a result, the properties remain on our Condensed Consolidated Balance Sheets and the non-land assets will continue to be depreciated over their remaining useful lives. The $16.9 million of gross proceeds was recognized as a financing obligation as a component of long-term debt. The monthly lease payments, which increase 3.0% each year, are being amortized as principal payments and interest expense based on an effective interest rate of 9.715%. We incurred $0.6 million in debt issuance costs related to this transaction, which are being amortized over the term of the debt.

In March 2024, we sold multiple pieces of manufacturing equipment for an aggregate sales price of $4.9 million. Concurrent with the sale, we entered into a 5-year lease agreement that includes a repurchase option for this equipment. In May 2024, we sold additional pieces of manufacturing equipment for an aggregate sales price of $3.4 million and entered into 5-year and 6-year lease agreements for the equipment. Since the three lease agreements allow for us to exercise an early buyout option, we have the ability to maintain the risks and rewards of ownership. Since the transactions did not transfer control of the assets, they cannot be accounted for as sales under ASC 606. As a result, the assets remain on our Condensed Consolidated Balance Sheets and will continue to be depreciated over their remaining useful lives. The $8.3 million of gross proceeds was recognized as a financing obligation as a component of long-term debt. The monthly lease payments are being amortized as principal payments and interest expense on a weighted average effective interest rate of 10.540%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
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-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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+ Details

Preferred Stock - Carrying Value Roll Forward (Details) - Series D Preferred Stock $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2023	$ 77,799
Accrual of in-kind dividends	8,386
Amortization	3,104
Balance as of September 30, 2024	$ 89,289

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

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+ Details

Net Income (Loss) Per Common Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (2,557)	$ (5,057)	$ (17,297)	$ (29,609)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,977)	(3,347)	(11,490)	(9,594)
Numerator for basic income (loss) from continuing operations per common share	(6,534)	(8,404)	(28,787)	(39,203)
Numerator for diluted income (loss) from continuing operations per common share	$ (6,534)	$ (8,404)	$ (28,787)	$ (39,203)
Weighted average common shares outstanding	50,000	47,186	49,478	45,793
Adjustment for participating securities	(2,464)	(3,496)	(2,845)	(2,365)
Weighted Average Number of Shares, Contingently Issuable	1,461	3,849	1,889	2,982
Weighted average common shares outstanding, basic (in shares)	48,997	47,539	48,522	46,410
Weighted average common shares outstanding, diluted (in shares)	48,997	47,539	48,522	46,410
Basic net loss per share (in dollars per share)	$ (0.13)	$ (0.18)	$ (0.59)	$ (0.84)
Diluted net loss per share (in dollars per share)	(0.13)	(0.18)	(0.59)	(0.84)
Cash dividends declared per share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Interim Financial Statements (Policies)	9 Months Ended
Interim Financial Statements (Policies)	Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2023, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 12, 2024. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three and nine months ended September 30, 2024 and 2023; financial position as of September 30, 2024 and December 31, 2023; and cash flows for the nine months ended September 30, 2024 and 2023, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2023 Annual Report. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of results for the year ending December 31, 2024, or any other future periods.
Accounting Standards Recently Adopted and Not Yet Adopted	Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 832): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures related to reportable segments, including significant segment expenses and other segment items. ASU 2023-07 also permits entities to disclose more than one measure of a segment’s profit or loss and requires quarterly disclosure of certain information that is now only required annually. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We plan to adopt ASU 2023-07 in our Form 10-K for the year ended December 31, 2024 on a retrospective basis and are in the process of assessing the impact on our disclosures.

Interim Financial Statements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Quarterly Financial Information Disclosure [Abstract]
Loss on Sale of Accounts Receivables	$ 0.9	$ 0.8

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2024 segment
Revenue, Major Customer [Line Items]
Number of reportable segments	2

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Our business is aggregated into the following two reportable segments:

•Mobile Solutions, which is focused on growth in the automotive, general industrial, and medical end markets; and

•Power Solutions, which is focused on growth in the electrical, general industrial, automotive, and medical end markets.

These components are operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance.

The following table presents our financial performance by reportable segment.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales:
Mobile Solutions	$	70,678	$	78,961	$	216,593	$	234,132
Power Solutions	42,935		45,484		141,324		142,618
Intersegment sales eliminations	(26)		(2)		(140)		(13)
Total	$	113,587	$	124,443	$	357,777	$	376,737
Income (loss) from operations:
Mobile Solutions	$	(1,441)	$	(1,283)	$	(5,214)	$	(6,063)
Power Solutions	2,505		3,936		11,804		8,266
Corporate	(4,814)		(5,392)		(17,270)		(16,064)
Total	$	(3,750)	$	(2,739)	$	(10,680)	$	(13,861)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Restructuring Costs and Accrual (Details) $ in Thousands	9 Months Ended
Restructuring Costs and Accrual (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Reserve beginning balance	$ 0
Restructuring Charges	958
Payments for restructuring	(443)
Reserve ending balance	515
Severance and Other Employee Costs
Restructuring Reserve [Roll Forward]
Reserve beginning balance	0
Restructuring Charges	893
Payments for restructuring	(388)
Reserve ending balance	505
Site Closure and Other Associated Costs
Restructuring Reserve [Roll Forward]
Reserve beginning balance	0
Restructuring Charges	65
Payments for restructuring	(55)
Reserve ending balance	$ 10

Shared-Based Compensation - Restricted Stock Award Rollforward (Detail) - Restricted stock shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Nonvested Shares (in thousands)
Nonvested restricted shares, beginning balance (in shares)	3,405
Nonvested restricted shares, granted (in shares)	660
Nonvested restricted shares, vested (in shares)	(1,459)
Nonvested restricted shares, forfeited (in shares)	(221)
Nonvested restricted shares, ending balance (in shares)	2,385
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) \| $ / shares	$ 1.41
Granted (in dollars per share) \| $ / shares	4.25
Vested (in dollars per share) \| $ / shares	1.33
Forfeited (in dollars per share) \| $ / shares	2.13
Ending balance (in dollars per share) \| $ / shares	$ 2.18
Annual Award Grant
Nonvested Shares (in thousands)
Nonvested restricted shares, granted (in shares)	390
Inducement Awards
Nonvested Shares (in thousands)
Nonvested restricted shares, granted (in shares)	270

Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Interest expense	$ 5,404	$ 5,739	$ 16,643	$ 15,484
Proceeds From Derivative Instrument Operating Activities				2,500
Interest Rate Swap
Derivative [Line Items]
Interest expense	$ (150)	$ (449)	$ (1,048)	$ (1,366)

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Shared-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Shared-Based Compensation

Share-Based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Restricted stock	$	507	$	1,001	$	1,626	$	1,780
Performance share units	304		206		721		264
Stock options	—		—		—		14
Share-based compensation expense	$	811	$	1,207	$	2,347	$	2,058

Restricted Stock

The following table presents the status of unvested restricted stock awards as of September 30, 2024, and activity during the nine months then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	3,405	$	1.41
Granted	660	4.25
Vested	(1,459)	1.33
Forfeited	(221)	2.13
Unvested at September 30, 2024	2,385	$	2.18

During the nine months ended September 30, 2024, we granted 390,000 shares of restricted stock to non-executive directors, officers and certain other employees. The shares of these restricted stock awards vest pro-rata generally over three years for employees and over one year for non-executive directors. During the nine months ended September 30, 2024, we granted 270,000 shares of restricted stock to new executive officers as inducement awards, which vest pro-rata over five years.

Total grant date fair value of restricted stock that vested in the nine months ended September 30, 2024, was $1.9 million.

Performance Share Units

Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. The following table presents the status of unvested PSUs as of September 30, 2024, and activity during the nine months then ended.


	Nonvested PSU Awards	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2024	3,789	$	1.29
Granted	590	3.71

Forfeited	(413)	2.26

Nonvested at September 30, 2024	3,966	$	1.55

During the nine months ended September 30, 2024, we granted 175,000 PSUs to certain executive officers, which vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of a specified index during the three-year performance period that ends December 31, 2026. During the nine months ended September 30, 2024, we granted 415,000 PSUs to new executive officers as inducement awards. These inducement awards cliff-vest after five years and are contingent on the Company’s stock price meeting specified thresholds.

We estimated the grant date fair value of the PSU awards using the Monte Carlo simulation model, as the total shareholder return metric and changes in stock price are considered market conditions under ASC Topic 718, Compensation – stock compensation.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories are comprised of the following amounts:


	September 30, 2024		December 31, 2023
Raw materials	$	24,141	$	25,456
Work in process	24,797		22,942
Finished goods	20,662		23,165
Total inventories	$	69,600	$	71,563

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)	$ (17,297)	$ (29,609)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	35,152	34,643
Amortization of debt issuance costs and discount	1,718	1,409
Paid-in-kind interest	2,064	1,491
Total derivative loss, net of cash settlements	582	3,139
Share of net income from joint venture, net of cash dividends received	(6,597)	851
Gain on sale of business	(7,154)	0
Share-based compensation expense	2,347	2,058
Deferred income taxes	(477)	(1,531)
Other	(658)	(776)
Changes in operating assets and liabilities:
Accounts receivable	(3,957)	335
Inventories	(1,916)	9,692
Other operating assets	2,873	8,223
Accounts payable	1,794	5,240
Income taxes receivable and payable, net	(1,078)	(576)
Other operating liabilities	2,739	5,747
Net cash provided by operating activities	4,389	23,890
Cash flows from investing activities
Acquisition of property, plant and equipment	(15,352)	(16,292)
Proceeds from sale of property, plant, and equipment	266	2,876
Proceeds from Sale of Businesses	17,000	0
Net cash provided by (used in) investing activities	1,914	(13,416)
Cash flows from financing activities
Proceeds from long-term debt	38,000	52,000
Repayments of long-term debt	(75,320)	(55,522)
Proceeds from sale-leaseback of equipment	8,324	0
Proceeds from sale-leaseback of land and buildings	16,863	0
Repayments of financing obligations	(492)	0
Cash paid for debt issuance costs	(746)	(55)
Proceeds from short-term debt	0	3,648
Other	(2,262)	(1,276)
Net cash used in financing activities	(15,633)	(1,205)
Effect of exchange rate changes on cash flows	(124)	(287)
Net change in cash and cash equivalents	(9,454)	8,982
Cash and cash equivalents at beginning of period	21,903	12,808
Cash cash equivalents at end of period	$ 12,449	$ 21,790

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following amounts:


	September 30, 2024		December 31, 2023
Raw materials	$	24,141	$	25,456
Work in process	24,797		22,942
Finished goods	20,662		23,165
Total inventories	$	69,600	$	71,563

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was (23.5)% and (5.3)% for the three and nine months ended September 30, 2024, respectively, and 3.5% and (4.4)% for the three and nine months ended September 30, 2023, respectively. The effective tax rates for the three and nine months ended September 30, 2024 differ from the U.S. federal statutory tax rate of 21% primarily due to the accrual of tax on non-permanently reinvested unremitted earnings of foreign subsidiaries, favorable return to provision and amended return adjustments in certain foreign and state jurisdictions and by limitation on the amount of tax benefit recorded for losses in certain jurisdictions where we believe it is more likely than not that a future tax benefit may not be realized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2023	$	19,003	$	39,721	$	58,724
Amortization	(2,515)		(7,802)		(10,317)
Intangible assets sold (1)	—		(591)		(591)

Balance as of September 30, 2024	$	16,488	$	31,328	$	47,816

_______________________________

(1) Represents customer relationships associated with the Industrial Molding Corporation business, which was sold during the nine months ended September 30, 2024 (see Note 16).

Intangible assets are reviewed for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. There were no impairment charges for the nine months ended September 30, 2024 and 2023.