NN (NNBR) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		50,004,845
Entity Central Index Key	0000918541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 121,198	$ 127,088
Cost of sales (exclusive of depreciation and amortization shown separately below)	101,086	108,421
Selling, general, and administrative expense	13,348	13,165
Depreciation and amortization	12,547	11,516
Other operating expense (income), net	(1,000)	1,061
Loss from operations	(4,783)	(7,075)
Interest expense	5,366	4,288
Other expense (income), net	4,153	(2,208)
Loss before provision for income taxes and share of net income from joint venture	(14,302)	(9,155)
Provision for income taxes	(506)	(1,301)
Share of net income from joint venture	2,271	281
Net loss	(12,537)	(10,175)
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	(2,346)	1,840
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	0	(230)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(449)	(468)
Other comprehensive loss	(2,795)	1,142
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (15,332)	$ (9,033)
Earnings Per Share, Basic [Abstract]
Net loss per common share (in dollars per shares)	$ (0.34)	$ (0.29)
Weighted average common shares outstanding, basic (in shares)	47,724	45,309
Earnings Per Share, Diluted [Abstract]
Net loss per common share (in dollars per share)	$ (0.34)	$ (0.29)
Weighted average common shares outstanding, diluted (in shares)	47,724	45,309

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 20,610	$ 21,903
Accounts receivable, net of allowances of $1,626 and $1,241 at March 31, 2024 and December 31, 2023	71,862	65,545
Inventories	72,718	71,563
Income tax receivable	11,952	11,885
Prepaid Expense and Other Assets	5,957	2,464
Other current assets	10,439	9,194
Total current assets	193,538	182,554
Property, plant and equipment, net of accumulated depreciation of $260,340 and $254,013 at March 31, 2024 and December 31, 2023	179,647	185,812
Operating lease right-of-use assets	42,141	43,357
Intangible assets, net	55,268	58,724
Investment in joint venture	34,409	32,701
Deferred tax assets	734	734
Other non-current assets	7,087	7,003
Total assets	512,824	510,885
Liabilities, Current [Abstract]
Accounts payable	50,786	45,480
Accrued salaries, wages and benefits	16,920	15,464
Income tax payable	431	524
Short-term debt and current maturities of long-term debt	7,014	3,910
Current portion of operating lease liabilities	5,177	5,735
Other current liabilities	14,464	10,506
Total current liabilities	94,792	81,619
Deferred tax liabilities	4,739	4,988
Long-term debt, net of current maturities	151,531	149,369
Operating lease liabilities, net of current portion	45,803	47,281
Other non-current liabilities	18,349	24,827
Total liabilities	315,214	308,084
Commitments and contingencies (Note 10)
Common stock - $0.01 par value per share, 90,000 shares authorized, 49,520 and 47,269 shares issued and outstanding at March 31, 2024 and December 31, 2023	495	473
Additional paid-in capital	464,081	457,632
Accumulated deficit	(307,885)	(295,348)
Accumulated other comprehensive loss	(40,550)	(37,755)
Total stockholders’ equity	116,141	125,002
Total liabilities, preferred stock, and stockholders’ equity	512,824	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 March 31, 2024 and December 31, 2023	$ 81,469	$ 77,799

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,626	$ 1,241
Property, Plant, and Equipment, Accumulated Depreciation	$ 260,340	$ 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)	49,520	47,269
Common stock, shares outstanding (in shares)	49,520	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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)	$ (12,537)	$ (10,175)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,547	11,516
Amortization of debt issuance costs and discount	544	353
Paid-in-Kind Interest	730	0
Total derivative loss, net of cash settlements	3,331	386
Share of net income from joint venture, net of cash dividends received	(2,271)	(281)
Share-based compensation expense	846	381
Deferred income taxes	(260)	480
Other	(666)	(287)
Changes in operating assets and liabilities:
Accounts receivable	(6,888)	(5,506)
Inventories	(1,554)	(447)
Accounts payable	6,130	2,813
Income taxes receivable and payable, net	(163)	(283)
Other	923	1,276
Net cash provided by operating activities	712	226
Cash flows from investing activities
Acquisition of property, plant and equipment	(5,460)	(4,997)
Proceeds from sale of property, plant, and equipment	98	1,035
Net cash used in investing activities	(5,362)	(3,962)
Cash flows from financing activities
Proceeds from long-term debt	13,001	17,000
Repayments of long-term debt	(29,808)	(17,832)
Proceeds from sale-leaseback of equipment	4,910	0
Proceeds from sale-leaseback of land and buildings	16,863	0
Repayments of financing obligations	(99)	0
Cash paid for debt issuance costs	(646)	(55)
Proceeds from short-term debt	0	2,923
Other	(651)	(785)
Net cash provided by financing activities	3,570	1,251
Effect of exchange rate changes on cash flows	(213)	222
Net change in cash and cash equivalents	(1,293)	(2,263)
Cash and cash equivalents at beginning of period	21,903	12,808
Cash cash equivalents at end of period	$ 20,610	$ 10,545

Condensed Consolidated Statem_3

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	(10,175)
Net Income (Loss)	(10,175)
Dividends, Preferred Stock			3,051
Dividends accrued for preferred stock	(3,051)
Share-based compensation expense	381		381
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(84)
Restricted shares forgiven for taxes and forfeited	(97)	$ (1)	(96)
Other comprehensive income (loss), net of tax	1,142
Other comprehensive loss	1,142
Ending balance (in shares) at Mar. 31, 2023		43,772
Ending balance at Mar. 31, 2023	174,464	$ 438	465,377	(255,373)	(35,978)
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	(12,537)
Net Income (Loss)	(12,537)
Dividends, Preferred Stock			3,670
Dividends accrued for preferred stock	$ (3,670)
Shares Issued, Net of Cashless Warrant Exercise	1,896
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants	$ 9,386	19	9,367
Share-based compensation expense (in shares)	374
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	4	(4)
Share-based compensation expense	$ 846		846
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(19)
Restricted shares forgiven for taxes and forfeited	$ (91)	$ (1)	(90)
Other comprehensive income (loss), net of tax	(2,795)
Other comprehensive loss	(2,795)
Ending balance (in shares) at Mar. 31, 2024		49,520
Ending balance at Mar. 31, 2024	$ 116,141	$ 495	$ 464,081	$ (307,885)	$ (40,550)

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Mar. 31, 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 primarily for a variety of end markets on a global basis. As of March 31, 2024, we had 27 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 months ended March 31, 2024 and 2023; financial position as of March 31, 2024 and December 31, 2023; and cash flows for the three months ended March 31, 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 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 months ended March 31, 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

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	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 divisions are considered our two 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 2024 2023 Net sales: Mobile Solutions $ 73,060 $ 78,018 Power Solutions 48,238 49,072 Intersegment sales eliminations (100) (2) Total $ 121,198 $ 127,088 Income (loss) from operations: Mobile Solutions $ (2,143) $ (3,319) Power Solutions 3,979 1,747 Corporate (6,619) (5,503) Total $ (4,783) $ (7,075)

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	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 March 31, 2024 Mobile Power Intersegment Total Automotive $ 48,975 $ 8,256 $ — $ 57,231 General Industrial 18,713 13,138 — 31,851 Residential/Commercial Electrical — 20,232 — 20,232 Other 5,372 6,612 (100) 11,884 Total net sales $ 73,060 $ 48,238 $ (100) $ 121,198 Three Months Ended March 31, 2023 Mobile Power Intersegment Total Automotive $ 55,804 $ 8,803 $ — $ 64,607 General Industrial 20,213 14,605 — 34,818 Residential/Commercial Electrical — 14,585 — 14,585 Other 2,001 11,079 (2) 13,078 Total net sales $ 78,018 $ 49,072 $ (2) $ 127,088 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 $0.3 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the three months ended March 31, 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 March 31, 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.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following amounts: March 31, 2024 December 31, 2023 Raw materials $ 25,940 $ 25,456 Work in process 24,446 22,942 Finished goods 22,332 23,165 Total inventories $ 72,718 $ 71,563

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 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 Power Total Balance as of December 31, 2023 $ 19,003 $ 39,721 $ 58,724 Amortization (838) (2,618) (3,456) Balance as of March 31, 2024 $ 18,165 $ 37,103 $ 55,268 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 three months ended March 31, 2024 and 2023.

Investment in Joint Venture

Investment in Joint Venture	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	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 2,271 Foreign currency translation loss (563) Balance as of March 31, 2024 $ 34,409

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	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 (the “Term Loan Amendment”) 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. March 31, 2024 December 31, 2023 Term Loan Facility $ 132,513 $ 148,114 Financing obligations from sale-leaseback transactions 21,673 — International loans 9,983 10,655 Unamortized debt issuance costs and discount (1) (5,624) (5,490) Total debt $ 158,545 $ 153,279 _______________________________ (1) In addition to this amount, costs of $0.5 million and $0.5 million related to the ABL Facility were recorded in other non-current assets as of March 31, 2024 and December 31, 2023, respectively. We capitalized interest costs of $0.5 million and $0.3 million in the three months ended March 31, 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 SOFR with a duration adjustment (“Adjusted SOFR”), subject to a 1.000% 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 the our leverage ratio. The PIK interest is payable on the loan maturity date of September 22, 2026. At March 31, 2024, the Term Loan Facility bore interest, including PIK interest, based on one-month Adjusted SOFR, at 14.305%. 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 March 31, 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 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 SOFR. At March 31, 2024, using one-month Adjusted SOFR plus a 2.00% margin, the interest rate on outstanding borrowings under the ABL Facility would have been 7.418%. 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 March 31, 2024, we had no outstanding borrowings under the ABL Facility, $9.9 million of outstanding letters of credit, and $26.4 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 March 31, 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, the transaction is accounted for as a failed sale-leaseback. 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, will be 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 will be amortized over the term of the debt.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 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 March 31, 2024, the carrying value of the Series D Preferred Stock shares was $81.5 million, which included $34.8 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2024. Balance as of December 31, 2023 $ 77,799 Accrual of in-kind dividends 2,714 Amortization 956 Balance as of March 31, 2024 $ 81,469

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The following table contains supplemental cash flow information related to leases. Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 2,739 $ 4,056 Operating cash flows used in finance leases 81 84 Financing cash flows used in finance leases 559 689 Right-of-use assets obtained in exchange for new operating lease liabilities (1) — 477 _______________________________ (1) Includes new leases, renewals, and modifications. We recognized sublease income of $0.9 million and $0.1 million in the three months ended March 31, 2024 and 2023, respectively.
Leases	Leases The following table contains supplemental cash flow information related to leases. Three Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 2,739 $ 4,056 Operating cash flows used in finance leases 81 84 Financing cash flows used in finance leases 559 689 Right-of-use assets obtained in exchange for new operating lease liabilities (1) — 477 _______________________________ (1) Includes new leases, renewals, and modifications. We recognized sublease income of $0.9 million and $0.1 million in the three months ended March 31, 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 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 March 31, 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was (3.5)% and (14.2)% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rates for the three months ended March 31, 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 and by limitation on the amount of tax benefit recorded for loss carryforwards in certain jurisdictions where we believe it is more likely than not that a portion of the future tax benefit may not be realized. In addition, the effective tax rate was unfavorably impacted by the U.S. tax on the earnings of foreign subsidiaries under the global intangible low-taxed income regime.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 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 2024 2023 Numerator: Net loss $ (12,537) $ (10,175) Adjustment for preferred stock cumulative dividends and deemed dividends (3,670) (3,051) Numerator for basic and diluted net loss per common share $ (16,207) $ (13,226) Denominator: Weighted average common shares outstanding 48,488 43,847 Adjustment for participating securities (3,454) (742) Adjustment for warrants outstanding (1) 2,690 2,204 Shares used to calculate basic and diluted net loss per share 47,724 45,309 Basic and diluted net loss per common share $ (0.34) $ (0.29) 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). 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 2024 2023 Stock Options 257 516 2019 Warrants 1,500 1,500 Performance share units 268 — Total antidilutive securities 2,025 2,016

Shared-Based Compensation

Shared-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Shared-Based Compensation	Share-Based Compensation 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 2024 2023 Restricted stock $ 587 $ 167 Performance share units 259 200 Stock options — 14 Share-based compensation expense $ 846 $ 381 Restricted Stock The following table presents the status of unvested restricted stock awards as of March 31, 2024, and activity during the three months then ended. Nonvested Weighted Average Grant-Date Unvested at January 1, 2024 3,405 $ 1.41 Granted 374 5.02 Vested (70) 3.90 Unvested at March 31, 2024 3,709 $ 1.73 During the three months ended March 31, 2024, we granted 374,000 shares of restricted stock to non-executive directors, officers and certain other employees under the NN, Inc. 2022 Omnibus Incentive Plan (“2022 Omnibus Plan”). The shares of restricted stock vest pro-rata generally over three years for employees and over one year for non-executive directors. Total grant date fair value of restricted stock that vested in the three months ended March 31, 2024, was $0.3 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 March 31, 2024, and activity during the three months then ended. Nonvested PSU Awards Weighted Average Grant-Date Nonvested at January 1, 2024 3,789 $ 1.29 Granted 143 6.42 Nonvested at March 31, 2024 3,932 $ 1.48 During the three months ended March 31, 2024, we granted 143,000 PSUs to certain executive officers. These units 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. 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

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	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 December 31, 2023 $ (38,762) $ 1,007 $ — $ (37,755) Other comprehensive income (loss) before reclassifications (2,346) — — (2,346) Amounts reclassified from AOCI to interest expense (2) — (449) — (449) Net other comprehensive income (loss) (2,346) (449) — (2,795) Balance as of March 31, 2024 $ (41,108) $ 558 $ — $ (40,550) Balance as of December 31, 2022 $ (40,172) $ 3,149 $ (97) $ (37,120) Other comprehensive income (loss) before reclassifications 1,840 (327) 97 1,610 Amounts reclassified from AOCI to interest expense (2) — (468) — (468) Net other comprehensive income (loss) 1,840 (795) 97 1,142 Balance as of March 31, 2023 $ (38,332) $ 2,354 $ — $ (35,978) ______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents gain recognized in interest expense on effective interest rate swap.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 the Term Loan Amendment, 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. On April 12, 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, are exercisable, in full or in part, at any time prior to March 22, 2027, 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 three months ended March 31, 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 the Series B Preferred Stock, we issued the 2019 Warrants to purchase up to 1.5 million shares of our common stock. 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 three months ended March 31, 2024. Balance as of December 31, 2023 $ 16,556 Change in fair value (1) 3,780 Settlements (9,386) Balance as of March 31, 2024 $ 10,950 _______________________________ (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. March 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Derivative liability - other non-current liabilities $ 9,295 $ — $ 1,655 December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs 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 March 31, 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 remaining probable of occurring, the gain will be 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 2024 2023 Interest benefit (1) $ (449) $ (468) _______________________________ (1) Represents gain recognized in interest expense on effective interest rate swap. Fair Value Disclosures

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (12,537)	$ (10,175)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 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

Interim Financial Statements (P

Interim Financial Statements (Policies)	3 Months Ended
	Mar. 31, 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 months ended March 31, 2024 and 2023; financial position as of March 31, 2024 and December 31, 2023; and cash flows for the three months ended March 31, 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 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 months ended March 31, 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	The following table presents our financial performance by reportable segment. Three Months Ended 2024 2023 Net sales: Mobile Solutions $ 73,060 $ 78,018 Power Solutions 48,238 49,072 Intersegment sales eliminations (100) (2) Total $ 121,198 $ 127,088 Income (loss) from operations: Mobile Solutions $ (2,143) $ (3,319) Power Solutions 3,979 1,747 Corporate (6,619) (5,503) Total $ (4,783) $ (7,075)

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	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 March 31, 2024 Mobile Power Intersegment Total Automotive $ 48,975 $ 8,256 $ — $ 57,231 General Industrial 18,713 13,138 — 31,851 Residential/Commercial Electrical — 20,232 — 20,232 Other 5,372 6,612 (100) 11,884 Total net sales $ 73,060 $ 48,238 $ (100) $ 121,198 Three Months Ended March 31, 2023 Mobile Power Intersegment Total Automotive $ 55,804 $ 8,803 $ — $ 64,607 General Industrial 20,213 14,605 — 34,818 Residential/Commercial Electrical — 14,585 — 14,585 Other 2,001 11,079 (2) 13,078 Total net sales $ 78,018 $ 49,072 $ (2) $ 127,088

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories are comprised of the following amounts: March 31, 2024 December 31, 2023 Raw materials $ 25,940 $ 25,456 Work in process 24,446 22,942 Finished goods 22,332 23,165 Total inventories $ 72,718 $ 71,563

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 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 Power Total Balance as of December 31, 2023 $ 19,003 $ 39,721 $ 58,724 Amortization (838) (2,618) (3,456) Balance as of March 31, 2024 $ 18,165 $ 37,103 $ 55,268

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	3 Months Ended
	Mar. 31, 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 2,271 Foreign currency translation loss (563) Balance as of March 31, 2024 $ 34,409

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Debt	The following table presents the outstanding debt balances. March 31, 2024 December 31, 2023 Term Loan Facility $ 132,513 $ 148,114 Financing obligations from sale-leaseback transactions 21,673 — International loans 9,983 10,655 Unamortized debt issuance costs and discount (1) (5,624) (5,490) Total debt $ 158,545 $ 153,279 _______________________________ (1) In addition to this amount, costs of $0.5 million and $0.5 million related to the ABL Facility were recorded in other non-current assets as of March 31, 2024 and December 31, 2023, respectively. We capitalized interest costs of $0.5 million and $0.3 million in the three months ended March 31, 2024 and 2023, respectively, related to construction in progress.

Preferred Stock (Tables)

Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
Temporary Equity	The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2024. Balance as of December 31, 2023 $ 77,799 Accrual of in-kind dividends 2,714 Amortization 956 Balance as of March 31, 2024 $ 81,469

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 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 2024 2023 Numerator: Net loss $ (12,537) $ (10,175) Adjustment for preferred stock cumulative dividends and deemed dividends (3,670) (3,051) Numerator for basic and diluted net loss per common share $ (16,207) $ (13,226) Denominator: Weighted average common shares outstanding 48,488 43,847 Adjustment for participating securities (3,454) (742) Adjustment for warrants outstanding (1) 2,690 2,204 Shares used to calculate basic and diluted net loss per share 47,724 45,309 Basic and diluted net loss per common share $ (0.34) $ (0.29) 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 2024 2023 Stock Options 257 516 2019 Warrants 1,500 1,500 Performance share units 268 — Total antidilutive securities 2,025 2,016

Shared-Based Compensation (Tabl

Shared-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 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 2024 2023 Restricted stock $ 587 $ 167 Performance share units 259 200 Stock options — 14 Share-based compensation expense $ 846 $ 381
Schedule of Nonvested Share Activity	The following table presents the status of unvested restricted stock awards as of March 31, 2024, and activity during the three months then ended. Nonvested Weighted Average Grant-Date Unvested at January 1, 2024 3,405 $ 1.41 Granted 374 5.02 Vested (70) 3.90 Unvested at March 31, 2024 3,709 $ 1.73
Summary of Status of Unvested PSU Awards	The following table presents the status of unvested PSUs as of March 31, 2024, and activity during the three months then ended. Nonvested PSU Awards Weighted Average Grant-Date Nonvested at January 1, 2024 3,789 $ 1.29 Granted 143 6.42 Nonvested at March 31, 2024 3,932 $ 1.48

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 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 December 31, 2023 $ (38,762) $ 1,007 $ — $ (37,755) Other comprehensive income (loss) before reclassifications (2,346) — — (2,346) Amounts reclassified from AOCI to interest expense (2) — (449) — (449) Net other comprehensive income (loss) (2,346) (449) — (2,795) Balance as of March 31, 2024 $ (41,108) $ 558 $ — $ (40,550) Balance as of December 31, 2022 $ (40,172) $ 3,149 $ (97) $ (37,120) Other comprehensive income (loss) before reclassifications 1,840 (327) 97 1,610 Amounts reclassified from AOCI to interest expense (2) — (468) — (468) Net other comprehensive income (loss) 1,840 (795) 97 1,142 Balance as of March 31, 2023 $ (38,332) $ 2,354 $ — $ (35,978) ______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents gain recognized in interest expense on effective interest rate swap.

Interim Financial Statements (D

Interim Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Loss on Sale of Accounts Receivables	$ 0.3	$ 0.2

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Revenue, Major Customer [Line Items]
Number of reportable segments	2
Number of operating segments	2

Operating Segment Results (Deta

Operating Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 121,198	$ 127,088
Operating Income (Loss)	(4,783)	(7,075)
Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	73,060	78,018
Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	48,238	49,072
Operating Segments | Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	73,060	78,018
Operating Income (Loss)	(2,143)	(3,319)
Operating Segments | Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	48,238	49,072
Operating Income (Loss)	3,979	1,747
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(6,619)	(5,503)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (100)	$ (2)

Revenue Disaggragation (Details

Revenue Disaggragation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 121,198	$ 127,088
Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	57,231	64,607
General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	31,851	34,818
Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	20,232	14,585
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	11,884	13,078
Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	73,060	78,018
Mobile Solutions [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	48,975	55,804
Mobile Solutions [Member] | General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	18,713	20,213
Mobile Solutions [Member] | Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0
Mobile Solutions [Member] | Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	5,372	2,001
Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	48,238	49,072
Power Solutions [Member] | Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,256	8,803
Power Solutions [Member] | General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	13,138	14,605
Power Solutions [Member] | Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	20,232	14,585
Power Solutions [Member] | Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	6,612	11,079
Operating Segments | Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	73,060	78,018
Operating Segments | Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	48,238	49,072
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(100)	(2)
Intersegment Eliminations [Member] | Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	$ (100)	$ (2)

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Summary of Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 300	$ 400
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied	$ 400

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 25,940	$ 25,456
Work in process	24,446	22,942
Finished goods	22,332	23,165
Total inventories	$ 72,718	$ 71,563

Intangible Assets, Net - Summar

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 58,724
Amortization	(3,456)
Ending balance	55,268
Mobile Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	19,003
Amortization	(838)
Ending balance	18,165
Power Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	39,721
Amortization	(2,618)
Ending balance	$ 37,103

Investment in Joint Venture - A

Investment in Joint Venture - Additional Information (Detail)	Mar. 31, 2024
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49%

Investment in Joint Venture - S

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments [Roll Forward]
Beginning Balance	$ 32,701
Share of earnings	2,271	$ 281
Ending Balance	34,409
Joint Venture
Equity Method Investments [Roll Forward]
Beginning Balance	32,701
Share of earnings	2,271
Foreign currency translation loss	(563)
Ending Balance	$ 34,409

Debt - Summary of Debt (Detail)

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs and discount (1)	$ (5,624)	$ (5,490)
Debt, Long-Term and Short-Term, Combined Amount	158,545	153,279
Debt issuance costs, line of credit arrangements, net	500	500
Term Loan Facility Member
Debt Instrument [Line Items]
Total principal	132,513	148,114
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Total principal	0
Financing Obligations
Debt Instrument [Line Items]
Total principal	21,673	0
International Loans
Debt Instrument [Line Items]
Total principal	$ 9,983	$ 10,655

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 22, 2021
Debt Instrument [Line Items]
Capitalized interest costs	$ (500)	$ (300)
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	14.305%
Term Loan Facility Member | Minimum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	1%
Term Loan Facility Member | Maximum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	2%
Term Loan Facility Member | Various Benchmark Rates Member
Debt Instrument [Line Items]
Applicable margin	5.875%
Term Loan Facility Member | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin	6.875%
Term Loan Facility Member | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Applicable margin	1%
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Applicable margin	2%
Unused capacity, commitment fee percentage	0.375%
Available capacity	$ 26,400
Letters of Credit Outstanding, Amount	$ 9,900
Weighted Average Interest Rate	7.418%
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%
Asset Backed Credit Facility Member [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Applicable margin	1.75%
Asset Backed Credit Facility Member [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Applicable margin	2%
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

Sale Leaseback Transactions (De

Sale Leaseback Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sale Leaseback Transaction [Line Items]
Proceeds from sale-leaseback of land and buildings	$ 16,863	$ 0
Proceeds from sale-leaseback of equipment	$ 4,910	$ 0
Financing Obligations | Land and Building
Sale Leaseback Transaction [Line Items]
Weighted Average Interest Rate	9.715%
Debt issuance costs	$ 600
Financing Obligations | Equipment
Sale Leaseback Transaction [Line Items]
Weighted Average Interest Rate	10.475%

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Mar. 22, 2021	Mar. 31, 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%
Increase in dividend rate if no cash dividends paid		12%
Annual increase in dividend rate		2.50%
Temporary Equity Dividends Unpaid Deemed		$ 34,800

Preferred Stock - Carrying Valu

Preferred Stock - Carrying Value Roll Forward (Details) - Series D Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2023	$ 77,799
Accrual of in-kind dividends	2,714
Amortization	956
Balance as of March 31, 2024	$ 81,469

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flow, Lessee [Abstract]
Operating cash flows used in operating leases	$ 2,739	$ 4,056
Operating cash flows used in finance leases	81	84
Financing cash flows used in finance leases	559	689
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$ 0	$ 477

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Sublease Income	$ (900)	$ (100)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	(3.50%)	(14.20%)
U.S. Federal Statutory Income Tax Rate, Percent	21%

Net Income (Loss) Per Common _3

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (12,537)	$ (10,175)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,670)	(3,051)
Numerator for basic income (loss) from continuing operations per common share	(16,207)	(13,226)
Numerator for diluted income (loss) from continuing operations per common share	$ (16,207)	$ (13,226)
Weighted average common shares outstanding	48,488	43,847
Adjustment for participating securities	(3,454)	(742)
Weighted Average Number of Shares, Contingently Issuable	2,690	2,204
Weighted average common shares outstanding, basic (in shares)	47,724	45,309
Weighted average common shares outstanding, diluted (in shares)	47,724	45,309
Basic net loss per share (in dollars per share)	$ (0.34)	$ (0.29)
Diluted net loss per share (in dollars per share)	(0.34)	(0.29)
Cash dividends declared per share (in dollars per share)	$ 0	$ 0

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,025	2,016
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	257	516
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
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)	268	0

Net Income (Loss) Per Common _5

Net Income (Loss) Per Common Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 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

Shared-Based Compensation - Com

Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 846	$ 381
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	587	167
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	259	200
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 14

Shared-Based Compensation - Res

Shared-Based Compensation - Restricted Stock Award Rollforward (Detail) - Restricted stock shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Nonvested Shares (in thousands)
Nonvested restricted shares, beginning balance (in shares) | shares	3,405
Nonvested restricted shares, granted (in shares) | shares	374
Nonvested restricted shares, vested (in shares) | shares	(70)
Nonvested restricted shares, ending balance (in shares) | shares	3,709
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) | $ / shares	$ 1.41
Granted (in dollars per share) | $ / shares	5.02
Vested (in dollars per share) | $ / shares	3.90
Ending balance (in dollars per share) | $ / shares	$ 1.73

Shared-Based Compensation - PSU

Shared-Based Compensation - PSU Award Rollforward (Detail) - Performance share units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Nonvested PSUs (in thousands)
Nonvested restricted shares, beginning balance (in shares) | shares	3,789
Nonvested restricted shares, granted (in shares) | shares	143
Nonvested restricted shares, ending balance (in shares) | shares	3,932
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) | $ / shares	$ 1.29
Granted (in dollars per share) | $ / shares	6.42
Ending balance (in dollars per share) | $ / shares	$ 1.48

Shared-Based Compensation - Add

Shared-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	374
Total grant-date fair value of restricted stock, vested | $	$ 0.3
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	143
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

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (40,550)	$ (35,978)	$ (37,755)	$ (37,120)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(2,346)	1,840
OCI before reclassifications, tax	0	97
OCI before reclassifications, net of tax	(2,346)	1,610
Amounts reclassified from AOCI, tax	0	0
Amounts reclassified from AOCI, net of tax	449	468
Other comprehensive income (loss), tax	0	97
Other comprehensive loss	(2,795)	1,142
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(41,108)	(38,332)	(38,762)	(40,172)
Other Comprehensive Income (Loss), before Tax	(2,346)	1,840
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
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	558	2,354	1,007	3,149
OCI before reclassifications and tax	0	(327)
Amounts reclassified from AOCI, before tax	(449)	(468)
Other Comprehensive Income (Loss), before Tax	(449)	(795)
Income taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 0	$ 0	$ 0	$ (97)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 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		$ 161,200	$ 162,200
Debt, Long-Term and Short-Term, Combined Amount		$ 158,545	$ 153,279
Shares Issued, Net of Cashless Warrant Exercise		1,896
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
Term Loan Facility Member | Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised	(500)
Shares Issued, Net of Cashless Warrant Exercise	499

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 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	$ 10,950	$ 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	9,295	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	$ 1,655	$ 1,135

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16,556
Change in fair value	3,780
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(9,386)
Ending balance	$ 10,950

Fair Value Measurements - Effec

Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Interest expense	$ 5,366	$ 4,288
Proceeds From Derivative Instrument Operating Activities	2,500
Interest Rate Swap
Derivative [Line Items]
Interest expense	$ (449)	$ (468)