0000918541-24-000115 | 10-Q | XBRL Viewer

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(2,203)	$	(14,377)	$	(14,740)	$	(24,552)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,843)		(3,196)		(7,513)		(6,247)



Numerator for basic and diluted net loss per common share	$	(6,046)	$	(17,573)	$	(22,253)	$	(30,799)

Denominator:
Weighted average common shares outstanding	49,940		46,309		49,214		45,085
Adjustment for participating securities	(2,622)		(2,826)		(3,038)		(1,790)
Adjustment for warrants outstanding (1)	1,521		2,874		2,105		2,541





Shares used to calculate basic and diluted net loss per share	48,839		46,357		48,281		45,836








Basic and diluted net loss per common share	$	(0.12)	$	(0.38)	$	(0.46)	$	(0.67)
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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Stock Options	207	392	232	454
Warrants	1,500	1,500	1,500	1,500
Performance share units	820	14	783	7
Total antidilutive securities	2,527	1,906	2,515	1,961

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net loss	$	(2,203)	$	(14,377)	$	(14,740)	$	(24,552)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,843)		(3,196)		(7,513)		(6,247)



Numerator for basic and diluted net loss per common share	$	(6,046)	$	(17,573)	$	(22,253)	$	(30,799)

Denominator:
Weighted average common shares outstanding	49,940		46,309		49,214		45,085
Adjustment for participating securities	(2,622)		(2,826)		(3,038)		(1,790)
Adjustment for warrants outstanding (1)	1,521		2,874		2,105		2,541





Shares used to calculate basic and diluted net loss per share	48,839		46,357		48,281		45,836








Basic and diluted net loss per common share	$	(0.12)	$	(0.38)	$	(0.46)	$	(0.67)
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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Stock Options	207	392	232	454
Warrants	1,500	1,500	1,500	1,500
Performance share units	820	14	783	7
Total antidilutive securities	2,527	1,906	2,515	1,961

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 six months ended June 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.

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity Method Investments [Roll Forward]
Beginning Balance			$ 32,701
Share of earnings	$ 2,141	$ 1,093	4,412	$ 1,374
Ending Balance	36,330		36,330
Joint Venture
Equity Method Investments [Roll Forward]
Beginning Balance			32,701
Share of earnings			4,412
Foreign currency translation loss			(783)
Ending Balance	$ 36,330		$ 36,330

- 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

Segment Information

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net sales:
Mobile Solutions	$	72,855	$	77,153	$	145,915	$	155,171
Power Solutions	50,151		48,062		98,389		97,134
Intersegment sales eliminations	(14)		(9)		(114)		(11)
Total	$	122,992	$	125,206	$	244,190	$	252,294
Income (loss) from operations:
Mobile Solutions	$	(1,630)	$	(1,461)	$	(3,773)	$	(4,780)
Power Solutions	5,320		2,583		9,299		4,330
Corporate	(5,837)		(5,169)		(12,456)		(10,672)
Total	$	(2,147)	$	(4,047)	$	(6,930)	$	(11,122)

- 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

Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2024

Temporary Equity Disclosure [Abstract]

Temporary Equity

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


Balance as of December 31, 2023	$	77,799



Accrual of in-kind dividends	5,508
Amortization	2,005

Balance as of June 30, 2024	$	85,312

Sale Leaseback Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 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%		9.715%
Debt issuance costs	$ 600		$ 600
Financing Obligations \| Machinery and Equipment
Sale Leaseback Transaction [Line Items]
Weighted Average Interest Rate	10.54%		10.54%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

Interim Financial Statements (Policies)	6 Months Ended
Interim Financial Statements (Policies)	Jun. 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 six months ended June 30, 2024 and 2023; financial position as of June 30, 2024 and December 31, 2023; and cash flows for the six months ended June 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 six months ended June 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Quarterly Financial Information Disclosure [Abstract]
Loss on Sale of Accounts Receivables	$ 0.6	$ 0.5

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 23,764	$ 25,456
Work in process	23,170	22,942
Finished goods	21,357	23,165
Total inventories	$ 68,291	$ 71,563

Interim Financial Statements	6 Months Ended
Interim Financial Statements	Jun. 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 June 30, 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 and six months ended June 30, 2024 and 2023; financial position as of June 30, 2024 and December 31, 2023; and cash flows for the six months ended June 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 six months ended June 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 six months ended June 30, 2024 and 2023, we incurred fees of $0.6 million and $0.5 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).

Investment in Joint Venture (Tables)

6 Months Ended

Jun. 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	4,412

Foreign currency translation loss	(783)
Balance as of June 30, 2024	$	36,330

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs and discount (1)	$ (5,118)	$ (5,490)
Debt, Long-Term and Short-Term, Combined Amount	158,735	153,279
Debt issuance costs, line of credit arrangements, net	400	500
Term Loan Facility Member
Debt Instrument [Line Items]
Total principal	129,397	148,114
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Total principal	0
Financing Obligations
Debt Instrument [Line Items]
Total principal	25,009	0
International Loans
Debt Instrument [Line Items]
Total principal	$ 9,447	$ 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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+ Details

Operating Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 122,992	$ 125,206	$ 244,190	$ 252,294
Operating Income (Loss)	(2,147)	(4,047)	(6,930)	(11,122)
Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	72,855	77,153	145,915	155,171
Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	50,151	48,062	98,389	97,134
Operating Segments \| Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	72,855	77,153	145,915	155,171
Operating Income (Loss)	(1,630)	(1,461)	(3,773)	(4,780)
Operating Segments \| Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	50,151	48,062	98,389	97,134
Operating Income (Loss)	5,320	2,583	9,299	4,330
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(5,837)	(5,169)	(12,456)	(10,672)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (14)	$ (9)	$ (114)	$ (11)

- 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.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		50,048,063
Entity Central Index Key	0000918541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Interest expense	$ 5,873	$ 5,457	$ 11,239	$ 9,745
Proceeds From Derivative Instrument Operating Activities			2,500
Interest Rate Swap
Derivative [Line Items]
Interest expense	$ (449)	$ (449)	$ (898)	$ (917)

- 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

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,660	$ 1,241
Property, Plant, and Equipment, Accumulated Depreciation	$ 246,892	$ 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)	50,032	47,269
Common stock, shares outstanding (in shares)	50,032	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

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following amounts:


	June 30, 2024		December 31, 2023
Raw materials	$	23,764	$	25,456
Work in process	23,170		22,942
Finished goods	21,357		23,165
Total inventories	$	68,291	$	71,563

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (2,203)	$ (14,377)	$ (14,740)	$ (24,552)

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 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	(1,677)		(5,235)		(6,912)
Reclassified to assets held for sale (1)	—		(591)		(591)

Balance as of June 30, 2024	$	17,326	$	33,895	$	51,221

_______________________________

(1) Represents customer relationships associated with the Industrial Molding Corporation business, which was classified as held for sale as of June 30, 2024 (see Note 16).

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

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	4.70%	(2.10%)	(1.50%)	(6.70%)
U.S. Federal Statutory Income Tax Rate, Percent			21.00%

Shared-Based Compensation (Tables)

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restricted stock	$	532	$	612	$	1,119	$	779
Performance share units	158		(142)		417		58
Stock options	—		—		—		14
Share-based compensation expense	$	690	$	470	$	1,536	$	851

Schedule of Nonvested Share Activity

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


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	3,405	$	1.41
Granted	644	4.28
Vested	(1,393)	1.27
Forfeited	(123)	2.11
Unvested at June 30, 2024	2,533	$	2.18

Summary of Status of Unvested PSU Awards

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


	Nonvested PSU Awards	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2024	3,789	$	1.29
Granted	559	3.73

Forfeited	(379)	1.89

Nonvested at June 30, 2024	3,969	$	1.58

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 segment
Revenue, Major Customer [Line Items]
Number of reportable segments	2

Preferred Stock - Additional Information (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		6 Months Ended
	Mar. 22, 2021	Jun. 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		$ 38,600

Debt

6 Months Ended

Jun. 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.


	June 30, 2024		December 31, 2023
Term Loan Facility	$	129,397	$	148,114

Financing obligations from sale-leaseback transactions	25,009		—
International loans	9,447		10,655
Unamortized debt issuance costs and discount (1)	(5,118)		(5,490)
Total debt	$	158,735	$	153,279

_______________________________

(1) In addition to this amount, costs of $0.4 million and $0.5 million related to the ABL Facility were recorded in other non-current assets as of June 30, 2024 and December 31, 2023, respectively.

We capitalized interest costs of $0.7 million and $0.7 million in the six months ended June 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 SOFR with a duration adjustment (“Adjusted 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 the our leverage ratio. The PIK interest is payable on the loan maturity date of September 22, 2026. At June 30, 2024, the Term Loan Facility bore interest, including PIK interest, based on one-month Adjusted SOFR, at 14.319%.

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 June 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 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 June 30, 2024, using one-month Adjusted SOFR plus a 2.00% margin, the interest rate on outstanding borrowings under the ABL Facility would have been 7.431%. 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 June 30, 2024, we had no outstanding borrowings under the ABL Facility, $9.9 million of outstanding letters of credit, and $27.0 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 June 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 does 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, 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.

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 do 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 will be 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
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-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
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-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
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

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

+ Details

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	(24,552)
Net Income (Loss)	(24,552)
Dividends accrued for preferred stock	$ (6,247)		(6,247)
Share-based compensation expense (in shares)	3,306
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ (21)	$ 33	(54)
Share-based compensation expense	851		851
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	(1,681)
Other comprehensive loss	(1,681)
Ending balance (in shares) at Jun. 30, 2023		47,019
Ending balance at Jun. 30, 2023	154,444	$ 470	462,525	(269,750)	(38,801)
Beginning balance (in shares) at Mar. 31, 2023		43,772
Beginning balance at Mar. 31, 2023	174,464	$ 438	465,377	(255,373)	(35,978)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(14,377)
Net Income (Loss)	(14,377)
Dividends, Preferred Stock			3,196
Dividends accrued for preferred stock	$ (3,196)
Share-based compensation expense (in shares)	3,306
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ (21)	$ 33	(54)
Share-based compensation expense	470		470
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(59)
Restricted shares forgiven for taxes and forfeited	(73)	$ (1)	(72)
Other comprehensive income (loss), net of tax	(2,823)
Other comprehensive loss	(2,823)
Ending balance (in shares) at Jun. 30, 2023		47,019
Ending balance at Jun. 30, 2023	154,444	$ 470	462,525	(269,750)	(38,801)
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	(14,740)
Net Income (Loss)	(14,740)
Dividends accrued for preferred stock	$ (7,513)		(7,513)
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)	521
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ 5	(5)
Share-based compensation expense	1,536		1,536
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	(6,631)
Other comprehensive loss	(6,631)
Ending balance (in shares) at Jun. 30, 2024		50,032
Ending balance at Jun. 30, 2024	108,436	$ 500	462,410	(310,088)	(44,386)
Beginning balance (in shares) at Mar. 31, 2024		49,520
Beginning balance at Mar. 31, 2024	116,141	$ 495	464,081	(307,885)	(40,550)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(2,203)
Net Income (Loss)	(2,203)
Dividends, Preferred Stock			3,843
Dividends accrued for preferred stock	$ (3,843)
Shares Issued, Net of Cashless Warrant Exercise	499
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants	$ 1,990	5	1,985
Share-based compensation expense (in shares)	147
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	1	(1)
Share-based compensation expense	$ 690		690
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	(134)
Restricted shares forgiven for taxes and forfeited	$ (503)	$ (1)	(502)
Other comprehensive income (loss), net of tax	(3,836)
Other comprehensive loss	(3,836)
Ending balance (in shares) at Jun. 30, 2024		50,032
Ending balance at Jun. 30, 2024	$ 108,436	$ 500	$ 462,410	$ (310,088)	$ (44,386)

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 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 March 31, 2024	$	(41,108)	$	558	$	—	$	(40,550)
Other comprehensive income (loss) before reclassifications	(3,387)		—		—		(3,387)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(3,387)		(449)		—		(3,836)
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)

Balance as of March 31, 2023	$	(38,332)	$	2,354	$	—	$	(35,978)
Other comprehensive income (loss) before reclassifications	(2,374)		—		—		(2,374)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(2,374)		(449)		—		(2,823)
Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)


	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	(5,733)		—		—		(5,733)
Amounts reclassified from AOCI to interest expense (2)	—		(898)		—		(898)

Net other comprehensive income (loss)	(5,733)		(898)		—		(6,631)
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)

Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	(534)		(327)		97		(764)
Amounts reclassified from AOCI to interest expense (2)	—		(917)		—		(917)

Net other comprehensive income (loss)	(534)		(1,244)		97		(1,681)
Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)

______________________

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

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

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

The following table presents our financial performance by reportable segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net sales:
Mobile Solutions	$	72,855	$	77,153	$	145,915	$	155,171
Power Solutions	50,151		48,062		98,389		97,134
Intersegment sales eliminations	(14)		(9)		(114)		(11)
Total	$	122,992	$	125,206	$	244,190	$	252,294
Income (loss) from operations:
Mobile Solutions	$	(1,630)	$	(1,461)	$	(3,773)	$	(4,780)
Power Solutions	5,320		2,583		9,299		4,330
Corporate	(5,837)		(5,169)		(12,456)		(10,672)
Total	$	(2,147)	$	(4,047)	$	(6,930)	$	(11,122)

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Assets and Liabilities Held for Sale

On July 2, 2024, we completed the sale of our lone plastics injection-molding plant, 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 in July 2024. We determined that the sale of IMC does not represent a strategic shift that will have a major effect on the consolidated results of operations, therefore the results of this business were not classified as discontinued operations and will continue to be reported within our Power Solutions segment. We determined that the IMC business met the criteria to be classified as held for sale as of June 30, 2024, and therefore have reclassified the related assets and liabilities as held for sale.

The following is a summary of the major categories of assets and liabilities that have been classified as held for sale, and the line item on the Condensed Consolidated Balance Sheet they are reported in:


	Financial Statement Line Item	June 30, 2024
Assets:
Accounts receivable, net		$	3,725
Inventories		3,041
Prepaid assets		74
Current assets held for sale	Other current assets	6,840
Property, plant and equipment, net		3,248

Intangible assets, net		591
Noncurrent assets held for sale	Other non-current assets	$	3,839
Liabilities:
Accounts payable		$	1,783
Accrued salaries, wages and benefits		343

Other current liabilities		272
Current liabilities held for sale	Other current liabilities	$	2,398

Shared-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	644
Total grant-date fair value of restricted stock, vested \| $	$ 1.8
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units issued (in shares)	559
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

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+ Details

Shared-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Shared-Based Compensation

Share-Based Compensation


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restricted stock	$	532	$	612	$	1,119	$	779
Performance share units	158		(142)		417		58
Stock options	—		—		—		14
Share-based compensation expense	$	690	$	470	$	1,536	$	851

Restricted Stock

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


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024	3,405	$	1.41
Granted	644	4.28
Vested	(1,393)	1.27
Forfeited	(123)	2.11
Unvested at June 30, 2024	2,533	$	2.18

During the six months ended June 30, 2024, we granted 374,000 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 six months ended June 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 six months ended June 30, 2024, was $1.8 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 June 30, 2024, and activity during the six months then ended.


	Nonvested PSU Awards	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2024	3,789	$	1.29
Granted	559	3.73

Forfeited	(379)	1.89

Nonvested at June 30, 2024	3,969	$	1.58

During the six months ended June 30, 2024, we granted 144,000 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 six months ended June 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.

Intangible Assets, Net

6 Months Ended

Jun. 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	(1,677)		(5,235)		(6,912)
Reclassified to assets held for sale (1)	—		(591)		(591)

Balance as of June 30, 2024	$	17,326	$	33,895	$	51,221

_______________________________

(1) Represents customer relationships associated with the Industrial Molding Corporation business, which was classified as held for sale as of June 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 six months ended June 30, 2024 and 2023.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	50,217	$	8,066	$	—	$	58,283
General Industrial	17,534		13,669		—		31,203
Residential/Commercial Electrical	—		21,486		—		21,486
Other	5,104		6,930		(14)		12,020
Total net sales	$	72,855	$	50,151	$	(14)	$	122,992


Three Months Ended June 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	52,961	$	9,115	$	—	$	62,076
General Industrial	19,228		13,510		—		32,738
Residential/Commercial Electrical	—		17,608		—		17,608
Other	4,964		7,829		(9)		12,784
Total net sales	$	77,153	$	48,062	$	(9)	$	125,206


Six Months Ended June 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	99,192	$	16,322	$	—	$	115,514
General Industrial	36,247		26,807		—		63,054
Residential/Commercial Electrical	—		41,718		—		41,718
Other	10,476		13,542		(114)		23,904
Total net sales	$	145,915	$	98,389	$	(114)	$	244,190


Six Months Ended June 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	108,765	$	17,918	$	—	$	126,683
General Industrial	39,441		28,115		—		67,556
Residential/Commercial Electrical	—		32,193		—		32,193
Other	6,965		18,908		(11)		25,862
Total net sales	$	155,171	$	97,134	$	(11)	$	252,294

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories are comprised of the following amounts:


	June 30, 2024		December 31, 2023
Raw materials	$	23,764	$	25,456
Work in process	23,170		22,942
Finished goods	21,357		23,165
Total inventories	$	68,291	$	71,563

Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 690	$ 470	$ 1,536	$ 851
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	532	612	1,119	779
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	158	(142)	417	58
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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 13,746	$ 21,903
Accounts receivable, net of allowances of $1,660 and $1,241 at June 30, 2024 and December 31, 2023	68,832	65,545
Inventories	68,291	71,563
Income tax receivable	13,045	11,885
Prepaid Expense and Other Assets	4,545	2,464
Other current assets	16,883	9,194
Total current assets	185,342	182,554
Property, plant and equipment, net of accumulated depreciation of $246,892 and $254,013 at June 30, 2024 and December 31, 2023	171,591	185,812
Operating lease right-of-use assets	41,593	43,357
Intangible assets, net	51,221	58,724
Investment in joint venture	36,330	32,701
Deferred tax assets	771	734
Other non-current assets	10,386	7,003
Total assets	497,234	510,885
Liabilities, Current [Abstract]
Accounts payable	45,470	45,480
Accrued salaries, wages and benefits	14,848	15,464
Income tax payable	380	524
Short-term debt and current maturities of long-term debt	8,041	3,910
Current portion of operating lease liabilities	5,417	5,735
Other current liabilities	16,739	10,506
Total current liabilities	90,895	81,619
Deferred tax liabilities	4,605	4,988
Long-term debt, net of current maturities	150,694	149,369
Operating lease liabilities, net of current portion	45,078	47,281
Other non-current liabilities	12,214	24,827
Total liabilities	303,486	308,084
Commitments and contingencies (Note 10)
Common stock - $0.01 par value per share, 90,000 shares authorized, 50,032 and 47,269 shares issued and outstanding at June 30, 2024 and December 31, 2023	500	473
Additional paid-in capital	462,410	457,632
Accumulated deficit	(310,088)	(295,348)
Accumulated other comprehensive loss	(44,386)	(37,755)
Total stockholders’ equity	108,436	125,002
Total liabilities, preferred stock, and stockholders’ equity	497,234	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 June 30, 2024 and December 31, 2023	$ 85,312	$ 77,799

Revenue from Contracts with Customers - Summary of Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 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

Debt - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 22, 2021
Debt Instrument [Line Items]
Capitalized interest costs	$ (700)	$ (700)
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	14.319%
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	$ 27,000
Letters of Credit Outstanding, Amount	$ 9,900
Weighted Average Interest Rate	7.431%
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

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

The following table presents the outstanding debt balances.


	June 30, 2024		December 31, 2023
Term Loan Facility	$	129,397	$	148,114

Financing obligations from sale-leaseback transactions	25,009		—
International loans	9,447		10,655
Unamortized debt issuance costs and discount (1)	(5,118)		(5,490)
Total debt	$	158,735	$	153,279

_______________________________

(1) In addition to this amount, costs of $0.4 million and $0.5 million related to the ABL Facility were recorded in other non-current assets as of June 30, 2024 and December 31, 2023, respectively.

We capitalized interest costs of $0.7 million and $0.7 million in the six months ended June 30, 2024 and 2023, respectively, related to construction in progress.

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Disclosure of Long-Lived Assets Held-for-Sale


	Financial Statement Line Item	June 30, 2024
Assets:
Accounts receivable, net		$	3,725
Inventories		3,041
Prepaid assets		74
Current assets held for sale	Other current assets	6,840
Property, plant and equipment, net		3,248

Intangible assets, net		591
Noncurrent assets held for sale	Other non-current assets	$	3,839
Liabilities:
Accounts payable		$	1,783
Accrued salaries, wages and benefits		343

Other current liabilities		272
Current liabilities held for sale	Other current liabilities	$	2,398

Shared-Based Compensation - PSU Award Rollforward (Detail) - Performance share units shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Nonvested PSUs (in thousands)
Nonvested restricted shares, beginning balance (in shares)	3,789
Nonvested restricted shares, granted (in shares)	559
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(379)
Nonvested restricted shares, ending balance (in shares)	3,969
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) \| $ / shares	$ 1.29
Granted (in dollars per share) \| $ / shares	3.73
Forfeited (in dollars per share) \| $ / shares	1.89
Ending balance (in dollars per share) \| $ / shares	$ 1.58
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)	144

Revenue from Contracts with Customers

6 Months Ended

Jun. 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.


Three Months Ended June 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	50,217	$	8,066	$	—	$	58,283
General Industrial	17,534		13,669		—		31,203
Residential/Commercial Electrical	—		21,486		—		21,486
Other	5,104		6,930		(14)		12,020
Total net sales	$	72,855	$	50,151	$	(14)	$	122,992


Three Months Ended June 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	52,961	$	9,115	$	—	$	62,076
General Industrial	19,228		13,510		—		32,738
Residential/Commercial Electrical	—		17,608		—		17,608
Other	4,964		7,829		(9)		12,784
Total net sales	$	77,153	$	48,062	$	(9)	$	125,206


Six Months Ended June 30, 2024	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	99,192	$	16,322	$	—	$	115,514
General Industrial	36,247		26,807		—		63,054
Residential/Commercial Electrical	—		41,718		—		41,718
Other	10,476		13,542		(114)		23,904
Total net sales	$	145,915	$	98,389	$	(114)	$	244,190


Six Months Ended June 30, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	108,765	$	17,918	$	—	$	126,683
General Industrial	39,441		28,115		—		67,556
Residential/Commercial Electrical	—		32,193		—		32,193
Other	6,965		18,908		(11)		25,862
Total net sales	$	155,171	$	97,134	$	(11)	$	252,294

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 June 30, 2024 and December 31, 2023, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the six months ended June 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 June 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Preferred Stock - Carrying Value Roll Forward (Details) - Series D Preferred Stock $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2023	$ 77,799
Accrual of in-kind dividends	5,508
Amortization	2,005
Balance as of June 30, 2024	$ 85,312

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(1))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 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 March 31, 2024	$	(41,108)	$	558	$	—	$	(40,550)
Other comprehensive income (loss) before reclassifications	(3,387)		—		—		(3,387)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(3,387)		(449)		—		(3,836)
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)

Balance as of March 31, 2023	$	(38,332)	$	2,354	$	—	$	(35,978)
Other comprehensive income (loss) before reclassifications	(2,374)		—		—		(2,374)
Amounts reclassified from AOCI to interest expense (2)	—		(449)		—		(449)

Net other comprehensive income (loss)	(2,374)		(449)		—		(2,823)
Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)


	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	(5,733)		—		—		(5,733)
Amounts reclassified from AOCI to interest expense (2)	—		(898)		—		(898)

Net other comprehensive income (loss)	(5,733)		(898)		—		(6,631)
Balance as of June 30, 2024	$	(44,495)	$	109	$	—	$	(44,386)

Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	(534)		(327)		97		(764)
Amounts reclassified from AOCI to interest expense (2)	—		(917)		—		(917)

Net other comprehensive income (loss)	(534)		(1,244)		97		(1,681)
Balance as of June 30, 2023	$	(40,706)	$	1,905	$	—	$	(38,801)

______________________

(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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 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 six months ended June 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 six months ended June 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 six months ended June 30, 2024.


Balance as of December 31, 2023	$	16,556

Change in fair value (1)	(170)
Settlements	(11,376)

Balance as of June 30, 2024	$	5,010

_______________________________

(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.



June 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	$	4,380	$	—	$	630



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 June 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 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest benefit (1)	$	(449)	$	(449)	$	(898)	$	(917)

_______________________________

(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 June 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 $160.4 million and $162.2 million, with a carrying amount of $158.7 million and $153.3 million, as of June 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-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

Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16,556
Change in fair value	(170)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(11,376)
Ending balance	$ 5,010

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 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 June 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.

Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 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	2 years 10 months 24 days
Long-term debt, fair value	$ 160,400	$ 160,400	$ 162,200
Debt, Long-Term and Short-Term, Combined Amount	$ 158,735	$ 158,735	$ 153,279
Shares Issued, Net of Cashless Warrant Exercise	499	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	$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,900	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	$ 11.03
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,500	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	$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,000	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

Subsequent Events Assets Held For Sale (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Subsequent Event [Line Items]
Accounts receivable, net	$ 3,725
Inventories	3,041
Prepaid assets	74
Current assets held for sale	6,840
Property, plant and equipment, net	3,248
Intangible assets, net	591
Noncurrent assets held for sale	3,839
Accounts payable	1,783
Accrued salaries, wages and benefits	343
Other current liabilities	272
Current liabilities held for sale	$ 2,398

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)	$ (14,740)	$ (24,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	24,308	23,066
Amortization of debt issuance costs and discount	1,106	880
Paid-in-kind interest	1,436	744
Total derivative loss (gain), net of cash settlements	(1,068)	5,691
Share of net income from joint venture	(4,412)	(1,374)
Share-based compensation expense	1,536	851
Deferred income taxes	(479)	110
Other	(758)	(721)
Changes in operating assets and liabilities:
Accounts receivable	(8,747)	(5,078)
Inventories	(1,185)	3,920
Other operating assets	2,705	6,615
Accounts payable	1,726	6,927
Income taxes receivable and payable, net	(1,326)	(730)
Other operating liabilities	4,739	5,524
Net cash provided by (used in) operating activities	(569)	8,643
Cash flows from investing activities
Acquisition of property, plant and equipment	(9,052)	(12,196)
Proceeds from sale of property, plant, and equipment	237	2,777
Net cash used in investing activities	(8,815)	(9,419)
Cash flows from financing activities
Proceeds from long-term debt	25,000	35,000
Repayments of long-term debt	(46,061)	(34,725)
Proceeds from sale-leaseback of equipment	8,324	0
Proceeds from sale-leaseback of land and buildings	16,863	0
Repayments of financing obligations	(211)	0
Cash paid for debt issuance costs	(646)	(55)
Proceeds from short-term debt	0	3,648
Other	(1,700)	(1,610)
Net cash provided by financing activities	1,569	2,258
Effect of exchange rate changes on cash flows	(342)	47
Net change in cash and cash equivalents	(8,157)	1,529
Cash and cash equivalents at beginning of period	21,903	12,808
Cash cash equivalents at end of period	$ 13,746	$ 14,337

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (44,386)	$ (38,801)	$ (44,386)	$ (38,801)	$ (40,550)	$ (37,755)	$ (35,978)	$ (37,120)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(3,387)	(2,374)	(5,733)	(534)
OCI before reclassifications, tax	0	0	0	97
OCI before reclassifications, net of tax	(3,387)	(2,374)	(5,733)	(764)
Amounts reclassified from AOCI, tax	0	0	0	0
Amounts reclassified from AOCI, net of tax	449	449	898	917
Other comprehensive income (loss), tax	0	0	0	97
Other comprehensive loss	(3,836)	(2,823)	(6,631)	(1,681)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(44,495)	(40,706)	(44,495)	(40,706)	(41,108)	(38,762)	(38,332)	(40,172)
Other Comprehensive Income (Loss), before Tax	(3,387)	(2,374)	(5,733)	(534)
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	109	1,905	109	1,905	558	1,007	2,354	3,149
OCI before reclassifications and tax	0	0	0	(327)
Amounts reclassified from AOCI, before tax	(449)	(449)	(898)	(917)
Other Comprehensive Income (Loss), before Tax	(449)	(449)	(898)	(1,244)
Income taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (97)

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 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

Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 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)	2,527	1,906	2,515	1,961
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	207	392	232	454
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	14	783	7

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 58,724
Amortization	(6,912)
Reclassified to assets held for sale (1)	(591)
Ending balance	51,221
Mobile Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	19,003
Amortization	(1,677)
Reclassified to assets held for sale (1)	0
Ending balance	17,326
Power Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	39,721
Amortization	(5,235)
Reclassified to assets held for sale (1)	(591)
Ending balance	$ 33,895

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (2,203)	$ (14,377)	$ (14,740)	$ (24,552)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,843)	(3,196)	(7,513)	(6,247)
Numerator for basic income (loss) from continuing operations per common share	(6,046)	(17,573)	(22,253)	(30,799)
Numerator for diluted income (loss) from continuing operations per common share	$ (6,046)	$ (17,573)	$ (22,253)	$ (30,799)
Weighted average common shares outstanding	49,940	46,309	49,214	45,085
Adjustment for participating securities	(2,622)	(2,826)	(3,038)	(1,790)
Weighted Average Number of Shares, Contingently Issuable	1,521	2,874	2,105	2,541
Weighted average common shares outstanding, basic (in shares)	48,839	46,357	48,281	45,836
Weighted average common shares outstanding, diluted (in shares)	48,839	46,357	48,281	45,836
Basic net loss per share (in dollars per share)	$ (0.12)	$ (0.38)	$ (0.46)	$ (0.67)
Diluted net loss per share (in dollars per share)	(0.12)	(0.38)	(0.46)	(0.67)
Cash dividends declared per share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Subsequent Events (Details) - Subsequent Event $ in Thousands	Jul. 02, 2024 USD ($)
Subsequent Event [Line Items]
Proceeds from Sale of Businesses	$ 17,000
Net cash proceeds received	$ 15,400

Revenue Disaggragation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue Disaggragation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 122,992	$ 125,206	$ 244,190	$ 252,294
Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	58,283	62,076	115,514	126,683
General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	31,203	32,738	63,054	67,556
Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	21,486	17,608	41,718	32,193
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	12,020	12,784	23,904	25,862
Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	72,855	77,153	145,915	155,171
Mobile Solutions [Member] \| Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	50,217	52,961	99,192	108,765
Mobile Solutions [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	17,534	19,228	36,247	39,441
Mobile Solutions [Member] \| Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Mobile Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	5,104	4,964	10,476	6,965
Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	50,151	48,062	98,389	97,134
Power Solutions [Member] \| Automotive [Member]
Disaggregation of Revenue [Line Items]
Net sales	8,066	9,115	16,322	17,918
Power Solutions [Member] \| General Industrial [Member]
Disaggregation of Revenue [Line Items]
Net sales	13,669	13,510	26,807	28,115
Power Solutions [Member] \| Electrical [Member]
Disaggregation of Revenue [Line Items]
Net sales	21,486	17,608	41,718	32,193
Power Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	6,930	7,829	13,542	18,908
Operating Segments \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	72,855	77,153	145,915	155,171
Operating Segments \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	50,151	48,062	98,389	97,134
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(14)	(9)	(114)	(11)
Intersegment Eliminations [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	$ (14)	$ (9)	$ (114)	$ (11)

Preferred Stock

6 Months Ended

Jun. 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 June 30, 2024, the carrying value of the Series D Preferred Stock shares was $85.3 million, which included $38.6 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the six months ended June 30, 2024.


Balance as of December 31, 2023	$	77,799



Accrual of in-kind dividends	5,508
Amortization	2,005

Balance as of June 30, 2024	$	85,312

Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 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	$ 5,010	$ 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	4,380	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	$ 630	$ 1,135

Net Income (Loss) Per Common Share - Additional Information (Detail)	3 Months Ended
	Jun. 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 Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 122,992	$ 125,206	$ 244,190	$ 252,294
Cost of sales (exclusive of depreciation and amortization shown separately below)	101,257	107,684	202,343	216,105
Selling, general, and administrative expense	13,511	10,975	26,859	24,140
Depreciation and amortization	11,761	11,550	24,308	23,066
Other operating expense (income), net	(1,390)	(956)	(2,390)	105
Loss from operations	(2,147)	(4,047)	(6,930)	(11,122)
Interest expense	5,873	5,457	11,239	9,745
Other expense (income), net	(3,461)	5,641	692	3,433
Loss before benefit (provision) for income taxes and share of net income from joint venture	(4,559)	(15,145)	(18,861)	(24,300)
Benefit (provision) for income taxes	215	(325)	(291)	(1,626)
Share of net income from joint venture	2,141	1,093	4,412	1,374
Net loss	(2,203)	(14,377)	(14,740)	(24,552)
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	(3,387)	(2,374)	(5,733)	(534)
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	(449)	(449)	(898)	(917)
Other comprehensive loss	(3,836)	(2,823)	(6,631)	(1,681)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (6,039)	$ (17,200)	$ (21,371)	$ (26,233)
Earnings Per Share, Basic [Abstract]
Net loss per common share (in dollars per shares)	$ (0.12)	$ (0.38)	$ (0.46)	$ (0.67)
Weighted average common shares outstanding, basic (in shares)	48,839	46,357	48,281	45,836
Earnings Per Share, Diluted [Abstract]
Net loss per common share (in dollars per share)	$ (0.12)	$ (0.38)	$ (0.46)	$ (0.67)
Weighted average common shares outstanding, diluted (in shares)	48,839	46,357	48,281	45,836

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	4,731	$	7,310
Operating cash flows used in finance leases	162		167
Financing cash flows used in finance leases	1,105		1,418
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	645		1,619

_______________________________

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

We recognized sublease income of $1.9 million and $0.5 million in the six months ended June 30, 2024 and 2023, respectively.

Leases

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


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	4,731	$	7,310
Operating cash flows used in finance leases	162		167
Financing cash flows used in finance leases	1,105		1,418
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	645		1,619

_______________________________

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

We recognized sublease income of $1.9 million and $0.5 million in the six months ended June 30, 2024 and 2023, respectively.

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flow, Lessee [Abstract]
Operating cash flows used in operating leases	$ 4,731	$ 7,310
Operating cash flows used in finance leases	162	167
Financing cash flows used in finance leases	1,105	1,418
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	$ 645	$ 1,619

Leases - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Sublease Income	$ (1,900)	$ (500)

Shared-Based Compensation - Restricted Stock Award Rollforward (Detail) - Restricted stock shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Nonvested Shares (in thousands)
Nonvested restricted shares, beginning balance (in shares)	3,405
Nonvested restricted shares, granted (in shares)	644
Nonvested restricted shares, vested (in shares)	(1,393)
Nonvested restricted shares, forfeited (in shares)	(123)
Nonvested restricted shares, ending balance (in shares)	2,533
Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) \| $ / shares	$ 1.41
Granted (in dollars per share) \| $ / shares	4.28
Vested (in dollars per share) \| $ / shares	1.27
Forfeited (in dollars per share) \| $ / shares	2.11
Ending balance (in dollars per share) \| $ / shares	$ 2.18
Annual Award Grant
Nonvested Shares (in thousands)
Nonvested restricted shares, granted (in shares)	374
Inducement Awards
Nonvested Shares (in thousands)
Nonvested restricted shares, granted (in shares)	270

Investment in Joint Venture

6 Months Ended

Jun. 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	4,412

Foreign currency translation loss	(783)
Balance as of June 30, 2024	$	36,330

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 4.7% and (1.5)% for the three and six months ended June 30, 2024, respectively, and (2.1)% and (6.7)% for the three and six months ended June 30, 2023, respectively. The effective tax rates for the three and six months ended June 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details