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Brakeholt Engineered Products Co. — Q2 2026
Retained submission evidence
Original retained submission. View current published evidence
Total leverage
Pass4x
Threshold ≤ 4.50x · Calculation verified
Senior leverage
Pass3x
Threshold ≤ 3.50x · Calculation verified
Minimum LTM EBITDA
Pass$11.5M
Threshold ≥ $9.50M · Calculation verified
Interest coverage
Pass2.5x
Threshold ≥ 2.25x · Calculation verified
Fixed charge coverage
Pass1.9x
Threshold ≥ 1.50x · Calculation verified
Reports & source files
Download the calculation report or the documents behind it.
Original documents
- Download reviewed-financials.csv
reviewed-financials.csv
Financial input
- Download reviewed-covenant-inputs.csv
reviewed-covenant-inputs.csv
Supporting input
- Download 01-Financial-Statements.pdf
01-Financial-Statements.pdf
Supporting input
- Download 02-Component-Schedule.xlsx
02-Component-Schedule.xlsx
Excel workbook
- Download 03-Credit-Agreement.pdf
03-Credit-Agreement.pdf
Supporting input
- Download 04-Compliance-Certificate.pdf
04-Compliance-Certificate.pdf
Supporting input
- Download 05-Fund-Holdings-and-Approved-Marks.xlsx
05-Fund-Holdings-and-Approved-Marks.xlsx
Excel workbook
Mappings, normalized inputs & technical evidence
- reviewed-financials.csv · financial
383 bytes · SHA-256 35a44ef3cfbe008e199aa8cd76cd3cbe4158f3c000180959091300caeb40769c
- reviewed-covenant-inputs.csv · supporting
36546 bytes · SHA-256 4bafa90676e505893df25c2601173f58a1a6e6089044657022186af0775a49ea
- 01-Financial-Statements.pdf · pdf
4692 bytes · SHA-256 c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f
- 02-Component-Schedule.xlsx · workbook
6685 bytes · SHA-256 23ff363272dd50e04a55112a77d2ded57a151405411c612b6978704a081a7dfd
- 03-Credit-Agreement.pdf · pdf
4966 bytes · SHA-256 44cd4a5428d7e8c0a84fd07bfa04b01e9a59cb0160ca8718c3d6097fce0e6899
- 04-Compliance-Certificate.pdf · pdf
2806 bytes · SHA-256 1c848f0237576c45b5dc105678c6b55023aea31c9762da167ca5924886ae2f0a
- 05-Fund-Holdings-and-Approved-Marks.xlsx · workbook
6533 bytes · SHA-256 2f78c077804b8f9d1a2def29d23dedae7f235849bcddc682b2ad605ae14b684d
- document-review.json · mapping
165534 bytes · SHA-256 d5e33fd16b9c3e4e5844d35f9b575af2d53f1c8a24bae3a88483414bb61f938b
Submission details
- Source label
- 01-Financial-Statements.pdf
- Declared certificate period
- Q2 2026
- Submitted by
- portfolio.analyst@nsns-fund.example
- Submitted at (UTC)
These inputs, terms and results were captured when submitted. Later financial edits and threshold amendments do not change this record.
Captured covenant results and review history
Total leverage
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 4x
- Reported
- 4.00x
- Governing threshold
- ≤ 4.50x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: Eligible gross debt / LTM contractual EBITDA
Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 4x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $11.5M
Exact amount
23 / 2- Adjustments above cap
- $0.5M
Exact amount
1 / 2- Eligible gross debt
- $46M
Exact amount
46 / 1- Allowed capped additions
- $1.5M
Exact amount
3 / 2- Unadjusted EBITDA bridge
- $10M
Exact amount
10 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.5M
Exact amount
3 / 2
Source line items and adjustments · 41 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q3 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $2.5M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.3M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.4M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $3.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q4 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q1 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 11 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q2 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| funded debt debt-funded_debt | $46M | eligible ending debt | Source & review01-Financial-Statements.pdf: PDF page 2; Total funded debt 48 47 46.5 46 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Total leverage
No review recorded.
Senior leverage
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 3x
- Reported
- 3.00x
- Governing threshold
- ≤ 3.50x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: Eligible senior debt / LTM contractual EBITDA
Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 3x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $11.5M
Exact amount
23 / 2- Adjustments above cap
- $0.5M
Exact amount
1 / 2- Eligible gross debt
- $34.5M
Exact amount
69 / 2- Allowed capped additions
- $1.5M
Exact amount
3 / 2- Unadjusted EBITDA bridge
- $10M
Exact amount
10 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.5M
Exact amount
3 / 2
Source line items and adjustments · 41 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q3 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $2.5M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.3M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.4M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $3.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q4 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q1 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 11 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q2 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| senior debt debt-senior_debt | $34.5M | eligible ending debt | Source & review01-Financial-Statements.pdf: PDF page 2; Senior debt (included in funded debt) 36 35.5 35 34.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Senior leverage
No review recorded.
Minimum LTM EBITDA
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- $11.5M
- Reported
- $11.5M
- Governing threshold
- ≥ $9.50M
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- $0M
Formula: LTM contractual EBITDA
Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: $11.5M · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $11.5M
Exact amount
23 / 2- Adjustments above cap
- $0.5M
Exact amount
1 / 2- Allowed capped additions
- $1.5M
Exact amount
3 / 2- Unadjusted EBITDA bridge
- $10M
Exact amount
10 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.5M
Exact amount
3 / 2
Source line items and adjustments · 40 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q3 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $2.5M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.3M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.4M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $3.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q4 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q1 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q2 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Minimum LTM EBITDA
No review recorded.
Interest coverage
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 2.5x
- Reported
- 2.50x
- Governing threshold
- ≥ 2.25x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: LTM contractual EBITDA / LTM contractual interest
Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 2.5x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $11.5M
Exact amount
23 / 2- Contractual interest
- $4.6M
Exact amount
23 / 5- Adjustments above cap
- $0.5M
Exact amount
1 / 2- Allowed capped additions
- $1.5M
Exact amount
3 / 2- Unadjusted EBITDA bridge
- $10M
Exact amount
10 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.5M
Exact amount
3 / 2
Source line items and adjustments · 40 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q3 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $2.5M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.3M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.4M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $3.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q4 2025 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q4 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q1 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q1 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Q2 2026 · 10 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q2 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Interest coverage
No review recorded.
Fixed charge coverage
PassContractual calculation — retained evidence · Calculation verified
- Calculated value (before agreement rounding)
- 1.9x
- Reported
- 1.90x
- Governing threshold
- ≥ 1.50x
- Reconciliation
- Matched
- Review
- Not reviewed
- Difference (calculated − reported)
- 0x
Formula: LTM contractual EBITDA less unfinanced capex, cash taxes and distributions / cash interest plus scheduled principal
Window: 2025-Q3, 2025-Q4, 2026-Q1, 2026-Q2 · Effective: 2026-Q2
Agreement: 03-Credit-Agreement.pdf: PDF page 2; 03-Credit-Agreement.pdf: PDF page 1
Tested value: 1.9x · Exact threshold comparison
Exact workings, source items and calculation policy
Source eligibility and approvals are retained analyst assertions. A review explanation changes neither figure nor the calculated compliance result.
Amounts below are USD millions, displayed to six decimal places. Expand each amount for its retained exact fraction.
- Contractual EBITDA
- $11.5M
Exact amount
23 / 2- Adjustments above cap
- $0.5M
Exact amount
1 / 2- Cash taxes
- $0.5M
Exact amount
1 / 2- FCCR numerator
- $9.5M
Exact amount
19 / 2- FCCR denominator
- $5M
Exact amount
5 / 1- Cash interest
- $4M
Exact amount
4 / 1- Distributions
- $0.5M
Exact amount
1 / 2- Allowed capped additions
- $1.5M
Exact amount
3 / 2- Unfinanced capital expenditures
- $1M
Exact amount
1 / 1- Unadjusted EBITDA bridge
- $10M
Exact amount
10 / 1- Scheduled principal
- $1M
Exact amount
1 / 1- Eligible adjustment claim
- $2M
Exact amount
2 / 1- Remaining aggregate cap capacity
- $1.5M
Exact amount
3 / 2
Source line items and adjustments · 60 items
Open a quarter, then a source reference for its retained evidence and eligibility review.
Q3 2025 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $2.5M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.3M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.4M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q3 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $3.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q3 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!B6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!B8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!B9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!B10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!B7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!B11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q4 2025 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2025-Q4 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2025-Q4 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!C6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!C8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!C9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!C10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!C7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!C11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q1 2026 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | $0.3M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.1M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.2M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.3M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.1M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q1 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q1 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!D6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!D8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!D9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!D10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!D7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!D11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
Q2 2026 · 15 source items
| Item | Source amount | Treatment | Evidence |
|---|---|---|---|
| net Income statement-netIncome | −$0.1M | statement bridge: netIncome | Source & review01-Financial-Statements.pdf: PDF page 1; Net income / (loss) 2.5 0.3 0.3 -0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement Interest statement-statementInterest | $1.2M | statement bridge: statementInterest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| income Taxes statement-incomeTaxes | $0.1M | statement bridge: incomeTaxes | Source & review01-Financial-Statements.pdf: PDF page 1; Income tax expense 0.3 0.2 0.2 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| depreciation statement-depreciation | $0.2M | statement bridge: depreciation | Source & review01-Financial-Statements.pdf: PDF page 1; Depreciation 0.4 0.3 0.3 0.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| amortization statement-amortization | $0.1M | statement bridge: amortization | Source & review01-Financial-Statements.pdf: PDF page 1; Amortization 0.1 0.1 0.1 0.1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| statement interest interest-statement_interest | $1.2M | included contractual interest | Source & review01-Financial-Statements.pdf: PDF page 1; Interest expense per income statement 1.2 1.1 1.1 1.2 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| revenue financial-revenue | $20M | statement bridge: revenue | Source & reviewreviewed-financials.csv: 2026-Q2 Revenue Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cogs Excluding DA financial-cogs | $12M | statement bridge: cogsExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 COGS Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| sga Excluding DA financial-sga | $6.5M | statement bridge: sgaExcludingDA | Source & reviewreviewed-financials.csv: 2026-Q2 SGA Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| restructuring adjustment-restructuring | $0.5M | eligible claim before aggregate cap allocation | Source & review02-Component-Schedule.xlsx: Component schedule!E6; Restructuring expense already deducted from net income: 0.5 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json Adjustment: add · cap group restructuring-cap · exemption None |
| unfinanced capex fixed-charge-unfinanced_capex-unfinanced_capex | $0.25M | included FCCR unfinanced_capex | Source & review02-Component-Schedule.xlsx: Component schedule!E8; Unfinanced capital expenditure: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash taxes fixed-charge-cash_taxes-cash_taxes | $0.125M | included FCCR cash_taxes | Source & review02-Component-Schedule.xlsx: Component schedule!E9; Cash taxes paid: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| distributions fixed-charge-distributions-distributions | $0.125M | included FCCR distributions | Source & review02-Component-Schedule.xlsx: Component schedule!E10; Cash distributions: 0.125 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| cash interest fixed-charge-cash_interest-cash_interest | $1M | included FCCR cash_interest | Source & review02-Component-Schedule.xlsx: Component schedule!E7; Cash interest paid: 1 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
| scheduled principal fixed-charge-scheduled_principal-scheduled_principal | $0.25M | included FCCR scheduled_principal | Source & review02-Component-Schedule.xlsx: Component schedule!E11; Scheduled principal payments: 0.25 Eligibility: confirmed Reviewed 01-Financial-Statements.pdf (c82eafc2a2e56745bf7656f04390a173013fd84109f87039eec3e09b12a8d37f); Per-covenant agreement definitions and analyst review retained in document-review.json |
Arithmetic policy: covenant-exact/v1 · integer_rational · decimal.js@10.6.0 · exact_cross_product
Reported precision: 2 decimal places. Reconciliation: half_up; covenant-reconciliation/v1. This comparison never changes compliance.
Download complete retained evidence (JSON)Review history — Fixed charge coverage
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Financial inputs ($M)
| Input | Q2 2026 · $M |
|---|---|
| Revenue | 20 |
| COGS | 12 |
| SG&A | 6.5 |
| D&A | 0.3 |
| Interest expense | 1.2 |
| Tax | 0.1 |
| Total assets | 96 |
| Total debt | 46 |
| Cash | 7 |
| Equity | 42 |
Record details
- Submission ID
- cmta602gw000h4x7kefssq0ui
- Borrower ID
- document-78994e0c-94d1-4fb3-87a7-9c65c6b54f0c
- Original source SHA-256
- 35a44ef3cfbe008e199aa8cd76cd3cbe4158f3c000180959091300caeb40769c
- Evidence schema version
- 2
- Calculation version
- covenant-calculation/v1.2