0001437749-25-007614 | 10-K | XBRL Viewer

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Note 11 - Revenue - Summary of Revenue Based on Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 602,224	$ 659,704	$ 688,415
UNITED STATES
Net sales	583,413	644,652	669,187
ITALY
Net sales	$ 18,811	$ 15,052	$ 19,228

- Definition

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

+ References

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+ Details

Note 12 - Income Taxes - Schedule of Provision and Effective Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expected tax expense (benefit) at U.S. Federal statutory rates	$ (5,515)	$ 5,792	$ 16,479
State income tax expense (benefit)	(1,581)	1,373	(1,057)
Goodwill impairment	5,964	0	0
Permanent tax differences	(189)	375	4,275
Foreign-derived intangible income deduction	(1,476)	(397)	(298)
Section 162(m) limitation	366	709	0
Foreign rate differential	368	782	560
Withholding Tax	456	0	0
Tax credit	(428)	(1,506)	(1,393)
Earn-outs	(490)	484	(2,254)
Change in fair value of Warrants	1,590	(863)	11,974
Uncertain tax positions	486	0	0
Valuation allowance	1,129	0	0
Other differences, net	(525)	(76)	155
Total income tax expense (benefit)	$ (3,025)	$ 8,399	$ 4,493

Note 5 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Gross	$ 310,401	$ 310,401
Finite-Lived Intangible Assets, Accumulated Amortization	(88,985)	(75,101)
Finite-Lived Intangible Assets, Net	221,416	235,300
Trade Names 1 [Member]
Tradenames	165,260	175,165
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	269,950	269,950
Finite-Lived Intangible Assets, Accumulated Amortization	(67,426)	(55,732)
Finite-Lived Intangible Assets, Net	202,524	214,218
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	13,775	13,775
Finite-Lived Intangible Assets, Accumulated Amortization	(6,294)	(5,569)
Finite-Lived Intangible Assets, Net	7,481	8,206
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	26,676	26,676
Finite-Lived Intangible Assets, Accumulated Amortization	(15,265)	(13,800)
Finite-Lived Intangible Assets, Net	$ 11,411	$ 12,876

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	115,807,337
Balance at Dec. 31, 2021	$ 12	$ 329,705	$ (256)	$ (24,974)	$ 304,487
Net income (loss)	0	0	0	73,774	73,774
Equity compensation	0	24,395	0	0	24,395
Foreign currency translation adjustment	0	0	(990)	0	(990)
Pension liability adjustment	$ 0	0	302	0	302
Issuance of vested Earn-Out Shares (in shares)	1,093,750
Issuance of vested Earn-Out Shares	$ 0	14,689	0	0	14,689
Warrants exercised (in shares)	33,333
Warrants exercised	$ 0	383	0	0	383
Tax withholding related to vesting of restricted stock units	$ 0	(1,050)	0	0	(1,050)
Issuance of shares for restricted stock units (in shares)	213,577
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Dec. 31, 2022	117,147,997
Balance at Dec. 31, 2022	$ 12	368,122	(944)	48,800	415,990
Net income (loss)	0	0	0	19,180	19,180
Equity compensation	0	7,291	0	0	7,291
Foreign currency translation adjustment	0	0	234	0	234
Tax withholding related to vesting of restricted stock units	$ 0	(1,544)	0	0	(1,544)
Issuance of shares for restricted stock units (in shares)	559,283
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Dec. 31, 2023	117,707,280
Balance at Dec. 31, 2023	$ 12	373,869	(710)	67,980	441,151
Net income (loss)	0	0	0	(23,235)	(23,235)
Equity compensation	0	5,170	0	0	5,170
Foreign currency translation adjustment	0	0	(452)	0	(452)
Tax withholding related to vesting of restricted stock units	$ 0	(1,482)	0	0	(1,482)
Issuance of shares for restricted stock units (in shares)	1,041,417
Issuance of shares for restricted stock units	$ 0	0	0	0	0
Balance (in shares) at Dec. 31, 2024	118,748,697
Balance at Dec. 31, 2024	$ 12	$ 377,557	$ (1,162)	$ 44,745	$ 421,152

Note 15 - Lease Commitments

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

15.

LEASE COMMITMENTS

The Company leases retail stores, manufacturing, distribution, engineering, and research and development facilities, office space, equipment, and automobiles under operating lease agreements. Leases have remaining lease terms of one to 14 years, inclusive of renewal options that the Company is reasonably certain to exercise. Taxes, insurance and maintenance expenses relating to all leases are obligations of the Company.

The following table summarizes operating lease assets and obligations and provides information associated with the measurement of operating lease obligations:

	December 31,
	2024			2023
Assets:
Operating right of use assets	$	35,974		$	29,250
Liabilities:
Current operating lease liabilities - Accrued liabilities	$	5,324		$	4,948
Long-term operating lease liabilities - Other noncurrent liabilities		31,876			25,177
Total lease liabilities	$	37,200		$	30,125
Lease term and discount rate
Weighted average remaining lease term (in years)		6.6			7.2
Weighted average discount rate		5.91	%		6.21	%

The following summarizes the components of operating lease expense and provides supplemental cash flow information for operating leases:

	For the years ended December 31,
	2024		2023
Components of lease expense:
Operating lease expense	$	7,201	$	6,629
Short-term lease expense		1,572		1,953
Variable lease expense		345		314
Total lease expense	$	9,118	$	8,896
Supplemental cash flow information related to leases:
Cash paid for amounts included in measurement of operating lease liabilities	$	7,159	$	7,024
Right-of-use assets obtained in exchange for new operating lease liabilities		13,572		6,531
Decapitalization of right-of-use assets upon lease termination or modification		1,374		1,320

The following table summarizes the maturities of the Company's operating lease liabilities on December 31, 2024:

2025	$	7,469
2026		7,079
2027		7,100
2028		6,669
2029		5,769
Thereafter		11,671
Total lease payments		45,757
Less imputed interest		(8,557	)
Present value of lease liabilities	$	37,200

Note 5 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Goodwill [Table Text Block]

Goodwill, net as of December 31, 2022	$	418,121
Measurement period adjustments		935
Goodwill, net as of December 31, 2023		419,056
Goodwill disposed		(5,810	)
Accumulated goodwill impairment		(40,906	)
Goodwill, net as of December 31, 2024	$	372,340

Schedule of Intangible Assets [Table Text Block]

	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,950	$	(67,426	)	$	202,524
Tradenames		13,775		(6,294	)		7,481
Technology		26,676		(15,265	)		11,411
Total finite-lived intangible assets	$	310,401	$	(88,985	)	$	221,416

Indefinite-lived intangible assets:
Tradenames	$	165,260		—		$	165,260

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,950	$	(55,732	)	$	214,218
Tradenames		13,775		(5,569	)		8,206
Technology		26,676		(13,800	)		12,876
Total finite-lived intangible assets	$	310,401	$	(75,101	)	$	235,300

Indefinite-lived intangible assets:
Tradenames	$	175,165		—		$	175,165

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

2025	$	13,658
2026		13,552
2027		13,546
2028		13,546
2029		13,546
Thereafter		153,568
Total	$	221,416

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Note 15 - Lease Commitments - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025	$ 7,469
2026	7,079
2027	7,100
2028	6,669
2029	5,769
Thereafter	11,671
Total lease payments	45,757
Less imputed interest	(8,557)
Present value of lease liabilities	$ 37,200	$ 30,125

Note 13 - Earnings Per Share - Schedule of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ (23,235)	$ 19,180	$ 73,774
Less: fair value adjustment for Warrants	0	0	(57,021)
Net income (loss) - diluted	$ (23,235)	$ 19,180	$ 16,753
Weighted average common shares outstanding - basic (in shares)	118,441,580	117,378,854	116,762,928
Dilutive effect of potential common shares from Warrants (in shares)	0	0	384,078
Weighted average common shares outstanding - diluted (in shares)	118,441,580	118,510,800	117,248,296
Earnings (loss) per share:
Basic net income (loss) per share (in dollars per share)	$ (0.2)	$ 0.16	$ 0.63
Diluted net income (loss) per share (in dollars per share)	$ (0.2)	$ 0.16	$ 0.14
Restricted Stock Units (RSUs) [Member]
Dilutive effect of potential common shares from share-based payment arrangement (in shares)	0	952,161	101,290
Performance Shares [Member]
Dilutive effect of potential common shares from share-based payment arrangement (in shares)	0	179,785	0

Note 15 - Lease Commitments - Schedule of Operating Lease Assets and Obligations (Details) (Parentheticals)	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Note 10 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Fair Value Measured on December 31, 2024
	Level 1		Level 2		Level 3		Total
Warrant liability (Public)	$	548	$	—	$	—	$	548
Warrant liability (Private)		—		—		265		265
Earn-out liability		—		—		1,148		1,148
Interest rate collar liability		—		60		—		60
Total fair value liabilities	$	548	$	60	$	1,413	$	2,021

	Fair Value Measured on December 31, 2023
	Level 1		Level 2		Level 3		Total
Warrant liability (Public)	$	5,480	$	—	$	—	$	5,480
Warrant liability (Private)		—		—		2,903		2,903
Earn-out liability		—		—		3,479		3,479
Interest rate collar liability		—		1,164		—		1,164
Total fair value liabilities	$	5,480	$	1,164	$	6,382	$	13,026

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	2024			2023
Valuation date price	$	3.02		$	4.87
Strike price	$	11.50		$	11.50
Remaining life (in years)		1.54			2.54
Expected dividend	$	—		$	—
Risk-free interest rate		4.12	%		4.01	%
Price threshold	$	18.00		$	18.00

	2024			2023
Valuation date price	$	3.02		$	4.87
Expected term (in years)		3.54			4.54
Expected volatility		64.33	%		67.20	%
Risk-free interest rate		4.21	%		3.79	%
Price hurdle	$	15.00		$	15.00

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	Private Warrants			Earn-Out Liability			Total
Balance on December 31, 2022	$	1,581		$	1,176		$	2,757
Losses included in earnings		1,322			2,303			3,625
Balance at December 31, 2023	$	2,903		$	3,479		$	6,382
Gains included in earnings		(2,638	)		(2,331	)		(4,969	)
Balance on December 31, 2024	$	265		$	1,148		$	1,413

Note 16 - Major Distribution Partner Customers (Details Textual) - Minimum [Member] - Customer Concentration Risk [Member] - Reseller Customers [Member]	12 Months Ended
	Dec. 31, 2024
Revenue Benchmark [Member]
Concentration Risk, Percentage	5.00%
Accounts Receivable [Member]
Concentration Risk, Percentage	10.00%

Note 14 - Equity-based Compensation Plans - Summary of Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Options outstanding, shares (in shares) \| shares	886,046
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.97
Forfeited, shares (in shares) \| shares	(142,919)
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	$ 11.08
Expired, shares (in shares) \| shares	(305,859)
Expired, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.91
Options outstanding, shares (in shares) \| shares	437,268
Options outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.99
Options outstanding, weighted average remaining contractual term (Year)	6 years 5 months 19 days
Options outstanding, aggregate intrinsic value \| $	$ 0
Options exercisable, shares (in shares) \| shares	378,277
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.88
Options exercisable, weighted average remaining contractual term (Year)	6 years 4 months 9 days
Options exercisable, aggregate intrinsic value \| $	$ 0

Note 15 - Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Operating Lease Assets and Obligations [Table Text Block]

	December 31,
	2024			2023
Assets:
Operating right of use assets	$	35,974		$	29,250
Liabilities:
Current operating lease liabilities - Accrued liabilities	$	5,324		$	4,948
Long-term operating lease liabilities - Other noncurrent liabilities		31,876			25,177
Total lease liabilities	$	37,200		$	30,125
Lease term and discount rate
Weighted average remaining lease term (in years)		6.6			7.2
Weighted average discount rate		5.91	%		6.21	%

Lease, Cost [Table Text Block]

	For the years ended December 31,
	2024		2023
Components of lease expense:
Operating lease expense	$	7,201	$	6,629
Short-term lease expense		1,572		1,953
Variable lease expense		345		314
Total lease expense	$	9,118	$	8,896
Supplemental cash flow information related to leases:
Cash paid for amounts included in measurement of operating lease liabilities	$	7,159	$	7,024
Right-of-use assets obtained in exchange for new operating lease liabilities		13,572		6,531
Decapitalization of right-of-use assets upon lease termination or modification		1,374		1,320

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2025	$	7,469
2026		7,079
2027		7,100
2028		6,669
2029		5,769
Thereafter		11,671
Total lease payments		45,757
Less imputed interest		(8,557	)
Present value of lease liabilities	$	37,200

Note 6 - Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,
	2024		2023
Accrued freight	$	1,673	$	5,654
Accrued employee compensation and benefits		11,646		11,696
Accrued returns, allowances and warranties		12,257		11,267
Accrued taxes		4,053		1,475
Current portion of operating lease liabilities		5,324		4,948
Accrued other		8,237		7,089
Total accrued liabilities	$	43,190	$	42,129

Note 9 - Derivative Instruments

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

9. DERIVATIVE INSTRUMENTS

The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (each, a “Collar”), to manage its exposure to fluctuations in interest rates on the Company’s variable rate debt. On January 4, 2023, the Company entered into a Collar with Wells Fargo Bank, N.A. ("Wells Fargo") with a notional amount of $500,000 that expires on February 18, 2026. The Collar has a floor of 2.811% and a cap of 5% (based on three-month SOFR). The structure of this Collar is such that the Company receives an incremental amount if the Collar index exceeds the cap rate. Conversely, the Company pays an incremental amount to Wells Fargo if the Collar index falls below the floor rate. No payments are required if the Collar index falls between the cap and floor rates.

On December 31, 2024 and 2023, the Company recognized a derivative liability of $60 and $1,164, respectively, for the Collar in other noncurrent liabilities on the consolidated balance sheet. For the year ended December 31, 2024, the Company recorded a net change in the fair value of the Collar as a decrease to interest expense of $1,104. Cash receipts for the Collar totaled $1,429 for the year ended December 31, 2024.

The fair value of the Collar is determined using observable market-based inputs and the impact of credit risk on the derivative’s fair value (the creditworthiness of the Company’s counterparty for assets and the creditworthiness of the Company for liabilities) (a Level 2 measurement, as described in Note 10, "Fair Value Measurements").

Note 8 - Common Stock Warrants and Earn-out Liability (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 16, 2021	Apr. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 09, 2021
Class of Warrant or Right, Outstanding (in shares)			14,633,311	14,633,311		14,666,644
Warrant Liability			$ 813	$ 8,383
Fair Value Adjustment of Warrants			(7,570)	4,111	$ (57,021)
Business Combination, Contingent Consideration, Liability, Noncurrent			1,148	3,479
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			(2,333)	2,303	$ (10,731)
Empower Sponsor Holdings LLC [Member]
Business Combination, Contingent Consideration, Liability, Noncurrent			1,148	3,479
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			$ (2,333)	$ 2,303
Empower Sponsor Holdings LLC [Member] \| Earn Out Shares [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	2,187,500
Empower Sponsor Holdings LLC [Member] \| Tranche One [Member]
Stock Issued During Period, Shares, Acquisitions (in shares)		1,093,750
Stock Issued During Period, Value, Acquisitions		$ 14,689
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)						9,999,977
Public Warrants [Member] \| Measurement Input, Share Price [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 0.01
Share Price (in dollars per share)						18
Public Warrants [Member] \| Measurement Input Share Price1 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						0.1
Share Price (in dollars per share)						$ 10
Private Placement Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)						4,666,667
Private and Public Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)						1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 11.5
Warrants and Rights Outstanding, Term (Year)						5 years

Note 18 - Commitments and Contingencies - Schedule of Accrual For Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Beginning balance	$ 3,325	$ 3,584	$ 3,994
Accrued for current year warranty claims	8,405	11,362	12,261
Settlement of warranty claims	(9,398)	(11,621)	(12,671)
Ending balance	$ 2,332	$ 3,325	$ 3,584

Note 7 - Debt (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Debt [Table Text Block]

	December 31,
	2024			2023
First lien term loan due November 17, 2028	$	560,933		$	592,505
Revolver		—			—
Other		630			1,974
Less unamortized debt issuance costs		(8,977	)		(10,308	)
		552,586			584,171
Less current portion of long-term debt		(7,201	)		(7,461	)
	$	545,385		$	576,710

Schedule of Maturities of Long-Term Debt [Table Text Block]

		Debt		Debt Issuance Costs
2025	$	7,201	$	2,244
2026		6,571		2,244
2027		6,571		2,244
2028		541,220		2,245
	$	561,563	$	8,977

Note 14 - Equity-based Compensation Plans

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

14.

EQUITY-BASED COMPENSATION PLANS

In 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”), under which awards, including stock options, time-based restricted stock units ("RSUs"), and performance-based restricted stock units ("PSUs") may be granted to employees and non-employee directors. The 2021 Plan authorized 8,850,000 shares of Common Stock to be available for award grants. On December 31, 2024, 4,817,648 shares of Common Stock remained available for future issuance under the 2021 Plan. On June 6, 2023, the Company granted 1,000,000 time-based RSUs and 1,520,000 PSUs to its new President and Chief Executive Officer. These awards were granted outside of the 2021 Plan as employment inducement awards and did not require shareholder approval under the rules of the NYSE or otherwise.

Restricted Stock Awards

RSUs and PSU are collectively referred to as “Restricted Stock Awards”. The Compensation Committee has awarded RSUs to select employees and non-employee directors and has awarded PSUs to select employees. The RSUs vest ratably over one to four years of continued employment. The grant date fair value of a time-based award or a performance-based award without a market condition is equal to the market price of Common Stock on the grant date and is recognized over the requisite service period. The grant date fair value of a performance-based award with a market condition is determined using a Monte Carlo simulation and is recognized over the requisite service period. On December 31, 2024, there was $6,342 of unrecognized compensation cost related to unvested Restricted Stock Awards that is expected to be recognized over a remaining weighted average period of 1.8 years.

The weighted-average grant-date fair value of Restricted Stock Awards granted during the years ended December 31, 2024, 2023, and 2022, was $4.06, $2.60 and $5.87, respectively. The fair value of Restricted Stock Awards vested and converted to shares of Common Stock was $5,807 for the year ended December 31, 2024.

	Unvested Restricted Stock Awards
				Weighted Average
	Number of RSAs			Grant Date Fair Value
Balance on December 31, 2023		4,904,801		$	2.86
Granted		1,538,364			4.06
Vested		(1,431,014	)		3.03
Forfeited		(816,990	)		3.48
Balance on December 31, 2024		4,195,161		$	3.12

Performance-based Restricted Stock Units

The PSUs granted under the 2021 Plan represent shares of Common Stock that are potentially issuable in the future based on a combination of performance and service requirements. On March 4, 2024, the Company granted 340,895 PSUs under the 2021 Plan to key employees with a grant date fair value of $4.22 and on March 18, 2024, the Company granted an additional 26,020 PSUs with a grant date fair value of $4.25. On April 1, the Company granted 5,654 PSUs with a grant date fair value of $4.49; on April 8, the Company granted 30,544 PSUs with a grant date fair value of $4.44; on April 15, the Company granted 36,144 PSUs with a grant date fair value of $4.15; on April 29, the Company granted 28,741 PSUs with a grant date fair value of $4.05; on May 13, the Company granted 14,138 PSUs with a grant date fair value of $3.93; on July 22, the Company granted 25,195 PSUs with a grant date fair value of $3.67; on August 19, the Company granted 1,965 PSUs with a grant date fair value of $3.09; and on September 30, the Company granted 4,138 PSUs with a grant date fair value of $2.95.

On June 6, 2023, the Company granted 1,520,000 PSUs to its new President and Chief Executive Officer as an employment inducement award. These shares are potentially issuable in the future based on a combination of achievement of certain stock price metrics and service requirements through the expiration date of December 31, 2030. Share-based compensation expense will not be adjusted solely because the market condition is not satisfied, and the award is therefore not earned, provided the requisite service is rendered. The fair value of this award was determined as of the date of the grant using a Monte Carlo valuation model with the following assumptions:

	For the year ended
	December 31, 2023
Expected volatility		60.5	%
Expected dividend		—
Risk-free interest rate		3.67	%

The Company's estimates of fair value may be impacted by certain variables including, but not limited to, stock price volatility, the risk-free interest rate, expected dividend yields, and the Company's performance. Expected volatility is based on a size and leverage-adjusted peer volatility estimate since the Company has limited historical volatility. The expected dividend yield is assumed to be zero since the Company has never paid dividends and does not have current plans to pay any dividends. The risk-free interest rate is based on a term-matched zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve on the valuation date.

Stock Options

Stock option grants have an exercise price at least equal to the market value of the underlying Common Stock on the date of grant, have ten-year terms, and vest ratably over three years of continued employment. In general, vested options expire if not exercised within 90 days of termination of service. Compensation expense for stock options is recorded based on straight-line amortization of the grant date fair value over the requisite service period. On December 31, 2024, there was $49 of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a remaining weighted-average period of 0.2 years.

The following table presents a summary of stock option activity for the year ended December 31, 2024:

						Weighted Average
				Weighted		Remaining		Aggregate
	Number of			Average		Contractual		Intrinsic Value
	Stock Options			Exercise Price		Term (years)		(in millions)
Options outstanding on December 31, 2023		886,046		$	10.97
Forfeited		(142,919	)		11.08
Expired		(305,859	)		10.91
Options outstanding on December 31, 2024		437,268		$	10.99		6.47	$	—
Options exercisable on, December 31, 2024		378,277		$	10.88		6.36	$	—

The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2022 was $4.65. The fair value of each stock option granted in 2022 was estimated on the grant date using a Black-Scholes option pricing model with the following assumptions:

	For the year ended December 31,
	2022
Weighted-average expected term	6.0 years
Expected volatility		36.0% - 40.0%
Expected dividend		—
Risk-free interest rate		1.98% - 3.06%

The expected term has been estimated using a simplified method, which calculates the expected term as the mid-point between the vesting date and the contractual life of the awards since the Company does not have an extended history of actual exercises. The expected dividend yield is assumed to be zero since the Company has never paid dividends and does not have current plans to pay any dividends. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected term of the options. Expected volatility is based on an evenly weighted blend of implied volatility and historical volatility of publicly traded peer companies since the Company has limited historical volatility.

Profit Interest Units

The Holley Stockholder authorized an incentive pool of 41,400,000 units of Holley Stockholder that its management had the right to grant to certain employees of the Company. The units, which are designated as Profit Interest Units (“PIU's”), are a special type of limited liability company equity unit that allows the recipient to potentially participate in a future increase in the value of the Company. The PIUs were issued for no consideration and generally provided for vesting over a requisite service period, subject to the recipient remaining an employee of the Company through each vesting date. Compensation expense related to PIUs is recorded based on the grant-date fair value over the requisite service period. For the year ended December 31, 2022, 36,506,814 PIUs vested with total grant-date fair values of $20,276.

In October 2022, the Holley Stockholder amended the vesting criteria to allow for immediate vesting of all outstanding and unvested PIUs. The changes to these awards were deemed to be modification events under ASC Subtopic 718-10, Stock Compensation. Accordingly, during the year ended December 31, 2022, the Company recognized a cumulative adjustment of $11,351, including incremental fair value resulting from the modification, as applicable to each award grant, presented in selling, general and administrative expenses. At that time all PIUs were fully vested with no remaining unrecognized compensation cost, and there are no remaining PIUs authorized for issuance.

Prior to October 2022, the Holley Stockholder's had granted 24,074,944 PIUs that contained certain performance vesting criteria related to the attainment of specified levels of return for certain other investors in the Holley Stockholder and the occurrence of certain events. Compensation expense for these performance-based awards was not recognized prior to the early vesting date, as meeting the necessary performance conditions for vesting was not considered probable. The early vesting of these awards was classified as a Type III: Improbable to Probable modification event under ASC Subtopic 718-10, and the fair value of the modified awards was estimated on the modification date using a Black-Scholes option pricing model. The fair value of PIUs was estimated on the grant date with the following assumptions:

	For the year ended December 31,
	2022
Weighted-average expected term	3.0 years
Expected volatility		65.0	%
Expected dividend		—
Risk-free interest rate		4.3	%

Determining the fair value of PIUs is affected by estimates involving inherent uncertainties, as well as assumptions regarding a number of other complex and subjective variables. These variables include the fair value of the equity unit classes, value adjustments for a reduction in marketability, expected unit price volatility over the expected term of the units, unit redemption and cancellation behaviors, risk-free interest rates and expected dividends.

The expected term has been estimated based on the contractual terms, vesting schedules and expectations of future unit holder behavior. The expected dividend yield is assumed to be zero since the Company has never paid dividends and does not have current plans to pay any dividends. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. As the Holley Stockholder is a private company and does not have a trading history for its equity units, the expected price volatility for the equity units is estimated by taking the average historical price volatility for industry peers. Industry peers, which the Company has designated, consist of several public companies in the industry similar in size, stage of life cycle and financial leverage.

The components of share-based compensation expense, included within selling, general and administrative costs in the consolidated statements of comprehensive income, is as follows:

	For the years ended December 31,
	2024		2023		2022
Restricted stock units	$	3,586	$	4,371	$	4,304
Performance stock units		1,291		2,343		—
Stock options		293		577		2,349
Profit interest units		—		—		17,742

Note 3 - Inventory

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Inventory Disclosure [Text Block]

3.	INVENTORY

Inventories of the Company consisted of the following:

	December 31,
	2024		2023
Raw materials	$	58,858	$	63,552
Work-in-process		3,416		22,619
Finished goods		130,249		106,089
	$	192,523	$	192,260

Note 11 - Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Revenue from External Customers by Products and Services [Table Text Block]

	For the years ended December 31,
	2024		2023		2022
Electronic systems	$	253,853	$	287,215	$	282,865
Mechanical systems		145,964		157,427		165,007
Exhaust		53,618		59,938		66,767
Accessories		88,350		98,899		108,150
Safety		60,439		56,225		65,626
Net sales	$	602,224	$	659,704	$	688,415

Revenue from External Customers by Geographic Areas [Table Text Block]

	For the years ended December 31,
	2024		2023		2022
United States	$	583,413	$	644,652	$	669,187
Italy		18,811		15,052		19,228
Net sales	$	602,224	$	659,704	$	688,415

Note 2 - Business Combination and Divestitures

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2.	BUSINESS COMBINATION AND DIVESTITURES BUSINESS COMBINATION

On July 16, 2021, Holley consummated the Business Combination pursuant to the terms of the Merger Agreement, whereby (i) Merger Sub I, a direct wholly owned subsidiary of Empower, merged with and into Holley Intermediate, with Holley Intermediate surviving such merger as a wholly owned subsidiary of Holley (“Merger I”) and (ii) Merger Sub II, a direct wholly owned subsidiary of Empower, merged with and into Holley Intermediate, with Merger Sub II surviving such merger as a wholly owned subsidiary of Holley (“Merger II”).

Pursuant to the Merger Agreement, at the Closing, all outstanding shares of Holley Intermediate common stock as of immediately prior to the effective time of Merger I were cancelled and the Holley Stockholder, the sole stockholder of Holley Intermediate, received $264,718 in cash and 67,673,884 shares of common stock (at a deemed value of $10.00 per share). The Company’s common stock is listed on the NYSE under the symbol “HLLY.”

In connection with the Business Combination, a number of subscribers purchased from the Company an aggregate of 24,000,000 shares of Common Stock (the “PIPE”), for a purchase price of $10.00 per share, or $240,000 in the aggregate. Per the Merger Agreement, $100,000 of the PIPE proceeds were used to partially pay off Holley’s debt.

Pursuant to the Amended and Restated Forward Purchase Agreement (“A&R FPA”), at the Closing, 5,000,000 shares of the Company’s Common Stock and 1,666,667 Warrants were issued to certain investors for an aggregate purchase price of $50,000. Pursuant to the A&R FPA, each Warrant entitles the holder to purchase one share of the Company’s Common Stock at a price of $11.50 per share (the ”Public Warrants”), subject to certain conditions.

The Company also assumed 8,333,310 Public Warrants and 4,666,667 private placement warrants (the “Private Warrants”, and together with the Public Warrants, the “Warrants”) upon the Business Combination, all of which were issued in connection with Empower’s initial public offering. Each Warrant represents the right to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to certain conditions. The Warrants are exercisable commencing on October 9, 2021 (the one-year anniversary of Empower’s initial public offering) and expire on July 16, 2026 (five years after the Closing Date). The Public Warrants are listed on the NYSE under the symbol “HLLY WS.”

Additionally, Empower Sponsor Holdings LLC (the "Sponsor") received 2,187,500 shares of the Company’s common stock, which vest in two equal tranches upon achieving certain market share price milestones as outlined in the Merger Agreement during the earn-out period (“the “Earn-Out Shares”). The first tranche of Earn-Out Shares vested during the first quarter of 2022. The remaining tranche of Earn-Out Shares will be forfeited if the applicable conditions are not satisfied before July 16, 2028 (seven years after the Closing Date).

The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. GAAP. This determination was primarily based on the Holley Stockholder having a relative majority of the voting power of the Company, the operations of Holley prior to the acquisition comprising the only ongoing operations of the Company, and senior management of Holley comprising the majority of the senior management of the Company. Under this method of accounting, Empower was treated as the acquired company for financial reporting. Accordingly, the Business Combination was accounted for as the equivalent of Holley issuing stock for the net assets of Empower, accompanied by a recapitalization. The net assets of Empower are stated at historical cost, with no goodwill or other intangible assets recorded. Reported amounts from operations included herein prior to the Business Combination are those of Holley Intermediate.

DIVESTITURE

In the fourth quarter of 2024, the Company sold Detroit Speed Engineering for $5,000, and recognized a loss of $9,234, which was reported as loss on sale of assets in the Consolidated Statements of Comprehensive Income (Loss). The Company also sold land at Porter Pike for $2,099, and did not recognize a gain or loss.

In the fourth quarter of 2022, the Company made the decision to sell Finspeed in connection with a strategic review of its product portfolio. Finspeed generated approximately $426 in net sales in 2022. The Company received $1,966 cash consideration and recorded a pre-tax loss of $1,037 on the sale of the business, which included a $268 write-down of intangible assets, and was reported as other operating expense in the Consolidated Statements of Comprehensive Income (Loss).

Note 17 - Acquisition, Restructuring and Management Fee Costs (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Acquisition, Restructuring and Management Fee Costs [Table Text Block]

	For the years ended December 31,
	2024		2023		2022
Acquisitions ⁽¹⁾	$	-	$	-	$	1,887
Restructuring ⁽²⁾		1,566		2,641		2,626
Total acquisition and restructuring costs	$	1,566	$	2,641	$	4,513

Note 12 - Income Taxes - Schedule of Income Before Income Tax, Domestic and Foreign Jurisdictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
United States	$ (33,234)	$ 23,971	$ 72,276
Foreign	6,974	3,608	5,991
Income (loss) before income taxes	$ (26,260)	$ 27,579	$ 78,267

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Note 5 - Goodwill and Other Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025	$ 13,658
2026	13,552
2027	13,546
2028	13,546
2029	13,546
Thereafter	153,568
Total	$ 221,416	$ 235,300

Note 5 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5.	GOODWILL AND OTHER INTANGIBLE ASSETS

The following presents changes to goodwill for the periods indicated:

Goodwill, net as of December 31, 2022	$	418,121
Measurement period adjustments		935
Goodwill, net as of December 31, 2023		419,056
Goodwill disposed		(5,810	)
Accumulated goodwill impairment		(40,906	)
Goodwill, net as of December 31, 2024	$	372,340

Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company's business combinations. The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, not to exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.

Goodwill is tested for impairment at the reporting unit level. A reporting unit represents an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment and perform a quantitative impairment test. The estimate of the fair value of our reporting unit is based on the best information available as of the date of the assessment. We base our fair value estimate on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. We generally use a blended analysis of the present value of discounted cash flows and the market valuation approach. The discounted cash flow model uses the present values of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and external economic factors in estimating our future cash flows. The assumptions we use in our evaluations include projections of growth rates and profitability, our estimated working capital needs, as well as our weighted average cost of capital. The market valuation approach indicates the fair value of a reporting unit based on a comparison to comparable publicly traded firms in similar businesses. Estimates used in the market value approach include the identification of similar companies with comparable business factors. These key assumptions are inherently uncertain and require a high degree of estimation and are subject to change based on, among others, industry and geopolitical conditions, our ability to navigate changing macroeconomic conditions and trends and the timing and success of strategic initiatives. Changes in economic and operating conditions impacting the assumptions we made could result in additional goodwill impairment in future periods. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.

The Company completed its annual goodwill impairment analysis in the fourth quarter of fiscal 2024, in conjunction with its budgeting and forecasting process for fiscal year 2024 and concluded that impairment existed for its reporting unit. We identified the following facts and circumstances: decline in our market capitalization and our sales forecasted. Immediately prior to the goodwill impairment analysis in the fourth quarter of fiscal 2024, the carrying value of goodwill was $413,245, which was ascribed to one reporting unit. For the fiscal 2024 impairment analysis, the Company performed a quantitative assessment for its reporting unit. The estimated fair value of the reporting unit did not exceed its carrying value based on the analysis performed by 4%. As a result of this evaluation, a pre-tax impairment of $40,906 was recognized on goodwill. As of December 31, 2024, the carrying value of goodwill was reduced to $372,340.

During our annual impairment assessment and in subsequent interim quarters, we review events that occur or circumstances that change, including the macroeconomic environment, our business performance and our market capitalization, to determine if a quantitative impairment assessment is necessary. If assumptions are not achieved or market conditions decline, potential impairment charges could result. Impairments to goodwill and other intangible assets may be caused by factors outside our control, such as increasing competitive pricing pressures, changes in discount rates based on changes in cost of capital (i.e., as a result of changes in interest rates or other conditions), lower than expected sales and profit growth rates, changes in industry EBITDA multiples, the inability to quickly replace lost co-manufacturing business, or the bankruptcy of a significant customer.

Intangible assets consisted of the following:

	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,950	$	(67,426	)	$	202,524
Tradenames		13,775		(6,294	)		7,481
Technology		26,676		(15,265	)		11,411
Total finite-lived intangible assets	$	310,401	$	(88,985	)	$	221,416

Indefinite-lived intangible assets:
Tradenames	$	165,260		—		$	165,260

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Finite-lived intangible assets:
Customer relationships	$	269,950	$	(55,732	)	$	214,218
Tradenames		13,775		(5,569	)		8,206
Technology		26,676		(13,800	)		12,876
Total finite-lived intangible assets	$	310,401	$	(75,101	)	$	235,300

Indefinite-lived intangible assets:
Tradenames	$	175,165		—		$	175,165

The following outlines the estimated future amortization expense related to intangible assets held on December 31, 2024:

2025	$	13,658
2026		13,552
2027		13,546
2028		13,546
2029		13,546
Thereafter		153,568
Total	$	221,416

Intangible assets include trade names, customer relationships and developed technology obtained through business acquisitions. Acquired finite-lived tangible assets are initially recorded at fair value and are amortized on a straight-line basis over their estimated useful lives. Indefinite life intangible assets are not amortized but are tested for impairment at least annually or more often if circumstances indicate that the carrying amounts may not be recoverable. In the fourth quarter of 2024, management evaluated its trade names for impairment as part the Company's annual impairment analysis. As a result of this evaluation, a pre-tax impairment of $7,695 was recognized on certain indefinite-lived tradenames due to a decrease in sales and sales projections.

The fair value of the indefinite-lived tradenames was estimated using the relief from royalty method, a form of the income approach. Significant judgement is required in estimating the fair value of intangible assets and in performing impairment tests. The most significant assumptions utilized in the determination of the estimated fair values of the indefinite-lived tradenames were the sales projections and long-term earnings growth rates, the royalty rate and the discount rate. The long-term earnings growth rate represents the expected rate at which the brands are expected to grow beyond the shorter-term business planning period. The royalty rate is based on observed market royalty rates for various industrial, consumer and commercial trademarks. The discount rate is based on the Company's weighted average cost of capital adjusted for risk. Due to the inherent uncertainty in forecasting future sales, actual results in the future may vary significantly from the forecasts.

Potential changes in our costs and operating structure, the implementation of synergies, and overall performance in the automotive aftermarket industry, could negatively impact our near-term cash-flow projections and could trigger a potential impairment of the Company's goodwill and / or indefinite-lived intangible assets. In addition, failure to execute the Company's strategic plans as well as increases in weighted average costs of capital could negatively impact the fair value of the reporting unit and increase the risk of future impairment charges.

Note 19 - Segments (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	For the years ended December 31,
	2024			2023			2022
Net sales	$	602,224		$	659,704		$	688,415
Cost of goods sold		363,680			403,615			434,757
Gross profit		238,544			256,089			253,658
Selling, general, and administrative		132,149			120,244			150,728
Research and development costs		18,710			23,844			29,083
Amortization of intangible assets		13,884			14,557			14,683
Impairment of indefinite-lived intangible assets		7,695			-			2,395
Impairment of goodwill		40,906			-			—
Restructuring costs		1,566			2,641			4,513
Loss on sale of assets		9,234			-			-
Other operating expense		(268	)		765			1,514
Total operating expense		223,876			162,051			202,916
Operating income		14,668			94,038			50,742
Change in fair value of warrant liability		(7,570	)		4,111			(57,021	)
Change in fair value of earn-out liability		(2,333	)		2,303			(10,731	)
Loss (gain) on early extinguishment of debt		141			(701	)		-
Interest expense, net		50,690			60,746			40,227
Total non-operating expense (income)		40,928			66,459			(27,525	)
Income (loss) before income taxes		(26,260	)		27,579			78,267
Income tax expense (benefit)		(3,025	)		8,399			4,493
Net income (loss)	$	(23,235	)	$	19,180		$	73,774

Note 16 - Major Distribution Partner Customers - Schedules of Concentration of Risk (Details) - Customer Concentration Risk [Member] - Customer A [Member]	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Benchmark [Member]
Concentration risk, percentage	20.80%	21.40%	19.20%
Accounts Receivable [Member]
Concentration risk, percentage	7.70%	16.40%

Note 14 - Equity-based Compensation Plans - Schedule of Share-Based Payment Award Equity Instruments Other Than Options Valuation Using Black-Scholes Option Pricing Model (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2023
Expected volatility	60.50%
Risk-free interest rate	3.67%

Note 4 - Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2024		2023
Land	$	1,230	$	3,326
Buildings and improvements		12,874		11,404
Machinery and equipment		65,333		73,332
Construction in process		8,221		6,224
Total property, plant and equipment		87,658		94,286
Less: accumulated depreciation		46,675		47,080
Property, plant and equipment, net	$	40,983	$	47,206

Long-Lived Assets by Geographic Areas [Table Text Block]

	December 31,
	2024		2023
United States	$	38,606	$	44,931
International		2,377		2,275
Total property, plant and equipment, net	$	40,983	$	47,206

Note 10 - Fair Value Measurements - Reconciliation of Changes (Details) (Parentheticals)	12 Months Ended
	Dec. 31, 2024
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 2,026	$ 1,577
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	550,000,000	550,000,000
Common Stock, Shares, Issued (in shares)	118,748,697	117,707,280
Common Stock, Shares, Outstanding (in shares)	118,748,697	117,707,280

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Summary of Valuation Allowance [Table Text Block]

			Charged				Charged
	Balance at		(Credited)		Reserves		Against		Balance at
	Beginning of		to Costs and		from		Allowances		End of
	Period		Expenses		Acquisitions		(1) (2)		Period
Accounts receivable reserve:
Year ended December 31, 2022:
Bad debt reserve	$	956	$	878	$	—	$	672	$	1,162
Cash discount reserve		430		5,941		—		5,983		388
Year ended December 31, 2023:
Bad debt reserve		1,162		1,016		—		1,122		1,056
Cash discount reserve		388		5,991		—		5,858		521
Year ended December 31, 2024:
Bad debt reserve		1,056		1,343		—		705		1,694
Cash discount reserve		521		5,238		—		5,427		332

Inventory valuation reserve:
Year ended December 31, 2022:
Expired and obsolete reserve		26,280		13,410		—		1,156		38,534
Year ended December 31, 2023:
Expired and obsolete reserve		38,534		1,802		—		6,362		33,974
Year ended December 31, 2024:
Expired and obsolete reserve		33,974		11,057		—		9,889		35,142
(1) Write-off of uncollectible accounts, net of recoveries.
(2) Write-off of obsolete inventory, net of inventory adjustments.

Note 11 - Revenue

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

11.

REVENUE

The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of distribution partners and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not as the product is manufactured or developed. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e., estimated rebates, co-op advertising, etc.).

The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation.

The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales.

The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 to 365 days. The Company elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts, as the Company expects that customers will pay for the products within one year. The Company has evaluated the terms of its arrangements and determined that they do not contain significant financing components. Additionally, as all contracts with customers have an expected duration of one year or less, the Company has elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The Company provides limited warranties on most of its products against certain manufacturing and other defects. Provisions for estimated expenses related to product warranty are made at the time products are sold. Refer to Note 18, “Commitments and Contingencies” for more information.

The following table summarizes total revenue by product category.

	For the years ended December 31,
	2024		2023		2022
Electronic systems	$	253,853	$	287,215	$	282,865
Mechanical systems		145,964		157,427		165,007
Exhaust		53,618		59,938		66,767
Accessories		88,350		98,899		108,150
Safety		60,439		56,225		65,626
Net sales	$	602,224	$	659,704	$	688,415

The following table summarizes total revenue based on geographic location from which the product is shipped:

	For the years ended December 31,
	2024		2023		2022
United States	$	583,413	$	644,652	$	669,187
Italy		18,811		15,052		19,228
Net sales	$	602,224	$	659,704	$	688,415

- Definition

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

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+ Details

Note 10 - Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

10.

FAIR VALUE MEASUREMENTS

The Company’s financial liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows:

	Fair Value Measured on December 31, 2024
	Level 1		Level 2		Level 3		Total
Warrant liability (Public)	$	548	$	—	$	—	$	548
Warrant liability (Private)		—		—		265		265
Earn-out liability		—		—		1,148		1,148
Interest rate collar liability		—		60		—		60
Total fair value liabilities	$	548	$	60	$	1,413	$	2,021

	Fair Value Measured on December 31, 2023
	Level 1		Level 2		Level 3		Total
Warrant liability (Public)	$	5,480	$	—	$	—	$	5,480
Warrant liability (Private)		—		—		2,903		2,903
Earn-out liability		—		—		3,479		3,479
Interest rate collar liability		—		1,164		—		1,164
Total fair value liabilities	$	5,480	$	1,164	$	6,382	$	13,026

On December 31, 2024 and 2023, the Company's liabilities for its Private and Public Warrants, earn-out liability, and Collar are measured at fair value on a recurring basis (see Note 8, “Common Stock Warrants and Earn-Out Liability,” and Note 9, "Derivative Instruments,” for more details). The fair values of the Private Warrants and earn-out liability are determined based on significant inputs not observable in the market (Level 3). These assumptions are believed to be reasonable at the time, but such assumptions are subject to inherent uncertainty. The valuation of the Level 3 liabilities uses assumptions and estimates the Company believes would be made by a market participant in making the same valuation. The Company assesses these assumptions and estimates on an on-going basis as additional data impacting the assumptions and estimates are obtained. The Company uses a Monte Carlo simulation model to estimate the fair value of its Private Warrants and earn-out liability. The fair value of the Collar, which is included in other noncurrent liabilities on the consolidated balance sheet, is determined based on models that reflect the contractual terms of the derivative, yield curves, and the credit quality of the counterparties. Inputs are generally observable and do not contain a high level of subjectivity (Level 2). The fair value of the Public Warrants is determined using publicly traded prices (Level 1). Changes in the fair value of the derivative liabilities related to Warrants and the earn-out liability are recognized as non-operating expense in the consolidated statements of comprehensive income (loss). Changes in the fair value of the Collar are recognized as an adjustment to interest expense in the consolidated statements of comprehensive income (loss). Changes in the fair value of the Warrants, the earn-out liability, and the Collar, along with cash flows associated with the Collar, are presented in operating activities on the consolidated statements of cash flows.

The fair value of Private Warrants was estimated on December 31, 2024 and 2023 using the Monte Carlo simulation model with the following assumptions:

	2024			2023
Valuation date price	$	3.02		$	4.87
Strike price	$	11.50		$	11.50
Remaining life (in years)		1.54			2.54
Expected dividend	$	—		$	—
Risk-free interest rate		4.12	%		4.01	%
Price threshold	$	18.00		$	18.00

The fair value of the earn-out liability was estimated on December 31, 2024 and 2023 using the Monte Carlo simulation model with the following assumptions:

	2024			2023
Valuation date price	$	3.02		$	4.87
Expected term (in years)		3.54			4.54
Expected volatility		64.33	%		67.20	%
Risk-free interest rate		4.21	%		3.79	%
Price hurdle	$	15.00		$	15.00

On December 31, 2024 and 2023, the Company had accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company. Fair value measurements used in the impairment reviews of goodwill and intangible assets are Level 3 measurements.

The reconciliation of changes in Level 3 during the years ended December 31, 2024 and 2023 is as follows:

	Private Warrants			Earn-Out Liability			Total
Balance on December 31, 2022	$	1,581		$	1,176		$	2,757
Losses included in earnings		1,322			2,303			3,625
Balance at December 31, 2023	$	2,903		$	3,479		$	6,382
Gains included in earnings		(2,638	)		(2,331	)		(4,969	)
Balance on December 31, 2024	$	265		$	1,148		$	1,413

- Definition

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

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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance

$ 1,056

$ 1,162

$ 956

Charged (credited) to costs and expenses

1,343

1,016

878

Reserves from acquisitions

Charged against allowances

^[1],[2]

705

1,122

672

Balance

1,694

1,056

1,162

SEC Schedule, 12-09, Allowance, Cash Discount Reserve [Member]

Balance

521

388

430

Charged (credited) to costs and expenses

5,238

5,991

5,941

Reserves from acquisitions

Charged against allowances

^[1],[2]

5,427

5,858

5,983

Balance

332

521

388

SEC Schedule, 12-09, Reserve, Inventory [Member]

Balance

33,974

38,534

26,280

Charged (credited) to costs and expenses

11,057

1,802

13,410

Reserves from acquisitions

Charged against allowances

^[1],[2]

9,889

6,362

1,156

Balance

$ 35,142

$ 33,974

$ 38,534

[1]	Write-off of obsolete inventory, net of inventory adjustments.
[2]	Write-off of uncollectible accounts, net of recoveries.

Note 20 - Subsequent Events

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

20.

SUBSEQUENT EVENTS

On January 1, 2025, the Company, entered into an agreement with Cataclean Global Limited ("Cataclean") to purchase a perpetual exclusive license in North America for developing, manufacturing, marketing, distributing, using and selling existing Cataclean products as well as future product formulations in all sales channels in North America for a total purchase price of $23.8 million. There are future royalty payments associated with this agreement.

Note 11 - Revenue - Summary of Revenue by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 602,224	$ 659,704	$ 688,415
Electronic Systems [Member]
Net sales	253,853	287,215	282,865
Mechanical System [Member]
Net sales	145,964	157,427	165,007
Exhaust [Member]
Net sales	53,618	59,938	66,767
Accessories [Member]
Net sales	88,350	98,899	108,150
Safety [Member]
Net sales	$ 60,439	$ 56,225	$ 65,626

- Definition

+ References

+ Details

Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12.

INCOME TAXES

Income tax expense of the Company consisted of the following:

	For the years ended December 31,
	2024			2023			2022
Current income tax expense:
Federal	$	10,266		$	10,909		$	12,356
State		1,028			927			1,253
Foreign		1,832			1,715			2,450
Total current income tax expense		13,126			13,551			16,059
Deferred income tax expense (benefit):
Federal		(14,579	)		(5,986	)		(8,679	)
State		(1,572	)		811			(2,591	)
Foreign		—			23			(296	)
Total deferred income tax expense (benefit)		(16,151	)		(5,152	)		(11,566	)
Total income tax expense (benefit)	$	(3,025	)	$	8,399		$	4,493

The Company’s income before income taxes was subject to taxes in the following jurisdictions:

	For the years ended December 31,
	2024			2023		2022
United States	$	(33,234	)	$	23,971	$	72,276
Foreign		6,974			3,608		5,991
Income (loss) before income taxes	$	(26,260	)	$	27,579	$	78,267

Reported income tax expense for the years ended December 31, 2024, 2023 and 2022 differs from the “expected” tax expense (benefit), computed by applying the U.S. Federal statutory income tax rate of 21% to income before income taxes as follows:

	For the years ended December 31,
	2024			2023			2022
Expected tax expense (benefit) at U.S. Federal statutory rates	$	(5,515	)	$	5,792		$	16,479
State income tax expense (benefit)		(1,581	)		1,373			(1,057	)
Goodwill impairment		5,964			—			—
Permanent tax differences		(189	)		375			4,275
Foreign-derived intangible income deduction		(1,476	)		(397	)		(298	)
Section 162(m) limitation		366			709			—
Foreign rate differential		368			782			560
Withholding Tax		456			—			—
Tax credit		(428	)		(1,506	)		(1,393	)
Earn-outs		(490	)		484			(2,254	)
Change in fair value of Warrants		(1,590	)		863			(11,974	)
Uncertain tax positions		486			—			—
Valuation allowance		1,129			—			—
Other differences, net		(525	)		(76	)		155
Total income tax expense (benefit)	$	(3,025	)	$	8,399		$	4,493

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities consisted of the following:

	December 31,
	2024			2023
Deferred tax assets:
Reserves on assets	$	9,958		$	10,283
Liabilities not yet deductible		4,563			781
Interest expense limitation		22,250			16,040
Right-of-use liability		8,498			6,791
Section 174 expenses		13,017			10,049
Net operating losses		1,609			2,446
Other		840			1,118
Total gross deferred tax assets		60,735			47,508
Valuation allowance		(1,134	)		(5	)
Total gross deferred tax assets, net of valuation allowance		59,601			47,503
Deferred tax liabilities:
Tradename		32,630			33,801
Intangible assets		39,867			41,715
Goodwill		11,099			12,310
Property, plant and equipment		5,167			6,634
Right-of-use asset		8,229			6,585
Total gross deferred tax liabilities		96,992			101,045
Net deferred tax liabilities	$	37,391		$	53,542

Based on the Company’s projected pretax earnings, reversal of deferred tax liabilities and other relevant factors, management believes that it is more likely than not that the Company’s deferred tax assets on December 31, 2024 and 2023 will be realized, with the exception of certain state net operating loss carryforwards and state interest expense carryforwards.

On December 31, 2024, the Company's federal and state net operating loss carryforwards for income tax purposes were immaterial. A majority of the U.S. net operating loss carryforwards have no expiration date. The remaining state net operating loss carryforwards expire at various dates through 2035. The entire amount of federal net operating loss carryforward of $170 and a significant portion of state net operating loss carryforward of $1,439 relate to acquisitions, and, as a result, are limited in the amount that can be recognized in any one year.

Changes in the valuation allowance for deferred tax assets were as follows:

	December 31,
	2024
Valuation allowance, January 1	$	5
Additions charged to expense accounts		1,129
Valuation allowance, December 31	$	1,134

The valuation allowance on December 31, 2024 is primarily related to certain state interest expense carryforwards and net operating losses which are not more likely than not to be realized.

Uncertain Tax Positions

Under the accounting rules for income taxes, the Company is not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position. The Company had uncertain tax positions of $384 for the year ended December 31, 2024, and $329 for the year ended December 3, 2023.

The Company recognizes interest accrued related to uncertain tax positions and penalties as income tax expense. In 2024, the Company recognized $68 of interest and $130 of penalties for uncertain tax positions in its consolidated statements of comprehensive income (loss). The liability for the gross amount of interest and penalties at December 31, 2024 is $198. In 2023, the Company did not recognize any amount of interest and penalties for uncertain tax positions in its consolidated statements of comprehensive income (loss).

Changes in unrecognized tax benefits were as follows:

	December 31,
	2024
Gross unrecognized tax benefits, January 1	$	329
Changes in balance related to tax position taken during prior periods		279
Changes in balances related to tax position taken during current period		105
Settlements		(329	)
Gross unrecognized tax benefits, December 31	$	384

As of December 31, 2024, $303 of this total represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods.

The Company regularly engages in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions in which it conducts business. The Company is unable to make a reasonably reliable estimate as to when or if cash settlements with taxing authorities may occur. Although the timing of the resolutions and/or closures of audits is highly uncertain, the Company does not anticipate that the resolution of these tax matters or any events related thereto will result in a material change to its consolidated financial position, results of operations or cash flows.

The Company files federal, state, and non-U.S. tax returns in various foreign jurisdictions. For state and non-U.S. tax returns, the Company is generally no longer subject to tax examinations for years prior to 2015. For federal tax returns, the Company is no longer subject to tax examinations for years prior to 2021. The federal tax returns for 2021 through 2023 remain open for examinations. State income tax returns remain open for examination in various states for tax years 2015 through 2023.

- Definition

The entire disclosure for income tax.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 13
-Publisher FASB
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Note 13 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the years ended December 31,
	2024			2023		2022
Numerator:
Net income (loss)	$	(23,235	)	$	19,180	$	73,774
Less: fair value adjustment for Warrants		—			—		(57,021	)
Net income (loss) - diluted	$	(23,235	)	$	19,180	$	16,753
Denominator:
Weighted average common shares outstanding - basic		118,441,580			117,378,854		116,762,928
Dilutive effect of potential common shares from RSUs		—			952,161		101,290
Dilutive effect of potential common shares from PSUs		—			179,785		—
Dilutive effect of potential common shares from Warrants		—			—		384,078
Weighted average common shares outstanding - diluted		118,441,580			118,510,800		117,248,296
Earnings (loss) per share:
Basic	$	(0.20	)	$	0.16	$	0.63
Diluted	$	(0.20	)	$	0.16	$	0.14

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	For the years ended December 31,
	2024		2023		2022
Anti-dilutive shares excluded from calculation of diluted EPS:
Warrants		14,633,311		14,633,311		—
Stock options		437,268		886,046		1,709,690
Restricted stock units		1,292,993		146,475		540,344
Performance stock units		2,051,256		1,822,994		—
Unvested Earn-Out Shares		1,093,750		1,093,750		1,093,750
Total anti-dilutive shares		19,508,578		18,582,576		3,343,784

Note 6 - Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Accrued Liabilities Disclosure [Text Block]

6.	ACCRUED LIABILIITES

Accrued liabilities of the Company consisted of the following:

	December 31,
	2024		2023
Accrued freight	$	1,673	$	5,654
Accrued employee compensation and benefits		11,646		11,696
Accrued returns, allowances and warranties		12,257		11,267
Accrued taxes		4,053		1,475
Current portion of operating lease liabilities		5,324		4,948
Accrued other		8,237		7,089
Total accrued liabilities	$	43,190	$	42,129

Note 1 - Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies

Holley Inc., a Delaware corporation headquartered in Bowling Green, Kentucky conducts operations through its wholly owned subsidiaries. These operating subsidiaries are comprised of Holley Performance Products Inc., Hot Rod Brands, Inc., Simpson Safety Solutions, Inc., B&M Racing and Performance Products, Inc., and Speedshop.com, Inc. When used in these notes, the terms the “Company” or “Holley” mean Holley, Inc. and all entities included in its consolidated financial statements.

The Company consummated a Business Combination in 2021 pursuant to the Merger Agreement, by and among Empower, Merger Sub I, Merger Sub II, and Holley Intermediate on the Closing Date. The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP in which Holley Intermediate was deemed the accounting acquirer with Holley Inc. as the successor registrant. As such, Empower was treated as the acquired company for financial reporting purposes. On the Closing Date, Empower changed its name to Holley Inc. and its trading symbol on the NYSE from “EMPW” to “HLLY.”

The Company designs, manufactures and distributes performance automotive products to customers primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. The Company has locations in the United States, Canada, Italy and China.

Emerging Growth Company Status

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.

Risks and Uncertainties

The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions including inflation, labor shortages, and disruption of the supply chain, as well as by geopolitical events, including military conflicts (including the conflict in Ukraine, the conflict in Israel and surrounding areas, and the possible expansion of such conflicts). The Company's operations have been adversely impacted by inflationary pressures primarily related to transportation, labor and component costs. Sales growth in certain products has been constrained by supply chain challenges. In response to the global supply chain volatility and inflationary impacts, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and by closely monitoring inventory levels of certain products and working closely with its suppliers and customers to minimize disruptions in delivering products to customers. Our profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.

Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These estimates require the use of judgment as future events, and the effect of these events, cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may consult outside experts to assist as considered necessary.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company's cash and cash equivalents include cash and deposits, including an overnight sweep account where funds are transferred to an interest-bearing deposit account that is insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC insures financial institution deposits up to $250. The Company maintains deposits exceeding $250 in certain accounts at financial institutions in the United States. On December 31, 2024 and 2023, the Company had cash in foreign bank accounts of $5,605 and $4,975, respectively. Cash and cash equivalent in foreign bank accounts are primarily held in Italy. Italian deposits are insured up to €100 per depositor, per bank. The Company maintains deposits exceeding €100 in certain accounts at financial institutions in Italy. The Company has not incurred any losses in these accounts.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable represent amounts due from customers in the ordinary course of business. The receivables are stated at the amount management expects to collect. The Company is subject to risk of loss from uncollectible receivables in excess of its allowance. The Company maintains an allowance for credit losses for estimated losses from customers’ inability to make required payments. In order to estimate the appropriate level of this allowance, the Company analyzes historical bad debts, customer concentrations, current customer creditworthiness, current economic trends and changes in customer payment patterns. Accounts are written off when management determines the account is uncollectable. Interest is not charged on past due accounts. Accounts receivable, less allowance was $36,123 , $48,360 and $47,083 as of December 31, 2024, 2023 and 2022, respectively.

Inventory Valuation

The Company's inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence or impaired balances.

Segments

The Company's operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment.

Goodwill

Goodwill represents the excess of purchase price over the fair value of the net assets of businesses acquired. On an annual basis or whenever events or changes in circumstances indicate the carrying value of goodwill may have been impaired, the Company may perform a qualitative assessment to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the Company determines that the fair value of the reporting unit is less than its carrying amount or elects not to perform a qualitative assessment, it will perform a quantitative analysis; otherwise, no further evaluation is necessary. For the quantitative impairment assessment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company determines the fair value of the reporting unit based on a weighting of income and market approaches. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and no further testing is performed. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company will recognize a loss equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. Impairments, if any, are charged directly to earnings.

Intangible Assets Other Than Goodwill

Tradenames acquired in certain business combinations were determined to have indefinite useful lives and are not amortized, but instead are tested for impairment on an annual basis and when facts and circumstances indicate that the carrying values of the assets may be impaired. If such review indicates an asset’s carrying value may not be recoverable, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset.

As part of separate business acquisitions, the Company’s customer relationships, technology and certain tradenames were identified as definite-lived intangible assets. The customer relationship intangible assets are being amortized over a ten to twenty-five year life based on the attrition rate of customers with a weighted-average amortization period of 23.6 years. The technology intangible assets are being amortized over a five to twenty year life based on the lifecycle of previous technology with a weighted-average amortization period of 12.1 years. The tradenames are being amortized over a fifteen to twenty year life based on the estimated life of the tradename with a weighted-average amortization period of 19.2 years. The weighted-average amortization period for all amortizable intangibles on a combined basis is 22.5 years.

Property, Plant and Equipment

Property, plant and equipment acquired in various acquisitions have been recorded at fair value. All other property, plant and equipment is recorded at cost. Depreciation and amortization are provided for using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for new property, plant and equipment additions are seven to twenty-five years for buildings, three to ten years for machinery and equipment, and the shorter of the estimated lease term or useful life for leasehold improvements. Maintenance, repairs, and betterments which do not enhance the value of or increase the life of the assets are expensed as incurred.

Leases

Operating lease right of use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company's leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that the Company will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Since the Company's leases generally do not provide an implicit rate, the Company applies a portfolio approach using an estimated incremental borrowing rate based on the lease term and other information available at the commencement date in determining the present value of lease payments. The rate applied is based on the currency of the lease. Leases having a lease term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company's leases.

Debt Issuance Costs

Debt issuance costs include fees and costs incurred to obtain financing. Debt issuance costs related to the Company's term loans are presented in the consolidated balance sheet as a direct deduction from the carrying amount of the term loans. These fees and costs are being amortized using the effective interest method over the term of the related loans and are included in interest expense in the Company's consolidated statements of comprehensive income (loss). If the debt is retired before its scheduled maturity date, any remaining unamortized debt issuance costs are written off in the period the debt is retired as a non-operating expense in the statement of operations as loss on the early extinguishment of debt. For the years ended 2024, 2023 and 2022, the amortization of debt issuance costs included in interest expense was $1,756, $1,780, and $1,707, respectively.

Self-Insurance

The Company is self-insured for employee medical and prescription drug benefits up to certain stop loss coverage amounts. The Company accrues an estimate for unpaid claims, as well as incurred but not reported claims, based upon the Company’s claim experience and expectations of future claim activity. The resulting liability and expense are reflected as a component of accrued expenses, cost of sales and selling, general and administrative expenses in the accompanying consolidated balance sheets and consolidated statements of comprehensive income (loss), respectively.

Revenue Recognition

The Company recognizes revenue with customers when control of the promised goods transfers to the customer. This generally occurs when the product is shipped to the customer. Revenue is recorded at the amount of consideration the Company expects to be entitled to in exchange for the delivered goods, which includes an estimate of variable consideration, expected returns, or refunds when applicable. The Company estimates variable consideration, such as sales incentives, by using the most likely amount approach, which considers the single most likely amount from a range of possible consideration amounts. Estimates of variable consideration result in an adjustment to the transaction price such that it is probable that a significant reversal of cumulative revenue would not occur in the future. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. Revenue is recorded net of sales tax. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling to customers are included in selling, general and administrative costs.

For more information about the Company’s revenue from contracts with customers, see Note 11, “Revenue”.

Customer Sales Incentives

Sales incentives provided take the form of either sales discounts or rebates and are treated as a reduction of net sales. The Company also maintains a cooperative advertising program with its customers and provides sales incentives to the extent of the estimated value of advertising provided by the customer on behalf of the Company. The costs incurred under the cooperative advertising program are included as a reduction of net sales.

Product Warranty

The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale. These obligations are recorded within accrued liabilities in the consolidated balance sheets (see also Note 18, “Commitments and Contingencies” for additional information on warranty reserves). Significant judgments and estimates must be made and used in connection with establishing warranty allowances in any accounting period. Revision of these estimates is made, when necessary, based upon changes in these factors.

Sales Returns

Estimated sales returns and allowances are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. The Company’s customers are permitted to return new, undamaged products within customer-specific limits (which are generally limited to a specified percentage of their annual purchases) in the event that they have overstocked their inventories. The Company estimates sales returns based primarily upon actual historical returns, planned product discontinuances, and promotional sales. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value.

Cost of Goods Sold

Cost of goods sold primarily consists of materials and labor expense in the manufacturing of the Company’s products sold to its customers. Cost of goods sold also includes provisions for excess and obsolete inventory, warranty costs, certain allocated costs for facilities, depreciation and other manufacturing overhead.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include personnel costs for employees in selling, general and administrative functions (including equity-based compensation); costs to operate shop locations, corporate offices and back-office support centers; costs to transport products from facilities to our customers; and other selling, general and administrative expenses, such as professional fees, supplies, and advertising expenses.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes income tax positions only if those positions are “more likely than not” of being sustained upon examination by taxing authorities. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest expense and penalties on liabilities for uncertain tax positions within income tax expense. The Company has $68 and $130 accrued for such interest or penalties, respectively, on December 31, 2024 and 2023. The Company files income tax returns in the U.S. federal jurisdiction and various foreign and state jurisdictions.

On December 31, 2024 and 2023, the Company had approximately $384 and $329 of unrecognized tax benefits, respectively. The statute of limitations remains open for U.S. federal income tax examinations for the years ended December 31, 2021, through December 31, 2023. U.S. state jurisdictions have statues of limitations generally ranging from three to eight years. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Impairment or Disposal of Long-Lived Assets

The Company accounts for long-lived assets, including intangible assets subject to amortization, in accordance with the provisions that require long-lived assets, such as property and equipment, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the sum of undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Advertising

Advertising production costs are expensed the first time the advertising takes place. Total advertising expenses were $9,355, $5,987, and $7,159 for the years ended December 31, 2024, 2023, and 2022, respectively. Advertising costs are classified as a component of selling, general and administrative costs in the accompanying consolidated statements of comprehensive income (loss).

Research and Development Costs

Research, development, pre-production and start-up costs related to both present and future products are expensed as incurred. Such costs amount to $18,710, $23,844, and $29,083 for the years ended December 31, 2024, 2023, and 2022, respectively.

Other Comprehensive Income (Loss)

Comprehensive income (loss) encompasses all changes in stockholder’s equity and includes net income, change in the foreign currency translation adjustment and minimum pension liability gains. The Company’s accumulated other comprehensive loss shown on the consolidated balance sheets on December 31, 2024 and 2023 consists of foreign currency translation adjustments of $1,162 and $710, respectively.

Foreign Currencies

The functional currency of the Company’s Italian subsidiary is the Euro. Assets and liabilities of foreign operations are translated using period end exchange rates. Revenue and expenses are translated using average exchange rates during each period reported. Translation gains (losses) are reported in accumulated other comprehensive loss as a component of shareholders equity and were $452, $234, and ($990) for the years ended December 31, 2024, 2023 and 2022, respectively. The Company recognizes foreign currency transaction gains (losses) on certain assets and liabilities. These transaction (gains) losses are reported in other expense in the consolidated statements of comprehensive income (loss) and were ($568), $278, and ($97) for the years ended December 31, 2024, 2023 and 2022, respectively.

Earnings per Share

Earnings per share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. The dilutive effect of these potential common shares is reflected in diluted earnings per share by application of the treasury stock method.

Warrants

The Company accounts for warrants to purchase its common stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, meet the definition of a liability pursuant to ASC Topic 480, and whether the warrants meet all of the requirements for equity classification under ASC Topic 815, including whether the warrants are indexed to the Company’s own shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

Equity-Based Compensation

The Company accounts for equity-based awards granted to employees and nonemployees under the fair value method prescribed by ASC Subtopic 718-10, Stock Compensation. Equity-based compensation cost is measured based on the estimated grant date fair value of the award and is recognized as expense over the requisite service period (generally the vesting period). The fair value of stock options is estimated using the Black Scholes option-pricing model. Restricted stock units are valued at the stock price on the grant date. The fair value of profit interest units granted by the Holley Stockholder is estimated based on the Company’s estimated equity value for each unit class at the time of granting using the Black-Scholes option-pricing model, discounted to reflect market considerations for illiquidity.

Performance share units that vest based on the achievement of company-designated performance targets are valued at the stock price on the grant date. Compensation expense in respect of such performance share units is recognized each period based on the expected level of achievement and, to the extent that the expected levels of achievement change, compensation cost is adjusted in the period of change with the remaining unrecognized cost recognized over the remaining requisite service period. For performance share units that vest based on the achievement of predetermined market conditions, the Company estimates the grant date fair value using a Monte Carlo simulation model. The fair value associated with each tranche of the award is recognized, straight-line, over the associated requisite service period for that tranche, subject to acceleration if the market condition is met prior to the end of the derived service period.

Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not reversed when the awards are forfeited as long as the service is provided for the duration of the required service period.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimizes the use of unobservable inputs to the extent possible. The inputs used to measure fair value are prioritized based on a three-level hierarchy, which are defined as follows:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

The Company uses derivative instruments to manage its exposure to changes in interest rates on borrowings under its debt facility. These derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers, and/or dealers. The valuation of the derivative instruments considers future expected interest rates on the notional principal balance remaining, which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value, counterparty risk and other factors underlying derivative instruments.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and accounts receivable. The Company controls its exposure to credit risk associated with these instruments by (i) placing cash and cash equivalents with several major financial institutions and (ii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures. For more information on the Company’s net sales to its three largest customers, see Note 16 “Major Distribution Partner Customers”.

Recent Accounting Pronouncements

Accounting Standards Recently Adopted

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires entities to apply the definition of a performance obligation under ASC Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities (i.e., deferred revenue) relating to contracts with customers that are acquired in a business combination. Prior to the adoption of ASU 2021-08, an acquirer generally recognized assets acquired, and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606. The Company adopted ASU 2021-08 on January 1, 2023. Adoption of ASU 2021-08 did not impact the Company's consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 19 Segment in the accompanying notes to the consolidated financial statements for further detail.

Accounting Standards Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

Note 4 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant, and Equipment, Gross	$ 87,658	$ 94,286
Less: accumulated depreciation	46,675	47,080
Property, plant and equipment, net	40,983	47,206
Land [Member]
Property, Plant, and Equipment, Gross	1,230	3,326
Building and Building Improvements [Member]
Property, Plant, and Equipment, Gross	12,874	11,404
Machinery and Equipment [Member]
Property, Plant, and Equipment, Gross	65,333	73,332
Construction in Progress [Member]
Property, Plant, and Equipment, Gross	$ 8,221	$ 6,224

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Holley Inc. and Subsidiaries

Schedule II - Valuation and Qualifying Accounts

Years Ended December 31, 2024, 2023, and 2022

			Charged				Charged
	Balance at		(Credited)		Reserves		Against		Balance at
	Beginning of		to Costs and		from		Allowances		End of
	Period		Expenses		Acquisitions		(1) (2)		Period
Accounts receivable reserve:
Year ended December 31, 2022:
Bad debt reserve	$	956	$	878	$	—	$	672	$	1,162
Cash discount reserve		430		5,941		—		5,983		388
Year ended December 31, 2023:
Bad debt reserve		1,162		1,016		—		1,122		1,056
Cash discount reserve		388		5,991		—		5,858		521
Year ended December 31, 2024:
Bad debt reserve		1,056		1,343		—		705		1,694
Cash discount reserve		521		5,238		—		5,427		332

Inventory valuation reserve:
Year ended December 31, 2022:
Expired and obsolete reserve		26,280		13,410		—		1,156		38,534
Year ended December 31, 2023:
Expired and obsolete reserve		38,534		1,802		—		6,362		33,974
Year ended December 31, 2024:
Expired and obsolete reserve		33,974		11,057		—		9,889		35,142
(1) Write-off of uncollectible accounts, net of recoveries.
(2) Write-off of obsolete inventory, net of inventory adjustments.

Note 3 - Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2024		2023
Raw materials	$	58,858	$	63,552
Work-in-process		3,416		22,619
Finished goods		130,249		106,089
	$	192,523	$	192,260

Note 16 - Major Distribution Partner Customers

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

16.

MAJOR DISTRIBUTION PARTNER CUSTOMERS

The Company's distribution partner customers include many large and well-known automotive parts retailers and distributors. The following table summarizes distribution partners that individually account for more than 5% of the Company’s net sales in any of the periods presented:

	For the years ended December 31,
	2024			2023			2022
Customer A		20.8	%		21.4	%		19.2	%

The following distribution partner customers accounted for 10% or more of the Company’s account receivable balance in any of the periods presented:

	December 31,
	2024			2023
Customer A		7.7	%		16.4	%

Note 20 - Subsequent Events (Details Textual) $ in Millions	Jan. 01, 2025 USD ($)
Subsequent Event [Member]
Payments to Acquire Intangible Assets	$ 23.8

Note 16 - Major Distribution Partner Customers (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	For the years ended December 31,
	2024			2023			2022
Customer A		20.8	%		21.4	%		19.2	%

	December 31,
	2024			2023
Customer A		7.7	%		16.4	%

Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Reserves on assets	$ 9,958	$ 10,283
Liabilities not yet deductible	4,563	781
Interest expense limitation	22,250	16,040
Right-of-use liability	8,498	6,791
Section 174 expenses	13,017	10,049
Net operating losses	1,609	2,446
Other	840	1,118
Total gross deferred tax assets	60,735	47,508
Valuation allowance	(1,134)	(5)
Total gross deferred tax assets, net of valuation allowance	59,601	47,503
Deferred tax liabilities:
Tradename	32,630	33,801
Intangible assets	39,867	41,715
Goodwill	11,099	12,310
Property, plant and equipment	5,167	6,634
Right-of-use asset	8,229	6,585
Total gross deferred tax liabilities	96,992	101,045
Net deferred tax liabilities	$ 37,391	$ 53,542

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2024	Mar. 11, 2025	Jun. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001822928
Entity Registrant Name	Holley Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-39599
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1727560
Entity Address, Address Line One	2445 Nashville Road, Suite B1
Entity Address, City or Town	Bowling Green
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	42101
City Area Code	270
Local Phone Number	782-2900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 155,000,000
Entity Common Stock, Shares Outstanding		119,958,936
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Cincinnati, Ohio
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Common Stock
Trading Symbol	HLLY WS
Security Exchange Name	NYSE
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	HLLY
Security Exchange Name	NYSE

Note 12 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current income tax expense:
Federal	$ 10,266	$ 10,909	$ 12,356
State	1,028	927	1,253
Foreign	1,832	1,715	2,450
Total current income tax expense	13,126	13,551	16,059
Deferred income tax expense (benefit):
Federal	(14,579)	(5,986)	(8,679)
State	(1,572)	811	(2,591)
Foreign	0	23	(296)
Total deferred income tax expense (benefit)	(16,151)	(5,152)	(11,566)
Total income tax expense (benefit)	$ (3,025)	$ 8,399	$ 4,493

Note 4 - Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4.	PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment of the Company consisted of the following:

	December 31,
	2024		2023
Land	$	1,230	$	3,326
Buildings and improvements		12,874		11,404
Machinery and equipment		65,333		73,332
Construction in process		8,221		6,224
Total property, plant and equipment		87,658		94,286
Less: accumulated depreciation		46,675		47,080
Property, plant and equipment, net	$	40,983	$	47,206

The Company’s long-lived assets by geographic locations are as follows:

	December 31,
	2024		2023
United States	$	38,606	$	44,931
International		2,377		2,275
Total property, plant and equipment, net	$	40,983	$	47,206

Note 14 - Equity-based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands												1 Months Ended	12 Months Ended			34 Months Ended
	Sep. 30, 2024	Aug. 19, 2024	Jul. 22, 2024	May 13, 2024	Apr. 29, 2024	Apr. 15, 2024	Apr. 08, 2024	Apr. 01, 2024	Mar. 18, 2024	Mar. 04, 2024	Jun. 06, 2023	Oct. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2020	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)													1,538,364
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount													$ 6,342,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)													1 year 9 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)													$ 4.06	$ 2.6	$ 5.87
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value													$ 5,807,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)													1,431,014
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)													1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)													4 years
Restricted Stock Units (RSUs) [Member] \| President [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)											1,000,000
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	4,138	1,965	25,195	14,138	28,741	36,144	30,544	5,654	26,020	340,895
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 2.95	$ 3.09	$ 3.67	$ 3.93	$ 4.05	$ 4.15	$ 4.44	$ 4.49	$ 4.25	$ 4.22
Performance Shares [Member] \| President [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)											1,520,000
Share-Based Payment Arrangement [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount													$ 49,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)													2 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)														10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Ending Balance (in dollars per share)															$ 4.65
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate													0.00%
Share-Based Payment Arrangement [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)														3 years
Profit Interest Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)													41,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)																24,074,944
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount													$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value															$ 20,276,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)													0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)															36,506,814
Accelerated Share-Based Payment Arrangement, Expense												$ 11,351
The 2021 Omnibus Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)																	8,850,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)													4,817,648

Note 5 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 30, 2022 USD ($)
Goodwill	$ 372,340	$ 419,056		$ 413,245	$ 418,121
Number of Reporting Units	1
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	4.00%
Goodwill, Impairment Loss	$ 40,906	0	$ 0
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	7,695	$ 0	$ 2,395
Trade Names [Member]
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)	$ 7,695

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Note 7 - Debt (Details Textual) $ in Thousands		12 Months Ended
Note 7 - Debt (Details Textual) $ in Thousands	Nov. 18, 2021 USD ($)	Dec. 31, 2024 USD ($)	Dec. 04, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	May 31, 2022 USD ($)
Property, Plant and Equipment, Net		$ 40,983		$ 47,206
Revolving Credit Facility [Member]
Debt Instrument, Term (Year)	5 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 125,000		$ 100,000
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		10,000
Letters of Credit Outstanding, Amount		$ 2,150
Delayed Draw Term Loan (DDTL) [Member]
Debt Instrument, Face Amount	100,000
Debt Instrument, Withdrawn Amount						$ 57,000
First Lien Note Due November 17, 2028 [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	600,000
First Lien Note Due November 17, 2028 [Member] \| Delayed Draw Term Loan (DDTL) [Member]
Debt Instrument, Periodic Payment, Principal	$ 1,643
Debt Instrument, Periodic Payment, Percentage of Annual Excess Cash FLow		50.00%
Repayments of Long-Term Debt, Total		$ 31,571
Debt Instrument, Repurchase Amount		$ 25,000
The Credit Agreement [Member]
Debt, Weighted Average Interest Rate		8.40%
Debt Instrument, Covenant, Consolidated Net Leverage Ratio		5			7.25
Debt Instrument, Covenant, Minimum Liquidity					$ 45,000
Debt Issuance Costs, Gross					$ 2,106
The Credit Agreement [Member] \| Asset Pledged as Collateral [Member] \| Corporate Headquarters [Member]
Property, Plant and Equipment, Net		$ 2,602

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 56,087	$ 41,081
Accounts receivable, less allowance for credit losses of $2,026 and $1,577, respectively	36,123	48,360
Inventory	192,523	192,260
Prepaids and other current assets	12,614	15,665
Total current assets	297,347	297,366
Property, plant, and equipment, net	40,983	47,206
Goodwill	372,340	419,056
Other intangibles assets, net	386,676	410,465
Right-of-use assets	35,974	29,250
Total assets	1,133,320	1,203,343
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	44,781	43,692
Accrued interest	0	455
Accrued Liabilities, Current	43,190	42,129
Current portion of long-term debt	7,201	7,461
Total current liabilities	95,172	93,737
Long-term debt, net of current portion	545,385	576,710
Warrant liability	813	8,383
Earn-out liability	1,148	3,479
Deferred taxes	37,391	53,542
Other Liabilities, Noncurrent	32,259	26,341
Total liabilities	712,168	762,192
Commitments and contingencies (Refer to Note 18 - Commitments and Contingencies)
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding on December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 550,000,000 shares authorized, 118,748,697 and 117,707,280 shares issued and outstanding on December 31, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	377,557	373,869
Accumulated other comprehensive loss	(1,162)	(710)
Retained earnings	44,745	67,980
Total stockholders' equity	421,152	441,151
Total liabilities and stockholders' equity	$ 1,133,320	$ 1,203,343

Note 14 - Equity-based Compensation Plans - Schedule of Share-Based Payment Award Stock Options Valuation Using Black-Scholes Option Pricing Model (Details) - Share-Based Payment Arrangement, Option [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Weighted-average expected term (Year)	6 years
Expected dividend	$ 0
Minimum [Member]
Expected volatility	36.00%
Risk-free interest rate	1.98%
Maximum [Member]
Expected volatility	40.00%
Risk-free interest rate	3.06%

Note 19 - Segments - Summary Financial Information of Operating Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Net sales

$ 602,224

$ 659,704

$ 688,415

Cost of goods sold

363,680

403,615

434,757

Gross profit

238,544

256,089

253,658

Selling, general, and administrative

132,149

120,244

150,728

Research and development costs

18,710

23,844

29,083

Amortization of intangible assets

13,884

14,557

14,683

Impairment of indefinite-lived intangible assets

7,695

2,395

Impairment of goodwill

40,906

Restructuring (2)

^[1]

1,566

2,641

2,626

Loss on sale assets

9,234

1,037

Other operating expense (income)

(268)

765

477

Total operating expense

223,876

162,051

202,916

Operating income

14,668

94,038

50,742

Fair value adjustments to warrant liability

(7,570)

4,111

(57,021)

Fair value adjustments to earn-out liability

(2,333)

2,303

(10,731)

Loss (gain) on early extinguishment of long-term debt

141

(701)

Interest expense, net

50,690

60,746

40,227

Total non-operating expense (income)

40,928

66,459

(27,525)

Income (loss) before income taxes

(26,260)

27,579

78,267

Income tax expense (benefit)

(3,025)

8,399

4,493

Net income (loss)

(23,235)

19,180

73,774

Operating Segments [Member]

Net sales

602,224

659,704

688,415

Cost of goods sold

363,680

403,615

434,757

Gross profit

238,544

256,089

253,658

Selling, general, and administrative

132,149

120,244

150,728

Research and development costs

18,710

23,844

29,083

Amortization of intangible assets

13,884

14,557

14,683

Impairment of indefinite-lived intangible assets

7,695

2,395

Impairment of goodwill

40,906

Restructuring (2)

1,566

2,641

4,513

Loss on sale assets

9,234

Other operating expense (income)

(268)

765

1,514

Total operating expense

223,876

162,051

202,916

Operating income

14,668

94,038

50,742

Fair value adjustments to warrant liability

(7,570)

4,111

(57,021)

Fair value adjustments to earn-out liability

(2,333)

2,303

(10,731)

Loss (gain) on early extinguishment of long-term debt

141

(701)

Interest expense, net

50,690

60,746

40,227

Total non-operating expense (income)

40,928

66,459

(27,525)

Income (loss) before income taxes

(26,260)

27,579

78,267

Income tax expense (benefit)

(3,025)

8,399

4,493

Net income (loss)

$ (23,235)

$ 19,180

$ 73,774

[1]	Includes costs incurred as part of the restructuring of operations including professional and consulting services and executive severance.

Note 17 - Acquisition, Restructuring and Management Fee Costs

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

17.

ACQUISITION, RESTRUCTURING AND MANAGEMENT FEE COSTS

The following table summarizes total acquisition, restructuring and management fee costs:

	For the years ended December 31,
	2024		2023		2022
Acquisitions ⁽¹⁾	$	-	$	-	$	1,887
Restructuring ⁽²⁾		1,566		2,641		2,626
Total acquisition and restructuring costs	$	1,566	$	2,641	$	4,513

(1)

Includes professional fees for legal, accounting, consulting, administrative, and other professional services directly attributable to acquisitions.

(2)

Includes costs incurred as part of the restructuring of operations including professional and consulting services and executive severance.

Note 8 - Common Stock Warrants and Earn-out Liability

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Warrant Liability [Text Block]

8.	COMMON STOCK WARRANTS AND EARN-OUT LIABILITY

Upon the Closing, there were 14,666,644 Warrants, consisting of 9,999,977 Public Warrants and 4,666,667 Private Warrants, outstanding to purchase shares of the Company's common stock that were issued by Empower prior to the Business Combination. Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustments, commencing on October 9, 2021 (the one-year anniversary of Empower’s initial public offering), provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. The Warrants may be exercised only for a whole number of shares of Common Stock. The Warrants expire on July 16, 2026, the date that is five years after the Closing date, or earlier upon redemption or liquidation. Additionally, the Private Warrants will be non-redeemable and are exercisable on a cashless basis so long as they are held by the Sponsor or any of its permitted transferees. If the Private Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company may redeem the Public Warrants at a price of $0.01 per warrant upon 30 days' notice if the closing price of the Company’s common stock equals or exceeds $18.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given, provided there is an effective registration statement and current prospectus in effect with respect to the ordinary shares underlying such Warrants throughout the 30-day redemption period. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Warrants, the Warrant holder is entitled to exercise his, her or its Warrant prior to the scheduled redemption date. Any such exercise requires the Warrant holder to pay the exercise price for each Warrant being exercised. Further, the Company may redeem the Public Warrants at a price of $0.10 per warrant upon 30 days' notice if the closing price of Common Stock equals or exceeds $10.00 per share, subject to adjustments, on the trading day prior to the date on which notice of redemption is given. Beginning on the date the notice of redemption is given until the Warrants are redeemed or exercised, holders may elect to exercise their Warrants on a cashless basis and receive that number of shares of Common Stock as determined by reference to a table in the warrant agreement.

During any period when the Company has failed to maintain an effective registration statement, warrant holders may exercise Warrants on a cashless basis in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonable best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The Warrants are accounted for as a liability in accordance with ASC Subtopic 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity, and are presented as a warrant liability on the balance sheet. The warrant liability was measured at fair value at inception and on a recurring basis, with changes in fair value recognized as non-operating expense. On December 31, 2024 and 2023, a warrant liability with a fair value of $813 and $8,383, respectively, was reflected as a long-term liability in the consolidated balance sheet. As of both December 31, 2024 and 2023, there were 14,633,311 Warrants outstanding. For the year ended December 31, 2024, a decrease of $7,570 in the fair value of the warrant liability as compared to an increase of $4,111 in the fair value of the warrant liability for the year ended December 31, 2023, was reflected as change in fair value of warrant liability in the consolidated statements of comprehensive income.

Additionally, the Sponsor received 2,187,500 shares of Common Stock upon the Closing, which vest in two equal tranches upon achievement of certain market share price milestones during the earn-out period, as outlined in the Merger Agreement (the “Earn-Out Shares”). The first tranche of Earn-Out Shares vested during the first quarter of 2022. Upon vesting, the first tranche of 1,093,750 Earn-Out Shares were issued and a liability of $14,689, representing the fair value of the shares on the date of vesting, was reclassified from liabilities to equity. The remaining tranche of Earn-Out Shares will be forfeited if the applicable conditions are not satisfied before July 16, 2028 (seven years after the Closing Date). The unvested Earn-Out Shares are presented as an earn-out liability on the balance sheet and are remeasured at fair value with changes in fair value recognized as non-operating expense. On December 31, 2024 and 2023, an earn-out liability with a fair value of $1,148 and $3,479, respectively, was reflected as a long-term liability in the consolidated balance sheet. For the year ended December 31, 2024, a decrease of $2,333 in the fair value of the earn-out liability as compared to an increase of $2,303 in the fair value of the earn-out liability for the year ended December 31, 2023, was reflected as change in fair value of earn-out liability in the consolidated statements of comprehensive income.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 602,224	$ 659,704	$ 688,415
Cost of goods sold	363,680	403,615	434,757
Gross profit	238,544	256,089	253,658
Selling, general, and administrative	132,149	120,244	150,728
Research and development costs	18,710	23,844	29,083
Amortization of intangible assets	13,884	14,557	14,683
Impairment of indefinite-lived intangible assets	7,695	0	2,395
Impairment of goodwill	40,906	0	0
Restructuring costs	1,566	2,641	4,513
Loss on sale assets	9,234	0	1,037
Other operating expense (income)	(268)	765	477
Total operating expense	223,876	162,051	202,916
Operating income	14,668	94,038	50,742
Fair value adjustments to warrant liability	(7,570)	4,111	(57,021)
Fair value adjustments to earn-out liability	(2,333)	2,303	(10,731)
Loss (gain) on early extinguishment of long-term debt	141	(701)	0
Interest expense, net	(50,690)	(60,746)	(40,227)
Total non-operating expense (income)	40,928	66,459	(27,525)
Income (loss) before income taxes	(26,260)	27,579	78,267
Income tax expense (benefit)	(3,025)	8,399	4,493
Net income (loss)	(23,235)	19,180	73,774
Comprehensive income (loss):
Foreign currency translation adjustment	(452)	234	(990)
Pension liability gain	0	0	302
Total other comprehensive income (loss)	(452)	234	(688)
Total comprehensive income (loss)	$ (23,687)	$ 19,414	$ 73,086
Common Share Data:
Weighted average common shares outstanding - basic (in shares)	118,441,580	117,378,854	116,762,928
Weighted average common shares outstanding - diluted (in shares)	118,441,580	118,510,800	117,248,296
Basic net income (loss) per share (in dollars per share)	$ (0.2)	$ 0.16	$ 0.63
Diluted net income (loss) per share (in dollars per share)	$ (0.2)	$ 0.16	$ 0.14

Note 18 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	For the years ended December 31,
	2024			2023			2022
Beginning balance	$	3,325		$	3,584		$	3,994
Accrued for current year warranty claims		8,405			11,362			12,261
Settlement of warranty claims		(9,398	)		(11,621	)		(12,671	)
Ending balance	$	2,332		$	3,325		$	3,584

Note 15 - Lease Commitments - Schedule of Operating Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets	$ 35,974	$ 29,250
Current operating lease liabilities - Accrued liabilities	5,324	4,948
Long-term operating lease liabilities - Other noncurrent liabilities	31,876	25,177
Total lease liabilities	$ 37,200	$ 30,125
Weighted average remaining lease term (in years) (Year)	6 years 7 months 6 days	7 years 2 months 12 days
Weighted average discount rate	5.91%	6.21%

Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	For the years ended December 31,
	2024			2023			2022
Current income tax expense:
Federal	$	10,266		$	10,909		$	12,356
State		1,028			927			1,253
Foreign		1,832			1,715			2,450
Total current income tax expense		13,126			13,551			16,059
Deferred income tax expense (benefit):
Federal		(14,579	)		(5,986	)		(8,679	)
State		(1,572	)		811			(2,591	)
Foreign		—			23			(296	)
Total deferred income tax expense (benefit)		(16,151	)		(5,152	)		(11,566	)
Total income tax expense (benefit)	$	(3,025	)	$	8,399		$	4,493

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	For the years ended December 31,
	2024			2023		2022
United States	$	(33,234	)	$	23,971	$	72,276
Foreign		6,974			3,608		5,991
Income (loss) before income taxes	$	(26,260	)	$	27,579	$	78,267

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the years ended December 31,
	2024			2023			2022
Expected tax expense (benefit) at U.S. Federal statutory rates	$	(5,515	)	$	5,792		$	16,479
State income tax expense (benefit)		(1,581	)		1,373			(1,057	)
Goodwill impairment		5,964			—			—
Permanent tax differences		(189	)		375			4,275
Foreign-derived intangible income deduction		(1,476	)		(397	)		(298	)
Section 162(m) limitation		366			709			—
Foreign rate differential		368			782			560
Withholding Tax		456			—			—
Tax credit		(428	)		(1,506	)		(1,393	)
Earn-outs		(490	)		484			(2,254	)
Change in fair value of Warrants		(1,590	)		863			(11,974	)
Uncertain tax positions		486			—			—
Valuation allowance		1,129			—			—
Other differences, net		(525	)		(76	)		155
Total income tax expense (benefit)	$	(3,025	)	$	8,399		$	4,493

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2024			2023
Deferred tax assets:
Reserves on assets	$	9,958		$	10,283
Liabilities not yet deductible		4,563			781
Interest expense limitation		22,250			16,040
Right-of-use liability		8,498			6,791
Section 174 expenses		13,017			10,049
Net operating losses		1,609			2,446
Other		840			1,118
Total gross deferred tax assets		60,735			47,508
Valuation allowance		(1,134	)		(5	)
Total gross deferred tax assets, net of valuation allowance		59,601			47,503
Deferred tax liabilities:
Tradename		32,630			33,801
Intangible assets		39,867			41,715
Goodwill		11,099			12,310
Property, plant and equipment		5,167			6,634
Right-of-use asset		8,229			6,585
Total gross deferred tax liabilities		96,992			101,045
Net deferred tax liabilities	$	37,391		$	53,542

Deferred Tax Assets, Change in Valuation Allowance [Table Text Block]

	December 31,
	2024
Valuation allowance, January 1	$	5
Additions charged to expense accounts		1,129
Valuation allowance, December 31	$	1,134

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	December 31,
	2024
Gross unrecognized tax benefits, January 1	$	329
Changes in balance related to tax position taken during prior periods		279
Changes in balances related to tax position taken during current period		105
Settlements		(329	)
Gross unrecognized tax benefits, December 31	$	384

Note 10 - Fair Value Measurements - Reconciliation of Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance	$ 6,382	$ 2,757
Losses included in earnings	(4,969)	3,625
Balance	1,413	6,382
Private Placement Warrants [Member]
Balance	2,903	1,581
Losses included in earnings	(2,638)	1,322
Balance	265	2,903
Earn Out Liability [Member]
Balance	3,479	1,176
Losses included in earnings	(2,331)	2,303
Balance	$ 1,148	$ 3,479

Note 18 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Mar. 27, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan, Employer Discretionary Contribution, Percent of Match		1.20%	0.00%	1.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 1,169	$ 3,154	$ 2,579
UNITED STATES
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		3.50%
Specialty Auto Parts USA [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 2,028

Note 15 - Lease Commitments (Details Textual)	Dec. 31, 2024
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	14 years

Note 18 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

18.

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is a party to various lawsuits and claims in the normal course of business, as well as the putative securities class action described below. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not have a material effect on the consolidated financial position or liquidity of the Company; however, in light of the inherent uncertainties involved in such lawsuits and claims, some of which may be beyond the Company’s control, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company has established loss provision for matters in which losses are probable and can be reasonably estimated. Although management will continue to reassess the estimated liability based on future developments, an objective assessment of such claims may not always be predictive of the outcome and actual results may vary from current estimates.

A putative securities class action was filed on November 6, 2023, against the Company, Tom Tomlinson (the Company’s former Director, President, and Chief Executive Officer), and Dominic Bardos (the Company’s former Chief Financial Officer) in the United States District Court for the Western District of Kentucky (the “Complaint”) and is captioned City of Fort Lauderdale General Employees’ Retirement System v. Holley, Inc., f/k/a Empower LTD., Tom Tomlinson, and Dominic Bardos, Civil Action No. 1:23-cv-148-S.

On February 26, 2024, the court appointed City of Fort Lauderdale General Employees’ Retirement System to serve as lead plaintiff to prosecute claims on behalf of a proposed class of stockholders who purchased or otherwise acquired Holley securities between July 21, 2021 and February 6, 2023. On April 26, 2024, lead plaintiff filed an amended complaint, adding Vinod Nimmagadda (the Company’s Executive Vice President of Corporate Development and New Ventures) as a defendant. Lead plaintiff alleges that statements made regarding the Company’s business, operations, and prospects violated Sections 10(b), Section 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 and seeks class certification, damages, interest, attorneys’ fees, and other relief. The Company filed a motion to dismiss on June 28, 2024. That motion is pending. On January 7, 2025, lead plaintiff filed a motion for leave to file a supplemented amended complaint, which the Company opposed. That motion also is pending.

Due to the early stage of this proceeding, we cannot reasonably estimate the potential range of loss, if any. The Company disputes the allegations and intends to vigorously defend against them.

The Company remains involved in a legal action brought by Specialty Auto Parts USA (“Specialty”) captioned Specialty Auto Parts USA, Inc., v. Holley Performance Products, Inc., 17-cv-00147 (W.D. Ky.). The action was first filed in 2017 in the State of Michigan before it was removed to the Federal District Court for the Western District of Kentucky. Specialty amended its complaint on June 24, 2021, alleging a single cause of action for breach of contract regarding the Company’s manufacturing of products allegedly subject to a prior settlement agreement. Following discovery, the parties fully brief cross motions for summary judgment between June 2022 and August 2023, and on March 27, 2024, the court denied the Company’s motion and granted Specialty’s motion, awarding Specialty $2,028 in disgorgement damages, which is included in accrued liabilities in our Consolidated Balance Sheet.

Product Warranties

The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the consolidated balance sheets.

	For the years ended December 31,
	2024			2023			2022
Beginning balance	$	3,325		$	3,584		$	3,994
Accrued for current year warranty claims		8,405			11,362			12,261
Settlement of warranty claims		(9,398	)		(11,621	)		(12,671	)
Ending balance	$	2,332		$	3,325		$	3,584

Employee Savings Plans

The Company has a 401(k) savings plan for salaried and non-salaried employees. Participation in the plan is optional. The Company matches employee contributions up to 3.5% each pay period. The Company's matching contributions for the years ended December 31, 2024 , 2023, and 2022, include additional discretionary matching contributions of 1.2%, 0%, and 1% based on the Company's performance targets for 2023, 2022 and 2021, respectively. The Company made matching contributions of $1,169, $3,154, and $2,579 for the years ended December 31, 2024, 2023, and 2022, respectively. The decrease is due to the suspension of the match by the Company in July 2024.

Note 14 - Equity-based Compensation Plans - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance (in shares)	4,904,801
Balance (in dollars per share)	$ 2.86
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	1,538,364
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 4.06	$ 2.6	$ 5.87
Vested, shares (in shares)	(1,431,014)
Vested, weighted average grant date fair value (in dollars per share)	$ 3.03
Forfeited, shares (in shares)	(816,990)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 3.48
Balance (in shares)	4,195,161	4,904,801
Balance (in dollars per share)	$ 3.12	$ 2.86

Note 7 - Debt

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

DEBT

Debt of the Company consisted of the following:

	December 31,
	2024			2023
First lien term loan due November 17, 2028	$	560,933		$	592,505
Revolver		—			—
Other		630			1,974
Less unamortized debt issuance costs		(8,977	)		(10,308	)
		552,586			584,171
Less current portion of long-term debt		(7,201	)		(7,461	)
	$	545,385		$	576,710

On November 18, 2021, the Company entered into a credit facility with a syndicate of lenders and Wells Fargo Bank, N.A., as administrative agent for the lenders, letter of credit issuer and swing line lender (the "Credit Agreement"). The financing originally consisted of a seven-year $600,000 first lien term loan, a five-year $125,000 revolving credit facility, and a $100,000 delayed draw term loan. The proceeds of delayed draw loans made after closing were available to the Company to finance acquisitions. Upon the expiration of the delayed draw term loan in May 2022, the Company had drawn $57,000, which is included in the amount outstanding under the first lien term loan due November 17, 2028.

The revolving credit facility includes a letter of credit facility in the amount of $10,000, pursuant to which letters of credit may be issued as long as revolving loans may be advanced and subject to availability under the revolving credit facility. The Company had $2,150 in outstanding letters of credit on December 31, 2024.

The first lien term loan is to be repaid in quarterly payments of $1,643 through September 30, 2028, with the balance due upon maturity on November 17, 2028. The Company is required to make annual payments on the term loan in an amount equal to 50% of annual excess cash flow greater than $5,000, as defined in the Credit Agreement. This percentage requirement may decrease or be eliminated if certain leverage ratios are achieved. Based on the Company's results for 2024, no excess cash flow payment is expected to be required in 2025. Any such payments offset future mandatory quarterly payments. The Credit Agreement permits voluntary prepayments at any time, in whole or in part. The Company paid down an aggregate of $31,571 in principal on its outstanding first lien term loan during the year ended December 31, 2024, which includes standard quarterly payments and a repurchase of $25,000 at a discount to par.

On December 31, 2024, amounts outstanding under the credit facility accrue interest at a rate equal to either the SOFR or base rate, at the Company's election, plus a specified margin. In the case of revolving credit loans and letter of credit fees, the specified margin is based on the Company's Total Leverage Ratio, as defined in the Credit Agreement. Commitment fees payable under the revolving credit facility are based on the Company's Total Leverage Ratio. On December 31, 2024, the weighted average interest rate on the Company's borrowings under the credit facility was 8.4%.

Obligations under the Credit Agreement are secured by substantially all of the Company’s assets, including a secured interest in property owned by the Company, with a carrying value of $2,602. The Credit Agreement includes representations and warranties, and affirmative and negative covenants customary for financings of this type, including, but not limited to, limitations on restricted payments, additional borrowings, additional investments, and asset sales. The Credit Agreement also requires that Holley maintain, on the last day of each quarter, a Total Leverage Ratio not to exceed a maximum amount.

In February 2023, the Company entered into an amendment to its Credit Agreement, which, among other things, increases the Total Leverage Ratio applicable under the Credit Agreement as of the fiscal quarter ending April 2, 2023 to initially 7.25:1.00, and provides for modified step-down levels for such covenant thereafter through the fiscal quarter ending June 30, 2024 (the “Covenant Relief Period”). As of December 31, 2024, the required Total Leverage Ratio was 5.00:1.00. As an ongoing condition to the Covenant Relief Period, the Company also agreed to (i) a minimum liquidity test, (ii) an interest coverage test, (iii) an anti-cash hoarding test at any time revolving loans are outstanding, and (iv) additional reporting obligations. Under the amended Credit Agreement, the revolving credit facility contains a minimum liquidity financial covenant of $45,000, which includes unrestricted cash and any available borrowing capacity under the revolving credit facility. In April 2023, the Company entered into a second amendment to the Credit Agreement in which the interest rate on any outstanding borrowings under the Credit Agreement was changed from LIBOR to SOFR. In May 2023, the Company entered into a third amendment to the Credit Agreement in which certain defined terms were clarified. The Company incurred $2,106 of deferred financing fees related to these amendments. On December 31, 2024, the Company was in compliance with all financial covenants.

Some of the lenders that are parties to the Credit Agreement, and their respective affiliates, have various relationships with the Company in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services.

On December 4, 2024, the Company entered into an amendment to its Credit Agreement that extends the revolver maturity date to November 18, 2029, which date may occur earlier if the maturity date of the existing term loan is not extended, and reduces the revolving credit facility from $125,000 to $100,000. The amendment permits our total leverage ratio for the benefit of the revolving credit lenders to be tested only for fiscal quarters in which there are outstanding revolving credit loans on the last day of such fiscal quarter.

Future maturities of long-term debt and amortization of debt issuance costs on December 31, 2024, are as follows:

		Debt		Debt Issuance Costs
2025	$	7,201	$	2,244
2026		6,571		2,244
2027		6,571		2,244
2028		541,220		2,245
	$	561,563	$	8,977

- Definition

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

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net income (loss)	$ (23,235)	$ 19,180	$ 73,774
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation	10,551	10,308	10,107
Amortization of intangible assets	13,884	14,557	14,683
Impairment of indefinite-lived intangible assets	7,695	0	2,395
Impairment of goodwill	40,906	0	0
Amortization of deferred loan costs	1,756	1,780	1,707
Amortization of right of use assets	5,234	5,480	5,666
Gain on termination of leases	0	0	(279)
Fair value adjustments to warrant liability	(7,570)	4,111	(57,021)
Fair value adjustments to earn-out liability	(2,333)	2,303	(10,731)
Fair value adjustments to interest rate collar	(1,104)	1,164	0
Equity compensation	5,170	7,291	24,395
Change in deferred taxes	(16,151)	(4,848)	(11,655)
Loss on sale assets	9,234	0	1,037
Loss (gain) on early extinguishment of long-term debt	141	(701)	0
Loss (gain) on disposal of property, plant and equipment	(568)	(192)	253
Provision for inventory reserves	11,057	1,802	13,410
Provision for credit losses	1,343	1,016	878
Accounts receivable	10,756	(2,280)	3,777
Inventories	(16,557)	38,199	(58,406)
Prepaids and other current assets	2,979	2,555	1,142
Accounts payable	1,233	(1,626)	(740)
Accrued interest	(455)	(5,539)	2,635
Accrued and other liabilities	(7,067)	(6,468)	(4,715)
Net cash provided by operating activities	46,899	88,092	12,312
INVESTING ACTIVITIES:
Capital expenditures	(6,804)	(5,934)	(13,590)
Proceeds from the disposal of fixed assets	1,726	1,481	888
Proceeds from sale of business	7,099	0	1,966
Cash paid for acquisitions, net	0	0	(14,301)
Net cash (used in) provided by investing activities	2,021	(4,453)	(25,037)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	0	0	37,000
Deferred financing fees	(679)	(1,427)	0
Payments from stock-based award activities	(1,482)	(1,543)	(1,050)
Proceeds from issuance of common stock in connection with the exercise of Warrants	0	0	383
Net cash (used in) provided by financing activities	(34,605)	(69,008)	2,850
Effect of foreign currency rate fluctuations on cash	691	300	(300)
Net change in cash and cash equivalents	15,006	14,931	(10,175)
Beginning of period	41,081	26,150	36,325
End of period	56,087	41,081	26,150
Supplemental disclosures of cash flow information:
Cash paid for interest	52,160	64,693	36,868
Cash paid for income taxes	11,142	16,041	6,834
Property and equipment additions included in accounts payable	1,134	0	0
Empower Sponsor Holdings LLC [Member]
Supplemental disclosures of cash flow information:
Vested Earn-Out Shares issued to Empower Sponsor Holdings LLC	0	0	14,689
Principal Payment [Member]
FINANCING ACTIVITIES:
Principal payments on long-term debt	$ (32,444)	$ (66,038)	$ (33,483)

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%
Unrecognized Tax Benefits	$ 384	$ 329
Unrecognized Tax Benefits, Interest on Income Taxes Expense	68
Unrecognized Tax Benefits, Income Tax Penalties Expense	130
Income Tax Examination, Penalties and Interest Accrued	198	$ 0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	303
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards	170
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 1,439

Note 13 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

13.

EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share:

	For the years ended December 31,
	2024			2023		2022
Numerator:
Net income (loss)	$	(23,235	)	$	19,180	$	73,774
Less: fair value adjustment for Warrants		—			—		(57,021	)
Net income (loss) - diluted	$	(23,235	)	$	19,180	$	16,753
Denominator:
Weighted average common shares outstanding - basic		118,441,580			117,378,854		116,762,928
Dilutive effect of potential common shares from RSUs		—			952,161		101,290
Dilutive effect of potential common shares from PSUs		—			179,785		—
Dilutive effect of potential common shares from Warrants		—			—		384,078
Weighted average common shares outstanding - diluted		118,441,580			118,510,800		117,248,296
Earnings (loss) per share:
Basic	$	(0.20	)	$	0.16	$	0.63
Diluted	$	(0.20	)	$	0.16	$	0.14

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted earnings per share due to the anti-dilutive effect such shares would have on net loss per common share.

	For the years ended December 31,
	2024		2023		2022
Anti-dilutive shares excluded from calculation of diluted EPS:
Warrants		14,633,311		14,633,311		—
Stock options		437,268		886,046		1,709,690
Restricted stock units		1,292,993		146,475		540,344
Performance stock units		2,051,256		1,822,994		—
Unvested Earn-Out Shares		1,093,750		1,093,750		1,093,750
Total anti-dilutive shares		19,508,578		18,582,576		3,343,784

Note 19 - Segments

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

19.

SEGMENTS

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated gross margin and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow gross margin and the allocation of budget between cost of revenues, sales and marketing, research and development, and general and administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:

	For the years ended December 31,
	2024			2023			2022
Net sales	$	602,224		$	659,704		$	688,415
Cost of goods sold		363,680			403,615			434,757
Gross profit		238,544			256,089			253,658
Selling, general, and administrative		132,149			120,244			150,728
Research and development costs		18,710			23,844			29,083
Amortization of intangible assets		13,884			14,557			14,683
Impairment of indefinite-lived intangible assets		7,695			-			2,395
Impairment of goodwill		40,906			-			—
Restructuring costs		1,566			2,641			4,513
Loss on sale of assets		9,234			-			-
Other operating expense		(268	)		765			1,514
Total operating expense		223,876			162,051			202,916
Operating income		14,668			94,038			50,742
Change in fair value of warrant liability		(7,570	)		4,111			(57,021	)
Change in fair value of earn-out liability		(2,333	)		2,303			(10,731	)
Loss (gain) on early extinguishment of debt		141			(701	)		-
Interest expense, net		50,690			60,746			40,227
Total non-operating expense (income)		40,928			66,459			(27,525	)
Income (loss) before income taxes		(26,260	)		27,579			78,267
Income tax expense (benefit)		(3,025	)		8,399			4,493
Net income (loss)	$	(23,235	)	$	19,180		$	73,774

- Definition

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

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+ Details

Note 10 - Fair Value Measurements - Summary of Assumptions for Estimated Fair Value Using Monte Carlo Simulation Model (Details) - Monte Carlo Simulation Model [Member]	Dec. 31, 2024	Dec. 31, 2023
Measurement Input, Share Price [Member] \| Earn Out Liability [Member]
Alternative Investment, Measurement Input	3.02	4.87
Measurement Input, Share Price [Member] \| Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	3.02	4.87
Measurement Input Strike Price [Member] \| Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	11.5	11.5
Measurement Input, Expected Term [Member] \| Earn Out Liability [Member]
Alternative Investment, Measurement Input	3.54	4.54
Measurement Input, Expected Term [Member] \| Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	1.54	2.54
Measurement Input, Price Volatility [Member] \| Earn Out Liability [Member]
Alternative Investment, Measurement Input	0.6433	0.672
Measurement Input, Risk Free Interest Rate [Member] \| Earn Out Liability [Member]
Alternative Investment, Measurement Input	0.0421	0.0379
Measurement Input, Risk Free Interest Rate [Member] \| Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	0.0412	0.0401
Measurement Input Price Hurdle One [Member] \| Earn Out Liability [Member]
Alternative Investment, Measurement Input	15	15
Measurement Input Price Threshold [Member] \| Warrant Liability Private Placement Warrants [Member]
Alternative Investment, Measurement Input	18	18

Note 4 - Property, Plant and Equipment, Net - Schedule of Long-lived Assets by Geographic Locations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, plant, and equipment, net	$ 40,983	$ 47,206
UNITED STATES
Property, plant, and equipment, net	38,606	44,931
Non-US [Member]
Property, plant, and equipment, net	$ 2,377	$ 2,275

Note 10 - Fair Value Measurements - Schedule of Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liability	$ 2,021	$ 13,026
Fair Value, Inputs, Level 1 [Member]
Liability	548	5,480
Fair Value, Inputs, Level 2 [Member]
Liability	60	1,164
Fair Value, Inputs, Level 3 [Member]
Liability	1,413	6,382
Warrant Liability Public Warrants [Member]
Liability	548	5,480
Warrant Liability Public Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Liability	548	5,480
Warrant Liability Public Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Warrant Liability Public Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member]
Liability	265	2,903
Warrant Liability Private Placement Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Warrant Liability Private Placement Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Liability	265	2,903
Earn Out Liability [Member]
Liability	1,148	3,479
Earn Out Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Earn Out Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Liability	0	0
Earn Out Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Liability	1,148	3,479
Interest Rate Collar Liability [Member]
Liability	60	1,164
Interest Rate Collar Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Liability	0	0
Interest Rate Collar Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Liability	60	1,164
Interest Rate Collar Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Liability	$ 0	$ 0

Note 9 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 04, 2023
Unrealized Gain (Loss) on Derivatives	$ 1,104	$ (1,164)	$ (0)
Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member]
Derivative, Notional Amount				$ 500,000
Derivative, Floor Interest Rate				2.811%
Derivative, Cap Interest Rate				5.00%
Derivative Liability	60	$ 1,164
Unrealized Gain (Loss) on Derivatives	1,104
Payments for (Proceeds from) Hedge, Investing Activities	$ 1,429

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Note 2 - Business Combination and Divestitures (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			12 Months Ended
	Jul. 16, 2021	Dec. 31, 2024	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Stock, Shares, Issued (in shares)		118,748,697			118,748,697	117,707,280
Proceeds from Divestiture of Businesses					$ 7,099	$ 0	$ 1,966
Gain (Loss) on Disposition of Business					(9,234)	$ (0)	$ (1,037)
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Operating Income (Expense), Net
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]							Other Operating Income (Expense), Net
Finspeed Llc [Member]
Revenue from Contract with Customer, Including Assessed Tax							$ 426
Detroit Speed Engineering [Member]
Proceeds from Divestiture of Businesses		$ 5,000
Gain (Loss) on Disposition of Business					(9,234)
Porter Pike [Member]
Proceeds from Sale, Land, Held-for-Use					$ 2,099
Finspeed Llc [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Proceeds from Divestiture of Businesses			$ 1,966
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			(1,037)
Impairment of Intangible Assets (Excluding Goodwill), Total			$ 268
IPO [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 11.5
Warrants and Rights Outstanding, Term (Year)	5 years
IPO [Member] \| Public Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	8,333,310
IPO [Member] \| Private Placement Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	4,666,667
Merger Agreement [Member] \| Pipe Investors [Member]
Repayments of Long-Term Debt, Total	$ 100,000
Subscription Agreement [Member] \| Pipe Investors [Member]
Common Stock, Shares, Issued (in shares)	24,000,000
Shares Issued, Price Per Share (in dollars per share)	$ 10
Common Stock, Value, Subscriptions	$ 240,000
Amended And Restated Forward Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	5,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	1,666,667
Proceeds from Issuance of Common Stock	$ 50,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 11.5
Empower Sponsor Holdings LLC [Member] \| Tranche One [Member]
Outstanding Term of the Earn-out Share (Year)				7 years
Empower Sponsor Holdings LLC [Member] \| Merger Agreement [Member]
Business Combination Contingent Consideration Shares Issuable, Shares (in shares)	2,187,500
Empower Sponsor Holdings LLC [Member] \| Merger Agreement [Member] \| Holley Parent Holdings Llc [Member]
Payments to Acquire Businesses, Gross	$ 264,718
Common Stock, Shares, Issued (in shares)	67,673,884
Shares Issued, Price Per Share (in dollars per share)	$ 10

Note 13 - Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	19,508,578	18,582,576	3,343,784
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	14,633,311	14,633,311	0
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	437,268	886,046	1,709,690
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	1,292,993	146,475	540,344
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	2,051,256	1,822,994	0
Earn Out Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)	1,093,750	1,093,750	1,093,750

Note 14 - Equity-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Unvested Restricted Stock Awards
				Weighted Average
	Number of RSAs			Grant Date Fair Value
Balance on December 31, 2023		4,904,801		$	2.86
Granted		1,538,364			4.06
Vested		(1,431,014	)		3.03
Forfeited		(816,990	)		3.48
Balance on December 31, 2024		4,195,161		$	3.12

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions [Table Text Block]

	For the year ended
	December 31, 2023
Expected volatility		60.5	%
Expected dividend		—
Risk-free interest rate		3.67	%

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted Average
				Weighted		Remaining		Aggregate
	Number of			Average		Contractual		Intrinsic Value
	Stock Options			Exercise Price		Term (years)		(in millions)
Options outstanding on December 31, 2023		886,046		$	10.97
Forfeited		(142,919	)		11.08
Expired		(305,859	)		10.91
Options outstanding on December 31, 2024		437,268		$	10.99		6.47	$	—
Options exercisable on, December 31, 2024		378,277		$	10.88		6.36	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	For the year ended December 31,
	2022
Weighted-average expected term	6.0 years
Expected volatility		36.0% - 40.0%
Expected dividend		—
Risk-free interest rate		1.98% - 3.06%

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	For the years ended December 31,
	2024		2023		2022
Restricted stock units	$	3,586	$	4,371	$	4,304
Performance stock units		1,291		2,343		—
Stock options		293		577		2,349
Profit interest units		—		—		17,742

Profit Interest Units [Member]

Notes Tables

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	For the year ended December 31,
	2022
Weighted-average expected term	3.0 years
Expected volatility		65.0	%
Expected dividend		—
Risk-free interest rate		4.3	%

Note 12 - Income Taxes - Change in the Valuation Allowance for Deferred Tax Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Valuation allowance, January 1	$ 5
Additions charged to expense accounts	1,129
Valuation allowance, December 31	$ 1,134

Note 7 - Debt - Future Maturities of Long-term Debt and Amortization of Debt Issuance Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
2025, future maturities	$ 7,201
2025, debt issuance costs amortization	2,244
2026, future maturities	6,571
2026, debt issuance costs amortization	2,244
2027, future maturities	6,571
2027, debt issuance costs amortization	2,244
2028, future maturities	541,220
2028, debt issuance costs amortization	2,245
Future maturities	561,563
Debt Issuance Cost Amortization	$ 8,977	$ 10,308

Note 14 - Equity-based Compensation Plans - Schedule of Profit Interest Units Valuation using Black-Scholes Option Pricing Model (Details) - Profit Interest Units [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Weighted-average expected term (Year)	3 years
Expected volatility	65.00%
Expected dividend	$ 0
Risk-free interest rate	4.30%

Note 14 - Equity-based Compensation Plans - Schedule of Components of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense	$ 3,586	$ 4,371	$ 4,304
Performance Shares [Member]
Share-Based Payment Arrangement, Expense	1,291	2,343	0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	293	577	2,349
Profit Interest Units [Member]
Share-Based Payment Arrangement, Expense	$ 0	$ 0	$ 17,742

Note 19 - Segments (Details Textual)	12 Months Ended
Note 19 - Segments (Details Textual)	Dec. 31, 2024
Number of Operating Segments	1

Note 15 - Lease Commitments - Schedule of Operating Lease Expense Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Components of lease expense:
Operating lease expense	$ 7,201	$ 6,629
Short-term lease expense	1,572	1,953
Variable lease expense	345	314
Total lease expense	9,118	8,896
Cash paid for amounts included in measurement of operating lease liabilities	7,159	7,024
Right-of-use assets obtained in exchange for new operating lease liabilities	13,572	6,531
Decapitalization of right-of-use assets upon lease termination or modification	$ 1,374	$ 1,320

Note 5 - Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Goodwill, net as of December 31, 2022

$ 419,056

Measurement period adjustments

^[1]

$ 935

Goodwill disposed

(5,810)

Accumulated goodwill impairment

(40,906)

$ 0

Goodwill, net as of December 31, 2023

$ 372,340

$ 419,056

[1]	See Note 2, "Business Combination, Acquisitions, and Divestiture"

- Definition

+ References

+ Details

Note 6 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued freight	$ 1,673	$ 5,654
Accrued employee compensation and benefits	11,646	11,696
Accrued returns, allowances and warranties	12,257	11,267
Accrued taxes	4,053	1,475
Current portion of operating lease liabilities	5,324	4,948
Accrued other	8,237	7,089
Total accrued liabilities	$ 43,190	$ 42,129

Note 1 - Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
FDIC Deposits Maturities (Year)	3 years
Cash, FDIC Insured Amount	$ 250
Cash and Cash Equivalents, at Carrying Value	56,087	$ 41,081
Accounts and Other Receivables, Net, Current	$ 36,123	48,360	$ 47,083
Number of Reportable Segments	1
Amortization of Debt Issuance Costs	$ 1,756	1,780	1,707
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	68	130
Unrecognized Tax Benefits	384	329
Advertising Expense	9,355	5,987	7,159
Research, Development, Pre Production and Start Up Costs	18,710	23,844	29,083
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	1,162	710
Other Expense [Member]
Gain (Loss), Foreign Currency Transaction, before Tax	(568)	278	(97)
Shareholders Equity [Member]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 452	234	$ (990)
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	25 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	22 years 6 months
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	25 years
Customer Relationships [Member] \| Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	23 years 7 months 6 days
Technology-Based Intangible Assets [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	5 years
Technology-Based Intangible Assets [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years
Technology-Based Intangible Assets [Member] \| Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	12 years 1 month 6 days
Trade Names [Member] \| Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	15 years
Trade Names [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years
Trade Names [Member] \| Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	19 years 2 months 12 days
Non-US [Member]
Cash and Cash Equivalents, at Carrying Value	$ 5,605	$ 4,975

Note 12 - Income Taxes - Changes in Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Gross unrecognized tax benefits, January 1	$ 329
Changes in balance related to tax position taken during prior periods	279
Changes in balances related to tax position taken during current period	105
Settlements	(329)
Gross unrecognized tax benefits, December 31	$ 384

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Emerging Growth Company [Policy Text Block]	*Emerging Growth Company Status* Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company is an emerging growth company, and, as such, has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards.
Risks And Uncertainties [Policy Text Block]	*Risks and Uncertainties* The Company's business and results of operations, financial condition, and liquidity are impacted by broad economic conditions including inflation, labor shortages, and disruption of the supply chain, as well as by geopolitical events, including military conflicts (including the conflict in Ukraine, the conflict in Israel and surrounding areas, and the possible expansion of such conflicts). The Company's operations have been adversely impacted by inflationary pressures primarily related to transportation, labor and component costs. Sales growth in certain products has been constrained by supply chain challenges. In response to the global supply chain volatility and inflationary impacts, the Company has attempted to minimize potential adverse impacts on its business with cost savings initiatives, price increases to customers, and by closely monitoring inventory levels of certain products and working closely with its suppliers and customers to minimize disruptions in delivering products to customers. Our profitability has been, and may continue to be, adversely affected by constrained consumer demand, a shift in sales to lower-margin products, and demands on our performance that increase our costs. Should the ongoing macroeconomic conditions not improve, or worsen, or if the Company's attempt to mitigate the impact on its supply chain, operations and costs is not successful, the Company’s business, results of operations and financial condition may be adversely affected.
Basis of Accounting, Policy [Policy Text Block]	*Basis of Presentation* The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	*Use of Estimates* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These estimates require the use of judgment as future events, and the effect of these events, cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may consult outside experts to assist as considered necessary.
Cash and Cash Equivalents, Policy [Policy Text Block]	*Cash and Cash Equivalents* The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company's cash and cash equivalents include cash and deposits, including an overnight sweep account where funds are transferred to an interest-bearing deposit account that is insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC insures financial institution deposits up to $250. The Company maintains deposits exceeding $250 in certain accounts at financial institutions in the United States. On December 31, 2024 and 2023, the Company had cash in foreign bank accounts of $5,605 and $4,975, respectively. Cash and cash equivalent in foreign bank accounts are primarily held in Italy. Italian deposits are insured up to €100 per depositor, per bank. The Company maintains deposits exceeding €100 in certain accounts at financial institutions in Italy. The Company has not incurred any losses in these accounts.
Accounts Receivable [Policy Text Block]	*Accounts Receivable and Allowance for Credit Losses* Accounts receivable represent amounts due from customers in the ordinary course of business. The receivables are stated at the amount management expects to collect. The Company is subject to risk of loss from uncollectible receivables in excess of its allowance. The Company maintains an allowance for credit losses for estimated losses from customers’ inability to make required payments. In order to estimate the appropriate level of this allowance, the Company analyzes historical bad debts, customer concentrations, current customer creditworthiness, current economic trends and changes in customer payment patterns. Accounts are written off when management determines the account is uncollectable. Interest is not charged on past due accounts. Accounts receivable, less allowance was $36,123 , $48,360 and $47,083 as of December 31, 2024, 2023 and 2022, respectively.
Inventory, Policy [Policy Text Block]	*Inventory Valuation* The Company's inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence or impaired balances.
Segment Reporting, Policy [Policy Text Block]	*Segments* The Company's operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	*Goodwill* Goodwill represents the excess of purchase price over the fair value of the net assets of businesses acquired. On an annual basis or whenever events or changes in circumstances indicate the carrying value of goodwill may have been impaired, the Company may perform a qualitative assessment to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the Company determines that the fair value of the reporting unit is less than its carrying amount or elects not to perform a qualitative assessment, it will perform a quantitative analysis; otherwise, no further evaluation is necessary. For the quantitative impairment assessment, the Company compares the fair value of the reporting unit to its carrying value, including goodwill. The Company determines the fair value of the reporting unit based on a weighting of income and market approaches. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired and no further testing is performed. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company will recognize a loss equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. Impairments, if any, are charged directly to earnings.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	*Intangible Assets Other Than Goodwill* Tradenames acquired in certain business combinations were determined to have indefinite useful lives and are not amortized, but instead are tested for impairment on an annual basis and when facts and circumstances indicate that the carrying values of the assets may be impaired. If such review indicates an asset’s carrying value may not be recoverable, an impairment loss is recognized for the excess of the carrying value over the fair value of the asset. As part of separate business acquisitions, the Company’s customer relationships, technology and certain tradenames were identified as definite-lived intangible assets. The customer relationship intangible assets are being amortized over a ten to twenty-five year life based on the attrition rate of customers with a weighted-average amortization period of 23.6 years. The technology intangible assets are being amortized over a five to twenty year life based on the lifecycle of previous technology with a weighted-average amortization period of 12.1 years. The tradenames are being amortized over a fifteen to twenty year life based on the estimated life of the tradename with a weighted-average amortization period of 19.2 years. The weighted-average amortization period for all amortizable intangibles on a combined basis is 22.5 years.
Property, Plant and Equipment, Policy [Policy Text Block]	*Property, Plant and Equipment* Property, plant and equipment acquired in various acquisitions have been recorded at fair value. All other property, plant and equipment is recorded at cost. Depreciation and amortization are provided for using the straight-line method over the estimated useful lives of the assets. Estimated useful lives for new property, plant and equipment additions are seven to twenty-five years for buildings, three to ten years for machinery and equipment, and the shorter of the estimated lease term or useful life for leasehold improvements. Maintenance, repairs, and betterments which do not enhance the value of or increase the life of the assets are expensed as incurred.
Lessee, Leases [Policy Text Block]	*Leases* Operating lease right of use ("ROU") assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The Company's leases may include options to extend or terminate the lease. These options to extend are included in the lease term when it is reasonably certain that the Company will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in the ROU assets and liabilities. Variable payments for real estate leases primarily relate to common area maintenance, insurance, taxes and utilities. Since the Company's leases generally do not provide an implicit rate, the Company applies a portfolio approach using an estimated incremental borrowing rate based on the lease term and other information available at the commencement date in determining the present value of lease payments. The rate applied is based on the currency of the lease. Leases having a lease term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the term of the lease. In addition, the Company has applied the practical expedient to account for the lease and non-lease components as a single lease component for all of the Company's leases.
Debt, Policy [Policy Text Block]	*Debt Issuance Costs* Debt issuance costs include fees and costs incurred to obtain financing. Debt issuance costs related to the Company's term loans are presented in the consolidated balance sheet as a direct deduction from the carrying amount of the term loans. These fees and costs are being amortized using the effective interest method over the term of the related loans and are included in interest expense in the Company's consolidated statements of comprehensive income (loss). If the debt is retired before its scheduled maturity date, any remaining unamortized debt issuance costs are written off in the period the debt is retired as a non-operating expense in the statement of operations as loss on the early extinguishment of debt. For the years ended 2024, 2023 and 2022, the amortization of debt issuance costs included in interest expense was $1,756, $1,780, and $1,707, respectively.
Self Insurance Reserve [Policy Text Block]	*Self-Insurance* The Company is self-insured for employee medical and prescription drug benefits up to certain stop loss coverage amounts. The Company accrues an estimate for unpaid claims, as well as incurred but not reported claims, based upon the Company’s claim experience and expectations of future claim activity. The resulting liability and expense are reflected as a component of accrued expenses, cost of sales and selling, general and administrative expenses in the accompanying consolidated balance sheets and consolidated statements of comprehensive income (loss), respectively.
Revenue [Policy Text Block]	*Revenue Recognition* The Company recognizes revenue with customers when control of the promised goods transfers to the customer. This generally occurs when the product is shipped to the customer. Revenue is recorded at the amount of consideration the Company expects to be entitled to in exchange for the delivered goods, which includes an estimate of variable consideration, expected returns, or refunds when applicable. The Company estimates variable consideration, such as sales incentives, by using the most likely amount approach, which considers the single most likely amount from a range of possible consideration amounts. Estimates of variable consideration result in an adjustment to the transaction price such that it is probable that a significant reversal of cumulative revenue would not occur in the future. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. Revenue is recorded net of sales tax. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling to customers are included in selling, general and administrative costs. For more information about the Company’s revenue from contracts with customers, see Note 11, “Revenue”. *Customer Sales Incentives* Sales incentives provided take the form of either sales discounts or rebates and are treated as a reduction of net sales. The Company also maintains a cooperative advertising program with its customers and provides sales incentives to the extent of the estimated value of advertising provided by the customer on behalf of the Company. The costs incurred under the cooperative advertising program are included as a reduction of net sales. *Product Warranty* The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale. These obligations are recorded within accrued liabilities in the consolidated balance sheets (see also Note 18, “Commitments and Contingencies” for additional information on warranty reserves). Significant judgments and estimates must be made and used in connection with establishing warranty allowances in any accounting period. Revision of these estimates is made, when necessary, based upon changes in these factors. *Sales Returns* Estimated sales returns and allowances are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. The Company’s customers are permitted to return new, undamaged products within customer-specific limits (which are generally limited to a specified percentage of their annual purchases) in the event that they have overstocked their inventories. The Company estimates sales returns based primarily upon actual historical returns, planned product discontinuances, and promotional sales. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value.
Cost of Goods and Service [Policy Text Block]	*Cost of Goods Sold* Cost of goods sold primarily consists of materials and labor expense in the manufacturing of the Company’s products sold to its customers. Cost of goods sold also includes provisions for excess and obsolete inventory, warranty costs, certain allocated costs for facilities, depreciation and other manufacturing overhead.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	*Selling, General and Administrative Expenses* Selling, general and administrative expenses include personnel costs for employees in selling, general and administrative functions (including equity-based compensation); costs to operate shop locations, corporate offices and back-office support centers; costs to transport products from facilities to our customers; and other selling, general and administrative expenses, such as professional fees, supplies, and advertising expenses.
Income Tax, Policy [Policy Text Block]	*Income Taxes* Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes income tax positions only if those positions are “more likely than not” of being sustained upon examination by taxing authorities. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest expense and penalties on liabilities for uncertain tax positions within income tax expense. The Company has $68 and $130 accrued for such interest or penalties, respectively, on December 31, 2024 and 2023. The Company files income tax returns in the U.S. federal jurisdiction and various foreign and state jurisdictions. On December 31, 2024 and 2023, the Company had approximately $384 and $329 of unrecognized tax benefits, respectively. The statute of limitations remains open for U.S. federal income tax examinations for the years ended December 31, 2021, through December 31, 2023. U.S. state jurisdictions have statues of limitations generally ranging from three to eight years. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	*Impairment or Disposal of Long-Lived Assets* The Company accounts for long-lived assets, including intangible assets subject to amortization, in accordance with the provisions that require long-lived assets, such as property and equipment, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the sum of undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Advertising Cost [Policy Text Block]	*Advertising* Advertising production costs are expensed the first time the advertising takes place. Total advertising expenses were $9,355, $5,987, and $7,159 for the years ended December 31, 2024, 2023, and 2022, respectively. Advertising costs are classified as a component of selling, general and administrative costs in the accompanying consolidated statements of comprehensive income (loss).
Research and Development Expense, Policy [Policy Text Block]	*Research and Development Costs* Research, development, pre-production and start-up costs related to both present and future products are expensed as incurred. Such costs amount to $18,710, $23,844, and $29,083 for the years ended December 31, 2024, 2023, and 2022, respectively.
Comprehensive Income, Policy [Policy Text Block]	*Other Comprehensive Income (Loss)* Comprehensive income (loss) encompasses all changes in stockholder’s equity and includes net income, change in the foreign currency translation adjustment and minimum pension liability gains. The Company’s accumulated other comprehensive loss shown on the consolidated balance sheets on December 31, 2024 and 2023 consists of foreign currency translation adjustments of $1,162 and $710, respectively.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	*Foreign Currencies* The functional currency of the Company’s Italian subsidiary is the Euro. Assets and liabilities of foreign operations are translated using period end exchange rates. Revenue and expenses are translated using average exchange rates during each period reported. Translation gains (losses) are reported in accumulated other comprehensive loss as a component of shareholders equity and were $452, $234, and ($990) for the years ended December 31, 2024, 2023 and 2022, respectively. The Company recognizes foreign currency transaction gains (losses) on certain assets and liabilities. These transaction (gains) losses are reported in other expense in the consolidated statements of comprehensive income (loss) and were ($568), $278, and ($97) for the years ended December 31, 2024, 2023 and 2022, respectively.
Earnings Per Share, Policy [Policy Text Block]	*Earnings per Share* Earnings per share is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. The dilutive effect of these potential common shares is reflected in diluted earnings per share by application of the treasury stock method.
Warrant and Forward Purchase Agreement Liabilities [Policy Text Block]	*Warrants* The Company accounts for warrants to purchase its common stock as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification ("ASC") Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, meet the definition of a liability pursuant to ASC Topic 480, and whether the warrants meet all of the requirements for equity classification under ASC Topic 815, including whether the warrants are indexed to the Company’s own shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
Share-Based Payment Arrangement [Policy Text Block]	*Equity-Based Compensation* The Company accounts for equity-based awards granted to employees and nonemployees under the fair value method prescribed by ASC Subtopic 718-10, Stock Compensation. Equity-based compensation cost is measured based on the estimated grant date fair value of the award and is recognized as expense over the requisite service period (generally the vesting period). The fair value of stock options is estimated using the Black Scholes option-pricing model. Restricted stock units are valued at the stock price on the grant date. The fair value of profit interest units granted by the Holley Stockholder is estimated based on the Company’s estimated equity value for each unit class at the time of granting using the Black-Scholes option-pricing model, discounted to reflect market considerations for illiquidity. Performance share units that vest based on the achievement of company-designated performance targets are valued at the stock price on the grant date. Compensation expense in respect of such performance share units is recognized each period based on the expected level of achievement and, to the extent that the expected levels of achievement change, compensation cost is adjusted in the period of change with the remaining unrecognized cost recognized over the remaining requisite service period. For performance share units that vest based on the achievement of predetermined market conditions, the Company estimates the grant date fair value using a Monte Carlo simulation model. The fair value associated with each tranche of the award is recognized, straight-line, over the associated requisite service period for that tranche, subject to acceleration if the market condition is met prior to the end of the derived service period. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not reversed when the awards are forfeited as long as the service is provided for the duration of the required service period.
Fair Value Measurement, Policy [Policy Text Block]	*Fair Value Measurements* Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimizes the use of unobservable inputs to the extent possible. The inputs used to measure fair value are prioritized based on a three-level hierarchy, which are defined as follows: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Derivatives, Reporting of Derivative Activity [Policy Text Block]	*Derivative Financial Instruments* The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging. For derivative financial instruments that are accounted for as assets or liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The Company uses derivative instruments to manage its exposure to changes in interest rates on borrowings under its debt facility. These derivative instruments are primarily valued on the basis of quotes obtained from banks, brokers, and/or dealers. The valuation of the derivative instruments considers future expected interest rates on the notional principal balance remaining, which is comparable to what a prospective acquirer would pay on the measurement date. Valuation pricing models consider inputs such as forward rates, anticipated interest rate volatility relating to the reference rate, as well as time value, counterparty risk and other factors underlying derivative instruments.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	*Concentration of Credit Risk* Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and accounts receivable. The Company controls its exposure to credit risk associated with these instruments by (i) placing cash and cash equivalents with several major financial institutions and (ii) maintaining strict policies over credit extension that include credit evaluations, credit limits and monitoring procedures. For more information on the Company’s net sales to its three largest customers, see Note 16 “Major Distribution Partner Customers”.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements *Accounting Standards Recently Adopted* In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU requires entities to apply the definition of a performance obligation under ASC Topic 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities (i.e., deferred revenue) relating to contracts with customers that are acquired in a business combination. Prior to the adoption of ASU 2021-08, an acquirer generally recognized assets acquired, and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU No. 2021-08 results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASC Topic 606. The Company adopted ASU 2021-08 on January 1, 2023. Adoption of ASU 2021-08 did not impact the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requiring public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 19 Segment in the accompanying notes to the consolidated financial statements for further detail. **Accounting Standards Not* Yet Adopted*** In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures. The Company will continue to evaluate the impact of this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires additional disclosures of various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The standard also requires information pertaining to taxes paid to be disaggregated for federal, state and foreign taxes, and contains other disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the effect of this new guidance on its consolidated financial statements and related disclosures.

Note 7 - Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt, Gross	$ 561,563
Other	630	$ 1,974
Less unamortized debt issuance costs	(8,977)	(10,308)
Long-Term Debt	552,586	584,171
Less current portion of long-term debt	(7,201)	(7,461)
Long-Term Debt, Excluding Current Maturities	545,385	576,710
Revolving Credit Facility [Member]
Long-Term Debt, Gross	0	0
First Lien Note Due November 17, 2028 [Member]
Long-Term Debt, Gross	$ 560,933	$ 592,505

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information** None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 17 - Acquisition, Restructuring and Management Fee Costs - Summary of Total Acquisitions and Restructuring Costs (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Acquisitions (1)

^[1]

$ 0

$ 1,887

Restructuring (2)

^[2]

1,566

2,641

2,626

Total acquisition and restructuring costs

$ 1,566

$ 2,641

$ 4,513

[1]	Includes professional fees for legal, accounting, consulting, administrative, and other professional services directly attributable to acquisitions.
[2]	Includes costs incurred as part of the restructuring of operations including professional and consulting services and executive severance.

Note 3 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Raw materials	$ 58,858	$ 63,552
Work-in-process	3,416	22,619
Finished goods	130,249	106,089
Inventory, Net	$ 192,523	$ 192,260