Inventory Financing Agreements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Inventory Intermediation Fees

The following table summarizes the inventory intermediation fees, which are included in Cost of revenues (excluding depreciation) on our condensed consolidated statements of operations, and Interest expense and financing costs, net related to the intermediation agreements (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net fees and expenses:
Inventory Intermediation Agreement
Inventory intermediation fees (1)	$	10,877	$	6,036	$	16,477	$	6,036
Interest expense and financing costs, net	332		105		664		105



Supply and Offtake Agreement
Inventory intermediation fees (1)	—		11,880		—		30,918
Interest expense and financing costs, net	—		1,088		—		2,872



LC Facility due 2024

Interest expense and financing costs, net	—		524		—		1,142

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(1)Inventory intermediation fees under the Inventory Intermediation Agreement include market structure fees of $4.7 million and $9.2 million for the three and six months ended June 30, 2025, respectively, and $4.6 million for both the three and six months ended June 30, 2024. Inventory intermediation fees under the Supply and Offtake Agreement include market structure fees of $4.6 million and $13.5 million for the three and six months ended June 30, 2024, respectively.