The Company utilizes commodity swap contracts to hedge against the unfavorable price fluctuations in market prices of electricity and natural gas. The Company does not apply hedge accounting to these contracts. These contracts are considered to be Level 2 instruments in the fair value hierarchy.

The Company entered into an International Swaps and Derivatives Association (“ISDA”) agreement with NextEra, a related party in November 2022. Pursuant to the agreement, in December 2024 the Company entered in 15-month pay variable, receive fixed cash settled electricity commodity swap with NextEra. The Company will receive Fixed Price $56.15 per MWh and pay Floating Price. Total notional quantity of the contract is 10,919 MWh. The Company applies fair value accounting under ASC 815 for this transaction.

During the year ended December 31, 2025, the Company entered into multiple ISDA agreements with various banks for pay-variable, receive-fixed, cash-settled natural gas commodity swaps with fixed prices ranging from $3.88 to $4.53 per MMBTU and total notional quantity of 7,200,000 MMBTUs. The Company applies fair value accounting under ASC 815 for these transactions.

The following table summarizes the effect of commodity swaps on the consolidated statements of operations for the years ended December 31, 2025 and 2024:


		Year Ended December 31,
Derivatives not designated as hedging instruments:	Location of gain (loss) recognized	2025		2024
Commodity swaps - realized (loss) gain	Revenues - Renewable Power	$	(79)	$	761
Commodity swaps - unrealized (loss) gain	Revenues - Renewable Power	(20)		(704)
Commodity swaps - realized gain	Revenues - RNG Fuel	2,444		—
Commodity swaps - unrealized gain	Revenues - RNG Fuel	2,082		—
Total realized and unrealized gain		$	4,427	$	57


	Fair Value
	December 31, 2025		December 31, 2024		Location of Fair value recognized in Balance Sheet
Derivatives not designated as hedging instruments:
Current portion of unrealized gain commodity swaps	$	1,933	$	—	Prepaid expense and other current assets
Current portion of unrealized loss commodity swaps	(92)		(9)		Accrued expenses and other current liabilities
Non - current portion of unrealized gain commodity swaps	149		—		Other long-term assets
Non - current portion of unrealized loss commodity swaps	—		(63)		Other long-term liabilities
Total commodity swaps - unrealized gain (loss)	$	1,990	$	(72)

There were no amounts offset in the consolidated balance sheets as of the period-end dates. In addition, there were no collateral balances with counterparties outstanding as of the period-end dates.

In July 2024, the Company purchased a $750 convertible note with a 12‑month term, which is classified as available‑for‑sale and measured at fair value with changes recognized in earnings. The note was a Level 3 financial instrument, and its fair value was presented as a separate line item in the consolidated balance sheets. As of December 31, 2024, the note’s fair value was $760, with changes in fair value (including interest income) recorded in other income. In the third quarter of 2025, the investee underwent an exit event, the note has been paid and the Company received $1,377 in cash proceeds, with an additional $198 held in escrow and recorded in prepaid expenses and other current assets.

The Company's assets and liabilities that are measured at fair value on a recurring basis include the following as of December 31, 2025 and 2024, set forth by level, within the fair value hierarchy:


	Fair value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	22,969	$	—	$	—	$	22,969

Commodity swap contracts	$	—	$	2,082	$	—	$	2,082


	Fair value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,786	$	—	$	—	$	19,786

Convertible note receivable	—		—		760		760
Liabilities:

Commodity swap contracts	$	—	$72		$	—	$72