v3.26.1
ACQUISTIONS AND DIVESTITURES (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of the Assets and Liabilities Acquired
The following table sets forth the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date. Certain data and assessments necessary to complete the purchase price allocation are still under evaluation, including, but not limited to, the valuation of property, plant and equipment, and intangible assets. The Company will finalize the purchase price allocation during the twelve-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.
Moonrise Purchase Price Allocation (in thousands):
Total consideration paid for Moonrise (1)
$89,771 
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash
1,879 
Accounts receivable
3,482 
Other current assets
204 
Property, plant and equipment, net
74,124 
Intangible assets13,114 
Other assets758 
Trade accounts payable, accrued expenses and other
(3,790)
Net assets acquired and liabilities assumed
$89,771 
(1) Purchase price consideration includes $17.9 million of equity consideration (462,265 shares valued at $38.71 per share on March 10, 2025) as well as $1.9 million of cash acquired.
The following table sets forth the fair value of the assets acquired and liabilities assumed as of the acquisition date. No material changes were made subsequent to the provisional purchase accounting measurements initially recorded in December 2024 for the Tall Oak Acquisition.
Purchase Price Allocation (in thousands):
Total consideration paid for Tall Oak (1)
$459,305 
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash
846 
Accounts receivable
10,448 
Other current assets
4,741 
Property, plant and equipment, net
436,418 
Intangible assets17,752 
Trade accounts payable, accrued expenses and other
(10,900)
Net assets acquired and liabilities assumed
$459,305 
(1) Purchase price consideration includes $283.1 million of equity consideration.(7,471,008 shares of Class B common stock valued at $37.89 per share on December 2, 2024)
Schedule of Pro Forma Information
Pro Forma Information (Unaudited). The following table summarizes the unaudited pro forma condensed financial information of SMC as if the Moonrise Acquisition and Tall Oak Acquisition had occurred on January 1, 2024:
Year Ended December 31, 2025Year Ended December 31, 2024
(in thousands)
Revenues
$566,070 $543,481 
Net loss
$(2,704)$(80,168)