v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ 33,465 $ (72,641)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 23,637 22,387
Amortization of debt issuance costs and non-cash interest expense 499 486
Inventory lower of cost or net realizable value adjustment 0 2,519
Deferred income taxes 2,873 713
Stock-based compensation 1,889 8,840
(Income) loss from equity method investees, net of income taxes (22) 850
Other (196) 1,073
Changes in operating assets and liabilities    
Accounts receivable (10,866) (2,202)
Inventories 8,717 38,360
Production tax credits 65,560 0
Derivative financial instruments 10,590 (8,082)
Prepaid expenses and other assets (3,630) 5,419
Accounts payable and accrued liabilities (44,491) (55,815)
Current income taxes 4,061 140
Other (467) 2,912
Net cash used in operating activities (39,501) (55,041)
Cash flows from investing activities    
Purchases of property and equipment, net (6,448) (16,710)
Investment in equity method investees 0 (4,000)
Net cash used in investing activities (4,448) (20,710)
Cash flows from financing activities    
Payments of principal on long-term debt (1,046) (480)
Proceeds from short-term borrowings 87,802 182,319
Payments on short-term borrowings (87,386) (185,755)
Payments related to tax withholdings for stock-based compensation (2,409) (1,372)
Other financing activities 0 (1,753)
Net cash used in financing activities (3,039) (7,041)
Net change in cash and cash equivalents, and restricted cash (46,988) (82,792)
Cash and cash equivalents, and restricted cash, beginning of period 230,132 209,395
Cash and cash equivalents, and restricted cash, end of period 183,144 126,603
Reconciliation of total cash and cash equivalents, and restricted cash    
Cash and cash equivalents 95,719 98,610
Restricted cash 87,425 27,993
Total cash and cash equivalents, and restricted cash 183,144 126,603
Supplemental disclosures of cash flow    
Cash paid (refunded) for income taxes, net (4,019) 29
Cash paid for interest 6,395 9,689
Capital expenditures in accounts payable 2,169 5,662
Capital expenditures in carbon equipment liabilities 12,869 28,509
Non-cash asset retirement obligation additions 0 4,691
Proceeds from Sale of Productive Assets $ 2,000 $ 0