The following table summarizes the effect of commodity swaps on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Location of Gain (Loss) Recognized	Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:
Commodity swaps - realized	Revenues - Renewable Power		(143)		(92)
Commodity swaps - unrealized	Revenues - Renewable Power		92		(13)
Commodity swaps - realized	Revenues - RNG Fuel		(937)		67
Commodity swaps - unrealized	Revenues - RNG Fuel		458		(1,328)
Total realized and unrealized net loss			$	(530)	$	(1,366)

The following table summarizes the derivative assets and liabilities related to commodity swaps as of March 31, 2026 and December 31, 2025:


	Fair Value
	March 31, 2026		December 31, 2025		Location of Fair value recognized in Balance Sheet
Derivatives not designated as hedging instruments:
Current portion of unrealized gain on commodity swaps	$	2,539	$	1,933	Prepaid expense and other current assets
Current portion of unrealized loss on commodity swaps	—		(92)		Accrued expenses and other current liabilities
Non - current portion of unrealized gain on commodity swaps	—		149		Other long-term assets

Total commodity swaps - unrealized gain	$	2,539	$	1,990

There were no amounts offset in the condensed 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.

During the three months ended March 31, 2026, the Company issued the Warrants with an initial estimated fair value of $2,760. Changes in fair value of $710 were recognized in other (expense) income, net, resulting in an estimated fair value of $3,470 as of March 31, 2026. The key inputs into the Black-Scholes option pricing model for the Warrants were as follows for the relevant periods:


	As of March 31, 2026			As of March 6, 2026
Risk-free interest rate	4.2		%	4.0		%
Expected term (years)	7.92			8.00
Expected volatility	59.1		%	57.7		%
Exercise price	$	2.67		$	2.67
Stock price	$	2.52		$	2.12

There were no transfers of assets between Level 1, Level 2, or Level 3 of the fair value hierarchy as of March 31, 2026 and December 31, 2025.

The Company's assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2026 and December 31, 2025, set forth by level, within the fair value hierarchy:


	Fair values as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	128,317	$	—	$	—	$	128,317
Interest rate swap contracts	—		600		—		600
Commodity swap contracts	—		2,539		—		2,539
Liabilities:
Warrants	—		—		3,470		3,470


	Fair values 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