Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment

Schedule of Property and Equipment

Property and equipment as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


		Useful Lives (Years)				March 31, 2026				December 31, 2025
Construction in progress			—			$	37,702			$	4,950
Plant and office buildings		5 - 20					94,664				21,291
Land			—				210				—
Tools, machinery and equipment		3 - 10					8,543				7,869
Computer equipment		3 - 4					621				332
Vehicles		5					2,304				828
Software		5					626				613
Office furniture		5 - 10					1,118				248
Leasehold improvements		Lesser of estimated useful life or the remaining lease term					192				114
Property and equipment, at cost							145,980				36,245
Less accumulated depreciation							(54,185	)			(2,954	)
Property and equipment, net						$	91,795			$	33,291

Summary of Natural Gas Properties at Cost

Natural gas properties at cost as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


		March 31, 2026				December 31, 2025
Proved reserves		$	97,871			$	—
Wells in process			1,789				—
Developed Assets			27,600				—
Rehabilitation Asset			3,659				—
Natural gas properties, at cost			130,919				—
Less accumulated depreciation, depletion and amortization			(697	)			—
Net capitalized costs		$	130,222			$	—