Summary of Significant Accounting Policies (Tables) - Lea & Eddy Holdings, LLC

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies [Line Items]

Schedule of Reconciliation of Cash and Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows.


	March 31,
(in thousands)	2026		2025
Cash and cash equivalents	$	4,118	$	997
Other noncurrent assets		287		—
Total cash, cash equivalents and restricted cash	$	4,405	$	997

Summary of Property Plant and Equipment Estimated Useful Lives

The estimated useful lives of the major classes of property, plant, and equipment are as follows:


Furniture and fixtures		2 years
Vehicles		3 years
Buildings		8 - 12 years
Leasehold improvements		2 - 10 years
Water wells, facilities and related equipment		2 - 20 years

Schedule of Estimated Useful Lives of Major Classes of Intangibles

The estimated useful lives of the major classes of intangibles are as follows:


Water rights		15 years
Surface rights		15 years
Saltwater disposal		15 years

Schedule of Deferred Revenue Activity

The following table shows a summary of deferred revenue activity:


	Three Months Ended March 31,
(in thousands)	2026			2025
Beginning balance	$	627		$	175
Payment received/accrued and deferred		25			20
Revenue recognized during the period		(384	)		(36	)
Ending balance	$	268		$	159

Schedule of Risk Concentration

The Company had significant concentrations in revenue from the following significant customers:


	Three Months Ended March 31,
	2026	2025
Customer A	27%	*
Customer B	11%	*
Customer C	10%	*
Customer D	*	44%
Customer E	*	17%

* Below 10%

The Company had significant concentrations in accounts receivable from the following significant customers:


	March 31, 2026	December 31, 2025
Customer A	20%	*
Customer B	17%	*
Customer C	*	23%
Customer D	*	15%
Customer E	*	15%
Customer F	*	14%
Customer G	*	12%

* Below 10%

The Company had concentrations of major suppliers within cost of sales as follows:


	Three Months Ended March 31,
	2026	2025
Supplier A	37%	*
Supplier B	15%	*
Supplier C	*	37%
Supplier D	*	13%

The Company had concentrations of major suppliers within accounts payable as follows:


	March 31, 2026	December 31, 2025
Supplier A	34%	*
Supplier B	21%	15%
Supplier C	*	34%

* Below 10%

Schedule of Computation of Basic and Diluted Earnings Per Common Unit

The following represents the computation of basic and diluted earnings per common unit for the three months ended March 31, 2026 and 2025 (in thousands, except unit and per unit data):


	2026		2025
Net income (loss) – basic and diluted	$	3,363	$	(1,110	)

Common units used in computation:
Weighted-average common units outstanding – basic and diluted		1,195		1,000
Weighted-average warrants considered outstanding common units - basic and diluted		900		—
Total weighted-average common unit equivalents outstanding - basic and diluted		2,095		1,000

Income (loss) per common unit – basic and diluted	$	1,605	$	(1,110	)

Summary of Weighted Average Common Unit Equivalents Excluded from Calculation of Weighted Average Common Units Outstanding

The following weighted average common unit equivalents are excluded from the calculation of weighted average common units outstanding because their inclusion would have been anti-dilutive:


	2026		2025
Contingently issuable warrants		—		1,001