| | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at Reporting Date Using | | (in thousands) | June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Cash equivalents: | | | | | | | | | Overnight repurchase agreements | $ | 7,780 | | | $ | 7,780 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Total | $ | 7,780 | | | $ | 7,780 | | | $ | — | | | $ | — | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Cash equivalents: | | | | | | | | | Overnight repurchase agreements | $ | 10,245 | | | $ | 10,245 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Total | $ | 10,245 | | | $ | 10,245 | | | $ | — | | | $ | — | |
The following table presents the carrying values of the Company’s contingent earnout payment obligations included in the accompanying condensed consolidated balance sheets, which approximated fair value at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at Reporting Date Using | | (in thousands) | June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Accrued expenses and other current liabilities: | | | | | | | | | Second Kent Island Earnout Period | $ | 2,457 | | | $ | — | | | $ | — | | | $ | 2,457 | | | Second Consolidated Mechanical Earnout Period | 760 | | | — | | | — | | | 760 | | | Total | $ | 3,217 | | | $ | — | | | $ | — | | | $ | 3,217 | | | | | | | | | | | | | Fair Value at Reporting Date Using | | (in thousands) | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Accrued expenses and other current liabilities: | | | | | | | | Second IA Earnout Period(1) | 3,500 | | | — | | | — | | | 3,500 | | First Kent Island Earnout Period(2) | 2,500 | | | — | | | — | | | 2,500 | | First Consolidated Mechanical Earnout Period(3) | 954 | | | — | | | — | | | 954 | | | Other long-term liabilities: | | | | | | | | | Second Kent Island Earnout Period | 2,372 | | | — | | | — | | | 2,372 | | Second Consolidated Mechanical Earnout Period | 636 | | | — | | | — | | | 636 | | | Total | $ | 9,962 | | | $ | — | | | $ | — | | | $ | 9,962 | |
(1) In February 2026, the Company made a $3.5 million payment to the former owner of Industrial Air related to the Second IA Earnout Period. (2) In January 2026, the Company made a $2.5 million payment to the former owner of Kent Island related to the First Kent Island Earnout Period. (3) In April 2026, the Company made a $0.9 million payment to the former owner of Consolidated Mechanical related to the First Consolidated Mechanical Earnout Period.
|