v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
21. Fair Value Measurements
Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value.
Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities.
Level 2 – inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.
Level 3 – inputs are unobservable and corroborated by little or no market data.
The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at June 30, 2026, and December 31, 2025 are as follows (in thousands):
Fair Value Measurements at June 30, 2026
RecurringFair Value at
June 30,
2026		Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents (1)
$48,621 $48,621 $— $— 
Commodities derivative instruments2,781 — 2,781 — 
Total$51,402 $48,621 2,781 $— 
Fair Value Measurements at December 31, 2025
RecurringFair Value at
December 31,
2025		Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents (1)
$59,904 $59,904 $— $— 
Commodities derivative instruments91 — 91 — 
Total$59,995 $59,904 $91 $— 
_______________________________________________________________
(1)Cash and cash equivalents includes $48.6 million and $59.9 million invested in U.S. government money market funds as of June 30, 2026 and December 31, 2025, respectively.
The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2025, and June 30, 2026.
Notes Receivable
On October 31, 2025, the Company received a $5.0 million note receivable from A.E. Innovation, LLC as partial consideration for the sale of our subsidiary, Agri-Energy, LLC. The note bears interest at the Federal Funds Rate and matures on October 31, 2030. The note requires annual principal and interest payments on October 31 of each year
beginning October 31, 2026. The Company used a market approach to adjust the value of the note to fair value and recorded a discount on the note of $1.6 million. Factors considered by the Company in determining fair value were (i) the credit standing of the issuer, (ii) the secured nature of the note and, (iii) the prevailing rates for similar instruments based on the issuer’s credit. In addition, on February 26, 2026, the Company received a $250 thousand note receivable from Future Energy Capital Limited. The note accrues interest at 12% per annum and matures one year from the date of issuance, on February 26, 2027. The carrying value and the fair value of the notes receivable as of June 30, 2026 are as follows (in thousands):
Carrying
Value		Estimated
Fair Value
Note receivable - A.E, Innovation, LLC$3,722 $3,722 
Note receivable - Future Energy Capital Limited250 250 
Total notes receivable$3,972 $3,972 
Term Loan
The fair value of the Term Loan entered into on January 1, 2025, and subsequently modified on February 6, 2026, is estimated to be equal to its carrying amount as of June 30, 2026, due to the short duration for which the loan was outstanding during the period. The carrying value and estimated fair value of the Term Loan as of June 30, 2026 was $175.0 million.
Redeemable non-controlling interest
The following table reflects the changes in the fair value of the redeemable non-controlling interest as of June 30, 2026 (in thousands):
Redeemable Non-
Controlling Interest
Fair value as of December 31, 2025$4,832 
Increase in equity of non-controlling member2,009 
Income attributable to non-controlling member1,026 
Fair value adjustment(769)
Fair value as of June 30, 2026$7,098