v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net loss $ (197,612) $ (19,044)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment of long-lived assets 135,788 0
Allowance for credit losses on refundable deposits 39,782 0
Loss on disposal of property and equipment 210 0
Loss on extinguishment of bonds 10,304 0
Stock-based compensation 4,661 4,142
Depreciation and amortization 13,644 12,835
Change in fair value of derivative instruments (2,690) (652)
Production tax credits generated (32,014) (21,494)
Other non-cash expense 2,203 1,274
Changes in operating assets and liabilities, net of effects of acquisition:    
Accounts receivable (3,576) (3,634)
Inventories (501) (788)
Prepaid expenses and other current assets, deposits and other assets 475 (9,504)
Accounts payable, accrued expenses and non-current liabilities (7,569) 10,295
Deferred clean fuel production tax credits 7,480 0
Net cash used in operating activities (29,415) (26,570)
Investing Activities    
Acquisitions of property, plant and equipment (21,369) (11,077)
Acquisition of Red Trail Energy, net of cash acquired 0 (198,461)
Issuance of note receivable (250) 0
Net cash used in investing activities (21,619) (209,538)
Financing Activities    
Redemption of bonds (68,155) 0
Term loan proceeds 70,000 105,000
Payment of debt issuance costs (2,612) (5,480)
Non-controlling interest 0 5,000
Payment of prepayment penalty on redemption of bonds (6,506) 0
Proceeds from the exercise of stock options 252 182
Payment of finance lease liabilities (141) (726)
Payments for tax withholdings on employee equity awards (596) 0
Net cash (used in) provided by financing activities (7,758) 103,976
Net decrease in cash and cash equivalents (58,792) (132,132)
Cash, cash equivalents and restricted cash at beginning of period 116,939 259,033
Cash, cash equivalents and restricted cash at end of period 58,147 126,901
Schedule of cash, cash equivalents and restricted cash    
Cash and cash equivalents 58,147 57,257
Restricted cash (current) 0 69,644
Total cash, cash equivalents and restricted cash 58,147 126,901
Supplemental disclosures of cash and non-cash investing and financing transactions    
Cash paid for interest, net of amounts capitalized 11,845 3,052
Capitalized interest included in property, plant and equipment 405 0
Non-cash purchase of property, plant and equipment 10,806 6,317
Redeemable non-controlling interest issued for payment of debt issuance costs 2,009 0
Stock-based awards and related share issuances, net $ 1,069 $ 758