Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value |
The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | Quoted Prices
in Active
Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Assets: | (in thousands) | | Exchange-traded investments at fair value | $ | 106 | | | $ | — | | | $ | — | | | $ | 106 | | | Investment in debt security - AFS | $ | — | | | $ | — | | | $ | 10,049 | | | $ | 10,049 | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | Earnout liability | $ | — | | | $ | — | | | $ | 4,790 | | | $ | 4,790 | | | 2024 WTI Warrant liability | $ | — | | | $ | — | | | $ | 15,510 | | | $ | 15,510 | | | 2025 WTI Warrant liability | $ | — | | | $ | — | | | $ | 3,240 | | | $ | 3,240 | | | Private placement warrant liability | $ | — | | | $ | 9,933 | | | $ | — | | | $ | 9,933 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Total | | Assets: | (in thousands) | | Investment in debt security - AFS | $ | — | | | $ | — | | | $ | 9,246 | | | $ | 9,246 | | | | | | | | | | | Liabilities: | | | | | | | | | Earnout liability | $ | — | | | $ | — | | | $ | 3,890 | | | $ | 3,890 | | | 2024 WTI Warrant liability | $ | — | | | $ | — | | | $ | 13,080 | | | $ | 13,080 | | | 2025 WTI Warrant liability | $ | — | | | $ | — | | | $ | 3,230 | | | $ | 3,230 | | | Private placement warrant liability | $ | — | | | $ | 11,148 | | | $ | — | | | $ | 11,148 | |
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| Schedule of Changes in Fair Value of Level 3 Assets |
Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment in debt securities - AFS | | Earnout liability | | 2024 WTI Warrant liability | | 2025 WTI Warrant liability | | Embedded derivative liability (asset) - Convertible Debentures | | | | (in thousands) | | | Balance as of January 1, 2025 | | | $ | 11,187 | | | $ | 14,752 | | | $ | 17,230 | | | $ | — | | | $ | — | | | Additions | | | 7,278 | | | — | | | — | | | 3,090 | | | 1,774 | | | Settlement | | | (8,757) | | | (873) | | | — | | | — | | | — | | | Change in fair value | | | (691) | | | (9,509) | | | (4,780) | | | 310 | | | 22 | | Balance as of June 30, 2025 | | | $ | 9,017 | | | $ | 4,370 | | | $ | 12,450 | | | $ | 3,400 | | | $ | 1,796 | | | | | | | | | | | | | | Balance as of January 1, 2026 | | | $ | 9,246 | | | $ | 3,890 | | | $ | 13,080 | | | $ | 3,230 | | | $ | — | | | Additions | | | 179 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Change in fair value | | | 624 | | | 900 | | | 2,430 | | | 10 | | | — | | Balance as of June 30, 2026 | | | $ | 10,049 | | | $ | 4,790 | | | $ | 15,510 | | | $ | 3,240 | | | $ | — | |
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| Schedule of Changes in Fair Value of Level 3 Liabilities |
Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Investment in debt securities - AFS | | Earnout liability | | 2024 WTI Warrant liability | | 2025 WTI Warrant liability | | Embedded derivative liability (asset) - Convertible Debentures | | | | (in thousands) | | | Balance as of January 1, 2025 | | | $ | 11,187 | | | $ | 14,752 | | | $ | 17,230 | | | $ | — | | | $ | — | | | Additions | | | 7,278 | | | — | | | — | | | 3,090 | | | 1,774 | | | Settlement | | | (8,757) | | | (873) | | | — | | | — | | | — | | | Change in fair value | | | (691) | | | (9,509) | | | (4,780) | | | 310 | | | 22 | | Balance as of June 30, 2025 | | | $ | 9,017 | | | $ | 4,370 | | | $ | 12,450 | | | $ | 3,400 | | | $ | 1,796 | | | | | | | | | | | | | | Balance as of January 1, 2026 | | | $ | 9,246 | | | $ | 3,890 | | | $ | 13,080 | | | $ | 3,230 | | | $ | — | | | Additions | | | 179 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Change in fair value | | | 624 | | | 900 | | | 2,430 | | | 10 | | | — | | Balance as of June 30, 2026 | | | $ | 10,049 | | | $ | 4,790 | | | $ | 15,510 | | | $ | 3,240 | | | $ | — | |
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| Schedule of Significant Unobservable Inputs |
The following table summarizes the significant unobservable inputs (Level 3): | | | | | | | | | | | | | | | | | | | Principal Valuation Techniques | Unobservable Inputs | June 30, 2026 | | December 31, 2025 | Investment in debt securities - AFS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Discounted Cash Flows | AeroFlexx yield | 16.33 | % | | 17.01 | % | Earnout Shares: | | Geometric Brownian Motion | Term | 5.3 years | | 5.8 years | | | Stock price | $ | 5.07 | | | $ | 4.18 | | | | Volatility | 60.00 | % | | 60.00 | % | | | Risk-free rate | 4.16 | % | | 3.77 | % | | | Revenue risk premium | 26.20 | % | | 27.80 | % | | | Revenue volatility | 137.80 | % | | 157.30 | % | 2024 WTI Warrants: | | Geometric Brownian Motion | Stock price | $ | 5.07 | | | $ | 4.18 | | | | Stock price volatility | 60.00 | % | | 60.00 | % | | | Credit spread | 26.50 | % | | 26.00 | % | 2025 WTI Warrants: | | Geometric Brownian Motion | Stock price | $ | 5.07 | | | $ | 4.18 | | | | Stock price volatility | 60.00 | % | | 60.00 | % | | | Credit spread | 26.50 | % | | 26.00 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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