v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces, vehicles and transportation equipment.
Lease Costs
The table below comprises lease expenses for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Components of total lease cost:
Operating lease expense$1,384,757 $1,349,100 $2,804,456 $2,671,618 
Finance lease expense:
              Amortization of right-of-use assets1,390,939 1,316,938 2,750,495 2,558,381 
              Interest on lease liabilities249,258 250,694 497,826 470,749 
              Finance lease expense1,640,197 1,567,632 3,248,321 3,029,130 
Short-term lease expense88,905 214,582 178,932 582,205 
Total lease cost$3,113,859 $3,131,314 $6,231,709 $6,282,953 
Lease Payments
The table below presents lease payments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Components of total lease payments:
Operating lease payment$1,466,274 $1,203,839 $2,928,823 $2,274,370 
Finance lease payment1,559,799 1,367,624 2,963,454 2,664,511 
Total lease payments$3,026,073 $2,571,463 $5,892,277 $4,938,881 

Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2034. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property.
Loss on Lease Remeasurement
During the three and six months ended June 30, 2026, there were no recorded gains or losses from operating lease measurement.
The Company recorded a (gain) loss from remeasurement of operating lease of $(6,425) and $164 during the three and six months ended June 30, 2025, respectively.
Sublease Income
The Company subleases a portion of its corporate office space in New York, NY. The subleases have lease terms ranging from one year and four months to one year and seven months and are classified as operating leases by the Company. The Company also subleases its office space in Houston, Texas under a sublease entered in 2023 with a three-year lease term, which is also classified as an operating lease. For the three months ended June 30, 2026 and 2025, the Company recognized sublease income of $91,284 and $109,758, respectively, related to its New York office space, and $19,792 and $18,869, respectively, related to its Houston office space. For the six months ended June 30, 2026 and 2025, the Company recognized sublease income of $185,009 and $184,760, respectively, related to its New York office space, and $39,583 and
$37,739, respectively, related to its Houston office space. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss under other income (expense).
Lease Position as of June 30, 2026
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2026		December 31, 2025
Assets
Lease right-of-use assets$9,259,686 $11,520,781 
Total lease assets$9,259,686 $11,520,781 
Liabilities
Current liabilities:
Lease liability - current portion$3,991,429 $4,650,953 
Noncurrent liabilities:
Lease liability, net of current portion5,837,418 7,563,664 
Total lease liability$9,828,847 $12,214,617 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2026:
Weighted average remaining lease term (in years) - operating leases2.85
Weighted average discount rate - operating leases5.99 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of June 30, 2026 were as follows:
Operating
Leases
2026, remaining$2,370,181 
20273,816,316 
20282,775,440 
20291,378,192 
2030177,691 
203169,098 
Thereafter141,472 
Total future minimum lease payments10,728,390 
Less effects of discounting(899,543)
Present value of future minimum lease payments$9,828,847 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $15,869,957 and $16,727,594 as of June 30, 2026 and December 31, 2025, respectively, and a right-of-use net of $16,756,910 and
$17,420,424 as of June 30, 2026 and December 31, 2025, respectively (accumulated depreciation of $13,117,717 and $11,739,994 as of June 30, 2026 and December 31, 2025, respectively).
Loss on Lease Remeasurement
During the three and six months ended June 30, 2026, there were no recorded gains or losses from finance lease measurement.
The Company recorded a gain on remeasurement of finance lease of $13,032 and $47,280 during the three and six months ended June 30, 2025, respectively.
Lease Position as of June 30, 2026
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2026		December 31,
2025
Assets
Lease right-of-use assets$16,756,910 $17,420,424 
Total lease assets$16,756,910 $17,420,424 
Liabilities
Current liabilities:
Lease liability - current portion$5,642,029 $5,509,687 
Noncurrent liabilities:
Lease liability, net of current portion10,227,928 11,217,907 
Total lease liability$15,869,957 $16,727,594 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of June 30, 2026:
Weighted average remaining lease term (in years) - finance leases3.17
Weighted average discount rate - finance leases5.91%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of June 30, 2026 are as follows:
Finance Leases
2026, remaining$3,338,058 
20275,730,320 
20284,455,517 
20292,815,471 
20301,046,869 
203173,166 
Total future minimum lease payments17,459,401 
Less effects of discounting(1,589,444)
Present value of future minimum lease payments$15,869,957 
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces, vehicles and transportation equipment.
Lease Costs
The table below comprises lease expenses for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Components of total lease cost:
Operating lease expense$1,384,757 $1,349,100 $2,804,456 $2,671,618 
Finance lease expense:
              Amortization of right-of-use assets1,390,939 1,316,938 2,750,495 2,558,381 
              Interest on lease liabilities249,258 250,694 497,826 470,749 
              Finance lease expense1,640,197 1,567,632 3,248,321 3,029,130 
Short-term lease expense88,905 214,582 178,932 582,205 
Total lease cost$3,113,859 $3,131,314 $6,231,709 $6,282,953 
Lease Payments
The table below presents lease payments for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Components of total lease payments:
Operating lease payment$1,466,274 $1,203,839 $2,928,823 $2,274,370 
Finance lease payment1,559,799 1,367,624 2,963,454 2,664,511 
Total lease payments$3,026,073 $2,571,463 $5,892,277 $4,938,881 

Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2034. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property.
Loss on Lease Remeasurement
During the three and six months ended June 30, 2026, there were no recorded gains or losses from operating lease measurement.
The Company recorded a (gain) loss from remeasurement of operating lease of $(6,425) and $164 during the three and six months ended June 30, 2025, respectively.
Sublease Income
The Company subleases a portion of its corporate office space in New York, NY. The subleases have lease terms ranging from one year and four months to one year and seven months and are classified as operating leases by the Company. The Company also subleases its office space in Houston, Texas under a sublease entered in 2023 with a three-year lease term, which is also classified as an operating lease. For the three months ended June 30, 2026 and 2025, the Company recognized sublease income of $91,284 and $109,758, respectively, related to its New York office space, and $19,792 and $18,869, respectively, related to its Houston office space. For the six months ended June 30, 2026 and 2025, the Company recognized sublease income of $185,009 and $184,760, respectively, related to its New York office space, and $39,583 and
$37,739, respectively, related to its Houston office space. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss under other income (expense).
Lease Position as of June 30, 2026
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2026		December 31, 2025
Assets
Lease right-of-use assets$9,259,686 $11,520,781 
Total lease assets$9,259,686 $11,520,781 
Liabilities
Current liabilities:
Lease liability - current portion$3,991,429 $4,650,953 
Noncurrent liabilities:
Lease liability, net of current portion5,837,418 7,563,664 
Total lease liability$9,828,847 $12,214,617 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2026:
Weighted average remaining lease term (in years) - operating leases2.85
Weighted average discount rate - operating leases5.99 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of June 30, 2026 were as follows:
Operating
Leases
2026, remaining$2,370,181 
20273,816,316 
20282,775,440 
20291,378,192 
2030177,691 
203169,098 
Thereafter141,472 
Total future minimum lease payments10,728,390 
Less effects of discounting(899,543)
Present value of future minimum lease payments$9,828,847 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $15,869,957 and $16,727,594 as of June 30, 2026 and December 31, 2025, respectively, and a right-of-use net of $16,756,910 and
$17,420,424 as of June 30, 2026 and December 31, 2025, respectively (accumulated depreciation of $13,117,717 and $11,739,994 as of June 30, 2026 and December 31, 2025, respectively).
Loss on Lease Remeasurement
During the three and six months ended June 30, 2026, there were no recorded gains or losses from finance lease measurement.
The Company recorded a gain on remeasurement of finance lease of $13,032 and $47,280 during the three and six months ended June 30, 2025, respectively.
Lease Position as of June 30, 2026
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2026		December 31,
2025
Assets
Lease right-of-use assets$16,756,910 $17,420,424 
Total lease assets$16,756,910 $17,420,424 
Liabilities
Current liabilities:
Lease liability - current portion$5,642,029 $5,509,687 
Noncurrent liabilities:
Lease liability, net of current portion10,227,928 11,217,907 
Total lease liability$15,869,957 $16,727,594 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of June 30, 2026:
Weighted average remaining lease term (in years) - finance leases3.17
Weighted average discount rate - finance leases5.91%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of June 30, 2026 are as follows:
Finance Leases
2026, remaining$3,338,058 
20275,730,320 
20284,455,517 
20292,815,471 
20301,046,869 
203173,166 
Total future minimum lease payments17,459,401 
Less effects of discounting(1,589,444)
Present value of future minimum lease payments$15,869,957