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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions  
Related Party Transactions

16. Related Party Transactions

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ECOTEC

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During the three and nine months ended September 30, 2025, we made purchases of $0.1 million and $0.4 million, respectively, from our unconsolidated affiliate ECOTEC for use in our operations.

FGC Holdco

We are a distributer of MaCH4 NRS equipment in the U.S. market and have committed to purchase from FGC Holdco, at arm’s length, a minimum of $64.3 million of MaCH4 NRS equipment through March 31, 2026, subject to certain contractual provisions under the limited liability agreement that we, together with ColdStream, entered into with FGC Holdco on October 1, 2024.  On August 26, 2025, we amended the limited liability agreement and agreed to, among other items, cancel our remaining MaCH4 NRS purchase commitments. We incurred and paid an amendment fee of $3.6 million to FGC Holdco, which is included in other expense (income), net, in our condensed consolidated statements of operations. During the three and nine months ended September 30, 2025, we made MaCH4 NRS purchases of $0.4 million and $3.5 million, respectively, from our unconsolidated affiliate FGC Holdco to sell to third parties or for use in our operations.

The carrying value of assets and liabilities recognized in our condensed consolidated balance sheets related to our variable interests in FGC Holdco and our maximum exposure to loss related to our involvement with an unconsolidated VIE were as follows:

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(in thousands)

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September 30, 2025

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December 31, 2024

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Inventory

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$

7,718

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$

6,103

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Investment in unconsolidated affiliate

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179

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191

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Total VIE assets

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7,897

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6,294

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Maximum exposure to loss

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$

7,897

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$

6,294

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See Note 6 (“Investments in Unconsolidated Affiliates”) for further details.

Hilcorp

From August 2019 to present, our Board of Directors has included a member affiliated with our customer Hilcorp or its subsidiaries or affiliates. Revenue from Hilcorp was $9.2 million and $10.2 million during the three months ended September 30, 2025 and 2024, respectively, and $30.9 million and $30.6 million during the nine months ended September 30, 2025 and 2024, respectively.

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Accounts receivable, net due from Hilcorp was $3.1 million and $3.6 million as of September 30, 2025 and December 31, 2024, respectively.