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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of fair value inputs

The Company estimated the fair value of its outstanding commodity swap contracts based on the following inputs as of December 31, 2023 and March 31, 2024:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2023				​	March 31, 2024
Significant Unobservable Inputs		Input Range		Weighted Average			Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$1.97 - $2.27	​	$	2.15	​	$ 2.25 - $ 2.47	​	$	2.35
Historical Differential to PADD 3 Diesel	​	$0.92 - $1.62	​	$	1.16	​	$ 0.93 - $ 1.62	​	$	1.17
Historical Differential to PADD 5 Diesel	​	$1.89 - $3.16	​	$	2.48	​	$ 1.98 - $ 3.16	​	$	2.53

​

The Company estimated the fair value of embedded derivatives in its fueling agreements under the Zero Now truck financing program based on the following inputs as of December 31, 2023 and March 31, 2024:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2023				​	March 31, 2024
Significant Unobservable Inputs		Input Range		Weighted Average			Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$1.97 - $2.27	​	$	2.15	​	$ 2.25 - $ 2.47	​	$	2.35
Historical Differential to PADD 3 Diesel	​	$0.92 - $1.62	​	$	1.16	​	$ 0.93 - $ 1.62	​	$	1.17
Historical Differential to PADD 5 Diesel	​	$1.89 - $3.16	​	$	2.48	​	$ 1.98 - $ 3.16	​	$	2.53

Schedule of information by level for assets and liabilities that are measured at fair value on a recurring basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and March 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

Level 1

Level 2

Level 3

Assets:

​

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

157,656

​

$

157,656

​

$

—

​

$

—

Convertible promissory notes(4)

​

2,330

​

—

​

—

​

2,330

Certificates of deposit (1)

​

530

​

—

​

530

​

—

Embedded derivatives (3)

​

​

4,628

​

​

—

​

​

—

​

​

4,628

Liabilities:

​

​

​

​

​

Commodity swap contracts (2)

​

$

1,875

​

$

—

​

$

—

​

$

1,875

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

Level 1

Level 2

Level 3

Assets:

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

158,956

​

$

158,956

​

$

—

​

$

—

Convertible promissory notes(4)

​

​

4,744

​

​

—

​

​

—

​

​

4,744

Certificates of deposit (1)

​

​

530

​

​

—

​

​

530

​

​

—

Embedded derivatives (3)

​

​

5,252

​

​

—

​

​

—

​

​

5,252

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Commodity swap contracts (2)

​

$

877

​

$

—

​

$

—

​

$

877

​

(1) Included in “Short-term investments” in the accompanying condensed consolidated balance sheets. See Note 5 for more information.

(2) Included in “Derivative liabilities, related party” as of December 31, 2023 and March 31, 2024 in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(3) Included in “Prepaid expenses and other current assets” and “Notes receivable and other long-term assets, net” as of December 31, 2023 and March 31, 2024 in the accompanying condensed consolidated balance sheets. See Note 6 for more information.

(4) Included in “Other receivables” as of December 31, 2023 and March 31, 2024 in the accompanying condensed consolidated balance sheets.

Schedule of reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that used significant unobservable inputs (Level 3)

The following table provides a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis as shown in the tables above that used significant unobservable inputs (Level 3), as well as the change in unrealized gains or losses for the periods included in earnings or other comprehensive income (loss) (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

Assets:

​

Assets:

​

Liabilities:

​

Liabilities:

​

​

Commodity

​

Embedded

​

Convertible

​

Commodity

​

Embedded

​

Swap Contracts

Derivatives

​

Promissory Notes

​

Swap Contracts

​

Derivatives

Balance as of December 31, 2022

​

$

—

​

$

6,755

​

$

1,880

​

$

(3,845)

​

$

—

Settlements, net

​

​

(1,424)

​

​

—

​

​

—

​

​

1,015

​

​

—

Total gain (loss)

​

1,424

​

​

(1,806)

​

​

216

​

​

(1,045)

​

​

(696)

Purchases

​

​

—

​

​

—

​

​

1,210

​

​

—

​

​

—

Equity method investment loss(1)

​

​

—

​

​

—

​

​

(258)

​

​

—

​

​

—

Balance as of March 31, 2023

​

$

—

​

$

4,949

​

$

3,048

​

$

(3,875)

​

$

(696)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of December 31, 2023

​

$

—

​

$

4,628

​

$

2,330

​

$

(1,875)

​

$

—

Settlements, net

​

​

—

​

​

—

​

​

—

​

​

1,493

​

​

—

Total gain (loss)

​

—

​

​

624

​

​

(53)

​

​

(495)

​

​

—

Purchases

​

​

—

​

​

—

​

​

3,655

​

​

—

​

​

—

Equity method investment loss(1)

​

​

—

​

​

—

​

​

(1,188)

​

​

—

​

​

—

Balance as of March 31, 2024

​

$

—

​

$

5,252

​

$

4,744

​

$

(877)

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in unrealized gain (loss) for the three months ended March 31, 2023 included in earnings

​

$

—

​

$

(1,806)

​

$

—

​

$

(30)

​

$

(696)

Change in unrealized gain (loss) for the three months ended March 31, 2024 included in earnings

​

$

—

​

$

624

​

$

—

​

$

998

​

$

—

Change in unrealized gain (loss) for the three months ended March 31, 2023 included in other comprehensive income (loss)

​

$

—

​

$

—

​

$

216

​

$

—

​

$

—

Change in unrealized gain (loss) for the three months ended March 31, 2024 included in other comprehensive income (loss)

​

$

—

​

$

—

​

$

(53)

​

$

—

​

$

—

​

(1) Represents the Company’s proportionate share of Rimere’s losses. These losses are recorded as adjustments to the carrying value of the convertible promissory notes because the Company’s equity investment in Rimere had been reduced to zero.

Convertible promissory note

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of fair value inputs

The following table provides quantitative information about the significant inputs used to estimate the fair value of the convertible promissory notes as of December 31, 2023 and March 31, 2024:

​	​	​	​	​
​	​	​	​	​
Significant Unobservable Inputs		December 31, 2023		March 31, 2024
Risk-free interest rate	​	5.39%	​	5.21%
Credit adjustment	​	5.31%	​	4.42%
Credit adjusted discount rate	​	10.70%	​	9.63%

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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