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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

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

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 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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

Level 1

Level 2

Level 3

Assets:

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

127,429

​

$

127,429

​

$

—

​

$

—

Convertible promissory notes(4)

​

​

2,372

​

​

—

​

​

—

​

​

2,372

Certificates of deposit (1)

​

​

541

​

​

—

​

​

541

​

​

—

Embedded derivatives (3)

​

$

2,621

​

$

—

​

$

—

​

$

2,621

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

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

(4) Included in “Notes receivable – related party” as of December 31, 2023 and 2024 in the accompanying 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:		​	Liabilities:
​	​	Embedded		​	Convertible		​	Commodity
​		Derivatives		​	Promissory Notes		​	Swap Contracts
Balance as of December 31, 2022	​	$	6,755	​	$	1,880	​	$	(3,845)
Settlements, net	​	​	—	​	​	—	​	​	4,858
Total gain (loss)	​	​	(2,127)	​	​	103	​	​	(2,888)
Purchases	​	​	—	​	​	3,822	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(3,475)	​	​	—
Balance as of December 31, 2023	​	$	4,628	​	$	2,330	​	$	(1,875)
​	​	​	​	​	​	​	​	​	​
Balance as of December 31, 2023	​	$	4,628	​	$	2,330	​	$	(1,875)
Settlements, net	​	​	—	​	​	—	​	​	2,366
Total gain (loss)	​	​	(2,007)	​	​	230	​	​	(491)
Purchases	​	​	—	​	​	8,666	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(8,854)	​	​	—
Balance as of December 31, 2024	​	$	2,621	​	$	2,372	​	$	—
​	​	​	​	​	​	​	​	​	​
Change in unrealized gain (loss) for the year ended December 31, 2023 included in earnings	​	$	(2,127)	​	$	—	​	$	1,970
Change in unrealized gain (loss) for the year ended December 31, 2024 included in earnings	​	$	(2,007)	​	$	—	​	$	1,875
Change in unrealized gain (loss) for the year ended December 31, 2023 included in other comprehensive income (loss)	​	$	—	​	$	103	​	$	—
Change in unrealized gain (loss) for the year ended December 31, 2024 included in other comprehensive income (loss)	​	$	—	​	$	230	​	$	—

(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.

Schedule of Debt Instruments at Fair Value

Debt instruments as of December 31, 2023 consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Net Carrying		​	Estimated
​		Amounts		​	Fair Value
Stonepeak Term Loan	​	$	260,906	​	$	253,303
Other Debt	​	​	255	​	​	255
Total Debt	​	$	261,161	​	$	253,558

​

Debt instruments as of December 31, 2024 consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Net Carrying		​	Estimated
​		Amounts		​	Fair Value
Stonepeak Term Loan	​	$	265,173	​	$	260,123
Other Debt	​	​	194	​	​	194
Total Debt	​	$	265,367	​	$	260,317

Commodity Swaps

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:

​	​	​	​	​	​
​	​	December 31, 2023
Significant Unobservable Inputs		Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$1.97 - $2.27	​	$	2.15
Historical Differential to PADD 3 Diesel	​	$0.92 - $1.62	​	$	1.16
Historical Differential to PADD 5 Diesel	​	$1.89 - $3.16	​	$	2.48

Embedded derivatives

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

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2023				​	December 31, 2024
Significant Unobservable Inputs		Input Range		Weighted Average			Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$1.97 - $2.27	​	$	2.15	​	$ 2.06 - $ 2.14	​	$	2.10
Historical Differential to PADD 3 Diesel	​	$0.92 - $1.62	​	$	1.16	​	$ 0.73 - $ 1.62	​	$	1.18
Historical Differential to PADD 5 Diesel	​	$1.89 - $3.16	​	$	2.48	​	$ 2.16 - $ 3.16	​	$	2.59

Convertible promissory notes

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 from Rimere as of December 31, 2023 and 2024:

​

​	​	​	​	​
​	​	​	​	​
Significant Unobservable Inputs		December 31, 2023		December 31, 2024
Risk-free interest rate	​	5.39%	​	4.24%
Credit adjustment	​	5.31%	​	4.64%
Credit adjusted discount rate	​	10.70%	​	8.88%

​

The following table provides quantitative information about the significant inputs used to estimate the fair value of the convertible promissory note from BTR as of December 31, 2024:

​	​	​
Significant Unobservable Inputs		December 31, 2024
Risk-free interest rate	​	4.31%
Credit adjustment	​	8.64%
Credit adjusted discount rate	​	12.95%

X

- Definition

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