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v3.25.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2024 and March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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(3) | ​ |  | 2,372 | ​ |  | — | ​ |  | — | ​ |  | 2,372
Certificates of deposit (1) | ​ |  | 541 | ​ |  | — | ​ |  | 541 | ​ |  | —
Embedded derivatives (2) | ​ | ​ | 2,621 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,621
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  | ​ |  |  | ​ |  |  | ​ |
Available-for-sale securities: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government securities(1) | ​ | $ | 107,519 | ​ | $ | 107,519 | ​ | $ | — | ​ | $ | —
Convertible promissory notes(3) | ​ | ​ | 2,638 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,638
Certificates of deposit (1) | ​ | ​ | 541 | ​ | ​ | — | ​ | ​ | 541 | ​ | ​ | —
Embedded derivatives (2) | ​ | $ | 2,065 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,065
​
(1) | Included in “Short-term investments” in the accompanying condensed consolidated balance sheets. See note 5 for more information.
(2) | Included in “Notes receivable and other long-term assets, net” as of December 31, 2024 and March 31, 2025 in the accompanying condensed consolidated balance sheets. See Note 6 for more information.
(3) | Included in “Notes receivable – related party” as of December 31, 2024 and March 31, 2025 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: | ​ | Liabilities:
​ | ​ | Embedded | ​ | Convertible | ​ | Commodity
​ |  | Derivatives | ​ | Promissory Notes | ​ | Swap Contracts
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)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance as of December 31, 2024 | ​ | $ | 2,621 | ​ | $ | 2,372 | ​ | $ | —
Settlements, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total gain (loss) | ​ | ​ | (556) | ​ | ​ | 66 | ​ | ​ | —
Purchases | ​ | ​ | — | ​ | ​ | 1,751 | ​ | ​ | —
Equity method investment loss(1) | ​ | ​ | — | ​ | ​ | (1,551) | ​ | ​ | —
Balance as of March 31, 2025 | ​ | $ | 2,065 | ​ | $ | 2,638 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in unrealized gain for the three months ended March 31, 2024 included in earnings | ​ | $ | 624 | ​ | $ | — | ​ | $ | 998
Change in unrealized (loss) for the three months ended March 31, 2025 included in earnings | ​ | $ | (556) | ​ | $ | — | ​ | $ | —
Change in unrealized (loss) for the three months ended March 31, 2024 included in other comprehensive income (loss) | ​ | $ | — | ​ | $ | (53) | ​ | $ | —
Change in unrealized gain for the three months ended March 31, 2025 included in other comprehensive income (loss) | ​ | $ | — | ​ | $ | 66 | ​ | $ | —
​
(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, 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
​ Debt instruments as of March 31, 2025 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Net Carrying | ​ | Estimated
​ |  | Amounts | ​ | Fair Value
Stonepeak Term Loan | ​ | $ | 271,436 | ​ | $ | 256,473
Other Debt | ​ | ​ | 189 | ​ | ​ | 189
Total Debt | ​ | $ | 271,625 | ​ | $ | 256,662
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 Company’s truck financing program based on the following inputs as of December 31, 2024 and March 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | March 31, 2025
Significant Unobservable Inputs |  | Input Range |  | Weighted Average |  | Input Range |  | Weighted Average
ULSD Gulf Coast Forward Curve | ​ | $2.06 - $2.14 | ​ | $ | 2.10 | ​ | $ 2.08 - $ 2.14 | ​ | $ | 2.11
Historical Differential to PADD 3 Diesel | ​ | $0.73 - $1.62 | ​ | $ | 1.18 | ​ | $ 0.73 - $ 1.62 | ​ | $ | 1.17
Historical Differential to PADD 5 Diesel | ​ | $2.16 - $3.16 | ​ | $ | 2.59 | ​ | $ 2.28 - $ 3.16 | ​ | $ | 2.60
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, 2024 and March 31, 2025:
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Significant Unobservable Inputs |  | December 31, 2024 |  | March 31, 2025
Risk-free interest rate | ​ | 4.24% | ​ | 4.13%
Credit adjustment | ​ | 4.64% | ​ | 6.42%
Credit adjusted discount rate | ​ | 8.88% | ​ | 10.55%
​ 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 March 31, 2025:
​ | ​ | ​ | ​ | ​
Significant Unobservable Inputs |  | December 31, 2024 |  | March 31, 2025
Risk-free interest rate | ​ | 4.31% | ​ | 4.37%
Credit adjustment | ​ | 8.64% | ​ | 10.25%
Credit adjusted discount rate | ​ | 12.95% | ​ | 14.62%

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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- Definition 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/2009/role/commonPracticeRef -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 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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