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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

Level 1

Level 2

Level 3

Assets:

​

​

​

Available-for-sale securities:

​

​

​

​

U.S. government securities(1)

​

$

50,767

​

$

50,767

​

$

—

​

$

—

Convertible promissory notes(3)

​

​

524

​

​

—

​

​

—

​

​

524

Certificates of deposit(1)

​

​

552

​

​

—

​

​

552

​

​

—

Embedded derivatives(2)

​

$

1,201

​

$

—

​

$

—

​

$

1,201

(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 September 30, 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 September 30, 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 Note		​	Swap Contracts
Balance as of June 30, 2024	​	$	4,436	​	$	5,460	​	$	—
Settlements, net	​	​	—	​	​	—	​	​	—
Total (loss) gain	​	​	(1,416)	​	​	198	​	​	—
Purchases	​	​	—	​	​	2,212	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(1,850)	​	​	—
Balance as of September 30, 2024	​	$	3,020	​	$	6,020	​	$	—
​	​	​	​	​	​	​	​	​	​
Balance as of June 30, 2025	​	$	1,520	​	$	2,809	​	$	—
Settlements, net	​	​	—	​	​	(2,210)	​	​	—
Total (loss) gain	​	​	(319)	​	​	3	​	​	—
Purchases	​	​	—	​	​	1,009	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(1,087)	​	​	—
Balance as of September 30, 2025	​	$	1,201	​	$	524	​	$	—
​	​	​	​	​	​	​	​	​	​
Change in unrealized (loss) for the three months ended September 30, 2024 included in earnings	​	$	(1,416)	​	$	—	​	$	—
Change in unrealized (loss) gain for the three months ended September 30, 2025 included in earnings	​	$	(319)	​	$	313	​	$	—
Change in unrealized (loss) gain for the three months ended September 30, 2024 included in other comprehensive income (loss)	​	$	—	​	$	198	​	$	—
Change in unrealized gain for the three months ended September 30, 2025 included in other comprehensive income (loss)	​	$	—	​	$	3	​	$	—

​

​	​	​	​	​	​	​	​	​	​
​	​	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	​	​	—	​	​	—	​	​	2,366
Total (loss) gain	​	​	(1,608)	​	​	145	​	​	(491)
Purchases	​	​	—	​	​	7,939	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(4,394)	​	​	—
Balance as of September 30, 2024	​	$	3,020	​	$	6,020	​	$	—
​	​	​	​	​	​	​	​	​	​
Balance as of December 31, 2024	​	$	2,621	​	$	2,372	​	$	—
Settlements, net	​	​	—	​	​	(2,210)	​	​	—
Total (loss) gain	​	​	(1,420)	​	​	111	​	​	—
Purchases	​	​	—	​	​	3,946	​	​	—
Equity method investment loss(1)	​	​	—	​	​	(3,695)	​	​	—
Balance as of September 30, 2025	​	$	1,201	​	$	524	​	$	—
​	​	​	​	​	​	​	​	​	​
Change in unrealized (loss) gain for the nine months ended September 30, 2024 included in earnings	​	$	(1,608)	​	$	—	​	$	1,875
Change in unrealized (loss) gain for the nine months ended September 30, 2025 included in earnings	​	$	(1,420)	​	$	313	​	$	—
Change in unrealized gain for the nine months ended September 30, 2024 included in other comprehensive income (loss)	​	$	—	​	$	145	​	$	—
Change in unrealized gain for the nine months ended September 30, 2025 included in other comprehensive income (loss)	​	$	—	​	$	111	​	$	—

​

(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 September 30, 2025 consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Net Carrying		​	Estimated
​		Amounts		​	Fair Value
Stonepeak Term Loan	​	$	284,122	​	$	276,722
Other Debt	​	​	171	​	​	171
Total Debt	​	$	284,293	​	$	276,893

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 September 30, 2025:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024				​	September 30, 2025
Significant Unobservable Inputs		Input Range		Weighted Average			Input Range		Weighted Average
ULSD Gulf Coast Forward Curve	​	$2.06 - $2.14	​	$	2.10	​	$ 2.09 - $ 2.16	​	$	2.12
Historical Differential to PADD 3 Diesel	​	$0.73 - $1.62	​	$	1.18	​	$ .73 - $ 1.62	​	$	1.15
Historical Differential to PADD 5 Diesel	​	$2.16 - $3.16	​	$	2.59	​	$ 2.28 - $ 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, 2024 and September 30, 2025:

​	​	​	​	​
​	​	​	​	​
Significant Unobservable Inputs		December 31, 2024		September 30, 2025
Risk-free interest rate	​	4.24%	​	4.02%
Credit adjustment	​	4.64%	​	4.86%
Credit adjusted discount rate	​	8.88%	​	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 and September 30, 2025:

​	​	​	​	​
Significant Unobservable Inputs		December 31, 2024		September 30, 2025
Risk-free interest rate	​	4.31%	​	-
Credit adjustment	​	8.64%	​	-
Credit adjusted discount rate	​	12.95%	​	-

X

- Definition

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