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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring

The following table presents the Company’s liabilities that are measured at fair value on a recurring basis and the level within the fair value hierarchy (in thousands):

												September 30,																		December 31,
			Level 1			Level 2			Level 3			2024						Level 1			Level 2			Level 3						2023
Contingent earnout consideration			$	—		$	—		$	11		$	11					$	—		$	—		$	56					$	56
Total			$	—		$	—		$	11		$	11					$	—		$	—		$	56					$	56

Schedule of Valuation Techniques

			September 30, 2024			December 31, 2023
Risk-free interest rate			4.28		%	4.58		%
Expected volatility			65.0		%	70.0		%
Term until liquidation (years)			0.63			1.38
Stock price			$	4.98		$	3.92
Discount rate			10.62		%	11.86		%

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in balances of liabilities for the three and nine months ended September 30, 2024 and 2023 classified as Level 3 (in thousands):

			Three months ended September 30,												Nine months ended September 30,
			2024						2023						2024						2023
Balance - beginning of period			$	30					$	260					$	56					$	84,153
Increase in principal of Initial ProFrac Agreement Contract Consideration Convertible Notes Payable for paid-in-kind interest			—						—						—						85
Increase in principal of Amended ProFrac Agreement Contract Consideration Convertible Notes Payable for paid-in-kind interest			—						—						—						2,043
Change in fair value of contingent earnout consideration			(19)						(61)						(45)						(384)
Change in fair value of Initial ProFrac Agreement Contract Consideration Convertible Notes Payable			—						—						—						786
Change in fair value of Amended ProFrac Agreement Contract Consideration Convertible Notes Payable			—						—						—						(30,754)
Conversion of Initial ProFrac Agreement Contract Consideration Convertible Notes Payable on maturity			—						—						—						(15,092)
Conversion of Amended ProFrac Agreement Contract Consideration Convertible Notes Payable on maturity									—						—						(40,638)
Balance - end of period			$	11					$	199					$	11					$	199

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 103
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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