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Leases | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Leases | Leases Lessee Accounting The Company recognizes a lease liability equal to the present value of the lease payments and an operating lease right-of-use asset representing its right to use the underlying asset for the lease term for all leases with a term in excess of 12 months. For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, the Company has elected the practical expedient to not recognize lease assets and liabilities and recognizes lease expense for these short-term leases on a straight-line basis over the lease term. The Company’s operating leases are primarily for rail cars, real estate, and equipment and its finance leases are primarily for vehicles and equipment. Generally, the Company does not include renewal or termination options in its assessment of the leases unless extension or termination of certain assets is deemed to be reasonably certain. The accounting for some of the Company’s leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in the net present value calculation of lease payments for lease agreements which do not provide an implicit rate and assessing the likelihood of renewal or termination options. Lease agreements that contain a lease and non-lease component are generally accounted for as a single lease component. The rate implicit in the Company’s leases is not readily determinable. Therefore, the Company uses its incremental borrowing rate based on information available at the commencement date of its leases in determining the present value of lease payments. The Company’s incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease expense consisted of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Operating lease expense | $ | 564 |  |  | $ | 1,256 |  |  | $ | 1,187 |  |  | $ | 2,656 |
Short-term lease expense | 198 |  |  | — |  |  | 420 |  |  | — |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | 19 |  |  | 35 |  |  | 25 |  |  | 70 |
Interest on lease liabilities | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Total lease expense | $ | 788 |  |  | $ | 1,295 |  |  | $ | 1,640 |  |  | $ | 2,735 |
Right-of-use assets and liabilities related to finance leases are recorded in the following line items on the unaudited condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 (in thousands):
| June 30, |  | December 31,
| 2026 |  | 2025
Property, plant and equipment, net | $ | 473 |  |  | $ | 102 |
Accrued expenses and other current liabilities | 109 |  |  | 49 |
Other liabilities | 324 |  |  | 26 |
Other supplemental information related to leases for the three and six months ended June 30, 2026 and 2025 and at June 30, 2026 and December 31, 2025 is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 729 |  |  | $ | 1,254 |  |  | $ | 1,584 |  |  | $ | 2,670 |
Operating cash flows from finance leases | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Financing cash flows from finance leases | 23 |  |  | 70 |  |  | 33 |  |  | 138 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases | $ | 1,949 |  |  | $ | 2,231 |  |  | $ | 1,973 |  |  | $ | 2,492 |
Finance leases | 420 |  |  | — |  |  | 395 |  |  | — |
| June 30, |  | December 31,
| 2026 |  | 2025
Weighted-average remaining lease term: |  |  |
Operating leases | 3.3 years |  | 3.5 years
Finance leases | 2.5 years |  | 1.5 years
Weighted-average discount rate: |  |  |
Operating leases | 9.4 | % |  | 9.8 | %
Finance leases | 8.8 | % |  | 10.1 | %
Maturities of lease liabilities at June 30, 2026 are as follows (in thousands):
| Operating Leases |  | Finance Leases
Remainder of 2026 | $ | 1,450 |  |  | $ | 71 |
2027 | 2,036 |  |  | 146 |
2028 | 546 |  |  | 88 |
2029 | 52 |  |  | 196 |
2030 | 52 |  |  | — |
Thereafter | 537 |  |  | — |
Total lease payments | 4,673 |  |  | 501 |
Less: Present value discount | 697 |  |  | 68 |
Present value of lease payments | $ | 3,976 |  |  | $ | 433 |
Lessor Accounting Certain rental and accommodation service arrangements contain lease components under ASC 842. The Company has elected the practical expedient to combine the lease and non-lease components when permitted. Revenue from these arrangements is generally recognized over time based on the contractual rental period. The Company recognized lease revenue of $5.0 million and $8.9 million during the three and six months ended June 30, 2026, respectively, and $1.0 million and $1.2 million during the three and six months ended June 30, 2025, respectively, which is included in “services revenue” and “services revenue - related parties” on the unaudited condensed consolidated statements of operations and comprehensive income (loss). Maturities of lease payments for the Company’s outstanding long-term leases at June 30, 2026 are as follows (in thousands):
Remainder of 2026 | $ | 6,270 |  |  |
2027 | 7,998 |  |  |
2028 | 6,212 |  |  |
2029 | 2,638 |  |  |
2030 | 1,315 |  |  |
Thereafter | 140 |  |  |
Total lease payments | $ | 24,573 |  |  |
Leases | Leases Lessee Accounting The Company recognizes a lease liability equal to the present value of the lease payments and an operating lease right-of-use asset representing its right to use the underlying asset for the lease term for all leases with a term in excess of 12 months. For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, the Company has elected the practical expedient to not recognize lease assets and liabilities and recognizes lease expense for these short-term leases on a straight-line basis over the lease term. The Company’s operating leases are primarily for rail cars, real estate, and equipment and its finance leases are primarily for vehicles and equipment. Generally, the Company does not include renewal or termination options in its assessment of the leases unless extension or termination of certain assets is deemed to be reasonably certain. The accounting for some of the Company’s leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in the net present value calculation of lease payments for lease agreements which do not provide an implicit rate and assessing the likelihood of renewal or termination options. Lease agreements that contain a lease and non-lease component are generally accounted for as a single lease component. The rate implicit in the Company’s leases is not readily determinable. Therefore, the Company uses its incremental borrowing rate based on information available at the commencement date of its leases in determining the present value of lease payments. The Company’s incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease expense consisted of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Operating lease expense | $ | 564 |  |  | $ | 1,256 |  |  | $ | 1,187 |  |  | $ | 2,656 |
Short-term lease expense | 198 |  |  | — |  |  | 420 |  |  | — |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | 19 |  |  | 35 |  |  | 25 |  |  | 70 |
Interest on lease liabilities | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Total lease expense | $ | 788 |  |  | $ | 1,295 |  |  | $ | 1,640 |  |  | $ | 2,735 |
Right-of-use assets and liabilities related to finance leases are recorded in the following line items on the unaudited condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 (in thousands):
| June 30, |  | December 31,
| 2026 |  | 2025
Property, plant and equipment, net | $ | 473 |  |  | $ | 102 |
Accrued expenses and other current liabilities | 109 |  |  | 49 |
Other liabilities | 324 |  |  | 26 |
Other supplemental information related to leases for the three and six months ended June 30, 2026 and 2025 and at June 30, 2026 and December 31, 2025 is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 729 |  |  | $ | 1,254 |  |  | $ | 1,584 |  |  | $ | 2,670 |
Operating cash flows from finance leases | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Financing cash flows from finance leases | 23 |  |  | 70 |  |  | 33 |  |  | 138 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases | $ | 1,949 |  |  | $ | 2,231 |  |  | $ | 1,973 |  |  | $ | 2,492 |
Finance leases | 420 |  |  | — |  |  | 395 |  |  | — |
| June 30, |  | December 31,
| 2026 |  | 2025
Weighted-average remaining lease term: |  |  |
Operating leases | 3.3 years |  | 3.5 years
Finance leases | 2.5 years |  | 1.5 years
Weighted-average discount rate: |  |  |
Operating leases | 9.4 | % |  | 9.8 | %
Finance leases | 8.8 | % |  | 10.1 | %
Maturities of lease liabilities at June 30, 2026 are as follows (in thousands):
| Operating Leases |  | Finance Leases
Remainder of 2026 | $ | 1,450 |  |  | $ | 71 |
2027 | 2,036 |  |  | 146 |
2028 | 546 |  |  | 88 |
2029 | 52 |  |  | 196 |
2030 | 52 |  |  | — |
Thereafter | 537 |  |  | — |
Total lease payments | 4,673 |  |  | 501 |
Less: Present value discount | 697 |  |  | 68 |
Present value of lease payments | $ | 3,976 |  |  | $ | 433 |
Lessor Accounting Certain rental and accommodation service arrangements contain lease components under ASC 842. The Company has elected the practical expedient to combine the lease and non-lease components when permitted. Revenue from these arrangements is generally recognized over time based on the contractual rental period. The Company recognized lease revenue of $5.0 million and $8.9 million during the three and six months ended June 30, 2026, respectively, and $1.0 million and $1.2 million during the three and six months ended June 30, 2025, respectively, which is included in “services revenue” and “services revenue - related parties” on the unaudited condensed consolidated statements of operations and comprehensive income (loss). Maturities of lease payments for the Company’s outstanding long-term leases at June 30, 2026 are as follows (in thousands):
Remainder of 2026 | $ | 6,270 |  |  |
2027 | 7,998 |  |  |
2028 | 6,212 |  |  |
2029 | 2,638 |  |  |
2030 | 1,315 |  |  |
Thereafter | 140 |  |  |
Total lease payments | $ | 24,573 |  |  |
Leases | Leases Lessee Accounting The Company recognizes a lease liability equal to the present value of the lease payments and an operating lease right-of-use asset representing its right to use the underlying asset for the lease term for all leases with a term in excess of 12 months. For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term, while finance leases include both an operating expense and an interest expense component. For all leases with a term of 12 months or less, the Company has elected the practical expedient to not recognize lease assets and liabilities and recognizes lease expense for these short-term leases on a straight-line basis over the lease term. The Company’s operating leases are primarily for rail cars, real estate, and equipment and its finance leases are primarily for vehicles and equipment. Generally, the Company does not include renewal or termination options in its assessment of the leases unless extension or termination of certain assets is deemed to be reasonably certain. The accounting for some of the Company’s leases may require significant judgment, which includes determining whether a contract contains a lease, determining the incremental borrowing rates to utilize in the net present value calculation of lease payments for lease agreements which do not provide an implicit rate and assessing the likelihood of renewal or termination options. Lease agreements that contain a lease and non-lease component are generally accounted for as a single lease component. The rate implicit in the Company’s leases is not readily determinable. Therefore, the Company uses its incremental borrowing rate based on information available at the commencement date of its leases in determining the present value of lease payments. The Company’s incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease expense consisted of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Operating lease expense | $ | 564 |  |  | $ | 1,256 |  |  | $ | 1,187 |  |  | $ | 2,656 |
Short-term lease expense | 198 |  |  | — |  |  | 420 |  |  | — |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | 19 |  |  | 35 |  |  | 25 |  |  | 70 |
Interest on lease liabilities | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Total lease expense | $ | 788 |  |  | $ | 1,295 |  |  | $ | 1,640 |  |  | $ | 2,735 |
Right-of-use assets and liabilities related to finance leases are recorded in the following line items on the unaudited condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 (in thousands):
| June 30, |  | December 31,
| 2026 |  | 2025
Property, plant and equipment, net | $ | 473 |  |  | $ | 102 |
Accrued expenses and other current liabilities | 109 |  |  | 49 |
Other liabilities | 324 |  |  | 26 |
Other supplemental information related to leases for the three and six months ended June 30, 2026 and 2025 and at June 30, 2026 and December 31, 2025 is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 729 |  |  | $ | 1,254 |  |  | $ | 1,584 |  |  | $ | 2,670 |
Operating cash flows from finance leases | 7 |  |  | 4 |  |  | 8 |  |  | 9 |
Financing cash flows from finance leases | 23 |  |  | 70 |  |  | 33 |  |  | 138 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases | $ | 1,949 |  |  | $ | 2,231 |  |  | $ | 1,973 |  |  | $ | 2,492 |
Finance leases | 420 |  |  | — |  |  | 395 |  |  | — |
| June 30, |  | December 31,
| 2026 |  | 2025
Weighted-average remaining lease term: |  |  |
Operating leases | 3.3 years |  | 3.5 years
Finance leases | 2.5 years |  | 1.5 years
Weighted-average discount rate: |  |  |
Operating leases | 9.4 | % |  | 9.8 | %
Finance leases | 8.8 | % |  | 10.1 | %
Maturities of lease liabilities at June 30, 2026 are as follows (in thousands):
| Operating Leases |  | Finance Leases
Remainder of 2026 | $ | 1,450 |  |  | $ | 71 |
2027 | 2,036 |  |  | 146 |
2028 | 546 |  |  | 88 |
2029 | 52 |  |  | 196 |
2030 | 52 |  |  | — |
Thereafter | 537 |  |  | — |
Total lease payments | 4,673 |  |  | 501 |
Less: Present value discount | 697 |  |  | 68 |
Present value of lease payments | $ | 3,976 |  |  | $ | 433 |
Lessor Accounting Certain rental and accommodation service arrangements contain lease components under ASC 842. The Company has elected the practical expedient to combine the lease and non-lease components when permitted. Revenue from these arrangements is generally recognized over time based on the contractual rental period. The Company recognized lease revenue of $5.0 million and $8.9 million during the three and six months ended June 30, 2026, respectively, and $1.0 million and $1.2 million during the three and six months ended June 30, 2025, respectively, which is included in “services revenue” and “services revenue - related parties” on the unaudited condensed consolidated statements of operations and comprehensive income (loss). Maturities of lease payments for the Company’s outstanding long-term leases at June 30, 2026 are as follows (in thousands):
Remainder of 2026 | $ | 6,270 |  |  |
2027 | 7,998 |  |  |
2028 | 6,212 |  |  |
2029 | 2,638 |  |  |
2030 | 1,315 |  |  |
Thereafter | 140 |  |  |
Total lease payments | $ | 24,573 |  |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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