Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s liabilities which were measured at fair value on a recurring basis as of the periods presented and their classification within the fair value hierarchy:

	Fair Value Measurement as of March 31, 2026
	Total		Level 1		Level 2		Level 3
	(In thousands)
Liabilities:
Commodity derivative contracts	$	109,445	$	—	$	109,445	$	—
Subordinated note warrants – related party	$	725	$	—	$	—	$	725
Series F Preferred Stock embedded derivatives	$	15,806	$	—	$	—	$	15,806
Series F Preferred Stock warrants	$	114,433	$	—	$	—	$	114,433

	Fair Value Measurement as of December 31, 2025
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets:
Commodity derivative contracts	$	53,439	$	—	$	53,439	$	—
Liabilities:
Subordinated note warrants – related party	$	316	$	—	$	—	$	316
Series F Preferred Stock embedded derivatives	$	15,853	$	—	$	—	$	15,853
Series F Preferred Stock warrants	$	90,134	$	—	$	—	$	90,134

Reconciliation of Financial Instruments Presented at Fair Value

The following table presents the changes in the Company’s financial instruments presented at fair value for the periods indicated:

	March 31, 2026			December 31, 2025
	(In thousands)
Subordinated note warrants – related party, at the beginning of the period	$	316		$	4,159
Loss (gain) on adjustment to fair value		409			(3,843	)
Subordinated note warrants – related party, at the end of the period	$	725		$	316
Series F Preferred Stock embedded derivatives, at the beginning of the period	$	15,853		$	—
Embedded derivatives recognized at issuance of Series F Preferred Stock		—			25,479
Gain on adjustment to fair value		(47	)		(9,626	)
Series F Preferred Stock embedded derivatives, at the end of the period	$	15,806		$	15,853
Series F Preferred Stock warrants, at the beginning of the period	$	90,134		$	—
Issuance of Series F Preferred Stock		—			22,115
Loss on adjustment to fair value		24,299			68,019
Series F Preferred Stock warrants, at the end of the period	$	114,433		$	90,134

Fair Value on Financial Instrument Balance Sheets

The following table presents the face value and fair value of each financial instrument presented at fair value on the Company’s condensed consolidated balance sheets as of the periods presented:

	March 31, 2026				December 31, 2025
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
Subordinated note warrants – related party	$	—	$	725	$	—	$	316
Series F Preferred Stock embedded derivatives		—		15,806		—	$	15,853
Series F Preferred Stock warrants	$	—	$	114,433	$	—	$	90,134

Fair Value Instruments Unobservable Market Data

The Company engaged a third–party valuation expert to assist in preparing the fair value of the Subordinated Note Warrants as of March 31, 2026 and December 31, 2025. These estimates were derived using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

	Key Inputs
Subordinated Note Warrants – Monte Carlo Simulation Model	March 31, 2026			December 31, 2025
Time to termination (years)		3.50			3.75
Stock price – as of period indicated	$	2.03		$	1.69
Exercise price	$	8.89		$	8.89
Risk–free rate		3.77	%		3.55	%
Equity volatility rate		120.0	%		85.0	%

The Company engaged a third-party valuation expert to assist in preparing the fair value of the Series F Preferred Stock embedded derivatives as of March 31, 2026 and December 31, 2025. These estimates were derived using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

	Key Inputs
Series F Preferred Stock Embedded Derivatives – Monte Carlo Simulation Model	March 31, 2026			December 31, 2025
Time to termination (years)		3.49			3.16
Stock price – as of period indicated	$	2.03		$	1.69
Conversion rate		202.02			202.02
Stated dividend rate		12.0	%		12.0	%
Transaction discount		30.4	%		32.5	%
Risk-free rate		3.77	%		3.50	%
Preferred equity volatility rate		72.0	%		54.0	%

The Company engaged a third-party valuation expert to assist in preparing the fair value of the Series F Preferred Stock Warrants as of March 31, 2026 and December 31, 2025. These estimates were derived using a Monte Carlo simulation model using the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

	Key Inputs
Series F Preferred Stock Warrants – Monte Carlo Simulation Model	March 31, 2026			December 31, 2025
Time to termination (years)		4.99			5.23
Stock price – as of period indicated	$	2.03		$	1.69
Exercise price	$	1.894		$	2.047
Future value of one Series F Preferred Stock Warrant share	$	1.64		$	0.31
Risk-free rate		3.84	%		3.69	%
Equity volatility rate		110.0	%		85.0	%