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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Balance of Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s liabilities which were measured at fair value on a recurring basis as of December 31, 2024 and their classification within the fair value hierarchy:

 

Schedule of Balance of Liabilities Measured at Fair Value on a Recurring Basis 

             
   Fair Value Measurement as of December 31, 2024 
   Total   Level 1   Level 2   Level 3 
   (In thousands) 
Liabilities:                    
Commodity derivative contracts  $4,395   $—   $4,395   $— 
SEPA   790    —    —    790 
Senior convertible note   12,555    —    —    12,555 
Subordinated note – related party   4,609    —    4,609    — 
Subordinated note warrants – related party   4,159    —    —    4,159 
Schedule of Financial Instrument Presented at Fair Value

 

   December 31, 2024   December 31, 2023 
   (In thousands) 
SEPA, at the beginning of the period  $—   $— 
Loss on adjustment to fair value   790    — 
SEPA, at the end of the period  $790   $— 
           
Senior convertible note, at the beginning of the period  $—   $— 
Borrowing   14,250    — 
Repayments   (3,748)   — 
Loss on adjustment to fair value   2,053    — 
Senior convertible note, at the end of the period  $12,555   $— 
           
Subordinated note – related party, at the beginning of the period   $—   $— 
Borrowing   5,000    — 
Repayments   (1,786)   — 
Loss on issuance of debt   281    — 
Loss on adjustment to fair value   1,114    — 
Subordinated note – related party, at the end of the period   $4,609   $— 
           
Subordinated note warrants – related party, at the beginning of the period   $—   $— 
Loss on issuance of debt   2,758    — 
Loss on adjustment to fair value   1,401    — 
Subordinated note warrants – related party, at the end of the period   $4,159   $— 
           
AR debentures, at the beginning of the period  $—   $— 
Borrowing   —    1,981 
Conversion to Common Stock   —    (5,771)
Loss on adjustment to fair value   —    3,790 
AR debentures, at the end of the period  $—   $— 
           
Obligation shares, at the beginning of the period  $—   $— 
Obligation, at merger   —    530 
Issuance of Common Stock   —    (2,007)
Loss on adjustment to fair value   —    1,477 
Obligation shares, at the end of the period  $—   $— 
           
Reclassified warrant liabilities, at the beginning of the period  $—   $— 
Reclassification from equity to liabilities   —    67,682 
Reclassification from liabilities back to equity   —    (107,480)
Loss on adjustment to fair value   —    39,798 
Reclassified warrant liabilities, at the end of the period  $—   $— 
Schedule of 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 consolidated balance sheet as of December 31, 2024:

 

   December 31, 2024 
   Face Value   Fair Value 
   (In thousands) 
SEPA  $—   $790 
Senior convertible note   11,252    12,555 
Subordinated note – related party   3,214    4,609 
Subordinated note warrants – related party   —    4,159 
Schedule of Fair Value Measurement On Valuation Model

The key unobservable inputs in the valuation model listed below could change significantly and result in significantly higher or lower fair values at different measurement dates; therefore, they are considered Level 3 inputs within the fair value hierarchy.

 

AR Debentures – Valuation Model  Key Inputs 
Equity volatility rate   75.0%
Market yield – as of May 3, 2023, the date of the Merger   20.06%
Standby Equity Purchase Agreement [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

As of December 31, 2024, the fair value of the SEPA was determined by a third-party using a Monte Carlo simulation model and the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 

SEPA – Monte Carlo Simulation Model  Key Inputs 
Time to termination (years)   1.75 
Stock price – as of December 31, 2024  $6.92 
Risk-free rate   4.13%
Equity volatility rate   85.0%
Senior Notes [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

As of December 31, 2024, the fair value of the Senior Convertible Note was determined by a third-party using a Monte Carlo simulation model and the significant inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 Schedule of Fair Value Instruments Unobservable Market

Convertible Note – Monte Carlo Simulation Model  Key Inputs 
Stock price – as of December 31, 2024  $6.92 
Risk-free rate   4.11%
Equity volatility rate   90.0%
Market yield – as of December 31, 2024   14.6%
Subordinated Debt [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

As of December 31, 2024, the fair value of the Subordinated Note was determined by a third-party using a credit default valuation model using the significant inputs listed below, which are considered unobservable inputs which are corroborated by market data and are therefore considered Level 2 inputs within the fair value hierarchy.

 Schedule of Fair Value Instruments Unobservable Market

Subordinated Note – Credit Default Valuation  Key Inputs 
Quarterly default rate   5.234%
Moody’s Investor debt recovery rate – Senior convertible note   54.80%
Moody’s Investor debt recovery rate – Subordinated note   37.60%
Risk-free rate   4.18 % - 4.79%
Discount factor   0.903 
Subordinated Note Warrants [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

The fair value of the Subordinated Note Warrants was determined by a third-party 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.

 Schedule of Fair Value Instruments Unobservable Market

Subordinated Note Warrants – Monte Carlo Simulation Model  Key Inputs 
Time to termination (years)   4.75 
Stock price – as of December 31, 2024  $6.92 
Exercise price  $8.89 
Risk-free rate   4.27%
Equity volatility rate   75.0%
Market yield – as of December 31, 2024   14.6%
Reclassified Warrant Liabilities [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Instruments Unobservable Market

The fair values of the Reclassified Warrant Liabilities at their respective reclassification dates throughout the year ended December 31, 2023 were determined by a third-party using Black-Scholes option-pricing models and the key inputs listed below, which are based on unobservable market data and are therefore considered Level 3 inputs within the fair value hierarchy.

 Schedule of Fair Value Instruments Unobservable Market

Reclassified Warrant Liabilities – Black-Scholes Option Pricing Model  Key Inputs 
Stock price range  $6.71 - $14.71 
Option exercise price  $6.00 
Expected term range (years)   4.56 – 6 
Equity volatility rate   75.0%
Discount rate range   4.27% - 4.58%