Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 the periods presented and their classification within the fair value hierarchy:

	Fair Value Measurement as of March 31, 2025
	Total		Level 1		Level 2		Level 3
	(In thousands)
Liabilities:
Commodity derivative contracts	$	4,512	$	—	$	4,512	$	—
Subordinated note warrants – related party		1,679		—		—		1,679
Series F Preferred Stock embedded derivatives		19,219		—		—		19,219
Series F Preferred Stock warrants		22,115		—		—		22,115

	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

	March 31, 2025			December 31, 2024
	(In thousands)
SEPA, at the beginning of the period	$	790		$	—
(Gain) loss on adjustment to fair value		(790	)		790
SEPA, at the end of the period	$	—		$	790
Senior convertible note, at the beginning of the period	$	12,555		$	—
Borrowing		—			14,250
Repayments		—			(3,748	)
Conversions		(18,057	)		—
Loss on adjustment to fair value		5,502			2,053
Senior convertible note, at the end of the period	$	—		$	12,555
Subordinated note – related party, at the beginning of the period	$	4,609		$	—
Borrowing		—			5,000
Repayments		(3,214	)		(1,786	)
Loss on issuance of debt		—			281
Loss on adjustment to fair value		63			1,114
Subordinated note – related party, at the end of the period	$	1,458		$	4,609
Subordinated note warrants – related party, at the beginning of the period	$	4,159		$	—
Loss on issuance of debt		—			2,758
(Gain) loss on adjustment to fair value		(2,481	)		1,401
Subordinated note warrants – related party, at the end of the period	$	1,679		$	4,159
Series F Preferred Stock embedded derivatives, at the beginning of the period	$	—		$	—
Embedded derivatives recognized at issuance of Series F Preferred Stock		19,350			—
Gain on adjustment to fair value		(131	)		—
Series F Preferred Stock embedded derivatives, at the end of the period	$	19,219		$	—
Series F Preferred Stock warrants, at the beginning of the period	$	—		$	—
Issuance of Series F Preferred Stock		22,115			—
Series F Preferred Stock warrants, at the end of the period	$	22,115		$	—

Schedule of Fair Value on Financial Instrument Balance Sheets

	March 31, 2025				December 31, 2024
	Face Value		Fair Value		Face Value		Fair Value
	(In thousands)
SEPA	$	—	$	—	$	—	$	790
Senior convertible note		—		—		11,252		12,555
Subordinated note – related party		1,458		1,458		3,214		4,609
Subordinated note warrants – related party		—		1,679		—		4,159
Series F Preferred Stock embedded derivatives		—		19,219		—		—
Series F Preferred Stock warrants	$	—	$	22,115	$	—	$	—

Subordinated Note Warrants [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value Instruments Unobservable Market

As of March 31, 2025, 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.

Subordinated Note Warrants – Monte Carlo Simulation Model	Key Inputs
Time to termination (years)		4.50
Stock price – as of March 31, 2025	$	5.35
Exercise price	$	8.89
Risk-free rate		3.87	%
Equity volatility rate		80.0	%

 

As of March 31, 2025, the fair value of the Series F Preferred Stock embedded derivatives 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.

Series F Preferred Stock Embedded Derivatives – Monte Carlo Simulation Model	Key Inputs
Time to termination (years)		3.93
Stock price – as of March 31, 2025	$	5.35
Conversion rate		202.02
Stated dividend rate		12.0	%
Risk-free rate		3.96	%
Preferred equity volatility rate		45.0	%

  

As of March 31, 2025, the fair value of Series F Preferred Stock 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.

Series F Preferred Stock Warrants – Monte Carlo Simulation Model	Key Inputs
Time to termination (years)		6.0
Stock price – as of March 31, 2025	$	5.35
Exercise price	$	6.59
Future value of one Series F Preferred Warrant share	$	2.26
Risk-free rate		4.07	%
Equity volatility rate		85.0	%