Income taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income taxes

Income taxes

For the three and nine months ended September 30, 2025, the Company recorded $14,567 and $36,290 income tax benefit, respectively, as a result of the sale to a third-party purchaser of certain transferable Investment Tax Credits that had been generated by the Company from its investments in the RNG segment. For the three and nine months ended September 30, 2024, the Company recorded $8,906 income tax benefit. The effective tax rate for the three and nine months ended September 30, 2025 and 2024 was 0%. The difference between the Company’s effective tax rate and the U.S. statutory tax rate of 21% was primarily due to a full valuation allowance recorded on the Company’s net U.S. deferred tax assets. The Company evaluates the realizability of the deferred tax assets on a quarterly basis and establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset may not be realized.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S. The OBBBA does not have a material effect on our condensed consolidated financial statements.