Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Fixed Assets

Fixed assets, other than plant facilities associated with productive, depletable properties, are depreciated using the straight-line method over the estimated useful lives of the assets as follows:

Plant facilities and equipment	1 – 40 years
Furniture and office equipment	3 – 15 years
Computer and network equipment	3 – 7 years
Buildings and leasehold improvements	5 – 40 years
Logistics equipment (1)	4 – 7 years

(1) Logistics equipment consists of our fleet of fit-for-purpose trucks and trailers.

Schedule of Change in Asset Retirement Obligation

Changes in the asset retirement obligations are as follows (in thousands):

	December 31,
	2024			2023
Beginning Balance	$	2,705		$	1,245
Revision of estimates		(1,213	)		—
Additions to liabilities		6,743			1,374
Accretion expense		661			86
Settlements		(1,079	)		—
Ending Balance	$	7,817		$	2,705

Schedule of Changes in Deferred revenues

Changes in the deferred revenues balance are as follows (in thousands):

	December 31, 2024
Beginning Balance	$	—
Customer prepayment acquired in Hi-Crush acquisition		13,248
Consideration received and deferred		3,025
Revenue recognized		(8,518	)
Ending Balance	$	7,755

Summary of Fair Values and Carrying Values of Long-Term Debt

As of the dates indicated, the Company’s long-term debt consisted of the following (in thousands):

	At December 31, 2024				At December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Financial liabilities
Outstanding principal amount of the Initial Term Loan under the 2023 Term Loan Credit Facility	$	174,141	$	193,523	$	172,820	$	182,446	Level 2 – Market Approach
Outstanding principal amount of the ADDT Loan	$	134,013	$	149,266	$	—	$	—	Level 2 – Market Approach
Outstanding principal amount of the DDT Loan under the 2023 Term Loan Credit Facility	$	19,994	$	22,145	$	—	$	—	Level 2 – Market Approach
Outstanding principal amount of the 2023 ABL Credit Facility	$	70,000	$	70,000	$	—	$	—	Level 1 – Quoted Prices
Outstanding principal amount of the of the Deferred Cash Consideration Note	$	108,519	$	110,598	$	—	$	—	Level 2 – Market Approach
Outstanding amount of the other indebtedness	$	4,058	$	4,058	$	—	$	—	Level 1 – Quoted Prices

•Our Initial Term Loan under the 2023 Term Loan Credit Facility (defined in Note 8 - Leases) with Stonebriar Commercial Finance LLC (“Stonebriar”), pursuant to which Stonebriar extended a $180.0 million single advance seven-year term loan credit facility bears interest at a fixed rate of 9.50%, where its fair value will fluctuate based on changes in interest rates and credit quality. As of December 31, 2024 and 2023, the fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments. These inputs are not quoted prices in active markets, but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs.

•Our ADDT Loan (defined in Note 9 - Debt) with Stonebriar in the aggregate principal amount of $150.0 million, payable in 76 consecutive monthly installments, bears interest at a fixed rate of 10.86%, where its fair value will fluctuate based on changes in interest rates and credit quality. As of December 31, 2024, the fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments. These inputs are not quoted prices in active markets, but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs.

•Our DDT Loan under the 2023 Term Loan Credit Facility (defined in Note 8 - Leases) with Stonebriar in the aggregate principal amount of $20.0 million, payable in 69 consecutive monthly installments, bears interest at a fixed rate of 10.58%, where its fair value will fluctuate based on changes in interest rates and credit quality. As of December 31, 2024, the fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments. These inputs are not quoted prices in active markets, but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs.

•The carrying amount of the Company’s 2023 ABL Credit Facility (defined in Note 9- Debt) approximated fair value as it bears interest at variable rates over the term of the loan. Therefore, we have classified this long-term debt as Level 1 of the fair value hierarchy.

•The Deferred Cash Consideration Note (defined in Note 9- Debt) entered into in connection with the Hi-Crush Transaction was recorded at fair value as of the acquisition date. As of December 31, 2024, the fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments. These inputs are not quoted prices in active markets, but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs.

•We believe the fair value of our other indebtedness approximates the carrying value. This balance is comprised of equipment financing agreements. We considered the rates entered into for 2024 equipment financing agreements for the same equipment. Therefore we have classified this long-term debt as Level 1 of the fair value hierarchy.

See Note 9 - Debt for further discussion on our debt arrangements.