v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:    
Net Income (Loss) $ (38,859) $ 742
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 15,819 8,337
Loss on disposal of assets, net 86 120
Non-cash lease expense 229 76
Non-cash share-based compensation 1,084 267
Non-cash contract asset reduction 486 0
Deferred income taxes (2,555) 0
Non-cash expense for Class B shares issued to an affiliated equity holder 26,875 0
Non-cash debt issuance cost amortization 344 244
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable, net (8,421) 218
Inventory 4,175 (494)
Other current assets (1,330) (168)
Other noncurrent assets, net (169) 0
Accounts payable (10,504) 507
Accrued liabilities 357 (125)
Net cash provided by (used in) operating activities (12,383) 9,724
Cash Flows from Investing Activities:    
Additions to property, plant and equipment (10,011) (9,416)
Cash paid for acquisitions, net of cash acquired (174,054) 0
Proceeds from sales of property, plant and equipment 45 123
Net cash used in investing activities (184,020) (9,293)
Cash Flows from Financing Activities:    
Borrowings of debt 30,000 0
Repayment of debt (14,101) (7,450)
Payment of debt issuance costs (1,840) 0
Distributions (1,226) (1,167)
Proceeds from issuance of shares to PIPE investors 167,120 0
Proceeds from merger financing 8,179 [1] 0
Proceeds from early termination of Forward Purchase Agreement 56,744 0
Payment of merger and recapitalization related transaction costs (26,174) 0
Net cash provided by (used in) financing activities 218,702 (8,617)
Net change in cash and cash equivalents 22,299 (8,186)
Beginning cash and cash equivalents 6,333 8,410
Ending cash and cash equivalents $ 28,632 $ 224
[1] SPAC Settlements consist of $10.5 million of Haymaker transaction costs incurred prior to the closing of the Business Combination, $25.9 million to redeem all outstanding Haymaker public warrants, $56.7 million funded to the counterparty under the Prepaid Forward Purchase Agreement, dated April 6, 2026, by and between Haymaker, Suncrete, Harraden Circle Investors, LP, Harraden Circle Special Opportunities, LP, Harraden Circle Strategic Investments, LP, and Harraden Circle Concentrated, LP (the “Forward Purchase Agreement”) and $3.7 million paid under certain non-redemption agreements entered into in connection with the Business Combination.

Source

10-Q XBRL Zip