v3.26.1
Operating Leases (Notes)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Operating Leases Operating Leases
The Company has several operating leases for railcars, machinery and equipment, and storage facilities. These leases have terms ranging from 3-15 years and most do not have renewal terms provided. The Company does not have lease arrangements with residual value guarantees, sale-leaseback terms or material restrictive covenants. The Company does not have any material finance lease obligations nor sublease agreements.
Lease expense for these operating leases is recognized on a straight-line basis over the lease terms. The components of lease costs recognized within our condensed consolidated statements of operations for the three and six-month periods ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenues - Freight and rail$2,924,777 $1,312,849 $5,602,144 $2,605,319 
Cost of revenues - Production232,702 72,187 486,351 156,335 
Administration expenses6,649 5,354 14,435 11,788 
Total operating lease costs$3,164,128 $1,390,390 $6,102,930 $2,773,442 
The following summarizes the supplemental cash flow information for the three and six-month periods ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash paid for amounts included in the measurement of lease liabilities$2,931,024 $1,306,898 $5,859,161 $2,253,758 
Supplemental non-cash information:
Right-of-use assets obtained in exchange for lease liabilities$96,356 $— $96,356 $155,886 
The following summarizes the weighted-average remaining lease term and weighted-average discount rate as of June 30, 2026:
Weighted-average remaining lease-term - operating leases (in years)10.5
Weighted-average discount rate - operating leases4.4 %
The following is a maturity analysis of the undiscounted cash flows of the operating lease liabilities as of June 30, 2026:
RailcarsOtherTotal
Twelve-month periods ended June 30:
2027$10,742,017 $501,539 $11,243,556 
202810,196,617 497,438 10,694,055 
202910,196,617 481,013 10,677,630 
20309,897,367 416,041 10,313,408 
20319,598,117 337,425 9,935,542 
Thereafter45,738,380 372,848 46,111,228 
Total lease payments96,369,115 2,606,304 98,975,419 
Less amount of lease payments representing interest(19,710,454)(375,956)(20,086,410)
Total present value of lease payments$76,658,661 $2,230,348 $78,889,009