Leases (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| Leases [Abstract] |
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| Schedule of Lease Expense and Other Supplemental Information |
Lease expense consisted of the following for the three months ended March 31, 2025 and 2024 (in thousands):
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Three Months Ended March 31, |
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2025 |
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2024 |
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| Operating lease expense |
$ |
1,702 |
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$ |
1,849 |
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| Short-term lease expense |
— |
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14 |
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| Financing lease expense: |
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| Amortization of right-of-use assets |
602 |
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435 |
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| Interest on lease liabilities |
189 |
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54 |
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| Total lease expense |
$ |
2,493 |
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$ |
2,352 |
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Other supplemental information related to leases for the three months ended March 31, 2025 and 2024 and at March 31, 2025 and December 31, 2024 is as follows (in thousands):
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Three Months Ended March 31, |
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2025 |
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2024 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
$ |
1,674 |
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$ |
1,766 |
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| Operating cash flows from financing leases |
189 |
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54 |
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| Financing cash flows from financing leases |
538 |
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494 |
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| Right-of-use assets obtained in exchange for lease obligations: |
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| Operating leases |
$ |
261 |
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$ |
111 |
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| Financing leases |
1,815 |
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106 |
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March 31, |
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December 31, |
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2025 |
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2024 |
| Weighted-average remaining lease term: |
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| Operating leases |
3.2 years |
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3.1 years |
| Financing leases |
3.5 years |
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3.8 years |
| Weighted-average discount rate: |
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| Operating leases |
9.5 |
% |
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9.5 |
% |
| Financing leases |
9.0 |
% |
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9.0 |
% |
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| Schedule of Supplemental Balance Sheet Information |
Right of use assets and liabilities related to financing leases are recorded in the following line items on the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 (in thousands):
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March 31, |
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December 31, |
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2025 |
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2024 |
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| Property, plant and equipment, net |
$ |
9,634 |
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$ |
8,731 |
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| Accrued expenses and other current liabilities |
2,307 |
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2,068 |
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| Other liabilities |
7,251 |
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6,521 |
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| Schedule of Finance Lease Liabilities |
Maturities of lease liabilities at March 31, 2025 are as follows (in thousands):
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Operating Leases |
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Financing Leases |
| Remainder of 2025 |
$ |
2,841 |
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$ |
2,317 |
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| 2026 |
1,610 |
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3,396 |
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| 2027 |
698 |
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2,387 |
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| 2028 |
447 |
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1,763 |
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| 2029 |
282 |
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|
890 |
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| Thereafter |
488 |
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|
638 |
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| Total lease payments |
6,366 |
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|
11,391 |
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| Less: Present value discount |
969 |
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|
1,833 |
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| Present value of lease payments |
$ |
5,397 |
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$ |
9,558 |
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| Schedule of Operating Lease Liabilities |
Maturities of lease liabilities at March 31, 2025 are as follows (in thousands):
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Operating Leases |
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Financing Leases |
| Remainder of 2025 |
$ |
2,841 |
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$ |
2,317 |
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| 2026 |
1,610 |
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3,396 |
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| 2027 |
698 |
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2,387 |
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| 2028 |
447 |
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1,763 |
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| 2029 |
282 |
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890 |
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| Thereafter |
488 |
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|
638 |
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| Total lease payments |
6,366 |
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11,391 |
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| Less: Present value discount |
969 |
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1,833 |
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| Present value of lease payments |
$ |
5,397 |
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$ |
9,558 |
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