Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases |
|
| Summary of classification and location of our right-of-use assets and lease liabilities on the consolidated balance sheet |
|
|
|
|
|
|
(in thousands) |
June 30, |
|
December 31, |
|
2025 |
|
2024 |
Operating Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Operating Lease Right-of-Use Assets, Net |
$ |
15,714 |
|
$ |
15,016 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
1,657 |
|
|
1,568 |
Other Long-Term Liabilities |
|
15,065 |
|
|
14,040 |
|
|
|
|
|
|
Finance Leases |
|
|
|
|
|
Assets |
|
|
|
|
|
Property, Plant and Equipment |
$ |
3,886 |
|
$ |
2,902 |
Less: Accumulated Depreciation |
|
(629) |
|
|
(171) |
Total Property, Plant and Equipment, Net |
|
3,257 |
|
|
2,731 |
Liabilities |
|
|
|
|
|
Accrued and Other Current Liabilities |
|
777 |
|
|
571 |
Other Long-Term Liabilities |
|
2,012 |
|
|
1,747 |
|
| Summary of components of lease costs recognized in our consolidated statements of operations |
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2025 |
|
2024 |
|
|
2025 |
|
2024 |
Operating Lease Costs |
|
|
|
|
|
|
|
|
|
|
|
Direct Operating Costs (1) |
$ |
397 |
|
$ |
340 |
|
$ |
725 |
|
$ |
676 |
General and Administrative (1) |
|
485 |
|
|
517 |
|
|
1,025 |
|
|
1,034 |
Research and Development Expense (1) |
|
12 |
|
|
— |
|
|
12 |
|
|
— |
Finance Lease Costs |
|
|
|
|
|
|
|
|
|
|
|
Amortization of Right-of-Use Assets (2) |
|
243 |
|
|
— |
|
|
458 |
|
|
— |
Interest on Lease Obligations (3) |
|
52 |
|
|
— |
|
|
100 |
|
|
— |
Total Lease Cost |
$ |
1,189 |
|
$ |
857 |
|
$ |
2,320 |
|
$ |
1,710 |
| (1) |
Does not include short-term lease costs. |
| (2) |
Included in “Depreciation, Amortization and Accretion” in our condensed consolidated statements of operations. |
| (3) |
Included in “Interest Expense, Net” in our condensed consolidated statements of operations.
|
|
| Summary of supplemental statement of cash flow information |
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2025 |
|
|
2024 |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
|
Operating Cash Flows from Operating Leases |
$ |
1,346 |
|
$ |
1,209 |
Operating Cash Flows from Finance Leases |
|
97 |
|
|
— |
Financing Cash Flows from Finance Leases |
|
369 |
|
|
— |
Right-of-Use Assets Obtained in Exchange for Lease Liabilities, Net |
|
|
|
|
|
Operating Leases |
$ |
1,988 |
|
$ |
333 |
Finance Leases |
|
984 |
|
|
— |
|
| Summary of lease terms and discount rates |
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
Weighted Average Remaining Lease Term (Years) |
|
|
|
|
|
|
Operating Leases |
|
|
|
6.4 |
|
|
6.9 |
Finance Leases |
|
|
|
3.3 |
|
|
3.7 |
Weighted Average Discount Rate |
|
|
|
|
|
|
|
Operating Leases |
|
|
|
6.50% |
|
|
6.42% |
Finance Leases |
|
|
|
7.44% |
|
|
7.45% |
|
| Summary of annual operating lease maturities |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Operating Leases |
|
Finance Leases |
|
Total |
Remainder of 2025 |
|
|
$ |
1,191 |
|
$ |
479 |
|
$ |
1,670 |
2026 |
|
|
|
2,192 |
|
|
958 |
|
|
3,150 |
2027 |
|
|
|
3,748 |
|
|
936 |
|
|
4,684 |
2028 |
|
|
|
3,228 |
|
|
742 |
|
|
3,970 |
2029 |
|
|
|
2,783 |
|
|
44 |
|
|
2,827 |
Thereafter |
|
|
|
7,519 |
|
|
— |
|
|
7,519 |
Total Lease Payments |
|
|
|
20,661 |
|
|
3,159 |
|
|
23,820 |
Less: Interest |
|
|
|
(3,939) |
|
|
(370) |
|
|
(4,309) |
Present Value of Lease Liabilities |
|
|
$ |
16,722 |
|
$ |
2,789 |
|
$ |
19,511 |
|
| Summary of annual finance lease maturities |
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
Operating Leases |
|
Finance Leases |
|
Total |
Remainder of 2025 |
|
|
$ |
1,191 |
|
$ |
479 |
|
$ |
1,670 |
2026 |
|
|
|
2,192 |
|
|
958 |
|
|
3,150 |
2027 |
|
|
|
3,748 |
|
|
936 |
|
|
4,684 |
2028 |
|
|
|
3,228 |
|
|
742 |
|
|
3,970 |
2029 |
|
|
|
2,783 |
|
|
44 |
|
|
2,827 |
Thereafter |
|
|
|
7,519 |
|
|
— |
|
|
7,519 |
Total Lease Payments |
|
|
|
20,661 |
|
|
3,159 |
|
|
23,820 |
Less: Interest |
|
|
|
(3,939) |
|
|
(370) |
|
|
(4,309) |
Present Value of Lease Liabilities |
|
|
$ |
16,722 |
|
$ |
2,789 |
|
$ |
19,511 |
|