v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:
December 31,
Classification on Balance Sheet20232022
Assets
ROU operating lease assetsOperating lease right-of-use asset, net$4,033 $4,316 
Finance lease assetsProperty, plant and equipment, net209 153 
Total lease assets$4,242 $4,469 
December 31,
Classification on Balance Sheet20232022
Liabilities
Current
    Operating lease liabilityOperating lease liability, current $1,496 $1,106 
    Finance lease liabilityOther current liabilities100 32 
Long-term
Operating lease liabilityOperating lease liability3,350 4,130 
     Finance lease liabilityOther liabilities88 126 
Total lease liabilities $5,034 $5,394 
Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.
Future minimum lease payments as of December 31, 2023 were as follows:
Operating leasesFinance leasesTotal
2024$2,063 $135 $2,198 
20252,175 56 2,231 
20261,610 35 1,645 
2027— 19 19 
Total minimum lease payments$5,848 $245 $6,093 
Less amounts representing interest(1,002)(57)(1,059)
Present value of minimum lease payments$4,846 $188 $5,034 
Lessor
The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.
For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.
Leases Leases
The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:
December 31,
Classification on Balance Sheet20232022
Assets
ROU operating lease assetsOperating lease right-of-use asset, net$4,033 $4,316 
Finance lease assetsProperty, plant and equipment, net209 153 
Total lease assets$4,242 $4,469 
December 31,
Classification on Balance Sheet20232022
Liabilities
Current
    Operating lease liabilityOperating lease liability, current $1,496 $1,106 
    Finance lease liabilityOther current liabilities100 32 
Long-term
Operating lease liabilityOperating lease liability3,350 4,130 
     Finance lease liabilityOther liabilities88 126 
Total lease liabilities $5,034 $5,394 
Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.
Future minimum lease payments as of December 31, 2023 were as follows:
Operating leasesFinance leasesTotal
2024$2,063 $135 $2,198 
20252,175 56 2,231 
20261,610 35 1,645 
2027— 19 19 
Total minimum lease payments$5,848 $245 $6,093 
Less amounts representing interest(1,002)(57)(1,059)
Present value of minimum lease payments$4,846 $188 $5,034 
Lessor
The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.
For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.
Leases Leases
The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:
December 31,
Classification on Balance Sheet20232022
Assets
ROU operating lease assetsOperating lease right-of-use asset, net$4,033 $4,316 
Finance lease assetsProperty, plant and equipment, net209 153 
Total lease assets$4,242 $4,469 
December 31,
Classification on Balance Sheet20232022
Liabilities
Current
    Operating lease liabilityOperating lease liability, current $1,496 $1,106 
    Finance lease liabilityOther current liabilities100 32 
Long-term
Operating lease liabilityOperating lease liability3,350 4,130 
     Finance lease liabilityOther liabilities88 126 
Total lease liabilities $5,034 $5,394 
Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.
Future minimum lease payments as of December 31, 2023 were as follows:
Operating leasesFinance leasesTotal
2024$2,063 $135 $2,198 
20252,175 56 2,231 
20261,610 35 1,645 
2027— 19 19 
Total minimum lease payments$5,848 $245 $6,093 
Less amounts representing interest(1,002)(57)(1,059)
Present value of minimum lease payments$4,846 $188 $5,034 
Lessor
The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.
For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.