v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Expenses
Components of the Company’s lease expenses are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Finance leases:
Amortization of ROU assets (1)
$761 $761 $2,283 $2,283 
Interest on lease liability246 346 817 1,108 
Total finance lease expense1,007 1,107 3,100 3,391 
Operating leases:
Operating lease expense676 542 1,962 1,528 
Total operating lease expense676 542 1,962 1,528 
Total lease expense$1,683 $1,649 $5,062 $4,919 
(1)Amortization of finance lease ROU asset is included within depreciation expense.
Schedule of Other Information Related to Leases
Other information related to the Company’s leases is shown below (dollar amounts in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating cash flows - operating lease$570 $480 $1,648 $1,320 
Right-of-use asset obtained in exchange for operating lease liabilities
$491 $961 491$4,375 
September 30, 2025December 31, 2024
Weighted-average remaining lease term – finance lease (in years)1.92.7
Weighted-average remaining lease term – operating lease (in years)7.68.0
Weighted-average discount rate – finance lease11.0 %11.0 %
Weighted-average discount rate – operating lease8.0 %8.0 %
Finance lease ROU assets(1)
$5,834 $8,117 
(1)As of September 30, 2025, the Company recorded accumulated amortization of $6.6 million for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets.
Schedule of Finance Leases Maturity
As of September 30, 2025, future minimum lease payments during the next five years are as follows (in thousands):
 
Finance Lease
Operating Lease
Total
Remaining Year Ended December 31, 2025$1,208 $2,612 $3,820 
Year Ended December 31, 20264,834 2,491 7,325 
Year Ended December 31, 20273,223 2,502 5,725 
Year Ended December 31, 2028— 2,284 2,284 
Year Ended December 31, 2029— 1,111 1,111 
Thereafter— 6,668 6,668 
Total lease payments9,265 17,668 26,933 
Less present value discount(945)(5,087)(6,032)
Total$8,320 $12,581 $20,901 
Schedule of Operating Lease Maturity
As of September 30, 2025, future minimum lease payments during the next five years are as follows (in thousands):
 
Finance Lease
Operating Lease
Total
Remaining Year Ended December 31, 2025$1,208 $2,612 $3,820 
Year Ended December 31, 20264,834 2,491 7,325 
Year Ended December 31, 20273,223 2,502 5,725 
Year Ended December 31, 2028— 2,284 2,284 
Year Ended December 31, 2029— 1,111 1,111 
Thereafter— 6,668 6,668 
Total lease payments9,265 17,668 26,933 
Less present value discount(945)(5,087)(6,032)
Total$8,320 $12,581 $20,901