Leases

9 Months Ended

Sep. 30, 2025

The Company has lease arrangements for certain administrative, manufacturing and warehousing facilities and equipment. Lease expiration dates, including expected renewal options, range from October 2025 to November 2033, with the weighted average remaining term being 6.3 years. The discount rates used to calculate the present value of lease payment range from 1.3% to 5.9% as of September 30, 2025. All leases are classified as operating leases.


	Balance Sheet Classification	September 30, 2025		December 31, 2024
		(in thousands)
Right of use assets	Right of use assets	$	17,050	$	15,436
Current lease liability	Accrued liabilities	2,903		2,481
Noncurrent lease liability	Other long-term liabilities	14,902		13,592

Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri. The lease’s original term was through December 2032. In May 2025, the Company added approximately 17,000 additional square feet and extended the lease term through April 2033. Additionally, in May 2025, the Company added approximately 22,300 square feet with a lease term through April 2030. The Company’s total leased space in Parkville, Missouri is approximately 125,300 square feet.

In November 2022, the Company entered into a lease arrangement for additional storage facilities in Tulsa, Oklahoma to support our operations. The lease added an additional 198,000 square feet to our operations. In January 2024, we amended the lease for an additional 157,550 square feet for operations and parts distribution. The amended lease term will expire January 2039.

In July 2023, the Company entered into a lease agreement with a start date of September 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term will expire November 2033 with additional renewal options. In April 2025, we amended the lease for an additional 28,000 square feet.

We also lease four properties near our Redmond location. In the aggregate, these leases contain approximately 46,000 square feet of additional warehouse space, office space, as well as outside storage. These leases have expiring terms from October 2025 to May 2028.

In October 2025, the Company entered into a lease agreement with a start date of November 2025, for approximately 34,000 square feet of additional warehouse and office space. The lease term will expire October 2028.

Total future lease payments as of September 30, 2025, are as follows:


	(in thousands)
2025	$	961
2026	3,890
2027	3,864
2028	3,719
2029	2,056
Thereafter	6,865
Total minimum lease obligations	$	21,355
Less: present value of minimum lease payments	3,550
Less: current portion	2,903
Lease obligations, long-term	$	14,902