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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Assets and Liabilities Related to Operating and Finance Leases | The following table presents the assets and liabilities related to the Company’s operating and finance leases as of December 31, 2024 and 2023:
(in thousands) |  |  | December 31, 2024 |  | December 31, 2023 |  |
Assets | Balance Sheet Classification |  |  |  |  |  |
Operating lease ROU assets | Operating lease right-of-use assets |  | $ | 16,874 |  |  | $ | 443 |  |  |
Finance lease ROU assets | Property and equipment, net |  | 2,877 |  |  | — |  |  |
Total ROU assets |  |  | $ | 19,751 |  |  | $ | 443 |  |  |
Liabilities |  |  |  |  |  |  |
Current portion: |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities, current portion |  | $ | 239 |  |  | $ | 124 |  |  |
Finance lease liability | Finance lease liability, current portion |  | 168 |  |  | — |  |  |
Long-term portion: |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities, net of current portion |  | 22,977 |  |  | 354 |  |  |
Finance lease liability | Finance lease liability, net of current portion |  | 3,709 |  |  | — |  |  |
Total lease liabilities |  |  | $ | 27,093 |  |  | $ | 478 |  |  |
Schedule of Total Lease Expense and Leasing Activities | Lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expenses are comprised of the following:
|  |  |  | For the Year Ended December 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Lease costs: |  |  |  |  |  |  |  |  |  |
Operating lease cost |  |  |  |  |  | $ | 838 |  |  | $ | 315 |  |  | $ | 327 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of ROU asset (1) |  |  |  |  |  | 22 |  |  | — |  |  | — |
Short-term lease rent expense |  |  |  |  |  | 59 |  |  | 36 |  |  | 29 |
Variable lease cost |  |  |  |  |  | 107,420 |  |  | 80,108 |  |  | — |
Total rent expense |  |  |  |  |  | $ | 108,339 |  |  | $ | 80,459 |  |  | $ | 356 |
(1) Amortization of finance lease ROU asset is included in “Cost of revenues - depreciation and amortization” on the Consolidated Statements of Operations. Additional information regarding the Company’s leasing activities is as follows:
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Operating cash flows from operating leases |  | $ | 629 |  | $ | (32) |  | $ | 67
Financing cash flows from finance lease |  | $ | 163 |  | $ | — |  | $ | —
Weighted-average remaining lease term (in years): |  |  |  |  |  |
Operating leases |  | 9.1 |  | 3.2 |  | 3.9
Finance lease |  | 96.3 |  | — |  | —
Weighted-average discount rate: |  |  |  |  |  |
Operating leases |  | 7.0 | % |  | 5.0 | % |  | 5.0 | %
Finance lease |  | 7.2 | % |  | — | % |  | — | %
Schedule of Future Minimum Operating Lease Payments | The following table presents the Company’s future minimum lease payments as of December 31, 2024:
(in thousands) |  |  |  |
Year |  | Operating Leases |  | Finance Lease
2025 |  | $ | 1,855 |  |  | $ | 168 |
2026 |  | 2,478 |  |  | 173 |
2027 |  | 4,233 |  |  | 178 |
2028 |  | 4,180 |  |  | 183 |
2029 |  | 3,993 |  |  | 189 |
Thereafter |  | 17,433 |  |  | 88,907 |
Total |  | 34,172 |  |  | 89,798 |
Less: Imputed interest |  | (10,956) |  |  | (85,921) |
Present value of lease liability |  | $ | 23,216 |  |  | $ | 3,877 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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