Leases

3 Months Ended

Dec. 31, 2024

Our leases consist primarily of office and construction equipment. All of our future lease obligations are related to non-cancelable operating leases. The following table provides a summary of lease cost components for the three months ended December 31, 2024 and 2023, respectively (in thousands):


	Three months ended December 31,
Lease Cost	2024		2023
Operating lease cost	$	198	$	256
Less: sublease income	—		—
Variable lease cost(1)	34		30
Short-term lease cost(2)	639		400
Total lease cost	$	871	$	686

(1) Variable lease cost represents common area maintenance charges related to our Canadian office space lease.

(2) Short-term lease cost includes leases and rentals with initial terms of one year or less.

We recognize operating lease assets and operating lease liabilities representing the present value of the remaining lease payments for leases with initial terms greater than twelve months. Leases with initial terms of twelve months or less are not recorded in our Condensed Consolidated Balance Sheets. The following table provides a summary of the operating lease assets and operating lease liabilities included in our Condensed Consolidated Balance Sheets as of December 31, 2024 and September 30, 2024, respectively (in thousands):


Operating Leases	December 31, 2024		September 30, 2024
Assets:
Operating lease assets, net	$	1,365	$	1,216
Liabilities:
Current operating lease liabilities	630		595
Long-term operating lease liabilities	735		621
Total lease liabilities	$	1,365	$	1,216

The following table provides the maturities of our operating lease liabilities as of December 31, 2024 (in thousands):


	Operating Leases
Remainder of 2025	$	558
2026	493
2027	319
2028	71
2029	28
Thereafter	—
Total future minimum lease payments	$	1,469
Less: present value discount (imputed interest)	(104)
Present value of lease liabilities	$	1,365

The weighted average discount rate as of December 31, 2024 was 6.13%. The weighted average remaining lease term was 2.46 years at December 31, 2024.