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Leases

9 Months Ended

Sep. 30, 2025

8. Leases

The Company has operating leases for the use of equipment, corporate office space, and some of its terminal and distribution facilities. The leases have remaining lease terms of 0 to 8 years, with a weighted-average remaining lease term of 4 years at both September 30, 2025 and December 31, 2024. Some operating leases include options to extend the leases for up to 5 years and are only considered in the lease terms if the Company is reasonably certain it will exercise the option to extend.

The components of lease costs for the three- and nine-month periods ended September 30, 2025 and 2024 were as follows (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
	Classification	2025		2024		2025		2024
Operating lease costs⁽¹⁾	Cost of revenues	$	998	$	700	$	2,697	$	1,948
Operating lease costs⁽¹⁾	Selling, general and administrative expenses		78		76		240		229
Rental revenues	Revenues		(104)		(47)		(177)		(269)
Rental revenues	Other (income) expense, net		(7)		(13)		(61)		(74)
Net operating lease costs		$	965	$	716	$	2,699	$	1,834

(1)	Includes the costs of leases with a term of one year or less.

As of September 30, 2025, future minimum payments under operating leases that were either non-cancelable or subject to significant penalty upon cancellation, including future minimum payments under renewal options that the Company is reasonably certain to exercise, were as follows (in thousands):


2025 (excluding the nine months ended September 30, 2025)	$	471
2026		1,673
2027		1,306
2028		612
2029		184
Thereafter		459
Total future minimum lease payments		4,705
Less imputed interest		(388)
Present value of lease liabilities	$	4,317

Supplemental cash flow information pertaining to the Company’s leasing activity for the nine months ended September 30, 2025 and 2024 is as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash payments for lease liabilities included in operating cash flows	$	1,510	$	1,450
Right-of-use assets obtained in exchange for operating lease obligations	$	368	$	827