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Leases | 9 Months Ended
--- | ---
Sep. 30, 2025
Leases [Abstract] |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring bet ween September 2025 and March 2036. The following table summarizes the lease expense by category in the Consolidated Statements of Income:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales |  | $ | 3,096 |  |  | $ | 1,935 |  |  | $ | 7,770 |  |  | $ | 5,719 |
Research and development expenses |  | 101 |  |  | 82 |  |  | 261 |  |  | 247 |
Selling, general and administrative expenses |  | 84 |  |  | 45 |  |  | 188 |  |  | 187 |
Interest expense |  | 30 |  |  | 2 |  |  | 71 |  |  | 7 |
Total |  | $ | 3,311 |  |  | $ | 2,064 |  |  | $ | 8,290 |  |  | $ | 6,160 |
The following table summarizes the components of lease expense:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  | $ | 2,493 |  |  | $ | 1,531 |  |  | $ | 6,187 |  |  | $ | 4,595 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 107 |  |  | 16 |  |  | 258 |  |  | 50 |
Interest expense |  | 30 |  |  | 2 |  |  | 71 |  |  | 7 |
Short-term lease cost |  | 267 |  |  | 265 |  |  | 529 |  |  | 838 |
Variable lease cost |  | 414 |  |  | 250 |  |  | 1,245 |  |  | 670 |
Total lease cost, net |  | $ | 3,311 |  |  | $ | 2,064 |  |  | $ | 8,290 |  |  | $ | 6,160 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 5,669 |  |  | $ | 4,525 |
Operating cash flows paid for interest portion of finance leases |  | 71 |  |  | 7 |
Financing cash flows paid for principal portion of finance leases |  | 238 |  |  | 57 |
ROU assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 35,699 |  |  | 1,139 |
Finance leases |  | 1,730 |  |  | — |
As of September 30, 2025 and December 31, 2024, the weighted-average remaining lease term was 8.2 years and 5.3 years for operating leases, respectively, and 4.3 years and 1.2 years for finance leases, respectively. As of September 30, 2025 and December 31, 2024, the weighted-average discount rate was 7.1% and 7.5% for operating leases, respectively, and 7.0% and 6.5%, respectively, for finance leases. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | September 30, 2025 |  | December 31, 2024
Operating lease ROU assets, net |  | $ | 54,488 |  |  | $ | 23,275 |
Operating lease liabilities, current |  | 5,899 |  |  | 4,503 |
Operating lease liabilities, non-current |  | 51,040 |  |  | 20,663 |
Total operating lease liabilities |  | $ | 56,939 |  |  | $ | 25,166 |
Finance lease ROU assets, net 1 |  | $ | 1,640 |  |  | $ | 78 |
Finance lease liabilities, current |  | 368 |  |  | 78 |
Finance lease liabilities, non-current |  | 1,311 |  |  | 16 |
Total finance lease liabilities |  | $ | 1,679 |  |  | $ | 94 |
1.Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of September 30, 2025:
(in thousands) |  | Operating Leases |  | Finance Leases
Nine months ending December 31, 2025 |  | $ | 2,214 |  |  | $ | 128 |
Year ending December 31, 2026 |  | 10,101 |  |  | 451 |
Year ending December 31, 2027 |  | 10,328 |  |  | 434 |
Year ending December 31, 2028 |  | 9,486 |  |  | 434 |
Year ending December 31, 2029 |  | 8,652 |  |  | 415 |
Year ending December 31, 2030 |  | 7,261 |  |  | 75 |
Thereafter |  | 28,104 |  |  | — |
Total undiscounted lease payments |  | 76,146 |  |  | 1,937 |
Less: imputed interest |  | 19,207 |  |  | 258 |
Total lease liabilities |  | $ | 56,939 |  |  | $ | 1,679 |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring bet ween September 2025 and March 2036. The following table summarizes the lease expense by category in the Consolidated Statements of Income:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales |  | $ | 3,096 |  |  | $ | 1,935 |  |  | $ | 7,770 |  |  | $ | 5,719 |
Research and development expenses |  | 101 |  |  | 82 |  |  | 261 |  |  | 247 |
Selling, general and administrative expenses |  | 84 |  |  | 45 |  |  | 188 |  |  | 187 |
Interest expense |  | 30 |  |  | 2 |  |  | 71 |  |  | 7 |
Total |  | $ | 3,311 |  |  | $ | 2,064 |  |  | $ | 8,290 |  |  | $ | 6,160 |
The following table summarizes the components of lease expense:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  | $ | 2,493 |  |  | $ | 1,531 |  |  | $ | 6,187 |  |  | $ | 4,595 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 107 |  |  | 16 |  |  | 258 |  |  | 50 |
Interest expense |  | 30 |  |  | 2 |  |  | 71 |  |  | 7 |
Short-term lease cost |  | 267 |  |  | 265 |  |  | 529 |  |  | 838 |
Variable lease cost |  | 414 |  |  | 250 |  |  | 1,245 |  |  | 670 |
Total lease cost, net |  | $ | 3,311 |  |  | $ | 2,064 |  |  | $ | 8,290 |  |  | $ | 6,160 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 5,669 |  |  | $ | 4,525 |
Operating cash flows paid for interest portion of finance leases |  | 71 |  |  | 7 |
Financing cash flows paid for principal portion of finance leases |  | 238 |  |  | 57 |
ROU assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 35,699 |  |  | 1,139 |
Finance leases |  | 1,730 |  |  | — |
As of September 30, 2025 and December 31, 2024, the weighted-average remaining lease term was 8.2 years and 5.3 years for operating leases, respectively, and 4.3 years and 1.2 years for finance leases, respectively. As of September 30, 2025 and December 31, 2024, the weighted-average discount rate was 7.1% and 7.5% for operating leases, respectively, and 7.0% and 6.5%, respectively, for finance leases. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | September 30, 2025 |  | December 31, 2024
Operating lease ROU assets, net |  | $ | 54,488 |  |  | $ | 23,275 |
Operating lease liabilities, current |  | 5,899 |  |  | 4,503 |
Operating lease liabilities, non-current |  | 51,040 |  |  | 20,663 |
Total operating lease liabilities |  | $ | 56,939 |  |  | $ | 25,166 |
Finance lease ROU assets, net 1 |  | $ | 1,640 |  |  | $ | 78 |
Finance lease liabilities, current |  | 368 |  |  | 78 |
Finance lease liabilities, non-current |  | 1,311 |  |  | 16 |
Total finance lease liabilities |  | $ | 1,679 |  |  | $ | 94 |
1.Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of September 30, 2025:
(in thousands) |  | Operating Leases |  | Finance Leases
Nine months ending December 31, 2025 |  | $ | 2,214 |  |  | $ | 128 |
Year ending December 31, 2026 |  | 10,101 |  |  | 451 |
Year ending December 31, 2027 |  | 10,328 |  |  | 434 |
Year ending December 31, 2028 |  | 9,486 |  |  | 434 |
Year ending December 31, 2029 |  | 8,652 |  |  | 415 |
Year ending December 31, 2030 |  | 7,261 |  |  | 75 |
Thereafter |  | 28,104 |  |  | — |
Total undiscounted lease payments |  | 76,146 |  |  | 1,937 |
Less: imputed interest |  | 19,207 |  |  | 258 |
Total lease liabilities |  | $ | 56,939 |  |  | $ | 1,679 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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